Volkswagen, the esteemed German automaker, made a significant announcement on Tuesday. They have chosen to invest a substantial amount, up to $5 billion, in Rivian, a company that specializes in electric trucks. This partnership seeks to enhance cooperation on software development for electric vehicles. At first, Volkswagen will invest $1 billion into Rivian, with intentions to potentially increase this amount to as much as $5 billion in the future. Subject to regulatory approval, Volkswagen is poised to become a major shareholder in Rivian. This significant investment demonstrates a clear show of support for Rivian, despite the company’s ongoing difficulties, including…
Author: Business Emerge
This round’s noteworthy investors include former PayPal CEO Peter Thiel and Replit CEO Amjad Masad.
A major software and robotics company in San Francisco called Bright Machines has raised $106 million in a Series C funding round. Big names in the industry, like Nvidia and Microsoft, put money into this round. Venture capital company Eclipse Ventures, robotics maker Jabil, and asset management firm BlackRock also put money in. Also, Bright Machines got $20 million in debt financing from J.P. Morgan, the company said on Tuesday.
Shareholder support for the reappointment of SoftBank Group’s Chief Executive Masayoshi Son has experienced a significant decline, with approval dropping to 79.22% from 95.93% in the previous year
Short sellers have made nearly $5 billion in paper profits from Nvidia’s recent three-day selloff, as reported by Ortex Technologies, a data analytics firm. Nvidia, a prominent AI chip designer, saw its stock plummet 13%, shedding $430 billion in market capitalization since June 18. This drop occurred shortly after Nvidia briefly held the title of the world’s most valuable company following a remarkable surge. On Monday alone, short sellers earned $2.40 billion from Nvidia’s 6.6% decline, marking the most significant one-day gain since Ortex began tracking data in 2019. This significant profit highlights the volatile nature of the stock market…
With half the system’s development costs, Lilac Solutions has revealed that its most recent lithium extraction technique can recover over 90% of the lithium found in numerous brine formations
The collaborative project focuses on creating a 5-nanometer application-specific integrated chip (ASIC) that complies with US export laws. The manufacturing would be outsourced to Taiwan’s TSMC, the sources said.
The European Commission, the EU’s antitrust and technology regulator, announced Monday that Apple (AAPL.O) had broken the bloc’s technology regulations. This claim might result in a substantial fine for the internet behemoth, which is currently under investigation for newly enforced app developer fees. The Commission has until March of next year to issue a final verdict. In a statement, EU antitrust commissioner Margrethe Vestager voiced concern about Apple’s new guidelines, arguing they breach the Digital Markets Act. She emphasized that Apple must decide how to comply with the DMA criteria rather than receiving direct instructions from the Commission. Vestager said:…
Russia’s state-owned Novikombank announced on Thursday that it has established a representative office in Cuba, making it the first Russian bank to establish a presence in the Caribbean nation. This step is considered historic. The initiative is a component of a more comprehensive strategy to improve economic relations between the two former Cold War allies. The central bank of Cuba issued Novikombank with the requisite license on June 7, according to a bank statement. No instantaneous response has been received from the central bank or Cuban authorities in relation to this development. Board chairwoman Elena Georgieva underscored the importance of…
Nissan is dedicated to China’s enormous vehicle market despite the suspension. According to the spokeswoman, the Changzhou facility produces 8% of Nissan’s 1.6 million automobiles in China. Nissan’s Dongfeng collaboration includes eight Chinese factories.