The company attributed its underperformance to challenges in its petrochemical business, which experienced a loss due to weaker refining margins and declining prices.

Other participants in the round include existing investors such as Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.

Since its inception in 2007, Mini has manufactured over 1.1 million Clubman crossovers, reflecting its significance within the brand’s lineup.

Both the parties had signed a cooperative agreement last year on November 30 with an aim to establish a 50:50 joint venture in China.

In Europe, which is the Volvo Group’s biggest market, sales grew 8% when compared to January of 2023, reaching 23,141 sold cars.

The speculation of merger intensified after an EV market slowdown forced Renault last week to cancel IPO plans for its EV and software unit Ampere.

Vanguard’s latest valuation cut represents a significant 74% reduction from Ola’s peak valuation of approximately USD 7.3 billion.

Hyundai Motor India is currently in preliminary discussions regarding the IPO, having engaged with various banks for consultations.

This positive sentiment aligns with the company’s relatively conservative and neutral outlook declared in November 2023.

This move comes as the country aligns itself with the majority of developed economies, setting the stage for a more sustainable and eco-friendly automotive future.