Ev Battery Startup: While the Michigan-based company cited "market conditions" as reason for the layoffs, it said it is continuing to focus on establishing its gigafactory in Michigan and to develop a North American supply chain for batteries.
News News: Suhas Rajkumar, Founder and CEO, Simple Energy, spoke at length about the ongoing speculations with TOI Auto and revealed the company's future plans,
Renault: The group set out financial targets for the unit, including an expected break-even in 2025 and an operating margin of at least 10% from 2030, ahead of an investor day where it hopes to drum up support for an initial public offering slated for spring 2024. The plan has been complicated by slower demand for EVs, choppy markets and increased Chinese competition, with sources close to the deal telling Reuters last month CEO Luca de Meo s hoped-for valuation of 8 to 10 billion euros looked over-ambitious.