Maruti Suzuki to explore Hydrogen-enriched CNG to cut emissions in future vehicles
Key Signals in Automotive
Centre Setup and Expansion ZF plans USD 3 Bn factory to make EV chips Auto supplier ZF Friedrichshafen AG and Wolfspeed Inc companies plan to build a USD 3 Bn wafer factory in Germany’s Saarland to make chips for electric vehicles and other applications, a boon for a region dependent on combustion-engine components. Read More>>Mass Hiring Aston Martin Lagonda increasing employment at Gaydon headquarters in manufacturing facility In 2023, Aston Martin will launch its highly anticipated future models, emphasizing ultra-luxury, high-performance, and driving intensity. More than 100 new automotive technicians are being hired to support production. Read More>>Layoff Cash-strapped EV startup Arrival is laying off Half its staff The company announced plans to lay off approx 50% of its workforce, reducing the Arrival’s headcount to about 800 employees. Following its latest round of layoffs and a handful of other cost-cutting measures, it expects to reduce the cost of day-to-day operations to about USD 30 Mn per quarter. Read More>>Product Launch Hero MotoCorp launches the Xoom 110cc scooter in the Indian market at USD 837.5 The Xoom has an X-shaped LED headlamp in the front, a digital instrument console, and an LED taillight at the back. Powering the Hero Xoom is a 110.9cc, air-cooled engine that develops 8.05 bhp and 0.88 kgm of torque, paired with a continuously variable transmission. Read More>>New Product Development Maruti Suzuki working on Hydrogen CNG (H-CNG) engines The company is exploring Hydrogen CNG for future vehicles. Only CNG with more than 20% hydrogen must be labeled as HCNG and require engine modifications. Hydrogen CNG or hydrogen-enriched CNG lowers CO2 emissions even more than CNG does. Read More>>Executive Movements Canoo appoints Ken Manget as Chief Financial Officer Reporting directly to Canoo Chairman and CEO Tony Aquila, Manget will be responsible for Capital Markets, Investor Relations, Accounting & Financial Reporting. Ramesh Murthy, who served as interim CFO, will continue as Senior Vice President, Finance and Chief Accounting Officer. Read More>> Toyota CEO and President Akio Toyoda to step down Current Chief Branding Officer Koji Sato will replace Toyoda. Toyoda will become the board’s new chairman, while the current Chairman, Takeshi Uchiyamada, will continue as a board member. Read More>>Financial and Market Activity Gentex says Q4 net income rose 2.3% while revenue improved by 18% The company’s fourth-quarter net income rose to USD 86.2 million as customers improved production from previous quarters. The company, which primarily produces automatic-dimming rear-view mirrors and camera-based driver-assistance systems, is typically one of the first major auto suppliers to report its quarterly results. Read More>> Volvo Penta Reports Q4, FY22 Results Volvo Penta reported fourth quarter 2022 net sales of USD 470 million, an increase of 33% compared with USD 351.2 million in the prior-year quarter. Adjusted operating income for the quarter was USD 45.2 million, a 42% increase compared with USD 32 million a year ago. Net sales of USD 1.754 billion for fiscal 2022 were a 25% increase compared with USD 1.4 billion in 2021. Read More>> Bajaj Auto Share Price Soars Above 7% After An Exponential 23% Q3 Profit Surge The company’s revenue from operations came in at USD 1 Bn, up 3% YoY, and Overall spares revenue came in at an all-time high. The company has reported its highest-ever EBITDA at USD 216.9 Mn, surpassing the record set in the previous quarter. Its domestic business saw sustained double-digit revenue growth across both two-wheelers and three-wheelers. Read More>>
Latest Industry Insights from Draup Braindesk
Last Mile Delivery Solution
Nuro, Inc. intends to launch its third-generation autonomous delivery vehicle to reinvent grocery delivery.
Nuro, Inc. aims to test self-driving vehicles in the package delivery network in Houston to lower last-mile delivery costs, which rose during the pandemic.
Nuro, Inc. focuses on developing an autonomous last-mile delivery service with a vehicle designed for disabled people.
Vehicle Safety Solution
Nuro, Inc. focuses on partnering with industry leaders to implement exterior airbags on its new third-generation and production-grade autonomous delivery vehicle to ensure safety.
The company focuses on ensuring the safe operation of its vehicles by performing health tests on every vehicle.
San Francisco Bay Area is a key hub for AI & Data Science, System Integration, Autonomous Vehicles, and Infrastructure Management System operations.
Product Engineering Services is the key outsourced segment, and WebMatics, TCS, AFour Technologies, and Neosoft Technologies are the key strategic outsourcing partners for Nuro, Inc.
Key Funding Alert
General Motors GM to invest USD 918 Mn in four U.S. manufacturing sites
The investment includes USD 854 Mn to produce the company’s sixth-gen Small Block V-8 engine and an additional USD 64 Mn in Rochester, New York, and Defiance, Ohio, for castings and components to support EV production. Read More>>
Company – Stable Total Funding – USD 14 Mn About: Stable is a venture-backed company with passionate and experienced people building fully electric vehicles. The company also works on building vital infrastructure, including chargers. The data-driven insights help their people in perfecting the vehicles. Read More>>
Latest Reports Published in Draup
Scania Account Intelligence Report
Scania focuses on automated robots to enhance their productivity in manufacturing units. Its plug-in hybrid and fully electric trucks are intended for urban applications like retail distribution. Read More>>
United States Industrial Products Market Analysis
The industrial output market is expected to grow at a CAGR of 1.11% over the next five years to reach a USD 8.3 Tn market size. Read More>>
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