Expensive Cars

CarDekho logs Rs 1,600 cr in revenue in FY22, narrows losses by 28%
IANS -
A $1.2 billion unicorn, the company said it narrowed its losses by 28 per cent, to Rs 246 crore in FY22 from Rs 341 crore in FY21. The company informed that it has Rs 1,000 crore in net cash and has a clear path to achieve profitability by FY24. "The stellar business growth is a testament to the trust reposed in CarDekho Group by over 50 million visitors, over 5,000 used car loan agent partners, more than 50,000 insurance partners in over 1,300 cities and more than 3,500 used car dealers as at March 2022," said Amit Jain, Co-founder and CEO, CarDekho Group.
Mercedes-Benz India Jan-Sep'22 sales exceed those of 2021
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"Our sales are at pre-pandemic level, having crossed CY 2021 sales numbers in the first nine months this year. The current market momentum gives us the confidence for striving to achieve our highest sales ever. However, it also remains our endeavour to produce as many cars as possible to cater to the growing demand, amidst the current supply constraints," Managing Director & CEO Martin Schwenk said.
Porsche shares rise on first trading day in largest European listing for a decade
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The German carmaker Volkswagen listed 12.5 per cent of Porsche's shares to raise the billions of euros needed to invest in electric cars -- as well as hoping the sports car company would be able to match its Italian rival Ferrari, which has been able to attract a valuation more typical of luxury fashion brands, The Guardian reported.
Porsche valued at up to $75bn in share sale
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A prospectus will be published on Monday, after which investors can subscribe to Porsche shares. The share sale is set to be Germany's second-largest ever initial public offering (IPO), the report said."We are now in the home stretch with the IPO plans for Porsche and welcome the commitment of our cornerstone investors," said VW's Chief Financial Officer, Arno Antlitz.
Vintage Mercedes sells for nearly Rs 1,100 cr, becomes world's most expensive car
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Canada-based RM Sotheby's announced that it has auctioned off a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe, earlier this month, for 135 million euros, or about $143 million, reports CNBC. The sale smashed the previous record for the most expensive car sold at auction by more than $95 million and topped the $70 million record for a car sold privately.
Lamborghini blows lid of alleged Rs 1,000 Cr mutual fund scandal
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There are now loud whispers of a Rs 1,000 crore scam in a large mutual fund owned by a leading private sector bank involving front running by the fund managers and dealers. The said fund manager seems to have been using a Lamborghini and buying luxury apartments in and around Mumbai. He is said to be on the payrolls of brokers and accumulated small and midcap stocks on behalf of the mutual fund.
Lamborghini sales reach 400 since inception in India
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Notably, the company reported a 86 per cent growth in India last year. As per the automaker, the accelerated success in sales performance is a testament of "the passion shown by Lamborghini India's dealer network in Bengaluru, Delhi and Mumbai". "We will continue to offer unique platforms so that our existing and prospective customers are able to experience the values that define the Lamborghini brand in India," said Asaid Sharad Agarwal, Head of Lamborghini India.
Jaypee Infra: NBCC, Suraksha get time till June 4 to submit revised bids
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The voting over allowing both the companies to submit revised bids was conducted on May 27-28. The CoC had approved the Suraksha group's bid on May 20 and rejected the NBCC's bid citing non-compliance with the Insolvency and Bankruptcy Code (IBC). The NBCC on May 24 wrote to the IRP and lenders including home buyers urging them to examine its resolution plan
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