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DiDi profits dive during pandemic peak

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Didi

Chinese ride-hailing company Didi has revealed a $1.6 billion net loss for 2020

The company will continue to as move ahead with plans for a US initial public offering.

In its first public filing for the IPO the company listed an offering of $100 million.

The company has been considering seeking a valuation of around $70 billion.

Didi has expanded into 15 countries but most of its revenue still comes from its China mobility business.

Didi promises to improve its payment process for drivers, as well as fares for users.

In a statement, Didi said drivers normally receive around 79 percent of what customers pay, but occasionally this will drop below 70 percent.

This follows growing criticism around the company’s operations.

Didi says it will “try its best” to prevent further cases from happening in the future.

“Our platform is huge, but our capability is not enough,” Didi said in the statement. The company also said it welcomes criticism and supervision from the public.

“We still have a long way to go to ensure passengers can afford rides and drivers can enjoy steady growth in their incomes.”

DIDI RIDE-SHARING PLATFORM IN A RECENT STATEMENT

Mounting consumer pressure

Consumers have been questioning why users of the rideshare service are paying more for fares and drivers are making less.

This has also led to a push for regulators to take action.

Didi says, “We still have a long way to go to ensure passengers can afford rides and drivers can enjoy steady growth in their incomes.”

Didi’s increasing profit margins

Didi had a net margin of 3.1% for 2020, according to the statement.

The company has filed confidentially with the U.S. Securities and Exchange Commission for an initial public offering that could raise several billion dollars, Bloomberg News reported in April.

The SoftBank Group Corp.-backed company is stepping up efforts to increase its presence in strategically important sectors like autonomous driving and technologies including artificial intelligence chips.

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Business

Jaguar Land Rover is developing a hydrogen-powered car

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Jaguar Land Rover will develop a new hydrogen-powered prototype of its iconic Defender SUV

The prototype program, known as Project Zeus, is part of JLR’s larger aim to only produce zero-tailpipe emissions vehicles by 2036.

Hydrogen only emits water making it ideal for larger vehicles with longer driving ranges, according to the car-maker.

It follows the company working towards cutting its tail-pipe emissions to zero by 2036.

The venture will be partly funded by the UK Government and will begin testing by the end of this year.

The UK plans to ban car sales that run entirely on combustion engines from 2030.

JLR has also made a commitment to have zero carbon emissions across its supply chain, products, and operations by 2039.

The automaker has also tapped AVL, Delta Motorsport, Marelli Automotive Systems, and the UK Battery Industrialization Center to help develop the prototype.

The testing program is designed to help engineers understand how a hydrogen powertrain can be developed that would meet the performance and capability (like towing and off-roading) standards that Land Rover customers expect.

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Emirates posts biggest loss in three decades

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Emirates has recorded its biggest yearly loss in three decades.

In a tweet the Emirates group announced it lost $6 billion USD for the 2020/2021 past year.

The airline blamed the worldwide travel restrictions as the main driver of the slump.

The group’s revenue was $9.7billion USD, a decline of 66 percent over last years results.

Emirates revealed their current cash balance is now at $5.4 billion USD which is down 23 percent from last year mainly due to the weak demand in air travel caused by multiple pandemic-related lockdowns.

Emirates also confirmed in a statement that they did receive a capital injection of $3.1 billion USD from the Dubai Government who is the ultimate shareholder of the Middle Eastern Carrier.

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Way of the future: The Flying Taxi

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Instead of booking an Uber to an airport how about a flying taxi to get to your flight on time?

Virgin Atlantic is the latest company to explore whether it could launch a flying taxi service.

The airline suggests electric vertical take-off and landing vehicles could fly between towns and major airports.

Several companies have promoted the idea of “flying taxis” that could pick passengers up from rooftops in city centres and take them to a variety of locations but Virgin Atlantic’s suggestion is slightly sleeker.

The proposed craft will carry four passengers and a pilot up to 100 miles as well as being emission-free and quieter than a traditional helicopter.

What is the idea?

Several companies have promoted the idea of autonomous “flying taxis” that could pick passengers up from rooftops in the city and then take them to the main transport hub such as an airport.

Virgin Atlantic’s suggestion is slightly tamer.

It has proposed that an eVTOL aircraft could pick people up from a city such as Cambridge and fly them to a major airport such as Heathrow Airport in London.

Vertical Aerospace says its VA-X4 craft will be able to carry four passengers and a pilot up to 100 miles, as well as being emissions-free and quieter than a helicopter.

The company claims it will be “near silent” when cruising.

It has already partnered with American Airlines to bring out these new taxi’s as well as Avolon, an aircraft-leasing company.

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