Daily News

Daily News

Electric Last Mile’s bankruptcy petition shows more than $50 million in liabilities

Electric Last Mile’s bankruptcy petition shows more than $50 million in liabilities

Electric Last Mile Solutions Inc. filed Tuesday a voluntary petition for Chapter 7 bankruptcy, disclosing that it has more than $50 million in liabilities to dozens of creditors. The EV delivery van startup’s bankruptcy petition, filed in the U.S. Bankruptcy Court for the District of Delaware, is the first step of a liquidation process the …

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Polly acquires Driven Data to deepen engagement with car shoppers

Polly acquires Driven Data to deepen engagement with car shoppers

BURLINGTON, VT (June 14th, 2022) – Polly (formerly known as DealerPolicy), the leading insurance marketplace for automotive retail, today announced it has closed on an acquisition of automotive marketing and analytics company, Driven Data Technology, Inc. “This acquisition represents a unique opportunity for us to provide dealers with the solutions they need to drive more …

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Capstreet-backed Credit Bureau Connection adds David Carner as CEO

FRESNO, Calif., June 8, 2022 /PRNewswire/ — Credit Bureau Connection (“CBC” or “the Company”), a provider of credit report and compliance solutions to automotive dealers, lenders, and other end markets, announced today that David Carner has joined the Company as CEO, effective immediately. CBC is backed by Capstreet, a Houston-based lower middle market private equity …

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VW increases production at main EV plant as parts shortages ease

VW increases production at main EV plant as parts shortages ease

BERLIN — Volkswagen Group resumed a three-shift operation at its EV factory in Zwickau, Germany, starting Monday, June 13. Output at the plant, which builds full-electric cars for the VW, Audi and Cupra brands, is expected to increase to up to 1,300 vehicles a day, Automotive News sister publication Automobilwoche reported. After Russia’s invasion of …

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Ferrari names luxury goods executive Carla Liuni its chief brand officer

Ferrari names luxury goods executive Carla Liuni its chief brand officer

Ferrari has named Carla Liuni, an executive with experience in jewelry, luxury goods and at consumer goods corporation Proctor & Gamble, as chief brand officer. Liuni, 55, starts her new post in September and will report to CEO Benedetto Vigna. She will be based in Milan. Vigna said Liuni’s experience in building global luxury brands …

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BMW EV prototype will test 600-mile range battery from Michigan startup ONE

BMW EV prototype will test 600-mile range battery from Michigan startup ONE

Michigan battery startup Our Next Energy is moving beyond what founder Mujeeb Ijaz calls “a scientific curiosity.” The company, which aims to double the range of vehicles compared with today’s standards, is placing its hybrid battery technology into a BMW prototype. The two companies said Tuesday they’ve signed an agreement to integrate ONE’s long-range battery …

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LMP Automotive sues over held deposits in terminated acquisitions

LMP Automotive sues over held deposits in terminated acquisitions

LMP Automotive Holdings Inc. has sued two dealership owners, seeking a combined $3 million in deposits the auto retailer made to acquire stores and property in New York and Texas. The lawsuits follow LMP Automotive terminating the deals this year. An affiliate of the Fort Lauderdale, Fla., retailer filed a lawsuit May 27 in federal …

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Geely founder Li’s venture acquires majority stake in smartphone maker Meizu

Geely founder Li’s venture acquires majority stake in smartphone maker Meizu

SHANGHAI — A venture run by the founder of Zhejiang Geely Holding plans to acquire a 79 percent stake in Chinese smartphone maker Meizu, a statement published by China’s anti-monopoly regulator indicated on Monday. The State Administration of Market Regulation said that Hubei Xingji Shidai Technology Co. had agreed to purchase the stake from two …

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Insurers and car manufacturers: how to unlock the potential of true collaboration

Insurers and car manufacturers: how to unlock the potential of true collaboration

Car manufacturers (i.e., OEMs – Original Equipment Manufacturers) and insurers have been cooperating to bring OEM-branded insurance propositions to customers for many years; nevertheless, they have not managed to fully untap the value of their collaboration yet. They need to alter the current paradigm by searching for a better common ground. Reinsurers can help by …

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