Logistic startup Kamtar secures equity investment from Sendy and Toyota

WEST AFRICA – Kamtar, a Francophone logistics platform, has secured an equity investment form Kenyan tech-logistics startup Sendy and Toyota Tsusho Corporation Other investors in the round include Mobility 54 Investment SAS and CFAO’s corporate venture capital arm. Kamtar currently operates in Cote d’Ivoire and Senegal, and targets to expand to other French-speaking West African countries by the end of…

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Toyota invests US$198m for production of new Corolla Cross SUV at its Durban plant

SOUTH AFRICA – Toyota South Africa Motors (TSAM) has invested almost US$198 million in South Africa for the production of the new Corolla Cross sport utility vehicle (SUV) at its manufacturing plant in Prospecton near Durban. In 2020 Toyota announced plans to invest around US$158 million in building a new passenger car in South Africa, one of its executives hinting…

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I&M bank and Toyota Kenya ink asset finance deal

KENYA – I&M Bank Limited and Toyota Kenya have entered into an asset financing deal targeting the bank’s premium and business customers, as well as potential customers. The deal will see the bank offer up to 90% financing for Toyota Kenya’s passenger and commercial vehicles including Hino trucks, Hilux single and double cabs, Land cruisers, Prados, Fortuners, Rush and Rav…

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Chinese vehicle manufacturer Sinotruk commences operations in Ghana assembly plants

GHANA – Chinese vehicle manufacturing company Sinotruk, has begun assembling its plants under the Automotive Development Policy by government. According to Ghana’s Information Minister, Kojo Oppong Nkrumah, there are a number of other car manufacturing companies that have also begun assembling their plants and are start producing vehicles soon. Mr Nkrumah said that the German car giant Volkswagen is scheduled…

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Google and Toyota invest in mobility startup to improve transport in developing countries

SOUTH AFRICA – Mobility startup WhereIsMyTransport, has raised a US$7.5 million funding round from investors including Google and Toyota for further global expansion. Formed in 2016, WhereIsMyTransport is a big data platform for sustainable mobility in emerging markets, which connects and collects data and integrates this information on its open data platform. Its products are used by cities to coordinate…

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Government to ban importation of accident and overaged vehicles into Ghana

Ghana – Government has initiated processes to pass the Customs Amendments Bill into law to regulate the importation of vehicles into Ghana. Mr Osei Kyei-Mensah-Bonsu, the Majority Leader and Minister of Parliamentary Affairs disclosed this in a radio interview on Okay FM, an Accra based Radio Station Tuesday morning. He said the decision to ban importation of accident and overaged…

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Kenyan logistics startup Sendy raises US$20m in funding round backed by Toyota

KENYA – Sendy, an on-demand logistic platform that connects clients to drivers and vehicles for goods delivery, has raised a US$20 million Series B led by Atlantica Ventures. Sendy’s US$20 million round includes an R&D arrangement with Toyota Tsusho Corporation, a trade and investment arm of Japanese automotive company Toyota, whose investment comes from a venture arm the company established…

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Toyota records impressive US$6.1 billion 2Q profits, announces $1.8 billion share buyback

JAPAN – Japan’s biggest automaker, Toyota Motor Corp has announced that its profits rose by 14% to 662.3 billion yen (US$6.1 billion) for the three months ending September 30. The Automaker also announced that it will buy back shares worth US$1.8 billion. Toyota’s impressive performance beat an average forecast of 592.3 billion yen (US$5.42 billion), based on estimates from nine…

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Toyota Kenya diversifies to Michelin tyres for new revenue streams

KENYA – Motor dealer Toyota Kenya has commenced the distribution of Michelin brand tyres across its service stations to increase their revenue generation, reports Business Daily. This comes three months after the car distributor’s local parent firm CFAO and Michelin was given the go-ahead by Competition Authority of Kenya (CAK) to form a joint venture to sell tyres locally and…

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