Moove, a mobility fintech – revenue-based vehicle financing and financial services to mobility entrepreneurs globally, has raised USD 250 million in a Series C funding round, bringing its valuation to USD 2.1 billion. The round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund and Ion Pacific.

The funding round also included investments from BlueCrest Capital Management, Sona Asset Management and The Raptor Group, joining existing investors such as BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst and the Ontario Power Generation Pension Plan.

The company plans to use the capital to expand its autonomous vehicle business, fund fleet ownership and construct ‘Nests’ depot infrastructure for charging, servicing and maintaining autonomous vehicles. The capital will also support new market launches globally. Moove projects its autonomous vehicle workforce will grow from approximately 150 employees to around 500 by the end of the year.

Since its launch in 2020, Moove has grown to employ 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching USD 420 million in annualised recurring revenue. The company has expanded through organic operations and acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. In the autonomous vehicle sector, Moove works as a third-party fleet operator in partnership with Waymo, running operations in Phoenix and Miami, with planned expansion to London.

Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman, Moove, said, “Every major technology revolution becomes an infrastructure race. The internet required data centres. AI required compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city - and that is what Moove is building. In our view, as autonomy scales, infrastructure ownership and operations will define the category leaders. We are building to be one of them. We started in Lagos with a simple insight: mobility demand is abundant, but supply cannot scale unless capital, technology and operations move together. Five years later, that insight has evolved into a global platform. Today, we are focused on building the platform that will redefine mobility and enable billions of autonomous journeys worldwide. From our anchor in the UAE, and backed by long-term strategic capital, Moove now has the platform to help take autonomy from breakthrough technology to everyday transportation. This is not a departure from our mission, it is the fullest expression of it.”

Ali Eid AlMheiri, Executive Director of Diversified Assets, UAE Investments Platform at Mubadala, said, “As autonomous mobility moves from innovation to scaled deployment, the infrastructure supporting it becomes increasingly important. Moove is building an integrated operating platform that combines fleet ownership, operational capability, and technology to support the next phase of growth in autonomous mobility. This is particularly important for the UAE. Mubadala is investing in enabling infrastructure and scalable platforms like Moove that support economic diversification and strengthen the UAE’s role as a hub for advanced technologies. Since Mubadala’s initial investment three years ago, Moove has been a great partner and we are glad to continue partnering with Moove in its next phase of growth.”

Betty Lee, Principal at Woven Capital, said, "Moove has demonstrated an exceptional ability to execute across markets, building a global platform across traditional and autonomous vehicle fleets. The next wave of mobility is an infrastructure problem as much as a software one, and Moove is building the foundational layer to solve it. Few companies at this stage have proven they can move with the speed and operational excellence that Moove has demonstrated across so many markets. We’re excited to be part of what they are building and help accelerate their path as they scale."

Michael Joseph, Co-CEO & Co-Founder, Ion Pacific, said, “We’ve partnered with the Moove team for more than five years, and their execution has consistently impressed us. As autonomous mobility moves from possibility to reality, Moove is building a critical infrastructure layer for the sector - one that is complex, adaptive and essential to scaling AVs. We’re excited to be part of that journey.”

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German family-owned automotive component supplier Mubea India has appointed Simon Stephan as Chief Executive Officer to direct the company's business strategy, operational development and regional growth. Stephan will execute this function alongside his existing global responsibilities as Head of Strategy and Regional Development Asia for the Mubea Group.

He holds a master's degree in engineering from RWTH Aachen University and an Executive MBA from the Washington University-Fudan University joint programme in Shanghai.

Stephan comes with over 25 years of experience in the automotive and steel industries, having previously held senior positions at ThyssenKrupp Steel and Kirchhoff Automotive.

At present, Mubea India employs 940 full-time equivalent workers across three production facilities and a central service office, manufacturing chassis and powertrain components for the automotive sector.

In CY2025, the company clocked revenue of over EUR 3,600 million with the largest contribution or 34 percent business coming from chassis, 30 percent from body components, 17 percent from powertrain, 12 percent from aviation and 3 percent from general industrial applications.

"MUBEA India has grown significantly over the past decades. Today we employ 940 FTE at 3 production sites and a central service office. We engineer and produce parts for the automotive industry, in particular Chassis and Powertrain components. In the function of interim CEO I’m glad to lead the company together with our local management team to the next level,” said Simon Stephan.

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BendPak Inc. unveiled the MaxJax MAX7 portable two-post lift at the SEMA Show 2026, marking the first MaxJax model to incorporate the company's exclusive Automatic Swing Arm Restraint System (ASARS). The patent-pending ASARS is significantly more robust than traditional swing arm restraint mechanisms, providing a full 360-degree locking interface with 10 times the holding force to secure lift arms firmly beneath the vehicle, helping prevent unintended swing arm movement during lifting, lowering and service.

The MAX7 rises three inches higher than earlier models, reaching a maximum lifting height of 50.25 inches for additional under-vehicle clearance while retaining a compact profile suited to low-ceiling spaces. Its open design allows direct access to brakes, suspension, exhaust and other undercar components, and a 7,000-pound rated load capacity accommodates a wide range of cars, trucks and SUVs. The lift also features seven safety locking positions and an upgraded, easy-to-use lock release.

MaxJax, the original patented portable two-post lift, combines two-post undercar access and lifting capability with removable columns and power unit. Each column bolts securely to floor anchors recessed permanently in the concrete during use, then can be unbolted and rolled away afterward, leaving the floor completely clear. An optional Motorcycle and ATV Adapter Kit adds powersports service capability.

Because customers frequently add adapters, rolling work seats and other accessories, BendPak offers four MAX7 packages. The Standard includes the lift assembly, power unit with tow-cart, standard anchor bolt kit, round lift pads and medium adapters. The Deluxe adds a rolling work seat and portable oil drain; the Supreme features everything in the Deluxe plus frame cradle pads and tall adapters and the Ultimate maximises ergonomics by replacing the standard rolling work seat with the MaxJax Ergonomic Height-Adjustable Creeper Seat.

Sean Price, Director – Quality Control and Product Development, BendPak, said, “Garage space is premium real estate, whether you’re running a busy shop or wrenching at home. The MAX7 stands out for its versatility. It delivers commercial-grade lifting power for enthusiasts without permanently sacrificing parking space while enabling professional shops to quickly increase service capacity during peak hours. The MaxJax MAX7 unlocks maximum utility without requiring a permanent footprint.”

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Indian automotive retail sales saw their second-best-ever performance last month, with a total of 3.17 million vehicles sold, up 25.05 percent over the previous month, but a 23.8 percent YoY decline, albeit from a high base a year ago.

As per the latest data released by the Federation of Automobile Dealers Associations (FADA), the shift in the festive calendar accounted for the year-on-year drop, as Navratri fell in October while Dhanteras and Diwali shifted into November.

The data pointed out that two-wheeler retail sales reached 2.32 million units, reflecting a 29.67 percent MoM increase and a 28.35 percent YoY decline. Passenger vehicle retails totalled 507,768 units, rising 18.86 percent sequentially while dropping 14.23 percent compared to the previous year. Inventory levels for passenger vehicles remained between 43 and 45 days.

Commercial vehicles recorded 115,140 units, up 2.29 percent YoY and 11.19 per cent MoM, driven by a 28.95 percent increase in heavy commercial vehicles and a 21.16 percent rise in medium commercial vehicles.

Three-wheeler registrations grew 3.97 percent YoY to 141,420 units, with electric variants accounting for approximately 63 percent of the total. Tractor sales rose 3.10 percent to 79,285 units, while wheeled construction equipment recorded a 22.07 percent YoY increase to 7,434 units. Overall electric vehicle registrations reached 355,000 units, representing an electric mobility penetration rate of 11.5 per cent.

Sai Giridhar, President, FADA, said, "October is India’s largest retail month of the year, and this year it must be read with the calendar firmly in mind. The YoY decline is almost entirely optical. Last October was an exceptional month that carried both Navratri and Deepawali together, over and above the pent-up demand released after the GST 2.0 rate cuts of 22nd September 2025; this year Navratri fell in October while Dhanteras and Diwali move into November."

"What the year-on-year numbers conceal is where the decline sits. The sharpest falls are precisely in the most Deepawali-dependent pockets – rural two-wheelers, down 33.97 percent against urban’s 20.77 percent, and the Northern markets — the very segments and regions our dealers there now expect to lead November. To our mind this is the signature of demand deferred by the festival calendar, not demand destroyed: the rural, two-wheeler-led buying that powered last October is set to land in this year’s November print." added Giridhar.

"The clearest bright spot was electrification. EV retails touched an all-time high of about 355,000 units, up 44.88 percent YoY, lifting overall EV penetration to roughly 11.5 percent from about 6 percent a year ago – a best-ever October for electric two-wheelers, three-wheelers, passenger vehicles and commercial vehicles alike. Tellingly, demand ran ahead of supply this month: with petrol and diesel prices continuing to remain elevated, electric vehicle driving ranges now materially improved and EV prices increasingly at par with comparable petrol and diesel models, buyer pull strengthened to the point where availability – not demand – became the binding constraint," concluded Giridhar.

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European tier 1 supplier Marelli has confirmed the appointment of Laurent Favre as Chief Executive Officer with immediate effect, succeeding Frederick ‘Fritz’ Henderson, who concludes his tenure as Interim Chief Executive Officer.

Favre takes over leadership as the company prepares to complete its Chapter 11 restructuring process.

Separately, the Ad Hoc Group of Lenders to Marelli announced plans to appoint Bram Schot as Chair of the Board of Marelli upon emergence from Chapter 11. Previously Chief Executive Officer of Audi, he has held senior leadership roles at Mercedes-Benz, Volkswagen Group and holds advisory and board roles across Shell, Richemont, Cognizant and Signify.

On the other hand, Favre brings over two decades of automotive industry experience, having previously served in executive positions at ThyssenKrupp, ZF, Benteler and as CEO of Plastic Omnium (later renamed OPmobility) from 2020 to 2025.

Dinesh Paliwal, Executive Chairman, Marelli, said, "Fritz stepped into the role at a demanding moment and has led Marelli with judgement, clarity and commitment. On behalf of the Board, we thank him for everything he has done for the company, its customers and its people. Laurent brings deep knowledge of the global automotive industry and a strong record of leading complex international businesses. He understands the operational discipline needed to deliver for customers and the opportunities ahead for Marelli’s products and technologies.”

Laurent Favre said, "I am honoured to lead Marelli at this pivotal point in its history. I want to thank Fritz for his leadership and for the progress he and the Marelli team have made during a challenging period. Our immediate priority is to complete the work required for a successful emergence from Chapter 11. Emergence is a critical milestone, but the turnaround must continue beyond it. We will focus on restoring Marelli’s financial strength, improving performance across the business and strengthening customer confidence through consistent delivery."

"Beyond emergence, our ambition is to build a financially stronger, more competitive Marelli, combining operational excellence with focused innovation and profitable growth. We have talented people, strong technologies and longstanding customer relationships. I look forward to working with colleagues across Marelli to turn those strengths into lasting results and build a business our people are proud to be part of," added Favre.

Fritz Henderson said, "It has been a privilege to lead Marelli during this important period. I am proud of the progress our colleagues have made and grateful for their commitment to the business and its customers. Laurent brings extensive automotive experience and a clear understanding of what it takes to succeed in this industry. I wish him and the entire Marelli team every success as they take the company forward."

Bram Schot said, "Marelli has the talent, technology and customer relationships to succeed. I look forward to supporting Laurent and the team when I will take up the role as Chair following emergence from Chapter 11. Our long-term focus is clear: deliver on our commitments, strengthen customer partnerships and build a stronger, more competitive and sustainable Marelli."

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