Tata Motors has announced its acquisition of the commercial vehicles business of Iveco for €3.8bn. This strategic move marks a significant expansion of Tata’s global footprint in the commercial vehicle sector. The deal includes Iveco’s entire range of buses, trucks, and powertrain operations, strengthening Tata’s capabilities in electric and hydrogen mobility technologies. Iveco’s established presence in Europe and Latin America complements Tata’s growing influence in Asia and Africa, thus creating a more balanced global portfolio. The acquisition is expected to accelerate innovation, particularly in zero-emission transport solutions, and enhance manufacturing synergies across both companies. Tata plans to retain Iveco’s brand identity while integrating operations to improve efficiency and product development. This move aligns with Tata’s long-term vision to lead in sustainable mobility and respond to increasing global demand for clean transportation alternatives.
VinFast has announced it is advancing its global expansion strategy by establishing a new manufacturing facility in India, which it views as a pivotal hub for exports. The plant, located in Tamil Nadu, will focus on producing EVs for both domestic consumption and international markets, particularly targeting Africa, the Middle East, and South Asia. This move aligns with VinFast’s broader ambition to become a global EV leader and diversify its production footprint beyond Vietnam and the USA. India’s growing EV market and favourable government policies make it an attractive base for VinFast’s operations. The company aims to leverage India’s skilled workforce and strategic location to streamline logistics and reduce costs. The factory will also support VinFast’s goal of achieving economies of scale and accelerating time-to-market for new models. VinFast’s expansion into India complements its existing plans in Indonesia and the US. The company is also investing in R&D and charging infrastructure to support its international growth. By tapping into emerging markets and strengthening its export capabilities, VinFast is (potentially) positioning itself to compete with established global automakers in the rapidly evolving EV landscape.
Lyft has officially completed its acquisition of European mobility platform FREENOW, marking its most significant international expansion to date. The deal, valued at c.€175m, brings Lyft into 9 European countries and over 150 cities, including London, Berlin, Madrid, and Athens. FREENOW, previously owned by BMW Group and Mercedes-Benz Mobility, will continue operating under its existing brand and leadership, maintaining its strong taxi-first model and local expertise. This acquisition nearly doubles Lyft’s total addressable market to over 300 billion personal vehicle trips annually and adds approximately €1bn in annualised Gross Bookings. It also diversifies Lyft’s revenue streams and strengthens its position in the global mobility landscape. FREENOW’s dominance in European taxi aggregation, where 50% of bookings still occur offline, offers Lyft a major opportunity to digitise and modernise services. Lyft plans to integrate its marketplace technology and customer-focused features with FREENOW’s fleet management and regulatory relationships. Together, they aim to enhance service levels, expand fleet capabilities, and improve rider and driver experiences. The move supports Lyft’s broader goal of building a globally customer-obsessed mobility platform and positions the company to compete more effectively in both North American and European markets.
GreenPower Motor Company has secured a $5m contract with the state of New Mexico to launch a 2-year pilot program deploying all-electric school buses and charging infrastructure. The initiative, starting in September 2025, will introduce 3 Type A Nano BEAST Access buses in the 1st year and 3 Type D BEAST and Mega BEAST buses in the 2nd year. These zero-emission vehicles will rotate through 5 six-week pilot rounds across various school districts, allowing communities to experience electric bus operations. The program includes installation of Level 2 and Level 3 DC fast chargers, with a focus on evaluating vehicle-to-grid capabilities. GreenPower will also provide driver and mechanic training and coordinate with first responders. Partnering with Highland Electric Fleets, the pilot emphasises infrastructure readiness and grid resiliency. Inspired by a successful West Virginia pilot, this initiative supports New Mexico’s transition to sustainable school transportation.
The UK government has announced a £1bn loan guarantee to support Ford UK’s global expansion and its transition to EV production. This financial backing, facilitated through UK Export Finance, is aimed at strengthening Ford’s operations in the UK and abroad, particularly in EV manufacturing and sustainable mobility. The guarantee will help Ford secure private financing to invest in new technologies, facilities, and supply chains, reinforcing the UK’s role in the global automotive industry. Ford’s Dunton Campus in Essex, a key R&D hub, will benefit significantly from this initiative. Recent investments at the site include a new solar farm and advanced propulsion labs, aligning with Ford’s Road to Better strategy for carbon neutrality across European operations by 2035. The government’s support underscores its commitment to making the UK a leader in green automotive and job creation. This move is part of a broader effort to attract investment in clean technologies and ensure the UK remains competitive in the global EV market. It also reflects growing collaboration between government and industry to accelerate the shift to zero-emission transport, enhance energy security, and meet climate goals.
EVgo Inc. has announced it has secured a $225m senior secured credit facility to accelerate the expansion of its public fast-charging network across the US. This 5-year financing deal, the largest of its kind for a US EV charging company in the commercial bank market, was oversubscribed and includes an option to increase the total to $300m. The funds will support the deployment of over 1,500 new high-power fast charging stalls, significantly enhancing EVgo’s nationwide infrastructure and reinforcing its leadership in the EV charging sector. Structured with a syndicate of 5 top-tier global project finance banks, the non-recourse facility reflects growing investor confidence in EVgo and the broader EV market. The financing offers flexibility to fund charging stalls beyond the scope of existing debt arrangements, including dedicated hubs for autonomous vehicles and commercial fleets. EVgo emphasised that the low-cost capital will enable faster infrastructure buildouts, providing more accessible and reliable charging options for EV drivers. This milestone not only strengthens EVgo’s position in the clean transportation ecosystem but also sets a precedent for leveraging debt capital to scale high-power charging infrastructure. It marks a critical step toward meeting rising demand for EVs and supporting the transition to zero-emission mobility.
According to Allianz’s latest report, the global hydrogen insurance market is projected to exceed $3bn by 2030, driven by a surge in hydrogen project announcements, technological advancements, and increased investment. Over 1,500 hydrogen projects have been announced as of mid-2024, requiring c.$680 billion in funding by the end of the decade. Allianz emphasises that hydrogen presents unique risks, such as embrittlement, high flammability, and leak potential, that demand specialised insurance coverage. Underwriters must conduct thorough due diligence, especially for prototype technologies, and consider manufacturer warranties and service terms. The report highlights the importance of insurers in de-risking hydrogen infrastructure, particularly as the sector scales rapidly. Allianz is actively involved in Germany’s Get H2 Nukleus project, a 300MW green hydrogen facility, showcasing its commitment to supporting the energy transition. Safety concerns, including proximity to water sources and vulnerability to natural disasters like flooding, are also key considerations for hydrogen plant locations. Despite this, Allianz remains optimistic about hydrogen’s role in clean energy. The company is positioning itself to provide comprehensive coverage for hydrogen-related risks, which will be essential for unlocking investment and enabling widespread deployment of hydrogen technologies.
Deals
AIR, an Israel-based eVTOL (electric vertical take-off and landing) startup, has raised $23m in a Series A funding round led by Entrée Capital. This capital will help accelerate its US expansion and scale production of its eVTOL aircraft. AIR develops both piloted and uncrewed eVTOLs using a shared airframe and core systems, enabling dual-use for personal transport and defence logistics. Its flagship personal aircraft, AIR ONE, has received over 2,500 preorders, while its cargo variant is already in limited operation under Experimental Airworthiness Certificates. The funding will support growth in hiring and navigating US regulatory pathways, including the FAA’s updated MOSAIC rule. AIR’s strategy aligns with rising global defence budgets and a recent US executive order promoting domestic drone and eVTOL development.
LG Innotek has partnered with Aeva Technologies in a strategic collaboration to advance next-generation AI-based sensing solutions. The deal includes up to $50m in investment from LG Innotek, covering equity acquisition, non-dilutive funding for product development, and capital for scaling production. Aeva’s breakthrough Frequency Modulated Continuous Wave (FMCW) lidar-on-chip technology, combined with custom processing and perception software, will be integrated with LG Innotek’s manufacturing capabilities. The partnership aims to accelerate the adoption of Aeva’s perception platform across automotive, industrial automation, robotics, and consumer devices. LG Innotek will begin by producing Aeva’s Atlas Ultra 4D LiDAR sensor for a major OEM. The collaboration also supports the development of Physical AI, enabling intelligent systems to perceive and interact with the physical world in real time. LG Innotek plans to expand its LiDAR product lineup and strengthen its position as a global mobility solutions provider.
EVeez, an Indian electric mobility startup, has raised $5.4 million in a Series A funding round to expand its EV subscription services for gig workers. Led by the Michael & Susan Dell Foundation, the round also saw participation from investors like Caret Capital, ThinKuvate, and Ev2 Ventures. EVeez offers electric two-wheelers via affordable weekly subscriptions starting at ₹1,100, covering insurance, maintenance, battery swapping, and rider training. With a current fleet of 7,000 EVs across 15 cities, the company plans to scale to 50,000 vehicles in 30 cities by FY27, aiming to empower over 40,000 gig workers. This model addresses barriers to vehicle ownership and supports India’s push for clean mobility, especially in last-mile logistics. The investment will help EVeez become a leader in electric mobility-as-a-service, aligning with national sustainability goals and growing demand for cost-effective transport solutions.