BorgWarner’s Rhombus acquisition will expand vehicle-to-grid DC fast charging and enable new charging infrastructure
Key Signals in Automotive
Centre Setup and Expansion Autoliv inaugurated plant in Aguascalientes Autoliv invested USD 35 Mn and inaugurated its new plant in Aguascalientes, which has an area of 12,000 square meters. The leading company in automotive safety systems will generate up to 3,000 jobs in the first stage. Read More>> Volvo Cars’ Thames Ditton opens Volvo Fulfilment Centre The company has opened the Volvo Fulfilment Centre on Portsmouth Road. The new site, which features three electric vehicle charging points, is focused on providing information and advice on Volvos growing range of fully electric and plug-in hybrid cars. Read More>> India Yamaha Motor strengthens retail footprint in TN The company has strengthened its retail presence in Tamil Nadu by opening two new regional outlets. India Yamaha Motor, a subsidiary of Japan-headquartered Yamaha, inaugurated Blue Square outlets in Vellore and Mayiladuthurai under the expansion plan. Read More>>Deals DTE Energy inks a deal with Ford for renewable energy DTE Energy recently clinched a clean energy agreement with Ford Motor Company, which entails supplying renewable energy to the latter. The agreement further entails that Ford will use renewable energy to produce all its vehicles in Michigan. Read More>> Knorr-Bremse announces supply contracts with Hyundai Rotem and Alstom HYUNDAI Rotem has signed a five-year framework agreement with Knorr-Bremse to supply hydraulic braking systems, doors, heating, ventilation, and air-conditioning systems for LRVs built by the manufacturer. Read More>>Partnerships BMW signs deal with Australian mining company The European Lithium company has signed a memorandum of understanding with BMW to supply the carmaker with lithium, a key component in producing electric vehicle batteries. The agreement gives BMW the right to purchase 100% of the mines’ first haul of battery-grade lithium, with the deal set to be worth tens of millions of dollars. Read More>> Knorr-Bremse, Hyundai Rotem expand cooperation Knorr-Bremse expanded its longstanding cooperative venture with Hyundai Rotem Company. Starting in 2023 and continuing until at least 2028, Knorr-Bremse will equip more than 200 LRVs with braking, entrance, and climate control (HVAC) systems. The LRVs are destined for use in multiple rail markets around the world. Read More>>Merger and Acquisition Jaguar Land Rover owner Tata Motors to buy Ford car plant in India Indian automaker Tata Motors will buy a Ford manufacturing plant in the western state of Gujarat for INR 7.26 Bn (USD 91.5 Mn). The deal comes as Tata moves to boost its car production to meet demand. Ford stopped production in India last year after struggling to generate profits for over two decades. Read More>> BorgWarner grows EV portfolio with Rhombus Energy acquisition The company has acquired Rhombus Energy Solutions. Headquartered in San Diego, Rhombus offers V2G and Underwriters Laboratory-certified charging. The transaction has an enterprise value of up to USD 185 Mn, funded primarily with cash balances. Read More>> Executive Movement Vontier appoints Anshooman Aga as Chief Financial Officer Mr. Aga succeeds David Naemura, who will remain with the Company through year-end and work closely with Aga and other executive team members to facilitate a seamless transition. Most recently, he served as Senior Vice President and Chief Financial Officer (CFO) of Harsco Corporation from August 2021 through August 2022. Read More>> Nikola taps former Volkswagen executive for the CEO role in 2023 Nikola will name Michael Lohscheller as company CEO. Current CEO Mark Russell will retire at the end of the year and named Lohscheller his successor. Lohscheller will assume Russell’s position and assume a position on the company’s Board of Directors on January 1. Read More>>
Latest Industry Insights from Draup Braindesk
Key Funding Alert
EV maker Faraday Future to raise USD 600 Mn in funding
Faraday Future will raise the funding as it looks to deliver its FF 91 luxury car later this year. The company will get an initial USD 52 Mn. A Faraday Future FF 91 electric car arrives on stage for an exhibition of speed during an unveiling event at CES in Las Vegas, Nevada January 3, 2017. Read More>>
Startup Spotlight
Company – Smartcar Total Funding – USD 36 Mn About: Smartcar’s team is building the infrastructure for the connected car. Read More>>
Latest Reports Published in Draup
Ford Motor Company – Account Intelligence Report
Ford Motor Company invested in electrifying hybrid engines and increased battery pack assembly with extra capacity to support increased demand for current and future-electrified vehicle production. It focuses on establishing a domestic battery supply chain. Read More>>
MEKRA Lang GmbH & Co. KG Account Intelligence Report
MEKRA Lang’s fully-equipped engineering, quality, and testing departments support the development of new design and product innovations for customers worldwide. It is keen to strengthen its market segment with a focus on innovation and the design of high-quality products. Read More>>
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