Valmet Automotive’s EBITDA and cash flow improved significantly from the previous year, operating profitability slightly and the annual car production of 114,000 vehicles reached again a record volume. Sales of EUR 651.5 million, EBITDA significantly improved Valmet Automotive’s net sales in 2019 were EUR 651.5 million (662.6 in 2018), which was 2 % lower than in… Continue reading Valmet Automotive Annual Review 2019: Successful entry into battery business, significant improvement in EBITDA and cash flow despite challenging envi…
Category: Newswire
Aston Martin May Need More Cash Even After Bailout by Billionaire
Aston Martin Lagonda Global Holdings Plc said it may need to tap into high-interest notes it was trying to avoid drawing down, even after a 536 milion-pound ($663 million) capital infusion from a group led by billionaire Lawrence Stroll.
France’s Renault puts Paris white collar staff on partial unemployment
PARIS, March 30 (Reuters) – French carmaker Renault put most of its white collar staff in the Ile-de-France region around Paris on partial unemployment on Monday as the lockdown imposed due to the coronavirus outbreak lowered activity.
The company will use the scheme that French government has set up to fight the economic crisis caused by the pandemic.
Under the scheme, Paris has pledged to reimburse companies so that workers placed on partial unemployment can still get most of their salary.
“After a two-week stoppage of industrial and commercial activity, it is necessary to adapt the working hours of employees”, a Renault spokeswoman told Reuters.
From Monday and until further notice, Renault white collar staff will work from home in the morning and will be on partial unemployment in the afternoon.
Only a few people will keep their full-time jobs to ensure key activities such as security, maintenance and communication.
The partial unemployment measure in the region of Paris will affec..
GROUPE RENAULT : Status on tplant closures as of March 30, 2020
COMMUNIQUÉBoulogne -Billancourt, March 30, 2020Groupe Renault informs that, due to the impact of the COVID-19 sanitary crisis, all the Group’s plants are now halted, with the exception of plants in China and South Korea, which are either back in operation or in the process of resuming production.The Group plans to restart production activities in the… Continue reading GROUPE RENAULT : Status on tplant closures as of March 30, 2020
Nexteer Reports 2019 Financial Results
AUBURN HILLS, Mich., March 29, 2020 /PRNewswire/ — Nexteer Automotive today reported annual results for its fiscal year ended December 31, 2019. The Company’s 2019 financial results were impacted by various environmental challenges including lower OEM light vehicle production across all regions, led by a decline in China, a GM-UAW labor strike in North America interrupting vehicle… Continue reading Nexteer Reports 2019 Financial Results
BYD’s New Blade Battery Set to Redefine EV Safety Standards
BYD highlighted a video of the Blade Battery successfully passing a nail penetration test, which is seen as the most rigorous way to test the thermal runaway of batteries due to its sheer difficulty. “In terms of battery safety and energy density, BYD’s Blade Battery has obvious advantages,” said Professor Ouyang Minggao, Member of the… Continue reading BYD’s New Blade Battery Set to Redefine EV Safety Standards
GM Agrees to $120 Million Settlement to Resolve Ignition Suits
General Motors Co. agreed to a $120 million settlement over faulty ignition switches that allegedly caused cars to stall and air bags to deploy, in some cases triggering fatal accidents.
Allison Transmission Provides Update on Impact of COVID-19
INDIANAPOLIS–(BUSINESS WIRE)–Allison Transmission Holdings Inc. (NYSE: ALSN) today provided a business update in light of the rapid spread of the COVID-19 virus. In response to recent disruptions to our supply chain, changes in customer demand and a weaker outlook for the global economy, Allison is temporarily suspending production at select manufacturing facilities beginning March 30,… Continue reading Allison Transmission Provides Update on Impact of COVID-19
Tata Motors to spin off cars unit to seek strategic allies
Tata Motors Ltd., the Indian owner of Jaguar Land Rover, plans to separate its cars business from trucks and buses, as the company seeks partners for a unit slammed by the coronavirus outbreak and a global shift to electric vehicles.Tata Motors’ shares fell 0.1% in Mumbai after surging as much as 7.2% earlier in the day.Tata Motors also appointed Shailesh Chandra, head of its electric vehicles business, as the head of the cars unit.
Ford Sollers to suspend car production in Tatarstan from March 28 to April 5
KAZAN, March 27. /TASS/. Car production at the Ford Sollers plant in Yelabuga, Russia's republic of Tatarstan, will be suspended next week in accordance with the Russian President's decree establishing March 30-April 3, 2020 paid days off across the country, the company's PR-coordinator in Tatarstan Indira Salimgaraeva told TASS.
“In compliance with the decree by Russian President Vladimir Putin issued on March 25 following the aggravation of the situation caused by the spread of the coronavirus COVID-19 in Russia, a special mode of activity will be introduced at the Ford Sollers plant in Yelabuga from March 28 to April 5. During this period, the production and shipment of Ford Transit cars, the reception of automotive components and other production activities not related to the life support and maintenance of the accident-free condition of the plant will be suspended, a non-working week has been announced for employees,” she said.
She added that the next week will be a..