Velocette Records

Ola Electric, which started operations last year, is currently the country’s largest manufacturer of electric two-wheelers. It offers three models – S1, S1 Air and S1 Pro in India.

Bhavish Aggarwal, co-founder and CEO of Ola, is hosting an online poll on what kind of electric motorcycle his EV maker should build first. (AFP)

In the clearest hint yet, Ola Electric has confirmed that it will be entering the electric motorcycle business in India. Bhavish Aggarwal, co-founder and CEO of the Tamil Nadu-based electric two-wheeler maker, said his company was “building” electric motorbikes and conducting an online survey to find out what potential customers want the character of the EV to be. that is. . He came up with options like a sport bike, cruiser bike, adventure bike, or cafe racer. Ola previously expressed his eagerness to expand his EV business beyond electric scooters.

According to reports, the first of Ola Electric motorcycles could hit the markets as early as next year. Recently, the CEO hinted that Ola is considering e-bikes that cater to segments such as the mass market, mid-segment as well as the premium category. An official announcement on Ola’s next electric motorcycle could take place towards the end of this year.

Ola’s plans to launch an electric motorcycle were first hinted at when the S1 Air electric scooter was launched on Diwali this year, Aggarwal said: “Over the next 12 months, we will be building electric products in all categories of two-wheelers, such as commuter scooters. , motorcycles, sport bikes and more, to ensure that everyone who purchases ICE vehicles has a much better EV product to choose from. »

Ola Electric is currently the leading electric scooter manufacturer in the country. The recently launched S1, S1 Pro and S1 Air comprise Ola’s EV lineup, which debuted in August last year. In October, Ola Electric recorded about 20,000 electric vehicle sales, its highest level in a month. Aggarwal is optimistic that the EV maker will reach production capacity of 10 lakh EVs by the end of next year. Since December last year, Ola has already manufactured a lakh units so far.

Ola Electric also plans to drive its first electric car. The electric vehicle maker recently showed what the next electric car will look like and what it will offer in terms of features and performance. The electric car should not be launched before 2025.

Date of first publication: November 10, 2022, 1:44 PM IST

Dealerships in Shipley, near Bradford, and Rotherham, will become part of the group’s Vertu Motorcycles brand. Allan Jefferies has been a tradesman and family since 1901. Framer Joseph Jefferies founded the business in the old steam tram shed at Shipley, near the Ross Hotel in 1901. It moved to premises on Saltaire Road in 1917, where, named Allan Jefferies after his son, it was to remain so for over 80 years.

The spokesperson said: “The Jefferies family are well known in the motorcycling world with Allan’s son Tony and brother Nick winning the Isle of Man TT three times. Tony’s son David also won this world famous race and was the course record holder.

“Tony ran the business until 2001 when his daughter Louise took over. Allan Jefferies has represented the BMW brand since 1971 and only started representing it in the 1990s.”

Robert Forrester, Managing Director of Vertu Motors plc, said: “Allan Jefferies has always been about family values ​​and personal service; it is a philosophy that will continue under the aegis of our group.

“Louise has overseen a business that is in great shape and will therefore provide a solid foundation for Vertu Motorcycles to grow and grow further.”

Louise Jefferies said: “For over 50 years, Allan Jefferies has been associated with the sale and service of BMW motorcycles. In those days, we have always stood for trustworthy service and a warm welcome.”

Mark Goode Brand Director Vertu Motorcycles with Rotherham Managing Director Andy Forrest

Car dealership group Vertu has agreed a multi-million pound deal to buy motorcycle retailer Allan Jefferies.

The Top 100 car dealerships outfit confirmed the news in a statement to the London Stock Exchange this morning (Tuesday).

It acquired the business and assets of two BMW Motorrad outlets in Saltaire Motor Company Yorkshire.

Both locations currently trade as Allan Jefferies and have been in the same family for four generations since 1901.

The company has represented BMW since 1971 and the latest agreement makes Vertu the largest retailer of BMW Motorrad motorcycles in the UK.

The outlets purchased are located in Shipley, near Bradford and Rotherham and will be rebranded to market under the Vertu brand.

They will then become part of the Vertu Motorcycles division, which will operate six motorcycle outlets representing BMW Motorrad and Honda.

For the financial year ending September 29, 2021, the two concessionaires had sales of £20.5 million and operating profit of £463,000.

Total consideration is estimated at £4.2 million, subject to finalization of completion accounts, including a freehold property value of £1.85 million and a goodwill payment of £500,000.

Due to the seasonality of motorcycle sales, Vertu expects its new acquisitions to post a slight loss by the end of the current fiscal year.

Robert Forrester, CEO of Vertu Motors, said: “Our business is doing well and the addition of two more BMW Motorrad outlets will be both financially and strategically accretive to the group. Vertu becomes largest UK partner for BMW Motorrad.’

Paulo Alves, Head of BMW Motorrad UK and Ireland, added: “We are delighted to support Vertu’s acquisition of the excellent Allan Jefferies business in Yorkshire.

“The Jefferies family has built a fantastic operation and we are confident the business will be in good hands.”

“As a leading brand, our customers come first and we share this philosophy with Vertu. We welcome them as our biggest partner in the UK.

In October, Forrester told Car Dealer he wanted to catapult his group to become one of the UK’s top three with 400 dealerships to its name.

The Vertu boss spoke to Car Dealer Live, which you can watch below, in an extensive interview after the group’s first half results were released.

Virtue posted profit of £28.2m on revenue of nearly £2 billion for the first half of 2022.

‘Bad situation’: Soaring US dollar hurts the world

As the value of the US dollar soars, other currencies around the world plummet in comparison. This contributes to skyrocketing the prices of everyday goods and services and worsening financial distress, especially in poorer countries. It prompted complaints from an auto parts dealer in Nairobi, a baby clothes seller in Istanbul, a wine importer in Manchester, England, and the driver of the colorful Filipino mini-bus known as the jeepney name. The dollar is up 18% this year against a basket of key currencies around the world. Interest rate hikes by the US Federal Reserve drove up rates on US government and corporate bonds, attracting investors and pushing the US currency higher.

Another 11 accidental deaths are linked to automated vehicles

DETROIT – Eleven more people were killed in crashes involving vehicles using automated driving systems during a four-month period earlier this year, according to newly released government data, part of an alarming pattern of technology-related incidents. Ten of the fatalities were in vehicles made by Tesla, although the data is unclear whether the technology itself was to blame or whether driver error could have been responsible. The 11th fatality involved a Ford pickup truck. The deaths included four accidents involving motorcycles that occurred in the spring and summer: two in Florida and one in California and one in Utah.

EU fights to prevent energy prices from sinking the economy

BRUSSELS – European Union leaders are entering a crucial period this week to ensure that runaway energy prices and supply shortages do not further weaken their struggling economies and foment troubles. At the same time, they must keep the 27 members united in their opposition to Russian President Vladimir Putin. The EU’s Executive Commission presents a plan on Tuesday that aims to bridge the gap between those who want to impose a common gas price cap to keep prices low and those who think it will mainly prevent supply and further starve industries. and businesses. Then on Thursday, EU leaders will begin two days of talks in search of a compromise, no matter how difficult.

Stocks climb on Wall Street as investors focus on earnings

NEW YORK — Stocks rose on Wall Street, adding to weekly gains for major indexes that have been mired in a broad slump amid inflation and recession concerns. The S&P 500 rose 1.1% on Tuesday. The Dow Jones Industrial Average and the Nasdaq also rose. The gains were tempered by an earlier jump that sent nearly every stock in the S&P 500 up. It was the latest instinctive move in a market that has moved erratically in recent weeks. Many US companies are posting strong earnings for the last quarter. Goldman Sachs led banks higher after reporting better-than-expected results.

Netflix rebounds from recent subscriber losses with Q3 gain

SAN FRANCISCO — Netflix reversed its recent subscriber losses with a summer gain. Management hopes to build on the gains with the upcoming launch of a cheaper version of the video streaming service that will include ads for the first time. The Los Gatos, Calif.-based company revealed on Tuesday that it attracted 2.4 million subscribers in the July-September period, a comeback after losing 1.2 million customers in the first half. . The performance beat analysts’ estimates and allowed Netflix to at least temporarily reclaim the role of the world’s largest video streaming service from Walt Disney Co.

United Airlines nets $942m profit after strong summer

CHICAGO — United Airlines reported third-quarter profit of $942 million after a strong summer season. Chicago-based United said Tuesday it expects to beat Wall Street’s fourth-quarter earnings forecast as well. Airline executives say concerns about inflation and the economy don’t seem to be deterring people from travelling. Air travel in the United States has rebounded since the start of the pandemic. On Sunday, nearly 2.5 million travelers passed through US airport checkpoints. This is the highest number since before the pandemic. International travel is still lagging behind, but even there United feels optimistic enough to plan more flights to Europe next summer.

Report: Agricultural loss from Hurricane Ian could reach $1.56 billion

ST. PETERSBURG, Fla. – A new report reveals that preliminary agricultural losses in Florida due to high winds and torrential rains from Hurricane Ian could reach $1.56 billion, citrus, livestock, vegetable and vegetable farms. melons being the hardest hit. The report from the University of Florida’s Institute of Food and Agricultural Sciences said on Tuesday that many impacts could still emerge from flooded areas and depend in part on whether some damaged crops can be replanted to salvage part of the flood season. growth of winter vegetables. Estimated losses this year are for a high scenario of $1.56 billion and a low potential loss of around $787 million.

Amazon workers reject union offer in upstate New York

NEW YORK – Amazon workers in upstate New York overwhelmingly rejected a union offer on Tuesday, handing a second defeat to the labor group that has been trying to drag the company to the bargaining table since its historic victory earlier this year. Warehouse workers near Albany cast 406 votes out of 612 ballots counted — or about 66% — against the Amazon Labor Union, giving the company enough support to fend off the fledgling group of alumni and current Amazon workers. According to the National Labor Relations Board, 206 workers — or 33.6% — voted in favor of the group. The 31 additional ballots contested by Amazon or the union were not enough to influence the result.

Meta agrees to sell Giphy, ending battle with UK regulators

LONDON — Facebook parent Meta has said it will sell Giphy after it ran out of options to thwart a move by UK regulators, who again found the deal to buy the data-sharing platform GIF would limit competition and innovation. Britain’s competition watchdog ordered Meta last year to cancel the deal. The company appealed to a court, which rejected most of its arguments. Meta said he was disappointed but accepted the decision as a final word. Meta said he would wait for more details on the divestiture order and not file another appeal, ending the drawn-out battle over the $400 million acquisition.

The S&P 500 gained 42.03 points, or 1.1%, to 3,719.98. The Dow Jones Industrial Average rose 337.98 points, or 1.1%, to 30,523.80. The Nasdaq advanced 96.60 points, or 0.9%, to 10,772.40. The Russell 2000 Small Business Index added 20.20 points, or 1.2%, to 1,755.96.