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Hyundai Motor Group (HMG) entered into an agreement with the State of Georgia to build its first dedicated full electric vehicle and battery manufacturing facilities in the US. Non-affiliated Hyundai Motor Group suppliers will invest approximately another $1 billion in the project.
National Electric Vehicle Sweden AB (NEVS)—an international consortium formed by Chinese, Japanese and Swedish stakeholders—and the Receivers of the Saab Automobile bankruptcy estate ( earlier post) signed a purchase agreement covering the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB.
New data shows that motor vehicles generate more than €440 billion in taxation per year for national governments in the major EU markets plus the UK, the European Automobile Manufacturers’ Association (ACEA) reports. This just goes to show the sheer scale of the importance of the automobile industry to Europe. United Kingdom ?
Leading motor manufacturer Nidec Corporation will form a joint venture with GAC Components Co., a member of China-based Guangzhou Automobile Group Co., to manufacture automotive traction motors. Nidec’s fully integrated automotive traction motor system E-Axle (announced in April 2018). billion to US$9.3 billion) in 2030.
Four days following the termination of its strategic partnership with Hawtai Motor Group ( earlier post ), Spyker Cars N.V. Spyker) announced that it and Saab Automobile AB have signed a Memorandum of Understanding (MoU) with Pang Da Automobile Trade Co., Pang Da shall make a €30 million (US$42.4
Mullen Automotive, an emerging EV manufacturer, is acquiring a controlling interest in EV truck maker Bollinger Motors. The purchase price is $148.2 million in cash and stock for a 60% controlling interest, which gives Mullen the majority ownership of Bollinger Motors. —David Michery, CEO and chairman of Mullen Automotive.
Saab Automobile and American Axle Manufacturing (AAM) have formed a jointly-owned company for the engineering, development and marketing of electric all-wheel drive systems, as well as electric and hybrid driveline systems. —Jan Åke Jonsson, Saab Automobile CEO. The joint venture will commence operations on 1 October.
China-based and -focused CCID Consulting estimates that the China passenger vehicle market will need at least 1.802 million tons of aluminum sheets annually, assuming that aluminum replaces 15% of the steel used in automobile manufacturing by 2015. Specifically, CCID says, aluminum sheets for automobile body will be the most promising sector.
Panasonic Corporation has invested $30 million in Tesla Motors. The investment was made through the purchase of Tesla common stock in a private placement at a price of $21.15 We are proud to strengthen our relationship with Tesla Motors. Toyota has also purchased $50 million of Tesla’s common stock.
American Suzuki Motor Corporation (ASMC) has received court approval for Debtor-In-Possession (DIP) financing. As a result, the Company will be able to borrow up to $50 million for operations and up to $50 million for purchases of inventory from Suzuki Motor Corporation (SMC). Earlier post.) Earlier post.)
The Alliance of Automobile Manufacturers (Auto Alliance) is strongly supporting the passage of Maryland’s SB 1234 , a bill that would require the State of Maryland to purchase zero emission vehicles (ZEVs) for state fleets. The bill also includes a reporting requirement for State agencies that purchase vehicles.
The latest annual survey of the UK Automobile Association (AA) has found that of the respondents who may be replacing their car within 12 months only 1% will be looking to buy an electric or hybrid vehicle.
Siemens has developed a solution for integrating an electric car''s motor and inverter in a single housing. Siemens has developed a solution for integrating an electric car’s motor and inverter in a single housing. Siemens developed the integrated drive unit—Sivetec MSA 3300—on the basis of a series electric motor.
General Motors Co. confirmed it has signed a stock purchase agreement with Koenigsegg Group AB regarding the sale of 100% of the shares of Saab Automobile AB. Saab Automobile plans to exit legal reorganization shortly. The stock purchase agreement will be subject to agreed closing conditions.
California-based Balqon Corporation, a developer of heavy-duty electric vehicles, drive systems and lithium battery storage devices ( earlier post ), has entered into a Joint Development Agreement with China-based Sichuan Automobile Industry Co., Sichuan Automobile Industry Co. Ltd (SAIG) to manufacture inner-city electric buses.
Japan’s Nidec Corporation, the world’s leading manufacturer of motors for hard-disk drives, has entered into an asset and stock purchase agreement with Emerson Electric Co. EMC) to acquire EMC’s Motors & Controls business in an all cash deal. Tags: Motors. Terms of the arrangement were not disclosed. Earlier post.)
Toyota Motor Corporation and the MS&AD Insurance Group’s Aioi Nissay Dowa Insurance Co., have jointly developed Japan’s first driving behavior-based telematics automobile insurance. Aioi Nissay Dowa Insurance is a pioneer of telematics automobile insurance in Japan. Background. Overview of new products and services.
Under current law, consumers may receive a tax credit of up to $7,500 if they purchase an eligible electric vehicle. The Driving America Forward Act raises the cap and allows purchasers of an additional 400,000 vehicles per manufacturer to be eligible for the tax credit. ITC Holdings Corp., ITC Holdings Corp., ITC Holdings Corp.,
Toyota Motor Corporation unveiled two BEV concept models, the bZ Sport Crossover Concept and bZ FlexSpace Concept, at Auto Shanghai. BTET), a joint venture established by Toyota and BYD—; FAW Toyota Motor; and Toyota Motor Engineering & Manufacturing (China). It is planned to be produced and sold by FAW Toyota Motor.
At an Investor Day event in Seoul, Hyundai Motor said that it will accelerate its transition toward becoming a smart mobility solution provider by securing a large-scale investment of KRW 109.4 trillion (US$85 billion) over the next 10 years, including KRW 35.8 trillion (US$27.8 billion) for electrification. Production.
From October 2007 to April 2009, the average fuel economy of purchased new light-duty vehicles improved from 20.2 Michael Sivak and Brandon Schoettle also found that while there was a significant negative relationship between the unemployment rate and the number of vehicles purchased, the price of gasoline did not have a major impact.
Under the terms of the dealer agreement, DynaProTech plans to integrate Balqon’s zero-emissions electric drive systems into electric buses, heavy-duty trucks, light commercial vehicles and automobiles for use throughout China. DynaProTech will also provide servicing and parts for Balqon’s products throughout China.
Purchasers of automobiles to replace old vehicles may continue to use the previous license plates and are therefore not subject to the quota. The municipal government also indicated it may adopt additional measures to restrict the use of motor vehicles in main congested areas within the city during peak traffic times.
The company, expected to become operational this year, will provide internal combustion engines, transmissions, and next-generation dual-motor hybrid systems for use by both companies as well as other automobile manufacturers. Companies to retain independent corporate structures.
China has made progress with automotive energy-saving technologies over the past 10 years through implementing passenger car fuel consumption limits and the use of fiscal policy to encourage the purchase of small cars, the government statement noted. 2012 Chinese Auto Industry Development Report. L/100km (40 mpg US) or less.
Last night, New Jersey Governor Chris Christie declared a limited state of energy emergency with regard to the supply of motor fuel and implemented odd-even rationing for gasoline purchases in 12 New Jersey counties. NJ counties with gasoline rationing. Click to enlarge.
Automotive and industrial supplier Schaeffler finalized a purchase contract with SEMIKRON International GmbH for the acquisition of 51% of the shares of Compact Dynamics GmbH , a manufacturer of high-performance electric motors. Both contract partners want to cooperate on the development of electric drives for automobile applications.
General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB. Deutsche Bank acted as financial advisor to General Motors Corporation.
National Electric Vehicle Sweden AB (NEVS)—the rebirthed Saab—and Dongfeng Motor Corporation (Dongfeng) have signed a strategic cooperation agreement to achieve global industrial synergies. Dongfeng Motor Corporation (DFM) is the third biggest Chinese state-owned automobile manufacturer headquartered in Wuhan, Hubei Province.
General Motors and Spyker Cars NV finalized the deal for Spyker to purchase Saab Automobile AB. Going forward, Saab and Spyker will operate under the Spyker umbrella, and Spyker will assume responsibility for Saab operations. The previously announced wind down of Saab operations has ended.
million in tax credits and up to $200,000 in training grants to Electric Motors Corporation (EMC), based on the company’s plans to establish an electric vehicle industrial development park the state. Earlier in May, Electric Motors Corporation was acquired by Optimax Industries, Inc., The State of Indiana is offering $4.6
Honda Motor Co., disclosed estimates of all greenhouse gas (GHG) emissions related to Honda including emissions from Honda’s global business operations and customer use of Honda motorcycles, automobiles and power products. Emissions from customer use of purchased products. Honda GHG emissions by Scope. Click to enlarge.
Last night, New Jersey Governor Chris Christie declared a limited state of energy emergency with regard to the supply of motor fuel and implemented odd-even rationing for gasoline purchases in 12 New Jersey counties. NJ counties with gasoline rationing. Click to enlarge.
General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB. As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward.
In response to critiques of the first version of its financing program introduced early in April ( earlier post ), Tesla Motors has raised the Model S resale value guarantee to be the highest of any premium sedan brand made in volume (excludes rare, low volume or limited edition vehicles). —Tesla Co-founder & CEO Elon Musk.
Panasonic Corporation and Tesla Motors have expanded their 2011 supply agreement so that Panasonic will now supply nearly 2 billion automotive-grade lithium-ion battery cells to Tesla through 31 December 2017 at long-term preferential prices. —Tesla Quarterly Report (10Q) for quarter ending 30 June 2013.
The Royal Automobile Club (RAC) Foundation for Motoring is a transport policy and research organisation which explores the economic, mobility, safety and environmental issues relating to roads and their users. Of the £44, £16 (US$24) is used to buy gasoline and diesel and £8.30 (US$12) is spent on insurance.
Balqon Corporation, a developer and manufacturer of heavy-duty electric vehicles, lithium-ion battery energy storage products and electric drive systems ( earlier post ), has received an order from Winston Global Energy, headquartered in Shenzhen China, for 300 electric drive systems at a purchase price of approximately $53,000 per unit.
Nissan Motor Co., All e-NV200 models qualify for the Japanese government’s eco-car subsidies and are exempt from the automobile weight tax and automobile acquisition tax. s first battery-electric commercial vehicle, the e-NV200, will go on sale in October 2014 at Nissan dealers throughout Japan. Earlier post.) Earlier post.).
Honda Motor Co., Takanobu Ito, the current President, Chief Operating Officer and Representative Director, will remain on the board and assume the post of Director and Advisor to Honda Motor. where he became actively involved in the local development of Honda and Acura automobiles. from September 2012 to March 2013.
Toyota Motor Corporation and Suzuki Motor Corporation entered into a capital alliance agreement to establish and promote a long-term partnership between the two companies for promoting collaboration in new fields, including the field of autonomous driving.
Bosch has already established a complete product portfolio for hybrid and electric powertrains including core components such as the power electronics, high-torque electric motors and chargers. Work is underway to prepare series production of power electronics components in Reutlingen and of electric motors in Hildesheim.
ZAP has received a purchase order from Samyang Optics Co. of Korea for 100 electric SUVs to be built through a partnership with China auto manufacturer Zhejiang Jonway Automobile Co. This initial purchase order is phase one of our business plan in introducing ZAP's electric vehicles to Korea. Earlier post.).
American Honda Motor will temporally adjust automobile production at all six Honda auto plants in the US and Canada due to the disruption of the flow of parts from Honda suppliers in Asia because of the ongoing flooding in Thailand. Earlier post.). Auto production will be at approximately 50% of the original plan through 10 Nov.
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