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Swedish VC hitches a ride with CarZar

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CarZar.co.za, which was founded in 2016, is now being backed by Vostok New Ventures, the Sweden-listed investment firm behind Avito, Russia’s leading online classifieds company.

Vostok New Ventures is listed on the NASDAQ Stockholm Exchange and has also funded other successful online tech-brands: BlaBlaCar, a leading long-distance ride sharing service; Gett, an on-demand taxi hailing service available in Israel, Russia, UK and New York City; and babylon, a leading AI-driven digital healthcare company.

Vostok New Ventures’ investment in CarZar is part of a larger funding round. CarZar is also backed by Silvertree Capital, the South-African based venture capital firm behind PriceCheck, the lprice comparison website, and CyberCellar, South Africa’s oldest online bottle store.

CarZar is an online car buying service for the second hand auto-trade industry in South Africa. In operation for only a year, the startup has been disrupting the second-hand car market by introducing technology to an industry that has remained traditional for decades.

CarZar Joint MD Fernando Pineiro says that, with this new round of funding, it will focus more on improving customer experience, as well as boosting marketing, and recruiting more talent to join their international team.

CarZar entered the second-hand car market with a clear mission: “empowering SA consumers to sell their pre-loved vehicles seamlessly”.

Potential sellers can go onto the CarZar.co.za website, and enter their cars details. CarZar’s algorithm will generate an estimate for the vehicle’s selling price instantly. If the sellers are happy with the estimated value, they can book a free inspection with one of CarZar’s fully trained car inspectors, at one of CarZar’s Car Buying Centres or at their preferred location. Within 20 minutes, the inspector will make a final offer to the seller. CarZar then makes an instant payment and takes care of all the paperwork. In all, the process takes 30 minutes.

The CarZar service comes at no cost to customers and is 100 percent obligation-free.

Vostok New Ventures identifies investment opportunities with strong network effect characteristics through expertise, experience and a widespread network.

Although CarZar may be a young tech-startup, the company has seen extensive growth while entering the market with a strong brand promise to guarantee safety, transparency, convenience and competence throughout the car selling experience. CarZar has expanded its scope from Cape Town to Johannesburg and Durban.

Pinheiro says consumer education is one of the biggest challenges CarZar has faced: “South Africans are proving to be ready to welcome new ways of getting ‘stuff done’. With the local market being extremely diverse and the auto industry being among the most traditional ones, South Africans are still familiarising themselves with new ways of selling their vehicles.

“We see technology being our key differentiator and main driver of growth. Additionally, we foresee territorial expansion in South Africa, introducing our services to even the smallest of towns.”

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Volvo and Uber get closer to self-driving XC90

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Volvo Cars’ first autonomous drive (AD) ready car has entered the next stage of pre-series production at Volvo’s manufacturing plant in Torslanda, Sweden ahead of full production start later this year. The AD-ready XC90 SUV, developed together with Uber, the leading ride-hailing firm, marks a key milestone in the strategic collaboration between the two companies.

Pre series production refers to the stage in the manufacturing process that is undertaken before full-fledged mass scale production. These cars are built in limited numbers for testing and verification purposes.

Uber and Volvo Cars entered a joint engineering agreement in 2016 and have since developed several prototypes aimed at accelerating the companies’ self-driving car development.

The autonomous drive-capable production vehicle is part of Volvo Cars’ 2016 commercial agreement with Uber for the delivery of tens of thousands of autonomous drive-ready base cars in coming years.

The AD-ready XC90 SUV, developed on the SPA2 modular platform is equipped with features that facilitate the introduction of autonomous drive systems and robotaxi services. In particular, the car is equipped with back-up systems for functions such as steering, braking and the battery. If any of the primary systems fail, these systems would immediately act to bring the car to a safe stop instead of relying on a human driver to achieve the task.

The XC90 is one of the first autonomous drive-ready cars in the world and previews the type of autonomous base platform that will be available to consumers on SPA2 cars from the early 2020s.

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Maserati goes ‘e’

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In line with Fiat Chrysler Automobiles’ €5 billion investment program for Italy, Maserati has announces an innovation plan for production, electrification and autonomous driving technologies. 

With regards to production, Maserati has announced plans for a lineup of new and electrified products at Modena, Cassino and Turin (Mirafiori and Grugliasco). 

All of Maserati’s new models will be 100 percent made in Italy and will adopt hybrid and battery electric propulsion systems capable of providing both innovation and the high performance embedded in the brand’s DNA. Maserati’s all electric models will combine traditional Maserati driving dynamics together with next-generation battery electric technology, offering unique driving modes, extended range and ultra-fast charging capabilities. 

An important step for Maserati innovation is the level of autonomous driving. All new Maseratis, including the updated current models, will offer a range of autonomous driving capabilities, starting with Maserati Level 2 enhanced Highway Assist, progressing to Level 3 with hands-off offering close to full autonomy, having the ability to maneuver in and out of lanes or bring the vehicle to a safe stop at the side of the road if the driver is unable to take control of the vehicle.  

In 2020, the Company will embark on electrification and the Maserati Ghibli, produced in Turin, will be the first hybrid electric propulsion for the brand. 

The first of the totally new Maseratis to appear will be an eagerly-anticipated sports car – packed with technology and reminescent of Maserati’s traditional values. It will be produced in the Modena plant, where major production line upgrades are also underway to accommodate its electric powertrain. 

Next up will be a new Maserati utility vehicle, set to be built at Cassino and destined to play a leading role for the Brand thanks to its innovative technologies. An investment of approximately €800 million has been earmarked for the construction of the new production line, scheduled to open at the end of the first quarter of 2020. The first pre-series cars are expected to roll off the line by 2021. 

After many years of success, GranTurismo and GranCabrio remain part of the Brand’s roots and these models will herald the full electrification era for Maserati. The totally New GranTurismo and GranCabrio will be produced at the Turin production hub, where FCA is investing €800 million.  

Production of the new models will complement that of the prestigious and continuously improving line-up of current Maserati range: Levante, Quattroporte and Ghibli. 

With the introduction of various product innovations, Maserati is reinforcing the importance of Italy with regards to its production — particularly Modena, which will also continue to play a strategic role as the Brand’s headquarters.  

Construction has already begun in Modena on a paint shop, a new feature for the plant, which will be equipped with innovative, low environmental-impact technologies. The design of the paint shop will also allow Maserati customers to watch their car being painted. 

Finally, Maserati is developing an entirely new customization program for customers seeking a one-of-akind level of exclusivity. A dedicated customization workshop will be created within the Modena plant. 

The 2019-2021 FCA investment plan for Italy, announced on 29th November in Turin, includes thirteen totally new or significantly updated FCA models and electrified versions of 12 new or existing models, including the Maserati products, the recently announced all-new electric version of the Fiat 500 to be produced at Mirafiori, and a new premium vehicle for Alfa Romeo to be produced at Pomigliano. 

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