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    Westport, Weichai Power to jointly develop HPDI technology for heavy-duty trucks
    Westport Fuel Systems has signed a non-binding memorandum of understanding (MOU) with Weichai Power for development, marketing, and commercialization of its high pressure direct injection, ‘Westport HPDI’ technology for heavy-duty trucks in China, the company announced in a press release late last month. Under the agreement, Westport will provide support for the Westport HPDI development activities to meet China VI emissions standards and will supply certain components. A definitive agreemen...
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    Westport reports Q1 net loss of USD23.3 million
    Westport Innovation has reported a net loss of USD23.3 million in the first quarter ended 31 March 2016, compared with a net loss of USD17.2 million in the same period a year ago, the Canada-based natural gas engines supplier said in a press release. Revenues for the period stood at USD24 million, down 14.3% year-on-year (y/y). The company posted income from unconsolidated joint ventures of USD2 million, down 66.7% y/y. The Cummins Westport business unit recorded 11% y/y drop in sales to USD65 m...
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    Difficult challenges ahead in development of China’s supply base
    Profitability under attack Organically formed as the outcome from the development of the automotive industry at OEM level, the automotive component supply base in China is characterised by its fragmentation, formed of approximately 20,000 companies supplying 108 automakers. During the dawn of the Chinese car making industry, OEMs were keeping a firm grip on component costs, either relying on a closed network of suppliers or producing components in-house. This control, coupled with local gove...
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    Westport narrows 2015 net loss y/y to USD98.4 million
    Westport Innovation has reduced net loss from USD149.6 million in 2014 to USD98.4 million in the financial year ended 31 December 2015, the Canada-based natural gas engines supplier said in a press release. Operating loss also declined from USD159.4 million to USD110.6 million as Westport managed to cut operating expenses by 25.8% year-over-year (y/y) from USD142.4 million to USD105.5 million, thanks to the company’s continued focus on cost management. Westport trimmed its losses during the fi...
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    Deutz to sell stake in Chinese JV with Weichai
    German engine-maker Deutz aims to sell its stake in a joint-venture (JV) with Weifang Weichai-Deutz Diesel Engine. Weichai has been approached by Deutz to buy out the German partner for a price "in the low single digit million Euro range", reports Reuters, quoting company CEO Helmut Leube. Significance: In February, Deutz called off plans to form a new engine joint-venture in China with Volvo. The CEO stated then that the company's current focus was on its existing engine production base in ...
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    China's NDRC approves Xiamen NEV bus project
    A new project for the development of a new-energy vehicle (NEV) production base in China's Fujian province has been approved, reports state media Xinhua. The CNY880-million (USD112.6-million) project in Xiamen to develop NEVs such as hybrid buses and pure electric buses, as well as low-emission diesel buses, has been approved by the National Development and Reform Commission (NDRC). Significance: The project's aim is to export the buses from China, with a goal of producing around 1...
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    Tenneco opens R&D facility in China
    Tenneco has opened a new clean air research, development and manufacturing facility in Kunshan near Shanghai, China, says a company press release. The company will design and manufacture emission control products and technologies for commercial trucks in China. The facility has 10,200-square metre area and employs 150 people, including 120 engineering and testing personnel. The company expects to almost double the workforce to 400 people once the facility becomes fully operational. The facility ...
    News
    Westport and Weichai launch WP12 engine and initiate development of WD10 Engine with Westport™ HPDI 2.0 technology
    Westport Innovations Inc., today (28th April) announced the launch of final customer validation units of the next generation Westport high pressure direct injection (Westport™ HPDI 2.0) on the Weichai Westport WP12 engine platform. The Weichai Westport WP12HPDI is China's first engine featuring Westport HPDI technology, delivering the power and performance of the base diesel engine, while replacing up to 95% of diesel fuel with cleaner burning, less expensive natural gas. Weichai Westport plan...
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    Westport reports USD185 million consolidated net loss in 2013
    Natural gas engine manufacturer Westport Innovations’ net loss widened to USD185.4 million in the financial year (FY) ended 31 December 2013, compared with USD98.8 million in the same period of last year, says a press release. Consolidated revenues went up 5% year on year (y/y) to USD164 million, compared with USD155.6 million in FY 2012. Westport recorded negative adjusted EBITDA of USD96.9 million, compared with negative adjusted EBITDA of USD66.3 million in the same period a year earlier. ...
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    Weichai to begin vehicle production
    Weichai Power, known as an engine producer, will begin producing passenger vehicles. A statement released by state-owned Xinhua News says that Weichai will produce vehicles at a plant in Chongqing in southwest China. The plant will produce passenger vehicles, up to 300,000 units per annum (upa). The first model is expected to be a sport utility vehicle (SUV), which is to be unveiled in 2014, the report states. Significance: Weichai Power will use a subsidiary company, which is already involv...
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    Westport Innovations net loss rises y/y to USD32.5m in Q3 2012
    Natural gas engine manufacturer Westport Innovations’ net loss more than doubled in the third quarter (Q3) of 2012 ended 30 September, totaling USD32.5m compared with USD13.2m in the same period last year. Consolidated revenues went down 6% to USD76m, compared with USD81m in Q3 2011 while operating expenses mounted 37% at USD39m. Westport recorded negative adjusted EBITDA of USD18.5m compared with USD5.4m in the same period a year ago. The increase in net loss was attributed to lower sales vol...
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    Supplier Profile: Tenneco Emissions Control
    The long-term development of a global base and success in the aftermarket have contributed to the company’s resilience The 2008–2009 global crisis in the automotive sector caused many companies to revise their business plans. For emissions and aftertreatment system manufacturers, a requirement by regulators that off-road diesel engined vehicles reduce their particulate and NOx emissions by more than 90% means that these sectors became attractive targets for diversification and new sources o...
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    Tenneco Q1 profit increases nearly sevenfold to USD47m
    Higher original equipment (OE) production volumes and aftermarket sales, and stronger margins on new light and commercial vehicle launches have strengthen Tenneco’s profit margins in the first quarter (Q1) of fiscal year (FY) 2011. The company has reported net income of USD47m, which is almost seven times the net income (USD7m) it reported in the same quarter of FY 2010. Earnings before interest and taxes (EBIT) improved by 59.3% year-on-year (y/y) to USD94m. A reduction in selling, general an...
    News
    Tenneco reports 28% increase in revenue in 2010
    For the full year ended 31 December 2010, Tenneco reported a 28% increase in revenues, which stood at US$5.93bn compared with US$4.64bn in 2009. The improvement was attributed to increasing OE production volumes, new product launches in light and commercial vehicle segments and strong aftermarket sales. Tenneco reported the highest-ever EBIT and EBITDA of US$281m (US$92m in 2009) and US$497m (US$313m in 2009), respectively. EBIT improved because of increased sales in the OE and aftermarket busin...
    News
    Tenneco forms JV with Changchun FAW Sihuan to supply components for light & commercial vehicles
    Tenneco has formed a joint-venture (JV) with Changchun FAW Sihuan Group Ltd, a subsidiary of FAW Group, for supplying components and systems for passenger and commercial vehicles. The JV based in Changchun, Jilin province (China) has three partners: Tenneco with a 41% stake, FAW Sihuan with 49% and Tenneco Tongtai (Dalian) Exhaust System Company Ltd with 10%. Since Tenneco holds a majority (80%) stake in Tenneco Tongtai, the company along with its subsidiary will hold the managing stake ...
    News
    Weichai Power invests CNY1bn to produce more engines
    Weichai Power Co. Ltd. will invest CNY1bn (US$132m) to produce more of the 12bhp per litre high- speed heavy-duty engines.The company hopes to bring in higher gross profit margin through this increase in production capacity, raising its total sales from 5% to 10% in the financial year 2007. The 12bhp per litre engines will account for 50% of the company’s engine business in the next three years.  The company hopes to sell 15,000 units in the whole year. The new engines will meet the Euro ...
    News
    German MAN Seeks Cooperation with Weichai Power
    German truck maker MAN AG is keen on  signing a cooperation agreement with Chinese diesel engine maker Weichai Power. MAN is seeking a long-term partnership with the Chinese company through a joint- venture agreement. No further details about the agreement have been disclosed.With this move, MAN will significantly expand its activities in China. Weichai Power is a leading producer of diesel engines for trucks in China and one of the five leading truck makers in the country. The truck market...
    News
    Weichai Power net profit up 122.78% in first half
    Weichai Power Co. Ltd. reported 122.78% increase in net profit to ¥975.21m (US$7.9m, 30 June 2007) due to higher volume sales of diesel engines and a merger with Torch Automobile. The company’s sales were ¥15.34bn (US$124m, 30 June 2007) in first half ended 30 June 2007, up 80% from ¥8.66bn (US$74.46m, 30 June 2006) a year earlier in the same period. The operating profit went up 129.39% to ¥1.61bn (US$13.06m, 30 June 2007) in the first half of FY2007 due to strong demand of heavy-duty truc...
    News
    Weichai Power to sell stakes in eight companies
    Weichai Power Co. will sell its stakes in eight companies for a total amount of CNY101.19m (US$0.83m).The company will sell its 49% stake in Dalian Hongyuan Machinery manufacturing Co. to MAT Automotive Inc., a manufacturer of metallic tool and vehicle parts for ¥27.96m (US$0.23m). Dalian Hongyuan, after the deal will become wholly-owned by MAT Automotive. This acquisition will enhance MAT’s position in the automotive market and help it to obtain credit facilities for its export business.Weic...
    News
    Weichai-Torch Automobile merger on the cards
    Torch Automobile Group, one of China's leading automobile group, will merge into Weichai Power, a modern enterprise engaged in the research and development, manufacturing and sales of diesel engines. Weichai will bear all assets and liabilities of the former torch after the merger is complete. Acquiring Torch will help Weichai to reduce operating cost by CNY150m (€14.6 m, December 31,2006) annually, which lifts the estimation of profits in 2007 and 2008 by 14% and 16% respectively. The merger...
    News
    Weichai Power to take over Torch Auto via share swap
    A Torch Auto statement filed with the Shenzen Stock Exchange revealed that Weichai Power’s plan to take over and merge with Torch Auto via a share swap has been approved by China’s Commerce Ministry.According to the agreement Weichai Power will issue A-shares to Torch Auto shareholders except for Weichai Power affiliate Weichai Dongli Investment Co. which is Torch Auto’s largest shareholder with a 28.12% stake.Once the A-shares are issued, Weichai Power will conduct a swap of 3.53 A-shares...
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    Merger and Acquisition activity November/December 2005
    Month Company Acquirer Sector Notes December Dunlop India and Falcon Tyres Ruia Group Tyres Ruia group acquired Falcon tyres and Dunlop India for US$43.0m. Both companies were part of the Dubai based Jumbo group. Dunlop India had long been in trouble, facing labour problems. December Torch Automobile Group Weichai Power Co. Cross country vehicles and automotive parts Weichai Power purchased a 28.12% stake in Torch Automotive group in an auction, from Torch's former parent Xin...
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    Mergers and acquisitions activity
    Recent comments from Philip Wylie, Automotive Sector leader at PriceWaterhouseCoopers suggest that valuation multiples across the automotive industry are unsustainable.Although investment in the auto sector remains high amongst the private equity houses, it is doubtful this level of activity will continue, High valuation multiples, post-investment performance and under-performing assets are causing concern and are likely to cause a downturn in private equity investment in the sector.Crucially, t...
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