Category: Motorcycle Business

Companies

Wednesday 05 October 2022

A fully electric BasiGo passenger bus. PICTURES | BasiGo

Electric bus supplier BasiGo has signed a financing agreement with KCB Bank to scale up operations in Nairobi after a seven-month pilot project.

The deal will see the Kenyan bank extend a three-year loan facility covering up to 90% of the 5 million shilling purchase price for the electric buses.

The company which launched operations in Nairobi in March 2022 in conjunction with Citi Hoppa and East Shuttle says the electric buses have traveled 90,000 km carrying more than 112,000 passengers.

The company says it has received more than 100 bookings for its K6 electric bus and wants to increase supply next year, partnering with KCB to target passenger service vehicles.

“The key to getting electric buses on the road in Kenya is to make them affordable for PSV owners. The partnership we signed today with KCB Bank is a game-changer. It will allow bus owners to get a asset financing for an electric bus exactly in line with how they buy diesel buses,” said Jit Bhattacharya, CEO and co-founder of BasiGo.

BasiGo sells the electric buses directly or through a rental model and the company retains ownership of the battery in the bus.

The battery is then leased to the operator PSV via the Pay-As-You-Drive subscription of Sh20 per kilometer.

BasiGo says they mitigate risk to PSV operators by guaranteeing battery performance and providing all bus charging and maintenance.

Electric vehicles are attracting the financial mass of lenders concerned with securing green financing and complying with Environmental Social Governance (ESG) regulations.

The NCBA Group has launched a 2 billion shilling electric vehicle financing as customers increasingly turn to battery-powered cars amid the fight against climate change and rising global oil prices.

The five-year agreement will allow customers to benefit from asset financing of up to 80% of the total cost.

In addition, the NCBA will grant a 10% interest rate on a declining balance for electric vehicle loan applications received within the first 90 days.

Besides banks, e-mobility companies are also using companies like M-Kopa and Watu to buy smaller motorcycle and tuktuk units.

Electric motorcycle companies are leveraging partnerships with asset finance lenders to drive sales in Kenya by targeting boda boda riders.

Swedish-Kenyan tech company Roam has partnered with M-Kopa to deliver a fleet of motorcycles by the end of 2022, in time for a mass rollout in early 2023.

ARC Ride Kenya, which has launched a factory in Kenya producing 500 two- and three-wheel electric scooters and bicycles each month, has also partnered with MKopa and Watu credit to be able to offer the product on flexible financing terms.

As companies like Arc Ride and BasiGo seek to bring affordable electric vehicles to market, a new industry is forming, battery charging hubs that will replace gas stations in the future.

Kenya Power said it would start building electric charging systems for homes, businesses and the public across the country as the shift to clean transport gains momentum.

The electricity distributor said it had enough electricity to charge 50,000 buses and two million motorbikes during off-peak hours.

The Electricity Utility is looking for a company to build an Electric Mobility Network Infrastructure System (ENIS) in Nairobi and Nakuru to pilot the charging stations.

The Kenya Electricity Generating Company (KenGen) has also installed an electric vehicle charging station in Nairobi as the state agency joins other players driving the e-mobility push.

Hosur, Tamil Nadu, India (NewsSee) TVS Motor Company recorded a growth of 9% in September 2022 with sales of 379,011 units compared to 347,156 units in the month of September 2021. Two-Wheelers Total two-wheelers recorded a growth of 9% in September 2022 with sales increasing from 332,511 units in September 2021 to 361,729 units in September 2022. The domestic two-wheeler recorded a growth of 16% with sales increasing from 244,084 units in September 2021 to 283,878 units in September 2022. Motorcycle saw 2% growth with sales rising from 166,046 units in September 2021 to 169,322 units in September 2022. Scooter saw 39% growth with sales rising from 104,091 units in September 2021 to 144,356 units in September 2022. TVS Motor Company has had a start to the holiday season and demand is expected to further accelerate during the season. International Trade The Company’s total exports recorded sales of 92,975 units in September 2022 compared to sales of 102,259 units in September 2021. Two-wheeler exports recorded sales of 77,851 units in September 2022 compared to 88,427 units in September 2021. On the international markets front, there is marginal improvement, however, challenges related to economic slowdown and rising inflation persist. We are cautiously optimistic that the sales momentum will continue to improve. The Company’s three-wheeled vehicle recorded 18% growth with sales increasing from 14,645 units in September 2021 to 17,282 units in September 2022. Electric Vehicle The Company sold 4,923 units of TVS iQube Electric in September 2022 against sales of 766 units in September 2022. September 2021. Second Quarter Sales Performance In the second quarter of the current fiscal year, two-wheelers recorded a growth of 12% with sales of 9.77 lakh of units against sales of 8.70 lakh units in the second quarter of FY21-22. The company’s three-wheeler recorded 7% growth with sales of 0.51 lakh units in the second quarter of this year compared to 0.47 lakh units in the second quarter of FY21 -22. About TVS Motor Company TVS Motor Company is a globally renowned manufacturer of two and three wheelers, championing progress through sustainable mobility with four state-of-the-art manufacturing plants in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia . Rooted in our 100-year heritage of trust, value and passion for customers and accuracy, we pride ourselves on manufacturing the highest quality, internationally aspirational products through innovative and sustainable processes. We are the only two-wheeler company to have received the prestigious Deming Award. Our products lead their respective categories in the JD Power IQS and APEAL surveys. We have been ranked the #1 company in JD Power’s Customer Service Satisfaction Survey for four consecutive years. Our UK based Norton Motorcycles group company is one of the most emotive motorcycle brands in the world. Our subsidiaries in the field of personal electric mobility, Swiss E-Mobility Group (SEMG) and EGO Movement, occupy a leading position in the e-bike market in Switzerland. TVS Motor Company strives to provide the most superior customer experience in the 80 countries in which we operate. For more information, please visit www.tvsmotor.com.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

Harley-Davidson (HOG) CEO Jochen Zeitz says demand for motorcycles is strong despite global stock market turmoil.

“I think we’re doing very well given the environment we’re in,” Zeitz said on Yahoo Finance Live (video above). “We did the ‘Rewire’ program during COVID, when it started. We have our ‘Hardwire strategy’. We’re on the right track.”

In January 2021, Harley-Davidson announced that it had completed its “Rewire” plan to reinvigorate the brand under the guidance of turnaround expert Zeitz. As part of the program, Harley streamlined its product portfolio, expanded its parts and merchandise business, and overhauled its organizational structure. This laid the foundation for the company’s next five-year strategic plan, called “The Hardwire”, to drive profitable growth.

“Obviously, like everyone else, we face supply chain challenges, which are holding us back a bit, but overall our margins have increased significantly,” added the CEO on the progress of the project. ‘company. “We believe we will have record EPS this year, and we are sticking to our strategy despite the fact that the environment is certainly difficult.”

Harley-Davidson stock fell at midday on Tuesday, a monumental day for the motorcycle giant as its LiveWire e-bike unit merged with a special purpose acquisition company (SPAC) called AEA-Bridges Impact Corp. . The deal valued LiveWire at $1.77 billion. , and Harley will own a 74% stake in the spin-off company.

On Tuesday, LiveWire shares began trading on the New York Stock Exchange under the symbol LVWR.

The road to making LiveWire public has been bumpy.

The iconic American company unveiled Project LiveWire in June 2014 with a marketing campaign for electric motorcycles that traveled Route 66 (led by then-CEO Matt Levatich) to generate interest in its first e-bike.

In 2018, the company, still under Levatich, launched the super-powerful LiveWire electric motorcycle with a sticker price close to $30,000. At this price, dealers had a hard time selling the impressive machinery.

Harley-Davidson and LiveWire electric motorcycles are seen at a Harley-Davidson dealership in Queens, New York, U.S., February 7, 2022. REUTERS/Andrew Kelly

LiveWire, under Zeitz, took a different approach in July 2021 when it unveiled the LiveWire One motorcycle with a sticker price closer to $22,000. The bike is capable of covering approximately 146 miles on a single charge.

Just before the launch of the LiveWire One, Zeitz established the company as a stand-alone entity as a precursor to spin-off news this week.

The company is currently taking pre-orders on its $16,999 EV dubbed the S2 Del Mar.

Brian Sozzi is editor-in-chief and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

Click here for the latest stock market trends from the Yahoo Finance platform

Click here for the latest stock market news and in-depth analysis, including events moving stocks

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Harley-Davidson (HOG) CEO Jochen Zeitz says demand for motorcycles is strong despite global stock market turmoil.

“I think we’re doing very well given the environment we’re in,” Zeitz said on Yahoo Finance Live (video above). “We did the ‘Rewire’ program during COVID, when it started. We have our ‘Hardwire strategy’. We’re on the right track.”

In January 2021, Harley-Davidson announced that it had completed its “Rewire” plan to reinvigorate the brand under the guidance of turnaround expert Zeitz. As part of the program, Harley streamlined its product portfolio, expanded its parts and merchandise business, and overhauled its organizational structure. This laid the foundation for the company’s next five-year strategic plan, called “The Hardwire”, to drive profitable growth.

“Obviously, like everyone else, we face supply chain challenges, which are holding us back a bit, but overall our margins have increased significantly,” added the CEO on the progress of the project. ‘company. “We believe we will have record EPS this year, and we are sticking to our strategy despite the fact that the environment is certainly difficult.”

Harley-Davidson stock fell at midday on Tuesday, a monumental day for the motorcycle giant as its LiveWire e-bike unit merged with a special purpose acquisition company (SPAC) called AEA-Bridges Impact Corp. . The deal valued LiveWire at $1.77 billion. , and Harley will own a 74% stake in the spin-off company.

On Tuesday, LiveWire shares began trading on the New York Stock Exchange under the symbol LVWR.

The road to making LiveWire public has been bumpy.

The iconic American company unveiled Project LiveWire in June 2014 with a marketing campaign for electric motorcycles that traveled Route 66 (led by then-CEO Matt Levatich) to generate interest in its first e-bike.

In 2018, the company, still under Levatich, launched the super-powerful LiveWire electric motorcycle with a sticker price close to $30,000. At this price, dealers had a hard time selling the impressive machinery.

Harley-Davidson and LiveWire electric motorcycles are seen at a Harley-Davidson dealership in Queens, New York, U.S., February 7, 2022. REUTERS/Andrew Kelly

LiveWire, under Zeitz, took a different approach in July 2021 when it unveiled the LiveWire One motorcycle with a sticker price closer to $22,000. The bike is capable of covering approximately 146 miles on a single charge.

Just before the launch of the LiveWire One, Zeitz established the company as a stand-alone entity as a precursor to spin-off news this week.

The company is currently taking pre-orders on its $16,999 EV dubbed the S2 Del Mar.

Brian Sozzi is editor-in-chief and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

Click here for the latest stock trends from the Yahoo Finance platform

Click here for the latest stock market news and in-depth analysis, including events moving stocks

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app to Apple Where android

Follow Yahoo Finance on Twitter, Facebook, instagram, Flipboard, LinkedInand Youtube

Economy

Tuesday, September 27, 2022

Moyale and the Ethiopian one-stop border points aerial views from the Kenyan side. PICTURES | COURTESY

When launched two years ago, Moyale One Stop Border Post was touted as the ideal tool for facilitating trade between Kenya and Ethiopia.

Plagued by a myriad of challenges ranging from insecurity to a lack of harmonization of trade laws between the duo, the border post remains largely underutilized.

Residents of Moyale say the facility has instead turned into a trade barrier. For example, they no longer buy fuel in Ethiopia where it is more than 50% cheaper.

Cement that previously came from Ethiopia is no longer available and has to be trucked in from Nairobi. On arrival in Moyale, it sells for 900 shillings for a 50 kilogram bag, but it costs a maximum of 500 shillings in Ethiopia.

While a liter of petrol currently sells for 210 shillings, it costs less than 120 shillings across the border, five kilometers away.

“The border post does not help us as we thought because apart from the high commodity prices, there is no free movement of people and the cultural interactions that existed before no longer exist. We cannot even not buy food in Ethiopia,” said resident Mustafa Hussein.

The bus fare from Nairobi to Moyale, a distance of 850 kilometres, has risen from Shs 3,000 to Shs 5,000 and as life becomes unbearable with rising prices of other basic commodities due to the cost of fuel, some residents are planning to move to Ethiopia.

Locals say that when the movement of people across the border was smooth, life was easier as they bought goods from Ethiopia.

“I’m a motorbike and tuktuk mechanic and we used to get affordable spare parts from across the border. Those in Nairobi are very expensive because of the distance. Today our businesses have collapsed because motorcycle owners cannot afford fuel and spare parts,” said John Chege, a resident who has lived in Moyale for over 10 years.

Kenyans fear crossing into Ethiopia with a customs official revealing he had not ventured into the Ethiopian town in the two years he worked at the station.

“There is security in the post but over there in Ethiopia anything can happen at any time and I wouldn’t want to risk my life,” the officer said on condition of anonymity.

The substation was part of a $329 million (39.4 billion shillings) project that included construction of a 438 kilometer road from Merille to Moyale and 300 kilometers in Ethiopia with construction of the facility completed in 2018 and commissioned by former President Uhuru Kenyatta. in December 2020.

Ethiopia is heavily dependent on Kenya for glass and plastic bottles for beer and bottled water, while Kenya imports products such as cement, aluminum, lubricants and finished leather goods, among others.

Deputy Director of Customs and Border Control, Mr. Collins Wangala, said there were efforts to facilitate trade between the two countries, noting that they held regular meetings in the Management Committee forum. borders.

Mr. Nicholas Kinoti, Northern Region Coordinator, Kenya Revenue Authority, said that since Ethiopia is not a member of the East African Community, there is a need for Comesa to introduce procedures border management.

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Def Leppard bass player Rick Wild and his son Scott collaborated with a fashion designer Nick Holland on a new clothing line, Overnight Angels Crew.

The collection focuses on a confluence between rock’n’roll and motorcycle subculture, with an urban twist. The collections will include a range of limited edition apparel, accessories and artwork.

Designer Holland previously worked on Oasis Liam Gallagher’s Pretty Green line in 2011 and brings decades of design experience with him.

The brand hopes to collaborate with Death Cigarettes, the shock cigarette brand that has recently been revitalized as a fashion brand.

The brand emphasizes nostalgic authenticity influenced by the rock soul of the 80s and 90s.

The brand’s “capsule collections” will be released four times a year, while the seasonal collections Scene collection will be a line of unique pieces.

Tattoos not included

“The collection was developed from a place of nostalgia, inspired by the title track of Ian Hunter’s 1977 album ‘Overnight Angels,’” Savage said (illustrated). “I had just left Sheffield United Football Club and was at a turning point in my life.

“It was in the summer of 1977 that Def Leppard formed and I really wanted to pay tribute to such a pivotal moment in my life. And to be able to work on that alongside my son, Scott, means so much more.

Fashion designer Holland added: “Rick and Scott Savage had a vision from the start, and it’s been great working together to bring it to life. We focused on the modern consumer and designed high quality, uniquely styled pieces.

Inheritance

Wednesday, September 21, 2022

Paul Chemngorem works on his 1969 MGB GT which he entered in this year’s CBA Africa Concours d’Elegance. PICTURES | COURTESY

One of the downsides of the Concours d’Elegance is that you tend to relax until the 11th hour, then you end up losing points for no reason – in a competition where every half point counts. Sometimes cars just won’t gel and something is still wrong and you have to work all night to fix it.

That’s what 72-year-old Paul Chemngorem fears as he polishes up his vintage cars ahead of the Alfa Romeo Owners Club’s Concours d’Elegance at Nairobi Racecourse.

“This year, I am entering two of my old Volkswagens, one a 1956 Beetle and the other a 1962 Volkswagen Karmann Ghia. This is category 3 – from 1000cc to 1300cc. same cars,” explains Paul, who has been competing in vintage and classic cars for 24 years now.

“It’s a very expensive hobby. You keep buying new cars to replace the old ones.”

Paul first claimed the vintage car throne in 1998. He was in his early 50s.

Another veteran participating for the umpteenth time is Sati Gata-Aura. The 76-year-old’s first stab in the competition dates back to 1985.

“I am retired but car restoration is now my job. I still work 14 hours a day,” he says at his home in Nairobi.

Sati Gata-Aura stands next to his 1947 MG-TC during the launch of the 2022 African Concours d’Elegance at the Panafric Hotel in Nairobi. PICTURES | LUCY WANJIRU | NMG

Sati owns the 1997 Nissan 160J (1595 cc) and a 1947 MG TC convertible.

“I’m the only person to have entered the most competitions,” he says, adding, “plus, I have the most podiums more than anyone else.”

For Anwar Fatehdin, 85, it was a rather zigzag road to rodeo.

He has three horsepower in this race – a 1947 Ford F100 half-ton pickup, the 1929 Ford Model A two-door sedan, and another 1931 Ford Model A two-door sedan.

“My first participation in the Concours dates back to 2018. I have long been a fan of vintage cars (since 1967). However, I did not participate. This changed in 2018 when Alfa Romeo Owners Club approached me to bring my classic car. I also participated in 2019 with the aim of acquiring the best exclusive club memberships,” he says.

Anwar Fatehdin shows off the interior of his 1929 Ford Model A at his home on September 17, 2022. PHOTO | FRANCIS NDERITU | NMG

It may seem that the event is heavily geared towards older people. So how do they get young people to join?

“It’s expensive, but it’s like going to the casino. It’s very hard for people to appreciate when you do things that don’t pay off. When young people come here[Concours event]they will be able to appreciate the heritage of the cars that were available at the time and see how they operated before,” says Paul.

Sati offers more or less a sounding board, going as far as the diagnosis of ill-being.

“The younger generations have neither the patience nor the time. It’s hard work and few people want to do it. Sometimes you can work on a car for up to two months. You must be dedicated. When other people are having fun outside and you’re under the car, it’s not easy,” he says.

For Paul it boils down to what we like, noting that he is a grandfather but that he gently guides with a firm hand but does not impose. A velvet hammer.

“Everyone has a passion. When I was young, I loved cars and admired different types of vehicles. Volkswagens were very popular cars and I bought my first car, which I exhibited, in 1973,” explains Paul.

“I take a kick out of it. It makes me happy,” adds Anwar.

18 cars

Maintaining these vehicles is not cheap. Paul owns over 18 cars, some for everyday use and some as project cars.

“If you like something, you keep it. It’s like playing golf, you start with a low handicap as you progress. I have collected these cars over the years and serviced them myself.

“I am a mechanic, but not by profession, and I learned as a key boy for the Kenyan Safari Rally drivers who were competing in the East African Safari Rally. Now I am able to rebuild. And when you do restoration, you have With the help of a mechanic that I trained, I fix all my cars myself,” he says.

However, nothing comes without challenges. “The challenge is spare parts. When I’m outside the country, I look for them or import them, but it’s very difficult.”

“It can take up to two years to rebuild a car. It’s not about rebuilding, it’s about rebuilding so that the car wins a show,” adds Sati. He has eight cars in his collection. In this year’s competition, he has two dogs in the fight.

A Nissan 160J 1600cc and the MG TC 1300cc convertible. For Sati, the goal is to parade the kind of vintage and classic cars that Kenya has.

In the last contest, there were 28 entries from outside Kenya. This edition, held before Covid-19 shut down the world, saw John Wroe narrowly beat his daughter Veronica as his 1930 Ford Model A won the 2019 edition.

John Wroe, collector and restorer of vintage classic cars in his home in Karen. PICTURES | DIANA NGILA | NMG

In previous editions, car winners have included a 1928 Chevrolet, a 1928 Ford, a 1926 Fiat, a 1934 Alvis Firefly, a 1934 Railton, a 1951 Daimler DB 18 Barker and a 1952 MGTD.

This year’s event attracted 70 cars and 40 motorcycles. Cars will be classified into 12 divisions while motorcycles will contain eight categories.

Judgement

Judging is based on cleanliness, condition and there are bonus points for age. As the Competition is open to all brands and all types of cars and motorcycles, it is not possible to assess originality and this characteristic is not taken into consideration.

As he prepares for the contest, Paul has a few choice words.

“You have to be resilient in terms of maintaining these cars. You have to feel them and ride them. These cars also represent history. I believe in heritage and I love history. If you can, get yourself one car and try to restore it. Maybe your fathers and grandfathers have such cars, take them. It’s a nice project, it will keep you busy and it’s also fun.

For Sati, it’s all about winning. “The Concours d’Elegance taught me that there are two types of competitors. Some contestants enter to compete, and others to win the show. I belong to the latter. I have won three times as overall winner and I have not failed to get on the podium in many editions. This year, I have no intention of losing.

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TOKYO (Reuters) – Japan’s Honda Motor Co Ltd has no plans to spin off its electric motorcycle business and take it public, the Japanese automaker said on Wednesday, following a report press release that the idea was being considered.

Honda, which dominates the global motorcycle market, announced on Tuesday that it will launch more than 10 electric motorcycle models worldwide over the next three years, in a bid to achieve carbon neutrality for two-wheelers. here the 2040s. [inL1N30K03K]

The Wall Street Journal, citing CEO Yoshihige Nomura, later reported that Honda was considering going public with the electric motorcycle unit.

“Electrification is a long road and we are discussing a variety of options without ruling anything out. However, we do not intend to separate the electric two-wheeler business into a new business unit that will be listed in the stock market,” Honda said. in a report.

Honda faces challenges in switching to electric propulsion as motorcycles are popular in developing countries and switching to the new form of propulsion could raise prices for cost-conscious consumers. It can also make motorcycles heavier.

(Reporting by Maki Shiraki; Writing by David Dolan; Editing by Christian Schmollinger and Bradley Perrett)

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The Honda Motor logo is pictured at the 43rd Bangkok International Motor Show in Bangkok, Thailand March 22, 2022. REUTERS/Athit Perawongmetha

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Sept. 13 (Reuters) – Honda Motor Co Ltd (7267.T) is considering going public with its electric motorcycle unit, The Wall Street Journal reported on Tuesday, citing the Japanese automaker’s chief executive Yoshishige Nomura.

The report, which did not reveal where the company would list its unit, said discussions about the pros and cons of the plan were still at an early stage. (https://on.wsj.com/3La5Vi2)

Honda did not immediately respond to a request for comment.

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Earlier on Tuesday, the company announced plans to launch more than 10 electric motorcycle models globally over the next three years, with the goal of achieving carbon neutrality for motorcycles by the 2040s. after

Honda dominates the global motorcycle market, but faces challenges in promoting more expensive electric variants in developing economies.

The WSJ report also said some of Honda’s rivals in markets such as India have overtaken the company by introducing battery-powered motorcycles and bicycles.

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Reporting by Nathan Gomes in Bengaluru; Editing by Devika Syamnath

Our standards: The Thomson Reuters Trust Principles.