(Reuters) – Volkswagen AG (VOWG_p.DE), Europe’s largest automaker, is expanding its cloud-based software and data portal, aiming to develop it into an industry-wide marketplace where business customers can buy and sell industrial applications, the company said on Thursday.

VW’s “industrial cloud” was designed in partnership with Amazon Web Services and eventually will link more than 120 VW factories around the world to the automaker’s 1,500 suppliers and their 30,000 plants.

The portal is intended as a place to exchange data and software to help accelerate the digitalization of factory processes from stamping to painting to machinery maintenance, according to Nihar Patel, VW’s executive vice president for strategic core projects.

Continue reading “Volkswagen sees Amazon-built ‘industrial cloud’ as future B2B marketplace”

NEW DELHI (Reuters) – Bajaj Auto (BAJA.NS) is betting that an early recovery from the ravages of COVID-19 in motorcycle sales in its export markets will help it offset pandemic-related disruption at home, its chief financial officer said.

The Indian company, which also sells rickshaws and small commercial vehicles, is already the largest exporter of motorcycles from its domestic market, where sales have been slow to pick up due to local lockdowns.

“All our export markets were also affected but recovery has been better (there) than in India,” Soumen Ray told Reuters in an interview late on Wednesday. “We will continue to remain aggressive on exports.”

Bajaj plans to open an assembly plant in Brazil within 18 months, as well as a design office in Thailand to handle sales for the ASEAN region, and another design office in Europe, Ray said.

Exports make up 40%-45% of group motorcycle sales, Ray said.

This year, however, they have predominated. Between January and June, it exported 664,000 motorcycles while selling 589,000 in India, company data showed.

Continue reading “Bajaj Auto focuses on exports as India battles pandemic”

(Reuters) – Tesla Inc’s blistering stock rally is putting Chief Executive Elon Musk in reach of a payday potentially worth $1.8 billion, his second jackpot from the electric car maker in about two months.

Musk has already achieved targets related to Tesla’s financial growth that are also required in order to vest the approaching options tranche.

Each tranche gives Musk the option to buy 1.69 million Tesla shares at $350.02 each. At Tesla’s current stock price of $1,397, Musk would theoretically be able to sell the shares related to the tranche that vested in May and the upcoming tranche for a combined profit of over $3.5 billion, or $1.8 billion per tranche.

Musk’s first tranche was worth about $700 million in May, when it vested, but its value has since increased along with Tesla’s stock price.

Tesla has surged 500% over the past year as the company increased sales of its Model 3 sedan.

Tesla last week reported higher-than-expected second-quarter vehicle deliveries, defying plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy.

The solid delivery numbers heightened expectations of a profitable second quarter, which would mark four consecutive profitable quarters, a first for Tesla, and a key hurdle to be added to the S&P 500 index.

Musk, who is also the majority owner and CEO of the SpaceX rocket maker, receives no salary, only the options in his pay package. A full payoff of all tranches would surpass anything previously granted to U.S. executives.

When Tesla unveiled Musk’s pay package, it said he could theoretically reap as much as $55.8 billion if no new shares were issued. However, Tesla has since issued shares to compensate employees, and also sold shares in secondary offers, including a $2 billion stock sale in February.

Reporting by Noel Randewich; Editing by Alden Bentley and David Gregorio

TOKYO (Reuters) – Uber Technologies (UBER.N) launched a ride-hailing smartphone application in Tokyo on Friday in partnership with three domestic taxi firms, even as strict regulations block its popular ride-sharing service in Japan.

The taxi-hailing app, already introduced in smaller cities, connects app users to taxis run by Hinomaru Limousine, Tokyo MK Corp and Ecosystem in the Japanese capital.

Uber is not allowed to run its own ride-sharing fleet in Japan as it does in the United States and elsewhere since local regulations ban non-professional drivers from ferrying paying customers.

Eager to build a customer base in the world’s third-biggest economy, Uber has focused on expanding its Uber Eats food delivery service, which has proven popular, particularly amid the coronavirus pandemic.

Didi Mobility Japan, a joint venture of China’s Didi Chuxing and SoftBank Corp, has also introduced a service in Japan to connect customers with taxis.