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    Nissan confirms launch of EVs with all-solid-state batteries by FY 2028
    Japanese automaker Nissan Motor Corp. has confirmed its plan of rolling out electric vehicles powered with all-solid-state batteries by fiscal year 2028, which will start from April 2028 and end with March 2029. The confirmation came on the sidelines of a media tour that the company organized on April 16, 2024, to demonstrate the updates at its under-construction, all-solid-state battery pilot assembly line at its Yokohama Plant in Kanagawa Prefecture in Japan. “The pilot line is aimed to f...
    Volkswagen, Cariad partners with Xpeng to unveil zonal architecture for mainland Chinese vehicles
    Volkswagen, along with its software unit Cariad, is collaborating with Xpeng to unveil the China Electrical Architecture (CEA), a zonal electrical/electronic (E/E) architecture, it said in a press release dated April 17. The CEA is to standardize the digital architecture of its locally produced models in mainland China. The CEA will simplify the complexity of control units and reduce costs by 40% compared to the Modular Electric Architecture (MEB). The new architecture will be applied to four...
    Cutthroat competition drives Honda to roll out an all-new EV brand in mainland China
    In a move to revive its electric vehicle portfolio and strengthen its market share in the world’s largest EV market, Japanese automaker Honda Motor Co. has introduced an all-new electric car brand — the Ye Series — for mainland China. On April 16 in Beijing, the company unveiled the first electric cars that will be launched under its Ye Series product lineup, namely the Ye P7, Ye S7 and a concept model called Ye GT Concept. Honda plans to launch a total of six EVs under its Ye Seri...
    TTTech Auto unveils new software solution for auto workload management
    TTTech Auto has unveiled a software solution for workload management in the automotive sector called MotionWise Schedule, according to a press statement on April 17. It is an extension of its flagship product MotionWise, a safety middleware designed for distributed architectures requiring safety and real-time properties. MotionWise Schedule features MotionWise technologies, which enables a seamless integration with standardized-based as well as custom architectures. The solution enables highl...
    Vulcan Energy begins production of lithium chloride in Landau, Germany
    Vulcan Energy Resources Ltd. has commenced the production of the first lithium chloride (LiCl) product at its lithium extraction optimization plant (LEOP) based in Landau, Germany, the company announced April 11. It said that the production of LiCl at LEOP in Germany marks a milestone as it is the first time that lithium chemicals are fully produced from a locally sourced raw material, including extraction, and then processed locally at plant scale in Europe. Vulcan Energy said that t...
    Hyundai Motor signs MOU with Exide Energy to localize production of LFP batteries in India
    South Korean carmaker Hyundai Motor Co., along with its sister company Kia Corp., has signed a memorandum of understanding (MOU) with Exide Energy Solutions Ltd., a leading Indian battery company, to focus on the localization of electric vehicle batteries in India, Hyundai said in a statement on April 8. The MOU, which is in line with the carmaker’s EV expansion plans for the world’s third-largest automotive market, was signed at Hyundai Motor Group’s Namyang Research and Developme...
    Kia 2024 CEO Investor Day: Kia announces roadmap to its 2030 goals
    South Korean carmaker Kia Corp. organized its 2024 CEO Investor Day in Seoul, South Korea, on April 5, sharing updates on its future strategies, goals for 2030, business roadmap to achieve those, as well as financial targets through the decade, according to a press release dated April 5. At the CEO Investor Day, Kia updated its mid-to-long term business strategy with a focus on electrification and its Platform Beyond Vehicle (PBV) business. The company reiterated its 2030 annual sales target ...
    LG Energy to produce 46-Series cylindrical batteries for EVs at Arizona, US, battery complex
    The construction of LG Energy Solution’s upcoming $5.5 billion, 53-GWh battery manufacturing complex in Arizona, US, is on track, with production operations expected to commence as early as 2026, the South Korean battery-maker updated on the sidelines of a stakeholder meeting on April 3 at Combs High School in San Tan Valley near the town of Queen Creek, Ariz., where the complex is located. The stakeholder meeting was attended by the senior leadership team, including Brian Oh, head of Mobil...
    StoreDot validates 2,000 charging cycles for its silicon dominant XFC battery cells
    Israel-based extreme fast charging (XFC) battery technology company StoreDot has achieved more than 2,000 consecutive XFC cycles, with the silicon dominant battery cells still maintaining over 80% of their initial capacity, the company announced on April 4. These exceptional results, demonstrating high energy density, are from cells achieving at least 330Wh/kg and 860Wh/L at stack level. The cells were charged consecutively from 10% to 80% in 10 minutes, demonstrating a charge rate of 4.2C, w...
    Blackberry’s FY'24 revenue grows 30% YOY to $853 million
    Software developer BlackBerry has reported a 30% year-over-year increase in full year 2024 revenue to $853 million, according to a filing on April 3. Net loss for the year narrowed significantly to $130 million from a loss of $734 million last year. Gross margin shrunk to 61% from 63.9% while research and development costs for the year came in 10% lower at $186 million. The increase in revenue was primarily owing to the sale of a legacy patent portfolio for $218 million in the first quarter. ...
    Green Hills Software and NXP Semiconductors join forces on vehicle software platform
    Green Hills Software, a global leader in embedded safety and security, has announced its significant role in NXP Semiconductors' open S32 CoreRide platform, an industry-first vehicle software platform that streamlines complex vehicle architecture development.  The platform merges NXP's comprehensive hardware portfolio with Green Hills Software's reliable and secure foundational software solutions, offering vehicle manufacturers and tier 1s unique means to address vehicle architectur...
    CATL may build battery plant with General Motors in North America through technology licensing
    Mainland China’s largest battery-maker Contemporary Amperex Technology Co. Ltd. (CATL) is in talks with US legacy carmaker General Motors (GM) to build a battery plant in North America, leveraging the technology licensing route similar to its partnership with Ford Motor Co., according to a news report published by CnEVPost on March 29. The report cited mainland Chinese media outlet LatePost as the original source of the story. It said that CATL is in discussions with GM on a license roya...
    TSMC takes precautionary measures amid Taiwan's worst earthquake in 25 years
    Taiwan Semiconductor Manufacturing Co. (TSMC), the leading global producer of advanced semiconductor chips, halted certain chip manufacturing equipment and evacuated personnel following the most powerful earthquake to strike the island of Taiwan in 25 years, according to a Bloomberg report on April 3. As the primary contract chip manufacturer for tech giants such as Apple Inc. and Nvidia Corp., TSMC relocated staff from specific areas and is evaluating the repercussions of the 7.4 magnitude q...
    BMW partners with Tata Technologies to develop automotive software and business IT solutions
    BMW Group has partnered with engineering and digital services company Tata Technologies in India, it said in a press release dated April 2. Under the partnership agreement, the two companies will form a joint venture with the aim to establish a software and IT development hub in the cities of Pune, Bangalore and Chennai in India. While the hubs in Bangalore and Pune is expected to handle development and operations activities, the Chennai hub will focus on business IT solutions. The JV will le...
    India revises EV policy to attract new global players, accelerate investments
    The Union Government of India has approved a new electric vehicle policy aimed at attracting global EV makers to invest in India (the world’s third-largest automobile market), build local manufacturing facilities and increase localization of critical components, according to a press note issued by the Indian Ministry of Commerce and Industry on March 15. The new scheme to accelerate investments in the emerging EV domain is aligned with the central government’s Make in India initiativ...
    Hyundai Motor to invest over $50 billion in South Korea between 2024–26
    South Korean automaker Hyundai Motor Group plans to make a big-ticket investment of 68 trillion won (over $50 billion) on research and development projects, capacity expansion and recruitment of new talent between 2024–26, as the company prepares to transition to zero-emission mobility, Hyundai announced March 27. The earmarked investments are aligned with Hyundai Motor’s larger strategy of becoming one of the top three electric vehicle manufacturers globally by 2030. Hyundai’s inves...
    Nexteer Automotive posts 9.6% year-over-year revenue growth in 2023 to $4.2 billion
    On March 26, 2024, Nexteer Automotive, a major global automotive supplier, reported annual results for its fiscal year ended Dec. 31, 2023 — including a new company record of $4.2 billion in revenue. The company reported operating profit of $61.4 million. Net profit attributable to equity holders of 2023 was $36.7 million. While the company’s revenue performance outpaced the market, with an 11.1% year-over-year increase in revenue adjusted for foreign currency and customer commodity recov...
    Nissan unveils ‘The Arc’ business roadmap to drive competitiveness and profitability
    On March 25, Japanese carmaker Nissan Motor Corp. announced an all-new business plan named The Arc, to sharpen its global electric-vehicle transition strategy, while applying new approaches to engineering and manufacturing to strengthen competitiveness and improve profitability. The plan entails a broad product offensive with an increased focus on electrification of vehicles, adoption of new technologies and use of strategic partnerships to drive global sales volumes. In a statement, the auto...
    EU, Norway sign strategic partnership on EV battery supply chain, critical materials
    The European Union and the Kingdom of Norway have signed a memorandum of understanding (MoU) to launch a strategic partnership to develop sustainable land-based raw materials and battery value chains, the European Commission announced in a press note March 21. The MoU between the EU and Norway is being seen an important building block of the EU-Norway Green Alliance, as announced by European Commission President Ursula von der Leyen and Prime Minister of Norway Jonas Gahr Støre in April 2023...
    Hyundai shifts focus on software-defined vehicles to hedge against slowing EV demand
    Hyundai Motor Co.'s leading global automaker has decided to hone its electric vehicle price competitiveness through tech advancement and efficient manufacturing process, following in the footsteps of its rivals to cut costs as the car industry's prospects are clouded by slower-than-expected EV uptake, the Korea Economic Daily reported on March 21. The company’s Chief Executive Chang Jae-hoon said its main business strategy for this year is to enhance its EVs’ price competitiveness. In a s...
    Mainland China’s SAIC Motor and India’s JSW Group establish strategic automotive joint venture
    SAIC Motor, a leading automaker from mainland China with annual revenues of around $ 110 billion, and JSW Group, a $23 billion Indian conglomerate, have established their new strategic joint venture named JSW MG Motor India Pvt. Ltd, the two companies said in a joint announcement on March 20. With a focus on electric vehicles (EVs), the all-new joint venture aims to capitalize on the significant opportunities emerging in the fast-evolving Indian automotive sector, the two companies said in th...
    Europe’s Helena project assembles first complete cells for solid-state batteries with halide electrolyte
    In its first major milestone achieved, the European Union-funded Helena project has successfully developed the assembly of the first complete cells for solid-state batteries with halide electrolyte, the consortium announced on March 20. The achievement, which entails significant advancements linked to the electrochemical properties of the electrolyte, has been made possible after 20 months of exhaustive work by 15 European companies and entities coordinated by the CIC energiGUNE research cent...
    ZF posts 6.5% year-over-year increase in full-year 2023 group sales to €46.6 billion
    ZF Friedrichshafen has posted a 6.5% year-on-year (y/y) growth in full year 2023 sales to €46.6 billion ($50.66 billion), a company filing on March 21 showed. Adjusted EBIT came in at €2.4 billion compared to €2 billion a year earlier while adjusted EBIT margin was 5.1% compared to 4.7% in 2022. Net profit fell to €126 million from €376 million due to significantly higher income taxes for the year. The company spent €3.5 billion in R&D during the year, up from €3.4 billion it s...
    Intel and US administration announces up to $8.5 billion in direct funding under CHIPS Act
    In a press release on March 20, the US administration has announced that Intel and the US Commerce Department have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. The CHIPS Act funding aims to increase US semiconductor manufacturing and research and development capabilities, especially in leading-edge semiconductors. Intel is the only US company that both de...
    European Parliament votes in favor of the Euro 7 emission norms
    The European Parliament has given a green light to the implementation of the stricter Euro 7 emission standards for passenger cars, vans, buses, trucks and trailers, the European Parliament announced March 14. The immediate next step includes a formal approval from the European Council before the Euro 7 emission standards enter into force. The Euro 7 norms are slated for implementation across Europe from July 1, 2025, for new light-duty vehicles and July 1, 2027, for new heavy-duty ve...
    Ferroglobe, Coreshell sign MOU to deliver battery-grade metallurgical silicon for EV batteries
    Ferroglobe PLC, a world-leading producer of silicon metal and ferroalloys, and Coreshell, a US-based battery technology company, have signed a memorandum of understanding (MOU) to jointly produce the first battery-ready metallurgical silicon for the development of low-cost, high-range electric vehicle batteries in compliance with the US Inflation Reduction Act, Ferroglobe said March 11. The strategic partnership between the two companies comes at a time when the US government is pushing corpo...
    Autoneum posts 27.6% YOY increase in FY 2023 revenue to $2.62 billion
    Autoneum has reported a 27.6% year-over-year increase in fiscal year 2023 revenue to CHF2.3 billion, in a press release dated March 13. The overall revenue increase was driven by a 17.4% increase in revenue for its Business Group North America and a 22.1% increase in revenue for its Business Group SAMEA.  Autoneum’s revenue in local currencies grew by 34.8% in 2023, supported by both organic and inorganic growth, as well as a favorable market environment. The company's earnings before ...
    LG Energy Solution plans to work with Qualcomm to develop advanced BMS for EVs
    South Korean battery-maker LG Energy Solution (LGES) has signed an agreement with US technology company Qualcomm Technologies, with an initial plan to jointly develop advanced battery management system (BMS) diagnostic solutions for electric vehicles, LGES announced March 12. As part of this collaboration, the two companies intend to explore developing advanced solutions that can combine LGES’ battery diagnostic software with certain features and functionalities of Qualcomm’s Snapdragon D...
    StoreDot signs strategic agreement with EVE Energy on mass production of fast-charging battery cells
    Israel-based extreme fast charging (XFC) battery technology company StoreDot has signed an agreement with mainland China-based battery-maker EVE Energy, securing state-of-the-art manufacturing capacity from EVE and moving a step closer to the mass production of its innovative XFC battery cells, the company announced March 11. The agreement, which was signed by both the companies on March 11, gives StoreDot access to EVE’s extensive manufacturing footprint and the ability to mass-produce its...
    IIHS test rates 13 out of 14 automated driving systems as 'Marginal' or 'Poor'
    In a recent test conducted by the Insurance Institute for Highway Safety (IIHS), 13 out of 14 automated driving systems were found to have marginal or poor performance. The IIHS developed this rating system to evaluate the safety of these systems and their ability to keep drivers focused, according to a report published by IIHS on March 12. The ratings assess various aspects including driver monitoring, involvement and the encouragement of safety feature usage. Among the tested systems, only ...
    Luxembourg and Pony.ai Sign MoU to advance autonomous mobility
    Pony.ai, a global leader in autonomous mobility, signed a Memorandum of Understanding (MoU) with the government of the Grand Duchy of Luxembourg to advance the development of autonomous mobility in Luxembourg. The MoU aims to foster research, development and deployment of autonomous vehicles in the country through a collaborative partnership between Luxembourg and Pony.ai, as reported in a press release on March 7. Luxembourg presents an excellent opportunity for Pony.ai to further develop it...
    Mitsubishi Corp. to acquire stake in a lithium mining JV with Canada’s Frontier Lithium
    Japanese conglomerate Mitsubishi Corp. has signed a binding agreement with Canadian lithium mining company Frontier Lithium Inc. to establish a new joint venture company focused on developing a lithium mine, located in Ontario, named "the PAK Lithium Project", the company announced March 5. As part of the agreement with Frontier Lithium, Mitsubishi plans to make an equity investment of C$25 million to acquire a 7.5% stake in the JV company. The Japanese energy major has also obtained the righ...
    Forvia Hella secures orders for Smart Car Access system with enhanced security features
    French automotive supplier Forvia Hella has further expanded its market position in the field of digital access systems with additional customer orders, with a series production goal of 2025 in Romania and Mexico. The Smart Car Access system from Forvia Hella is based on ultrawide-band (UWB) technology, allowing the end user to open and close the car completely hands-free and start the engine without having to pick up their smartphone. The integrated UWB technology also protects the vehi...
    Toyota Motor Corp. to acquire Panasonic’s stake in Primearth EV Energy to make it a wholly owned subsidiary
    Toyota Motor Corp. (TMC) and Panasonic Holdings Corp. (Panasonic HD) have mutually agreed to let the carmaker acquire Panasonic’s stake in Primearth EV Energy Co. Ltd. (PEVE) to make it a wholly owned subsidiary, Toyota announced March 5. The acquisition, which is scheduled to take place later in March, will help Toyota in strengthening its capabilities in mass-producing automotive batteries. PEVE was first established in December 1996 by the two companies, where Panasonic HD had a ...
    Advanced Propulsion Center UK announces £35.7 million in new grant to support zero-emission projects
    The Advanced Propulsion Centre UK (APC), which works as a bridge between the UK government and the automotive industry, has announced the latest round of government and industry funding for zero-tailpipe-emission vehicle technologies. In a press note issued on March 4, APC said that a government grant of £35.7 million will be granted to the new collaborative projects that bring together companies developing key zero-emission technologies, including power electronics and electric drive units (ED...
    Samsung SDI to begin mass production of all-solid-state batteries in 2027
    South Korean battery-maker Samsung SDI plans to begin mass production of all-solid-state batteries (ASBs) in 2027, the company confirmed in a press note on March 5. Samsung SDI said that it is moving closer to the mass production readiness for its ASB with an energy density of 900 Wh/L. The company said that the energy density of its ASB jumps up by 40% from the level posted by P5, which is its own prismatic battery that is currently under production. Samsung SDI plans to implement the ind...
    General Motors, Magna and Wipro join hands to create automotive software marketplace: SDVerse
    In a multistakeholder collaborative approach, automaker General Motors (GM) has joined hands with top global supplier Magna and India’s top IT firm, Wipro Ltd., to develop a unique business-to-business sales platform for buying and selling automotive software. The all-new platform called SDVerse is likely to alter the automotive software sourcing and procurement process by providing a matchmaking platform for buyers and sellers of embedded automotive software. GM, Magna and Wipro collective...
    Battery boost: US draws up new graphite supply chains, dimming import needs
    There are many topics debated in the lithium-ion battery category. For example, which cathode chemistry is most appropriate for which application be it nickel, cobalt, manganese or iron in varying ratios with lithium. Rarely up for debate, however, is the anode material. That’s because it’s almost always graphite. The problem for the auto industry is that the US government is trying to build a resilient electric vehicle (EV) supply chain that levers away mainland China’s influence on th...
    AMS Osram to re-assess microLED strategy
    AMS Osram has revised its microLED strategy following an "unexpected cancellation of [a] cornerstone project," it said in a press release dated Feb. 28. The supplier announced that it expects a non-cash impairment charge of between €600 million-€900 million in the first quarter of fiscal 2024. AMS Osram also revised its mid-term revenue compound annual growth rate (CAGR) of 6-8% on a like-for-like basis and expects a positive impact to its cash-flow profile within the next 24 month...
    Valeo posts 11% YOY increase in FY 2023 sales to $23.87 billion
    Valeo has reported an 11% year-over-year increase in fiscal year 2023 sales to €22.04 billion, it said in a press release dated Feb. 29. Net income for the year fell to €221 million from €230 million a year earlier. Research and development expenses for the year increased by 8% to €2.04 billion. The company’s aftermarket sales was little changed at €2.27 billion. Sales was driven by growth across all business verticals — the Comfort & Driving Assistance Systems Business...
    Volkswagen, Xpeng sign technical agreement, finalize framework for collaboration
    Europe’s largest carmaker Volkswagen Group and China’s electric carmaker Xpeng Motors have signed a technical cooperation agreement for joint development of platforms and software, achieving another important milestone in their strategic partnership, the two companies said in a joint announcement on Feb. 29. Significance: The Volkswagen Group and Xpeng Motors had first announced their strategic partnership in July 2023. The strategic alliance with Xpeng Motors is part of Volkswagen’s la...
    Harman focuses on cutting-edge, in-cabin technology for safer, highly informed driving experiences
    Harman, a global leader in connected vehicle solutions, is showcasing its latest product designs that are aimed at democratizing automotive connectivity at the Mobile World Congress (MWC) 2024. The key product at display includes the Harman Ready Connect 5G Telematics Control Unit (TCU), which helps automakers reduce the overall cost of deployment with superior consumer experiences at automotive grade. The company said the new Ready Connect serves as the critical underlying technology to...
    Fiat plans to expand car lineup as part of its renewed global growth strategy
    Italian carmaker Fiat, owned by Stellantis, plans to launch multiple new models across different body types, derived by its popular Panda brand in an attempt to expand and consolidate its global reach, Fiat CEO Olivier Francois announced via Fiat’s official YouTube channel on Feb. 25. “Panda will start a whole new family,” Francois said, adding that the new concepts derived from Fiat’s best-selling car in Italy will be based on Stellantis’ multi-energy platform. Fiat leads in com...
    Sogefi posts 5.5% increase in FY 2023 sales to $1.76 billion
    Sogefi has reported a 5.5% year-over-year increase in sales for fiscal 2023 to €1.63 billion, it said in a press release dated Feb. 23. Net result for the year almost doubled to €57.8 million from €29.6 million last year. Earnings before interest and tax grew nearly 50% to €105.2 million. Manufacturing and research and development costs for the year was €129.1 million from €119.4 million last year. Revenue grew in most regions throughout the year, led by a 10% increase in Eur...
    STMicroelectronics publishes annual report for 2023, available on website and by request
    STMicroelectronics (ST) has reported an increase of 7.2% in fiscal year 2023 net revenue at $17.29 billion for the year ended Dec. 31, 2023, according to a company press release on Feb. 15, 2024. ST reported fourth-quarter net revenue of $4.28 billion, gross margin of 45.5%, operating margin of 23.9% and net income of $1.08 billion. Automotive and Discrete Group (ADG) revenue increased for both Automotive and Power Discrete. The operating profit increased by 39.7% to $657 million. ...
    Canada’s NMG, General Motors agree to sign offtake agreement on supply of anode active materials
    Canada-based supplier of anode active materials (AAM) for batteries, Nouveau Monde Graphite Inc. (NMG) and General Motors Holdings LLC, a wholly owned subsidiary of General Motors Co. (GM), have agreed to sign a supply agreement where NMG will supply the US automaker with 18,000 metric tons of AAM output per annum, NMG announced Feb. 15. To complement to the supply agreement, NMG and GM have entered into a subscription agreement where GM has committed to make an equity investment of US$1...
    Stellantis plans to commence EV production at Luton, UK, plant from 2025
    Stellantis plans to commence the production of its medium-size electric vans at its Luton-based manufacturing plant in the UK from the first half of 2025, the vehicle manufacturer announced Feb. 22. Significance: The company said that it aims to begin limited production of the group’s all-electric, medium-size vans from spring 2025 at its Luton factory, making the facility the second Stellantis plant in the UK to manufacture electric vehicles, and contributing to meet the growing deman...
    Wipro partners with Intel Foundry for chip design and development
    Wipro has expanded its collaboration with Intel Foundry to accelerate chip-design innovation, it said in a press release dated Feb. 21. Wipro will work with Intel Foundry to develop Intel’s most advanced process nodes, including the Intel18A process node. The collaboration aims to address the growing demand for AI chip manufacturing. Wipro’s design services strength and Intel Foundry's manufacturing prowess will enable clients across industries, such as automotive, industrial and telecomm...
    Elmos posts 28.6% YOY increase in FY 2023 sales to $616 million
    Elmos Semiconductor has reported a 28.6% year-over-year sales growth for full year fiscal 2023 at €575 million, according to a company press release on Feb. 15. Earnings before interest and tax improved by 36.8% to €150.7 million. The EBIT margin rose to 26.2% from 24.6%. For the full year, net income rose to €99.1 million from €71.4 million. Research and Development expenses was €68.8 million compared to €55.5 million last year. For the fourth quarter of fiscal 2023, sales c...
    Visteon posts total revenues of $3.9 billion in FY 2023, a 5% growth YOY
    Visteon Corp. reported a net sale of $3,954 million in fiscal year 2023, an increase of 5% year over year. The gross margin was $487 million, and the net income was $486 million. It posted an adjusted earnings before interest, taxes and amortization of $434 million, an increase of $86 million compared to the prior year. The increase in adjusted EBITDA primarily reflects the impact of higher sales while leveraging an efficient cost structure with modest increases in engineering and SG&A ...
    Syrah Resources begins natural graphite processing operations at its facility in Vidalia, La.
    Australia-based supplier of natural graphite and anode active material (AAM) products, Syrah Resources Ltd., has commenced production operations at its natural graphite processing facility in the city of Vidalia, La., the company announced Feb. 9. Significance: The natural graphite processed at Syrah’s Vidalia facility is brought from the company’s Balama Graphite Operation in Mozambique, East Africa. Syrah claimed that its AAM production facility in Vidalia is the first vertica...
    Volkswagen signs agreement with Mahindra & Mahindra to supply components from MEB platform
    Volkswagen Group and Mahindra & Mahindra Ltd. (M&M) have signed their first supply agreement on components of Volkswagen's modular electric drive matrix (MEB) platform, the two companies said in a joint announcement on Feb. 16. The components sourced from VW will be used by M&M in its purpose-built electric platform named Inglo. Significance: Almost 18 months after M&M and the VW Group had signed a term sheet on the supply of MEB electric components intended for use in the for...
    Forvia Hella reports total sales of €8.1 billion in FY 2023, up 10.3% YOY
    Hella GmbH Co. (Forvia Hella) on Feb. 16 released the preliminary results for fiscal year 2023, reporting group sales improvement by 10.3% to €8.0 billion as compared to €7.2 billion in 2022. Operating income increased by about 65% to €486 million against €295 million in 2022. Significance: The company said all business segments recorded higher sales and improved profitability in the year. The Lighting Business Group increased its sales by 13% to €3.9 billion, while the Electro...
    US government to invest $17 million to strengthen country’s critical minerals supply chain
    The US Energy Department (DOE) has earmarked government grants of over $17 million for three projects that aim to support the design and construction of facilities that produce rare earth elements, and other critical minerals and materials from coal-based resources, the DOE said in an announcement on Feb. 15. The selected projects, funded by the Bipartisan Infrastructure Law, are expected to strengthen domestic supply chains, helping to meet the growing demand for critical minerals and materi...
    Panasonic Energy signs offtake agreement with Canada’s NMG to secure graphite supplies for North American market
    Japanese battery-maker Panasonic Energy Co. Ltd. has signed a seven-year offtake agreement with Canada’s Nouveau Monde Graphite Inc. (NMG) to secure supply of natural graphite for operations in North America, Panasonic announced Feb. 15. In addition, Panasonic Energy also plans to invest in NMG, starting with a payment of $25 million. The battery manufacturer said that it is looking to make an additional funding worth $150 million with co-investors in NMG, subject to a maximum ownership thr...
    Garrett Motion reports 8% YOY increase in FY 2023 net sales to $3.89 billion
    Garrett Motion posted net sales of $3.89 billion for fiscal 2023, up 8% over last year, it said in a press release dated Feb. 15. Net income for the year dropped 33% to $261 million, while net income margin fell to 6.7% from 10.8% in the previous corresponding period. For the fourth quarter, net sales increased 5% to $945 million, while net income more than halved to $52 million. Net income margin was slashed to 5.5% from 12.5%. Net income for the fourth quarter was lower due to $21 million o...
    LG Energy signs second lithium offtake agreement with Australia’s WesCEF for North American markets
    South Korean battery-maker LG Energy Solution has signed a second offtake agreement with Australia’s Wesfarmers Chemicals, Energy and Fertilisers (WesCEF) to secure a stable supply of lithium concentrate specifically for the North American market, the company announced Feb. 14. Significance: Under the offtake agreement, WesCEF will supply LG Energy Solution with up to 85,000 metric tons of lithium concentrate, which could be utilized in producing about 11,000 metric tons of lithium hyd...
    Get ready for Briefings: Unveiling an additional news channel on AutoTechInsight
    Exciting changes are on the horizon at S&P Global with the upcoming launch of our new news channel, Briefings. This channel will provide you with concise insights into the world of the automotive industry. Briefings will help you stay ahead of the curve. The articles will delve into the intricate details of specific suppliers, OEMs, and emerging trends within the industry. Each is designed to be a springboard, prompting you to explore the platform more deeply and equipping you with the kn...
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