Weekly Roundup: 8th-14th February
- Green line bus crossed 1 million passenger mark in first month
- Tesla recalls more than 500,000 vehicles over defroster issue
- XPeng continues to expand after shares rise 11%
Rs 273B cleared for Karachi Circular Railway
The Central Development Working Party (CDWP) has cleared three development projects including the Karachi Circular Railway (KCR) under a cumulative estimated cost of Rs 273 billion. The modern urban railway project is based on a 43-km dual track and will be constructed in three years. Read more about this story here.
Karachi’s Green line bus transported 1M passengers in its first month
Karachi’s Green Line Bus Service has completed its first month of official operations today. More than a million passengers travelled on 80 buses through the dedicated corridor in its first month. The numbers include a daily ridership of 35,000 on weekdays and 50,000 on weekends. Check out more about this story here.
Uber expecting $5B adjusted earnings by year 2024
Uber is expecting to report $5 billion as adjusted profit in 2024 to keep costs low, and gain new customers. However, the forecast is below the expected $5.7 billion expectation set by the experts. The company also announced the strategy to plan five long-term autonomous vehicle partnerships in the US in 2022. Read the complete story here.
Tesla recalls more than 500,000 vehicles to fix pedestrian warning sounds
Tesla is recalling nearly 579,000 vehicles in the US because of a new function that can play sounds over an external speaker and obscure audible warnings for pedestrians. The decision came as US safety regulators increased scrutiny of the biggest electric vehicle maker. Check out the complete story here.
BMW pays $4B to increase stake in Chinese JV
BMW announced it is increasing its stake in the Chinese joint venture with Brilliance China Automotive Holdings Ltd., after receiving the relevant business license from the Chinese authorities. BMW increases its stake by $4.2 billion to take majority control of the joint venture. The two companies initially agreed on an extended joint-venture contract until 2040. Read more about it here.
Mercedes-Benz beats profit forecast as EV sales surge
Mercedes-Benz is expecting an adjusted EBIT of €14 billion ($15.94 billion) in 2021, as announced by the company in preliminary results. The luxury carmaker reported that it expects an adjusted return on sales of 12.7% in the full year beating its own prediction of 10-12%. Check out more here.
XPeng’s shares jump 11% after China stock trading link
Xpeng’s (XPEV) shares rose 11% in Asian trading after the electric vehicle maker’s stock was added to a trading link to mainland China. It will allow mainland Chinese investors easier access to the EV start-up’s shares and will allow the company to expand its investor base. Read more about this story here.
About Us
This week in Transport is a weekly round-up of everything happening in the transportation world; from sustainable transport initiatives to expansion plans, and implementation of an intelligent transport system. Watch this space for more sector news!