Volkswagen starts production of Taigun
Volkswagen Passenger Cars India has announced the start of production and pre-bookings open for its mid-sized SUV, Taigun which has been built on the MQB A0 IN platform under the India 2.0 project. This is the first Volkswagen product under this project.
The first Taigun rolled out from the company’s Chakan plant in Pune on Wednesday.
Deliveries will begin in September, the company said.
Gurpratap Boparai, MD, Škoda Auto Volkswagen India Pvt. Ltd, the merged entity of Skoda and Volkswagen said, “Today, we embark on a journey that marks a significant milestone for Volkswagen, with the start of production of the Taigun. The Taigun retains the German engineering prowess, while achieving a localization level of up to 95%.”
“It will be a competitive product offering in the fast-growing mid-size SUV segment,” he said adding despite several challenges the team ensured that the product was developed as per schedule.
Ashish Gupta, Brand Director, Volkswagen Passenger Cars India said, “The Taigun fits perfectly to the needs of the modern, contemporary customer with an active and vibrant lifestyle. We are confident that it will be a success in the India market.”
Powered by TSI technology the Taigun will be available with two engine options 1.0L and 1.5L respectively.
(The writer visited Chakan, Pune at the invitation of the company)
PharmaCyte Biotech Shares Surge 130%
Shares of PharmaCyte Biotech Inc. (PMCB) are surging over 130% on Wednesday morning despite no stock-related news to drive the shares.
PMCB is currently trading at $8.00, up $4.58 or 133.91%, on the Nasdaq, on a volume of 79 million shares, on an average volume of 431 thousand. The stock has traded between $2.25 and $57.35 in the 52-week period. Meanwhile, the stock is down nearly 40% in the past one-month period.
The company recently announced the closing of its previously announced public offering of about $15 million. PharmaCyte received proceeds of about $13.6 million.
ZIM Integrated Shipping Rises 5% On Strong Q2 Results
Shares of cargo shipping company ZIM Integrated Shipping Services Ltd. (ZIM) are up 5 percent on Wednesday’s trading as the company reported improved results in the second quarter, helped by higher revenues.
The company posted net income of $888 million or $7.38 per share in the quarter, higher than $25 million or $0.23 per share a year ago. On average, 4 analysts polled by Thomson Reuters expected the company to post earnings of $5.22 per share in the quarter. Analysts’ estimates, usually, exclude one-time items.
Revenues for the second quarter soared 200 percent to $2.38 billion from $795 million in the same period last year while analysts were looking for revenues of $1.77 billion.
Currently at $48.56, the stock is trading between $11.34 and $49.90 during the past 52 weeks.
Biden To Convene Leaders’ Summit For Democracy In December
President Joe Biden has announced that in December, he will bring together leaders from a diverse group of the world’s democracies at a virtual Summit for Democracy.
The virtual Summit will take place on December 9 and 10 to set forth an affirmative agenda for democratic renewal and to tackle the greatest threats faced by democracies today through collective action.
The summit will focus on challenges and opportunities facing democracies and will provide a platform for leaders to make both individual and collective commitments to defend democracy and human rights at home and abroad.
Ahead of the first summit, the U.S. State Department is consulting with experts from government, multilateral organizations, philanthropies, civil society, and the private sector to solicit bold, practicable ideas around three key themes: Defending against authoritarianism, addressing and fighting corruption and advancing respect for human rights.
Following a year of consultation, coordination, and action, President Biden will then invite world leaders for a second, in-person Summit.
“Both Summits will bring together heads of state, civil society, philanthropy, and the private sector, serving as an opportunity for world leaders to listen to one another and to their citizens, share successes, drive international collaboration, and speak honestly about the challenges facing democracy so as to collectively strengthen the foundation for democratic renewal,” the White House said in a statement.
Amazon Air Launches Primary U.S. Air Cargo Hub In Northern Kentucky
Amazon (AMZN) announced the beginning of Amazon Air Hub operations at the Cincinnati/Northern Kentucky International Airport. The sortation facility, equipped with the use of robotics technology, will serve as the central hub for Amazon Air’s U.S. cargo network. Amazon said this $1.5 billion investment in Northern Kentucky will create more than 2,000 jobs.
The 800,000-square-foot sortation building at the Cincinnati/Northern Kentucky International Airport sits on an over 600-acre campus that features seven buildings, an expansive new ramp for aircraft parking, and a multi-story vehicle parking structure. The building will also feature a solar rooftop scheduled for installation over the next year.
Since Amazon Air’s launch in 2016, the company has invested hundreds of millions of dollars and created thousands of new jobs at Amazon Air locations across the U.S. Amazon Air has expanded its presence in the U.S. to more than 40 locations and launched its European air hub in 2020.
In January, Amazon announced its first-ever purchase of eleven Boeing 767-300 aircraft, which will join the Amazon Air cargo network by 2022. The company will continue to rely on third-party carriers to operate these new aircraft.
ON24 Shares Down 4%
Shares of technology company ON24, Inc. (ONTF) are down 4 percent on Wednesday’s trading despite there being no company announcement or industry news to influence the stock.
The company recently posted a loss in the second quarter and its outlook for the third quarter and the full year also failed to meet estimates.
Net loss for the quarter was $2.5 million or $0.05 loss per share, compared to profit of $5.3 million or $0.14 earnings per share.
On an adjusted basis, the net income was $2.5 million or $0.04 earnings per share, dropped from $7.1 million or $0.69 earnings per share. Eight analysts polled by Thomson Reuters estimated breakeven per share for the quarter.
The revenue for the quarter increased 43 percent year-over-year to $52.1 million from $36.32 million. Analysts projected the earnings to be $51.03 million.
Currently at $19.80, the stock has traded between $19.30 and $81.98 during the past 52 weeks.