Key Signals in Automotive
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Centre Setup and Expansion
Volvo opens its Vehicle TechLab center in Bengaluru
The 6,600-square foot facility has an extended reality arena that will help teams visualize the complete vehicle virtually while enabling the India-based workforce to collaborate with engineers across Volvo Group. The facility is equipped with an engine cooling test rig and brake board. Read More>>
FREYR Battery to build Giga America in Georgia
FREYR purchased a site to build its US gigafactory in Coweta County. The USD 1.7 Bn Giga America project will have the initial capacity to produce thirty-four gigawatt-hours of semi-solid lithium-ion batteries to meet the rapidly growing demand for energy storage systems (ESS) in the US. Read More>>
Hyundai Mobis plans USD 205 Mn EV battery plant in Alabama
Hyundai would begin operations at the electric vehicle (EV) battery module plant in Montgomery, Alabama. The company, the parts and services arm of Hyundai Motor Company, Kia Motors, and Genesis Motors, announced the development would create four hundred jobs. Read More>>
Deals
Vitesco Technologies receives new order from Human Horizons
Vitesco has been awarded by Human Horizons, which aims to use different electrification technologies from Vitesco Technologies for its innovative electric cars. It will deliver its new zone controllers, cell supervising circuits for battery management, and high-voltage current modules to a new E/E architecture developed by Human Horizons. Read More>>
LG Energy Solution signs a deal to buy lithium battery materials from U.S. firm
LG Energy signed a multi-year agreement with U.S. mineral provider Compass Minerals. Under the contract, the company would receive 40% of Compass Minerals’ annual production of 11,000 metric tons of battery-grade lithium carbonate from 2025 to 2030. Read More>>
Partnerships
Sinclair, Hyundai Mobis ink deal to develop ATSC 3.0 automotive services
Sinclair and Hyundai Mobis will develop and implement ATSC 3.0-enabled automotive business models in Korea and the United States. The collaboration expands Sinclair’s coordination with the Korean market and the commitment to bring mobile services to the United States. Read More>>
Schaeffler cements cooperation with several Chinese state-owned companies at the 5th CIIE
Schaeffler signed agreements with several Chinese state-owned companies at the 5th China International Import Expo to cooperate in energy, mining, and heavy equipment. Per the agreement, the duo will strengthen their collaboration on manufacturing large equipment, and CFHI should choose Schaeffler as its bearing supplier as a priority. Read More>>
Jaguar Land Rover partners with Wolfspeed
The two companies will partner to supply Silicon Carbide semiconductors for next-generation electric vehicles, delivering increased powertrain efficiency and extended driving range. The partnership agreement sees Jaguar Land Rover participate in the Wolfspeed Assurance of Supply Program to secure the supply of this technology for future electric vehicle production needs. Read More>>
Executive Movements
TuSimple appoints Chief Executive Officer and announces changes to its Board of Directors
TuSimple appointed a permanent Chief Executive Officer and changed its Board of Directors. Mr. Lu replaced Dr. Ersin Yumer, TuSimple’s Executive Vice President of Operations, serving as the interim Chief Executive Officer and President of the Company. Read More>>
Tata Motors’ JLR says CEO Bollore to resign
Tata Motors announced that Chief Executive Officer Thierry Bollore would resign due to personal reasons after more than two years in the role. Adrian Mardell will take over as CEO on an interim basis. Read More>>
Auto executive Pranav Gill joins Atamian Honda after ten successful years of running BMW Sudbury
Pranav Gill joined Atamian Honda in Tewksbury, MA, as Managing Partner and General Manager. Mr. Gill will manage day-to-day operations and manage Atamian Honda, located at 150 Main Street in Tewksbury. Herb Chambers BMW of Sudbury location, led by Mr. Gill, won several BMW Center of Excellence awards in North America. Read More>>
Financial and Market Activity
Ituran beats Q3 earnings and revenue estimates
Ituran came out with quarterly earnings of USD 0.49 per share, beating the Zacks Consensus Estimate of USD 0.44 per share. A quarter ago, it was expected that this maker of tracking and communications technology for vehicles would post earnings of USD 0.46 per share when it produced earnings of USD 0.43, delivering a surprise of -6.52%. Read More>>
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Latest Industry Insights from Draup Braindesk
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Key Funding Alert
BMW to invest USD 1.4 Bn in China
BMW is also planning a major investment in China through its local BMW Brilliance Automotive Ltd joint venture to boost battery production in China. The money will go into the expansion of the Lydia plant, which makes the batteries for the i3 Sedan and iX3 crossover built exclusively in China. Read More>>
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Startup Spotlight
Company – AutoLeadStar
Total Funding – USD 40 Mn
About: AutoLeadStar is a CDXP, customer data and experience platform which unifies your first-party data and leverages it to create seamless omnichannel marketing campaigns that sell more cars with less cost. Read More>>
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Latest Reports Published in Draup
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Here’s what’s new on our Sales Intelligence Platform
Shortlist leads directly from Chrome using our extension
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Launching Draup’s Chrome Extension to give more power to your sales efforts. Now, you can quickly add leads on LinkedIn to Draup’s lists.
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