China’s BYD ‘in Europe to stay’ with plant in Hungary
Bengaluru — China’s BYD will start production at its new electric-vehicle plant in Hungary by the end of 2025, an executive said on Monday.
“This shows we are in Europe to stay,” BYD’s executive vice- president Stella Li said during a press event at the Munich car show.
The first model off the line will be the Dolphin Surf compact electric car.
The news follows a Reuters report in July that BYD was considering delaying mass production in Hungary until 2026 and operating the plant below capacity for at least the first two years. Reuters
ALSO READ: China EV sales growth slows to 18-month low despite outpacing petrol cars
EchoStar to sell licences to SpaceX for Starlink
Bengaluru — EchoStar on Monday agreed to sell wireless spectrum licences to SpaceX for its Starlink satellite network for about $17bn, after regulators scrutinised its underused assets intended for a 5G rollout.
The deal comes months after the Federal Communications questioned EchoStar’s compliance with buildout extensions and use of mobile-satellite service spectrum, raising concerns about whether it was meeting its obligations to deploy 5G in the US.
President Donald Trump had earlier prodded EchoStar and FCC chair Brendan Carr to reach an amicable deal over the fate of the company’s wireless spectrum licences.
Under the terms of the agreement, SpaceX will pay up to $8.5bn in cash and issue up to $8.5bn in stock. SpaceX has also agreed to cover roughly $2bn in interest payments on EchoStar’s debt obligations through late 2027. Reuters
Fermi applies to list on Nasdaq under FRMI symbol
Bengaluru — Fermi, an energy and data centre development company, on Monday filed for an initial public offering in the US, as companies rush to tap investor enthusiasm for new issues.
The post-Labour Day season is off to a good start as Wall Street returns to action after the usual August slowdown.
The packed IPO calendar for the autumn window includes high-profile names such as Swedish fintech Klarna and the Winklevoss twins’ crypto exchange Gemini.
UBS Investment Bank, Cantor and Mizuho are among the book-running managers for the offering.
Fermi has applied to list on the Nasdaq under the symbol “FRMI”.
The company also plans to apply to list on the main market of the London Stock Exchange. Reuters
Mercedes CEO confident of US as a growth market
Munich — Mercedes-Benz CEO Ola Källenius expressed his confidence in the US as a growth market for the German carmaker and said the company was prepared to help build the country’s position as an export hub.
Mercedes’ growth in the US is “not as steep as it was five years ago but we’re on an upward gradient”, Källenius said at the IAA car show in Munich, adding that the carmaker was investing accordingly.
If the idea to offset exports and imports returns to the table in trade talks with Washington, Källenius said this would incentivise companies to use the US as an export hub.
“Should they decide to do that, we are in an extremely good position to help the US use that tool,” he added. Reuters
Carmaker Stellantis drops 2030 EC-only goal
Munich — Franco-Italian carmaker Stellantis will no longer pursue a target of producing only electric vehicles by 2030, said Jean-Philippe Imparato, head of enlarged Europe, on Monday, adding that other goals in its upcoming strategic plan known as “Dare Forward” may remain.
Speaking during a round-table at the Munich car show, Imparato also said that the EU’s carbon emissions targets for 2035 are no longer achievable for any carmaker. Reuters
Volkswagen counting on plan on investments in US
Munich — Volkswagen was in advanced talks with the US government over substantial investments in the world’s second-largest auto market, where tariffs have cost Europe’s top carmaker billions of euros so far this year.
CEO Oliver Blume told Reuters that Volkswagen did not appreciate an “asymmetric” deal between Brussels and Washington that foresees tariffs on EU auto imports of 15% and no tariffs for US industrial goods imports into Europe.
“Therefore, we are counting on our plan on investments in the US,” which would boost local employment and VW’s supply chain, Blume said at the IAA Munich car show, adding talks with the US government were “very positive.”
Volkswagen is considering substantial investments to expand its US business, including a plant for its Audi brand, and has held talks about how Washington could lend support.
He hoped for a quick solution “because we need to take decisions right now for localising our business there,” he said. Reuters
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