Hyundai, which already sells one EV model, Kona Electric in the country, said the price of Ioniq 5 is introductory and would hold for the first 500 customers.
Tech News
Tata Motors looks to expand electric car portfolio, add pricier models
The carmaker will also offer a choice of ranges for its EVs so it can address the needs of multiple buyers, including shorter ranges for city use, Shailesh Chandra, managing director of Tata Motors Passenger Vehicles and its EV subsidiary, told Reuters on the sidelines of India’s Auto Expo car show.
Kakao Entertainment lands $966M from sovereign wealth funds, including Saudi Arabia’s PIF
Kakao Entertainment announced today it has raised $966 million (1.2 trillion won) in financing from sovereign wealth funds, such as Saudi Arabia’s Public Investment Fund (PIF) and Singapore-based PWARP Investment. The entertainment subsidiary of South Korean internet giant Kakao operates storytelling platforms (web novels and webtoons), music, K-pop artists management, and other media (movie and TV series) businesses at home and abroad.
With the latest funding, the company will further push ahead with its international expansion and make more investments and acquisitions.
Kakao Entertainment, which has built a webtoon platform in the U.S. and South Korea, aims to extend its storytelling content and intellectual property sources for its readers around the globe, stressing its key growth strategy in North America. In 2021, Kakao EntertainmentacquiredU.S-based storytelling platforms such as Tapas, a webtoon platform;Radish, a serial fiction app; andWuxiaworld, a fantasy fiction platform.
The company claims it has 100,000 storytelling creators and plans to seek opportunities to turn popular webtoons or web novels into movies or TV series.
Kakao’s chief investment officer Jae-hyun Bae said in a statement that it’s a significant deal that the company was able to raise this scale of funding amid global economic uncertainties. “This is a testament to the global competitiveness and future growth of potential of Kakao Entertainment’s unique intellectual property (IP) value chain, which spans multiple categories in the entertainment industry,” Bae said.
Kakao Entertainment lands $966M from sovereign wealth funds, including Saudi Arabia’s PIF by Kate Park originally published on TechCrunch
PasarPolis is now one of Indonesia’s first full-stack insurtechs
Indonesia’s PasarPolis is now able to underwrite its own products, making it one of Indonesia’s first full-stack insurtechs. This means PasarPolis will be able to offer new products and work with partners like Tokopedia, Gojek, Traveloka, Xiaomi and IKEA Indonesia to create custom insurance policies.
PasarPolis is able to underwrite insurance products because of its strategic partnership with Tap Insurance. Tap Insurance received a full license for insurance underwriting from OJK (Otoritas Jasa Keuangan, or the Financial Services Authority of Indonesia).
Cleosent Randing, the founder and CEO of PasarPolis, told TechCrunch that the first products from the strategic partnership will include fire and vehicle insurance.
Founded in 2015, PasarPolis has raised over $59 million in total to date and is backed by investors like Gojek, Tokopedia, Traveloka, Leapfrog and SBI. Its policies include travel, home content, logistics, electronic devices, life and vehicle insurance.
PasarPolis’ team
PasarPolis currently has 60,000 registered agents in Indonesia, and partners with 50 insurance providers. It says it has served more than 80 million customers and issued one billion policies between 2019 and 2021, partnering with 40 companies to distribute products.
Distribution partners include Shopee, Tokopedia, Gojek and Xiaomi. Customers can add micro-insurance policies to their purchases from their platform for about 5,000 to 20,000 Indonesian rupiah (or 32 cents to $1.29 USD).
PasarPolis is able to scale because it uses machine learning and data analytics to make the underwriting and claims process faster and more cost-effective. It claims 87% of non-credit insurance claims in 2022 were settled within 24 hours. PasarPolis’ tech includes algorithms that automate the claims approval process, based on data submitted by customers, like photos, chronology and date and time of events. The algorithm then filters information to PasarPolis’ faster “green” channel.”
The company’s most recent launches include its Unified Claims Interface (POLI), which lets customers file multiple claims through different channels like email , WhatsApp, SMS and PasarPolis’ mobile app.
Randing says PasarPolis’ goal is to reduce the cost of insurance and increase penetration in Indonesia, where insurance penetration rate was only 4% as of 2022.
“We think that inclusive insurance is a vital add-on to basic state social,” he said. “Particularly the health protection in line with the increasing concern of many to protect their families’ health, especially during the pandemic.”
PasarPolis is now one of Indonesia’s first full-stack insurtechs by Catherine Shu originally published on TechCrunch
Suzuki Motor looks to partner Toyota to learn how to make small EVs
When asked if the company would look at launching EVs built on gasoline engine platforms, Suzuki said the company needs to develop a grounds-up EV.
Logistics startup Flexport cutting 20 percent of staff in restructuring
The privately held company, which is one of the most valuable logistics startups, declined to say the number of employees affected by the layoffs.
VECV unveils intercity electric bus to cover 500 km
Meanwhile, Eicher unveiled LNG and CNG-based Eicher Pro 8055 truck that can switch to CNG fuel via a switch provided in the vehicle. Volvo Trucks showcased Volvo FM LNG 420 4X2 tractor.
Germany has a problem with the way Google uses people's data
Data collected by Google was used to “create very detailed user profiles which the company can exploit for advertising and other purposes”, the Federal Cartel Authority said.
Italy keen to secure Intel chip factory investment, minister says
Italy’s government is determined to secure an investment by Intel to build a chip factory in the country, the industry minister said.
Global PC market seen to recover late 2023, claims reports
Global personal computer shipments are expected to rise starting late 2023, with a new cycle of system upgrades likely to accelerate growth next year, according to research firms IDC and Canalys.