Key Signals in Automotive
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Centre Setup and Expansion
Dongfeng Motor to establish 30 GWh battery production base
The company has announced the construction of the Sunwoda-Dongfeng power battery production base project has started in Yichang High-tech Zone, Hubei Province. The project is developed under a joint venture between Dongfeng Group, Sunwoda Electric Vehicle Battery, and Dongfeng Hongtai Holding Group. Read More>>
Germany’s Continental announces USD 210 Mn Mexico expansion
The company announced that it would invest in the Mexican state of Guanajuato, with plans to open a new factory and expand capacity at an existing plant. The company expects to generate more than 1,500 new jobs over the next three years with the investment. Read More>>
BorgWarner eyes U.S. manufacturing expansion
BorgWarner will expand its U.S. manufacturing footprint to manage its fast-growing electrification business, which is expected to generate about USD 4 Bn by 2025. The automotive supplier’s top and bottom lines stabilize following prolonged car supply and production volatility. Read More>>
Deals
General Motors Co. selects American Axle to supply key components for future pickups
The company announced it had been selected as the new axle supplier for Detroit’s General Motors’ next-generation mid-size pickup trucks, which will debut for the model year 2023. This additional truck program will be built at AAM’s Three Rivers Manufacturing Facility in Three Rivers, south of Kalamazoo. Read More>>
Jaguar Land Rover chooses Wolfspeed for the semiconductor supply
Jaguar contracted electronic subcomponents supplier Wolfspeed to supply semiconductors for the inverters used in its forthcoming electric vehicles. Reimagine is the name given to JLRs strategy to achieve zero net carbon emissions across its supply chain and operations by 2039. Read More>>
BorgWarner to supply electric motors for e-axles of European commercial vehicle OEM
BorgWarner will power a European customer’s e-axle for light-duty commercial trucks. Supported by billions of kilometers of proven reliability, BorgWarner’s high-voltage hairpin stator winding technology enables its electric motors to deliver industry-leading power density, peak efficiencies of more than 95%, and ruggedness and durability. Read More>>
Merger and Acquisition
Aptiv acquires Intercable Automotive to accelerate growth
Aptiv acquired an 85% equity stake in Intercable Automotive Solution, which deals in automotive power distribution and connection technologies. The company designs and manufactures parts of vehicles and provides electronic and active safety technology solutions for the automotive & commercial vehicle markets. Read More>>
Partnership
CHARGE+ZONE, Mahindra & Mahindra partner to set up charging network
They will set up a charging network for M&M’s electric SUVs at various locations. The partnership will also entail rolling out e-mobility solutions spanning discovery, availability, navigation, and transactions to provide seamless access to the charging network. Read More>>
Executive Movements
Maru Escobedo to head BMW Brazil
BMW appointed Maru Escobedo to be CEO in Brazil, starting January 2023. Ms. Escobedo was the Regional Sales and Operations Director in Mexico and Area Manager in Europe, accomplishing sales leadership for BMW and MINI in the premium segment and electrification leadership for BMW. Read More>>
Ford Credit CFO Schaaf to retire; Eliane Okamura named CFO
Eliane Okamura was named Ford Credit’s chief financial officer, treasurer, and executive vice president, Strategy, effective Dec. 1. Okamura is the director of automotive strategy, Risk, and agile finance on Ford’s Treasury team, a position she has held since March 2021. Read More>>
Adient appoints Jerome Dorlack as the company’s executive vice president and chief financial officer
The company announced that Jerome Dorlack, Adient’s current executive vice president of Americas, and an automotive industry veteran, will be appointed executive vice president and chief financial officer, effective Dec. 1, 2022. Read More>>
Financial and Market Activity
Ontario auto parts maker Magna International reports higher Q3 profit and sales
Ontario earned USD 289 Mn in its third quarter, up from USD 11 Mn in the same quarter last year. The auto parts maker, which keeps its books in U.S. dollars, announced the profit amounted to USD 1 per diluted share for the quarter that ended Sept. 30, compared with four cents per diluted share last year. Read More>>
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Latest Industry Insights from Draup Braindesk
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Key Funding Alert
Foxconn to invest an additional USD 170 Mn in Lordstown Motors
The additional investment comes a year after the electric light-duty truck manufacturer sold its 6.2-million-square-foot Lordstown, Ohio, factory to Foxconn. Foxconn agreed to help Lordstown Motors manufacture its Endurance pickup truck. Read More>>
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Startup Spotlight
Company – Blickfeld
Total Funding – USD 55.99 Mn
About: Blickfeld produces LiDAR sensors and detection software for autonomous mobility and IoT applications designed to measure direct distance information in 3D. It is based on patented silicon MEMS mirrors and commercial off-the-shelf components. Read More>>
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Latest Reports Published in Draup
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