Connect with us

Business

Ford exits India: What does it mean for you?

Published

on

Ford is closing its factories in India, following in the footsteps of other American automakers. Due to supply chain disruptions, the global auto industry continues to face a shortage of semiconductors and other components. Ford has had a presence in India for the past 25 years.

Over the last 10 years, the corporation has clocked more than $2 billion in losses, and new vehicle demand has been sluggish. Ford claims it has “not been able to find a viable route ahead to long-term profitability”, which includes vehicle manufacture in the United States. “With a lot of western manufacturers, it’s a culture or attitude issue,” says one car industry observer.

Ford’s departure comes at a time when the automotive industry as a whole is experiencing a global shortage of semiconductor chips and other components. Due to the chip scarcity, Maruti Suzuki, India’s market leader, has announced production cuts. 

Ford estimates that the reorganization will cost the company $2 billion. It will affect roughly 4,000 employees as it ceases the production of automobiles in its Indian operations. Over the previous five years, the Indian passenger vehicle market has been declining. In 2020-21, passenger car sales were 2.71 million units, down from 2.77 million units the previous year.

Software developers, data scientists, R&D engineers, finance and accounting experts will all benefit from the growth. In 1995, Ford partnered with Mumbai-based Mahindra & Mahindra to enter the Indian market. It built a greenfield plant near Chennai, from which it debuted the Ikon, a mid-size entry-level car.

The blue oval is a fan favorite, with enthusiasts swearing by such cars as the Fiesta 1.6s, the brutish Ford Endeavor, and the Mustang. But the brand promises to continue supporting current owners with service and parts, and bringing in new cars, such as the Mach-E via the CBU route. While this is the end of Ford in India as we knew it, it will now take on a new avatar in its second innings.

Business

Facebook to rebrand the company ‘Metaverse’

Published

on

Facebook-rebrands-Marksmen-Daily

Facebook is the world’s largest, and arguably most influential, social media platform, with more than 2.8 billion monthly active users and a net worth as of now of $1 trillion.

It’s safe to say that the majority of our lives rely on Facebook. Recently, Facebook, the parent company of Instagram and WhatsApp, hit the headlines when it went dark for six hours, causing havoc all over the world.

According to a report by The Verge, Facebook is planning to rebrand the company with a new name to focus on building the metaverse. Metaverse, as the term suggests, is a virtual-reality space in which users can interact with a computer-generated environment and other users.

According to the report, CEO Mark Zuckerberg will reveal the company’s new name on October 28 at the annual Connect conference, but it could be announced sooner.

Facebook, which aspires to be renowned for more than just social networking, revealed on Sunday that it will hire 10,000 people in Europe over the next five years to help construct the metaverse, which the corporation regards as critical to its long-term success.

In July, Zuckerberg said that Facebook’s future lies in the virtual metaverse, in which users will live, work and play inside.

Facebook already has more than 10,000 employees who build consumer hardware like AR glasses that Zuckerberg believes will be as ubiquitous as smartphones.

The company wants to be known as much more than a “social media” company, and is promising to change the way humanity interacts.

Continue Reading

Business

One to lookout for: Rakesh Jhunjhunwala invests in a furniture startup!

Published

on

Rakesh-Jhjhunwala-to-invest-in-furniture-startup-Marksmen-Daily

Rakesh Jhunjhunwala, often referred to as India’s own Warren Buffett, is an ace investor with a track record of successful investing. Many treat him as a bellwether, and look to him for guidance and inspiration when it comes to navigating the vagaries of the investing landscape. And so, it would be of interest to investors to know that India’s Big Bull has out his money where his mouth is and invested in a furniture-based startup, Arrivae.

What is Aarivae?

Founded in 2017, Arrivae is a customized full home interior solution provider that enables customers to get the house customers want. From designing the finest homes by some of the finest architects and interior designers to material supplied by some of the most credible vendors. It specializes in providing practical solutions for various situations. Arrivae works in four simple steps; meeting the designer, designs made for customers, intelligent manufacturing and lastly concierge services.

Arrivae raised Rs 50 crore in its first round of external funding, backed by ace investor Rakesh Jhunjhunwala. Enam family, Siddharth Yog (Founder, Xander Group), Anand Jain (Chairman, Jai Corp), Harsh Jain (Founder, Dream 11), and Ramesh S. Damani (Chairman, DMart) all participated in the fundraising round.

“At Arrivae, we’re still in the early phases of our plan to build India’s most comprehensive home renovation ecosystem. Partnerships are important to us at Arrivae because they help us build brand confidence in the ecosystem, especially among customers.” said founder Yash Kela.

Kela rounded things off by saying, “All the veterans who have participated in this round will enable more faith in the Arrivae brand.”

Continue Reading

Business

The right pricing will be crucial for the launch of Zydus Cadila’s vaccine.

Published

on

Zydus-Cadilas-Vaccine-Marksmen-Daily

The destiny of Zydus Cadila’s Covid vaccine is in doubt, as the vaccine’s price appears to be delaying its introduction into the vaccination program. The business has received emergency use authorization from the FDA to inject its Covid vaccine, ZyCoV-D, to children aged 12 to 18.

Zydus Cadila, located in Ahmedabad, has imported the pharmaJet, a needle-free applicator for painless intradermal vaccine delivery. 

Each jet is responsible for delivering a specific amount of vaccination. 

As a result, a single dose is split into two shots, one for each arm. “It’s an expensive device and hence jacks up the overall price,” a government official said.

Around 20,000 dosages can be administered with the jet injector.

The government has been purchasing Covaxin at 225 per dosage and Covishield, another Covid vaccine developed in India, at 215 per dose.

The price of the Zydus Cadila vaccine, according to Health Secretary Rajesh Bhushan, will be significantly more than that of existing vaccines.

Continue Reading

Trending