COMPANY NEWS IN BRIEF

Volvo halts sales of semi-trucks in MexicoSwedish auto manufacturer Volvo is discontinuing its sale of semi-trucks in Mexico, local unit Volvo Trucks Mexico said in a statement on Monday, citing fallout from the coronavirus pandemic and changes in the transport industry. Wholesale sales of heavy trucks in Mexico plummeted 46.2% during the first 10 months of this year, according to national statistics agency INEGI.Alejandro Gonzalez, a communications official with Volvo Group Mexico, told Reuters that the discontinuation of sales applies only to Volvo's three models of Class 8 trucks, which have three or more axels and are imported from the United States."The business units of Volvo Group Mexico will maintain their operations as normal: Volvo Buses, Volvo Financial Services, Volvo Construction Equipment and, now also, Mack Trucks," said Gonzalez.Volvo Trucks' market share of freight and cargo vehicles in Mexico was 1.3% through October of this year, INEGI data showed, with the majority of the market dominated by Paccar Inc's Kenworth, Daimler Trucks North America's Freightliner and Navistar International. - Nampa/ReutersAirbus delivered 64 jets in NovemberAirbus delivered 64 aircraft in November, bringing the total so far this year to 477, down 34% from the first 11 months of 2019 as Covid-19 curbs demand, the plane maker said on Monday.Deliveries included seven wide-body A350 jets and 56 single-aisle jets including 54 of the main A320neo narrow-body family. Deliveries are being closely scrutinized by investors as they generate much-needed cash during the coronavirus crisis.The figures confirm an earlier Reuters report that Airbus was heading towards a total of 550 or more deliveries in 2020 after a November tally in the mid-60s, including as many as seven A350s and more than 50 narrow-body jets.November's deliveries retreated from 72 seen in October this year and fell 17% from the 77 handovers posted in November 2019.Boeing said on Friday it had delivered zero 787 jets in November, prompting it to lower their output to five aircraft a month. The 787 is one of two models competing with the Airbus A350, which is being produced at a rate of 4.5 a month.– Nampa/ReutersAstraZeneca trial to clear confusionA top US scientist overseeing Covid-19 vaccine trials expects a large US study to determine how effective AstraZeneca's experimental inoculation is, following perplexing results from other trials released by the company and partner Oxford University.AstraZeneca Plc is one of the leading vaccine developers, but interim data released Nov. 23 from trials in Britain and Brazil showed a vastly divergent performance when the vaccine was tested in two different dose combinations.According to the company, a small group of trial subjects inadvertently received a half dose followed by a full dose, instead of the planned two full doses. In that group, the vaccine proved to be 90% effective at preventing illness. Although 62% efficacy is above the benchmark set by regulators to declare a Covid-19 vaccine a success, it pales when compared with efficacy of 95% and 94.1% demonstrated in large trials for vaccines from Pfizer Inc and Moderna Inc, respectively.A US study of AstraZeneca's vaccine involving some 30 000 volunteers is in the works and should produce data by late January. - Nampa/ReutersAirbnb boosts IPO price range Airbnb Inc expects to raise up to US$3.09 billion in a stock market launch later this week after boosting its price range, capping a stunning recovery in its fortunes after it was heavily damaged by the Covid-19 pandemic earlier this year.The US home rental firm plans to sell 51.6 million shares at between US$56 and US$60 apiece, it said in a regulatory filing on Monday. It had earlier targeted a price range of between US$44 and US$50 per share for 51.9 million shares. At the upper end of the new range, Airbnb would have a fully diluted valuation, which includes securities such as options and restricted stock units, of US$41.8 billion.This is well above the US$18 billion Airbnb was worth in an April private fundraising round in the early weeks of the pandemic in the US, and above the US$31 billion in its last pre-coronavirus fundraising in 2017.Airbnb struggled in the immediate aftermath of the virus outbreak as travel came to a grinding halt. But as lockdowns eased, more travellers opted to book homes instead of hotels, helping Airbnb post a surprise profit for the third quarter. - Nampa/ReutersUber sells ATG self-driving business Uber Technologies Inc is selling its autonomous driving unit, Uber Advanced Technologies Group (ATG), to self-driving car start-up Aurora, the companies said on Monday.The equity deal valued the ATG at US$4 billion, according to people familiar with the matter. This marks a major drop in valuation for ATG, as it raised US$1 billion from a consortium of investors including Toyota Motor Corp and SoftBank Group Corp at a valuation of US$7.25 billion last year.Following the sale announced on Monday, Uber is also investing US$400 million in Aurora, which values Aurora at US$10 billion, the people added. Uber will hold about 26% ownership interest in Aurora on a fully diluted basis, the company said in a filing.Aurora, which is working to develop self-driving trucks, cars and delivery vehicles, will collaborate with Uber to launch self-driving vehicles on its ride-hailing and food delivery network. Uber is also working on building out its freight logistics platform but is not operating its own trucks at present.- Nampa/Reuters

COMPANY NEWS IN BRIEF

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Namibian Sun 2024-11-28

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COMPANY NEWS IN BRIEF

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Namibian Sun 2024-11-28

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