DiDi's IPO, Uber Vaccination Efforts, New DealershipsBy Alejandro Enríquez | Thu, 07/01/2021 - 18:38
Ride-hailing companies grabbed the spotlight this week: DiDi's debut on the New York Stock Exchange marks the beginning of a new era for the Chinese giant, while Uber continues to support vaccination for drivers and delivery partners in Mexico.
Deloitte's economic outlook forecasts that Mexico’s economy will grow by 5 percent in 2021. Meanwhile, Kavak's new Managing Director for Mexico announced a US$402 million investment to expand the unicorn’s operations in the country. Additionally, Nissan opened three new dealerships in Puebla.
Ready? This is the week in automotive!
Mexican Economy to Grow 5 Percent in 2021: Deloitte
Deloitte raised its expectations for Mexico’s economic growth during 2021 from 4 percent to 5 percent, indicated the company in its Economic Insights report. The economic recovery will be mostly driven by export-driven industries, including automotive, electronics and other industrial goods. "Export-related sectors, such as manufacturing and agriculture, have performed better and many of them have already exceeded their pre-pandemic levels," writes Daniel Zaga, Economic Analysis leader at Deloitte Mexico.
It's Official: DiDi's Gone Public on NYSE
On June 30, the company officially went public selling 316.8 million American Depositary Shares (ADS), almost 28 million more than originally planned, at a price of US$14 per share. The company raised US$4.4 billion in its US IPO. The listing is the biggest US share sale by a Chinese company since Alibaba in 2014.
Uber Supports Vaccination for Drivers in Mexico
Uber and Uber Eats Mexico announced that starting June 28, 2021, they will provide partner drivers and delivery partners financial incentives once they show proof of taking a COVID-19 vaccine. "At Uber we have expressed a global commitment to contribute to the world's largest vaccination campaign in history. We are aware that partner drivers and delivery partners are a fundamental piece of our cities’ life and, therefore, of its economic recovery," said Carolina Corral, Latam Operations Safety Director of Uber.
KAVAK to Invest US$402 Million in Mexico During 3Q2021
Kavak has a new Managing Director in Mexico: Alejandro Guerra, who just announced that the company will invest MXN$8 billion (US$402 million) during 3Q2021 to expand into new cities and create over 500 new jobs. "We are working aggressively to formalize the used vehicle market in the country," he said.
Nissan Opens Three New Dealership in Puebla
Despite the challenges brought by the pandemic and chip shortages, the Japanese brand continues to invest in the country. Nissan Mexicana just opened three new dealerships in Puebla through its business partner Grupo Huerpel: Nissan NAMI Angélopolis, Nissan NAMI Cholula and Nissan NAMI San Manuel.
Daimler Trucks, part of Daimler AG, forecasts that the advancement of the electric truck will be gradual as the cost of one of these vehicles is three times the cost of an ICE vehicle.
Renault is introducing a vintage strategy for its portfolio electrification: it is turning some of its most iconic small cars fully electric.