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Porsche has plan to drive up profit by 6B euros

Porsche has plan to drive up profit by 6B eurosPorsche AG has an ambitious plan to improve operating profit by 6 billion euros ($6.8 billion) over eight years by streamlining operations as the automaker spends more to develop and manufacture electric cars, according to people with knowledge of the matter.
Porsche aims to increase earnings before interest and taxes by about 750 million euros annually over a timeframe starting this year and running through 2025 by increasing efficiencies, cutting costs and boosting contribution from new business such as digital offerings, said the people, who asked not to be identified because the discussions are private. The increase is necessary to maintain the Volkswagen AG brand’s target of a 15 percent return on sales. Porsche declined to comment.
Keeping returns flowing at Porsche is key to Volkswagen’s plan to make the world’s largest automaker a more agile company and face the industry’s unprecedented shift to self-driving and electric cars head on. Carmakers readying electric lineups are pushing for savings elsewhere to offset lower profits from battery-powered cars when compared to vehicles with combustion engines.
Take Porsche’s first electric offering as an example of the quandary facing automakers. Cars like the four-door Taycan, which comes to market next year, will cost from 6,000 euros to 10,000 euros more to produce than a comparable traditional model, the people said. Those costs won’t be passed on to customers, meaning spending reductions need to be made elsewhere to maintain profitability, they said. In total, the sports-car maker is investing more than 6 billion euros through 2022 on electric mobility.
After 2025, the German manufacturer anticipates that the efficiency push will improve profit by about 2 billion euros annually, the people said. VW’s most profitable brand generated 4.1 billion euros in operating profit and 23.5 billion euros in revenue last year. The operating margin of more than 17 percent compares to single-digit return on sales at most mass-market carmakers.
The group is on its way to become “the electric powerhouse within the auto world” and should have higher revenue and earnings momentum than Daimler AG and BMW AG, Bankhaus Metzler analyst Juergen Pieper said in a note.
Porsche is working on electric-car technology with sister brand Audi and is considering using the jointly developed underpinnings to offer electric versions of existing models like the Macan compact sport utility vehicle. Porsche has said the first cars from the new platform are planned for late 2021.
Porsche expects half of deliveries will be fully-electric or hybrid cars in 2025. Developing vehicles with combustion engines won’t be economically viable from 2030 onward under the goals of the Paris Climate accord, they said.
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Ride-hailing app Gett seeks buyers

Ride-hailing app Gett seeks buyersGett Inc., the ride-hailing app valued at more than $1 billion and backed by Volkswagen AG, is looking for buyers in a bid to compete with larger rivals, people familiar with the matter said.
The Israeli tech company has approached potential bidders including other car-hire firms, the people said, asking not to be identified because the discussions were private.
Gett may sell its entire business or offload regional operations outside of its home market, said two of the people. The company may also weigh a listing, partnership or sale of a minority stake to raise capital, another person said.
Deliberations are preliminary and there’s no guarantee Gett will go ahead with a sale or initial public offering, the people said.
“As Gett is on a clear path towards profitability globally, including the U.S.,” in the first half of 2019 “it should not be surprising that Gett may receive inbound inquiries from strategic partners,” a spokesman for Gett said.
Gett had a promising start, attracting more than $300 million from Volkswagen in 2016 as the carmaker looked for a viable challenger to Uber Technologies Inc. and Lyft Inc. This year Gett has raised $80 million from investors including Swedish fund manager Vostok New Ventures Ltd.
However, the business has been struggling in the face of growing competition.
Vostok cut the value of its stake by 14 percent so far this year, according to its third-quarter report. That puts its 4 percent holding at $55.5 million, giving Gett a value of about $1.39 billion. Volkswagen has also decided to funnel resources into a home-grown ride-sharing unit called Moia.
Facing intense competition in the U.S., Gett has also weighed an exit from the country just over a year after spending $200 million on an acquisition to enter the market, people familiar with the matter said in July.
Gett isn’t the only ride-hailing company struggling to maintain growth. Uber’s sales are dramatically slowing even as the firm spends more to expand. Lyft’s losses increased to $254 million in the third quarter from $195 million last year after spending more on research and development, a person familiar with the matter said. The two companies are also considering IPOs next year.
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Nissan board fires Ghosn as chairman following arrest

Nissan board fires Ghosn as chairman following arrestTokyo – Nissan Motor Co. fired Carlos Ghosn as chairman Thursday, curtailing the powerful executive’s nearly two decade long reign at the Japanese automaker after his arrest for alleged financial improprieties.
In an hours-long meeting, the company’s board of directors voted unanimously to dismiss Ghosn as chairman and as a representative director, Nissan said in a statement. It said its own internal investigation, prompted by a whistleblower, found serious misconduct including under-reporting of his income and misuse of company assets.
It was a stunning downfall for one of the biggest figures in the auto industry, a man who helped drive turnarounds at both France’s Renault SA and at Nissan and then managed an alliance between them that sold 10.6 million cars last year, besting its rivals.
Nissan said in a statement filed to the Tokyo Stock Exchange that its investigation uncovered misuse of company investment funds and expense money for personal gain.
This week, Renault voted to keep Ghosn as its chief executive but appointed COO Thierry Bollore as its interim chief.
Another Nissan executive, Greg Kelly, was arrested in Japan on suspicion of collaborating in the wrongdoing and also will be dismissed as a representative director, Nissan said.
Ghosn, 64, is suspected of under-reporting $44.6 million in income from 2011 to 2015, according to Tokyo prosecutors.
Nissan’s board consists of nine members, including Ghosn and Greg Kelly. The seven other board members voted at the meeting, including two members from Nissan and two from Renault.
Ghosn and Kelly will remain on Nissan’s board for now as that decision will be up to shareholders. No date has been set yet for a shareholders meeting.
Ghosn is also chairman at Mitsubishi Motors Corp., a smaller Japanese automaker that’s partnering with the Renault-Nissan alliance and plans to hold a board meeting next week.
Ghosn has been held since his arrest Monday at a Tokyo detention center, under the same Spartan conditions as other detainees, Tokyo deputy prosecutor Shin Kukimoto told reporters Thursday. He gave few details about the case.
Under Japanese law, suspects can be held for 20 days per possible charge without an official indictment. Additional charges can be tagged on, resulting in longer detentions. Neither has been charged so far.
The maximum penalty upon conviction for violating finance and exchange laws is 10 years in prison, a 10 million yen ($89,000) fine, or both.
A French citizen born in Brazil, Ghosn became something of a corporate superstar in Japan as he led Nissan’s revival from near bankruptcy after Renault sent him to help in 1999.
Ghosn served as Nissan’s chief executive from 2001 until last year. He became chief executive of Renault in 2005, leading the two automakers simultaneously. In 2016, he also became chairman of Mitsubishi Motors Corp. after Nissan took it into the alliance.
Kelly, 62, joined Nissan, maker of the Leaf electric car and Infiniti luxury models, in the U.S. in 1988. He became a board member in 2012. His background is in human resources and alliance management.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Tower Signs a Memorandum of Understanding to Sell its European Operations at an Accretive Value

LIVONIA, Mich., Nov. 20, 2018 /PRNewswire/ — Tower International, Inc. (NYSE: TOWR), a leading global manufacturer of engineered automotive structural metal components and assemblies, today announced it has signed a Memorandum of Understanding relating to the sale of all of its European Operations to Financière SNOP Dunois S.A.”FSD”, a privately owned French automotive supplier.

Tower's European Operations include manufacturing facilities in Belgium, Czech Republic, Germany, Italy, Poland and Slovakia and offices in Germany and Italy. Financial results for full year 2018 are projected at revenue of $650 million and Adjusted EBITDA of $55 million. Before fees and other customary adjustments, the anticipated sale price represent an Enterprise Value of €255 million ($298 million at $1.17/Euro) representing an enterprise multiple of 5.4 times Adjusted EBITDA. This transaction multiple is significantly higher than the present multiple for Tower's common stock, which Tower estimates was approximately 4.5 times based on yesterday's closing price.

“This accretive transaction with FSD allows Tower to focus on a North American business with strong organic growth, profit margins and cash flow. It further strengthens Tower's balance sheet and enhances Tower's financial flexibility and accelerates Tower's ability to invest in additional accretive growth, reduce leverage and/or return capital to Tower shareholders,” said CEO Jim Gouin. “FSD and Tower Europe's operations are very complementary from a customer as well as geographic footprint. This combination will allow Tower's assets and colleagues to be better utilized as part of this Pan-European entity.”

The memorandum of understanding signed by the parties together with an unsigned stock purchase agreement, would be the basis on which the parties pursue the signing of a definitive agreement in the next few weeks, once works council consultation has taken place. Completion of the divestiture is expected to take place during the first quarter of 2019 and is subject to approval of the applicable antitrust authorities and other customary conditions. Tower expects to recognize a book loss of approximately $60 million related to the sale of the European operations. This one-time charge will include the reclassification of currency translation into earnings, other fair value adjustments and selling costs.

For this transaction, Rothschild & Co. served as Tower's M&A advisor, Freshfields Bruckhaus Deringer LLP was Tower's legal advisor, and De Brauw Blackstone Westbroek advised Tower on country specific legal matters. Tower also received advisory services from J.P. Morgan Securities LLC.

Tower to Host Conference Call Today at 2 p.m. EST

Tower will discuss this transaction and other related matters in a conference call at 2 p.m. EST today. Participants may listen to the audio portion of the conference call either through a live audio webcast on the Company's website or by telephone. The slide presentation and webcast can be accessed via the investor relations portion of Tower's website www.towerinternational.com. To dial into the conference call, domestic callers should dial (866) 393-4576, international callers should dial (706) 679-1462. An audio recording of the call will be available approximately two hours after the completion of the call. To access this recording, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and reference Conference I.D. #1976027. A webcast replay will also be available and may be accessed via Tower's website.

Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measures: “Adjusted EBITDA”, “Adjusted EBITDA Margin”, “Free Cash Flow”, and “Net Debt.” We define Adjusted EBITDA as net income / (loss) before interest, taxes, depreciation, amortization, restructuring items and other adjustments described in the reconciliations provided in this presentation. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues. Free Cash Flow is defined as cash provided by operating activities less cash disbursed for purchases of property, plant and equipment. Net Debt represents total debt less cash and cash equivalents. We use Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, and Net Debt as supplements to information provided in accordance with generally accepted accounting principles (“GAAP”) in evaluating our business and they are included in this presentation because they are principal factors upon which our management assesses performance. The non-GAAP measures presented above are not measures of performance under GAAP. These measures should not be considered as alternatives for the most directly comparable financial measures calculated in accordance with GAAP. Other companies in our industry may define these non-GAAP measures differently than we do and, as a result, these non-GAAP measures may not be comparable to similarly titled measures used by other companies in our industry; and certain of our non-GAAP financial measures exclude financial information that some may consider important in evaluating our performance. Given the inherent uncertainty regarding mark to market adjustments of financial instruments, fair value adjustments to our pension plan, potential gain or loss on our discontinued operations, potential restructuring expenses, and expenses related to our long-term incentive compensation programs in any future period, a quantitative reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is not feasible. Consequently, any attempt to disclose such reconciliations would imply a degree of precision that could be confusing or misleading to investors. The magnitude of these items, however, may be significant.

Forward-Looking Statements and Risk Factors

This press release contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the completion of the pending transactions in this presentation, the consequences of that transaction, projected enterprise value, anticipated stock valuation, positioning, projected truck revenues and the outlook for revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, net new business, net debt and leverage. The forward-looking statements can be identified by words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “project,” “target,” and other similar expressions. Forward-looking statements are made as of the date of this presentation and are based upon management's current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. The following important factors, as well as risk factors described in our reports filed with the SEC, could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements:

global automobile production volumes;

the financial condition of our customers and suppliers;

our ability to make scheduled payments of principal or interest on our indebtedness and comply with the covenants and restrictions contained in the instruments governing our indebtedness;

our ability to refinance our indebtedness;

risks associated with our non-U.S. operations, including foreign exchange risks and economic uncertainty in some regions;

any increase in the expense and funding requirements of our pension and other postretirement benefits;

our customers' ability to obtain equity and debt financing for their businesses;

our dependence on our largest customers;

pricing pressure from our customers;

changes to U.S. trade and tariff policies and the reaction of other countries thereto;

work stoppages or other labor issues affecting us or our customers or suppliers;

our ability to integrate acquired businesses;

our ability to take advantage of emerging secular trends,

risks associated with business divestitures;

costs or liabilities relating to environmental and safety regulations;

our ability to close the pending transaction in accordance with anticipated terms; and

regulatory and other conditions that must be satisfied or, in certain circumstances, waived in order to consummate the pending transaction.

We do not assume any obligation to update or revise the forward-looking statements contained in this press release.

Contact:
Derek Fiebig
Executive Director, Investor & External Relations
(248) 675-6457
fiebig.derek@towerinternational.com

View original content:http://www.prnewswire.com/news-releases/tower-signs-a-memorandum-of-understanding-to-sell-its-european-operations-at-an-accretive-value-300753352.html

SOURCE Tower International, Inc.

Milestone: ŠKODA AUTO’s Mladá Boleslav plant built its seven millionth MQ 200 gearbox since the plant began manufacturing the transmissions

ŠKODA AUTO is currently investing 65 million euros in stepping up gearbox production
ŠKODA AUTO’s manufacturing of transmissions plays a key role in Volkswagen Group’s production network
Gearbox production is consistently centred on the principles of Industry 4.0

MLADÁ BOLESLAV, 13-Nov-2018 — /EuropaWire/ — ŠKODA AUTO has reached yet another milestone in component production: today, ŠKODA AUTO’s Mladá Boleslav plant built its seven millionth MQ 200 gearbox since the company’s main plant began manufacturing the transmissions in 2000. The Czech car manufacturer makes gearboxes for its own cars as well as for models from other Volkswagen Group brands at its Mladá Boleslav and Vrchlabí plants. Nowadays, gearbox manufacturing follows the principles of Industry 4.0. ŠKODA AUTO is for example focusing on state-of-the-art technologies at both plants to make workspaces more ergonomic and to assist staff.

Michael Oeljeklaus, ŠKODA AUTO Board Member for Production and Logistics, stressed, “The gearboxes made at ŠKODA AUTO demonstrate their high level of quality and manufacturing precision every day, and reliably do their jobs in millions of vehicles. The fact that we have produced seven million MQ 200 transmissions since the start of production in 2000 is convincing proof of the amount of trust that our customers place in our components.”

The manual five- or six-speed MQ 200 gearboxes are designed for engines that deliver torque of up to 200 Nm. ŠKODA AUTO currently manufactures 1,500 units per day on two production lines in Mladá Boleslav. The gearbox comes in no less than 50 different configurations, which are installed in models from various Volkswagen Group brands.

The product portfolio at ŠKODA AUTO currently comprises three types of transmission: in addition to the MQ 200, MQ/SQ 100 gearboxes are also built at the main plant in Mladá Boleslav; ŠKODA AUTO has been producing DQ 200 automatic direct-shift transmissions at its Vrchlabí plant since 2012.

The total production figure for all transmission types made at the Mladá Boleslav and Vrchlabí plants per day is approximately 4,800. To date, ŠKODA AUTO has already produced well over 10 million gearboxes at both plants combined.

ŠKODA AUTO’s manufacturing of transmissions plays a key role in Volkswagen Group’s global production network. Over the course of 2018 and 2019, ŠKODA AUTO is investing more than 65 million euros in gearbox manufacturing in Mladá Boleslav to increase the production capacity of MQ 200 transmissions. Furthermore, in recent years ŠKODA AUTO has invested more than eight million euros in a new test stand area for gearboxes.

Production principles have radically changed since gearbox production began in 2000; nowadays, innovations from Industry 4.0 are used. For example, modern software has since replaced the paperwork originally used in shopfloor management at the main plant in Mladá Boleslav.

12 KUKA robots currently assist staff with assembly by inserting screws or filling the gearboxes with oil, for example.

With its digital shopfloor management and collaboration between employees and robots, ŠKODA AUTO is pressing ahead with the digitalisation of its production – a key pillar of its 2025 Strategy.

SOURCE: ŠKODA AUTO a.s.

MEDIA CONTACT

Jens Katemann
Head of Communications
e: jens.katemann@skoda-auto.cz
t: +420 326 811 880

General Motors Says No To Electric Pickup Truck

NOV 12 2018 BY MARK KANE GM: No electric and no autonomous pickups. We can sense the teary eyes in all of you already. While the electric car market takes off and people are waiting for the next big thing – literally – a pickup from Tesla, Rivian or even Ford, we hear that General… Continue reading General Motors Says No To Electric Pickup Truck

Montupet UK Limited

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Communauto receives City of Toronto’s first permit for free-floating car-share pilot

Communauto FLEX Toronto will begin operations in November 2018
Canada’s longest-running car-sharing company Communauto will begin operating Toronto’s first free-floating car-share project under the City of Toronto’s new pilot program. The service, Communauto FLEX, plans to have more than 500 cars on the ground covering 100 square kilometres in Toronto.

During the first phase of the pilot in November 2018, Communauto FLEX will operate in the downtown core. Even more, 200 cars servicing 50 square kilometres will be available. Communauto president M. Benoit Robert received the City’s first permit from the Mayor of Toronto and Barbara Gray, the City of Toronto’s General Manager of Transportation. The event toke place during a press conference on October 9.

“Car-sharing technologies have the power to change how people go about their day-to-day lives and get around this city. I’ve encouraged the introduction of these new technologies and believe that there can be many benefits, including potentially reducing traffic and congestion by removing cars from the road,” said Mayor John Tory. “I’m proud we’ve worked to strike a balance between the benefits of car-sharing and the potential impacts it could have on neighbourhoods. I’m thrilled that the team at Communauto is among the first to join the pilot and operate here within these new regulations.”

Approved in April 2018
The Free-Floating Car-Share pilot project was approved by the City of Toronto in April 2018. Free-floating car-sharing allows members to take one-way trips beginning in one location and ending in another. This service enables drivers to pick up cars from and drop off cars to legal residential parking spaces throughout the city, rather than being confined to a fixed location.

Communauto FLEX has no monthly fees and is free to join, using a pay-as-you-go structure. Daily trips begin at $0.41/minute, $15/hour, $50/day and $35 is charged for any days following. The first 150km is included in the price of each trip.

During launch, users will receive the first 30 minutes of each trip free for one month after joining.

Torontonians can pick up Communauto FLEX cars from and drop them off at legal on-street parking spaces within the service area, and drive anywhere they want to go in between.

CEO Benoit Robert wishes to add to the existing transit options
“As a Canadian company, we’re proud to be the first to bring a free-floating car service to Toronto under this pilot. Our FLEX service will make car-sharing easy and affordable for city residents, and our goal is to work together with Toronto’s existing transit options to provide better solutions to mobility issues,” said Benoit Robert, Communauto president. “Car-sharing offers a number of social and environmental benefits to individuals and businesses. We are looking forward to working with the city, our users and other community partners to create thriving mobility solution.”

Free-float zone
Communauto FLEX will launch in Toronto with 200 Hyundai Accent hatchbacks. The free-floating car-share will service an area that will cover close to 50 square kilometres in the downtown core. It’s parking zone will span to High Park and Runnymede in the west, Dupont and Danforth in the north, and Victoria Park in the east. Excluded from the service area at launch: metered parking spaces and Green P lots.

If the pilot project is approved after the first 18 months of operations, Communauto FLEX will expand to have more than 500 cars on the road and will grow its service area to cover 100 square kilometres, serving residents up to Eglinton Ave.

How it works
Communauto FLEX offers Torontonians 24/7 access to one-way carsharing. Therefor, it is a simple way to improve their mobility inside and outside the city.

Registered users can locate and reserve cars using the Communauto FLEX mobile App. Doors can also be unlocked and locked using a smartphone or a membership card.

The first 30 minutes of booking are free.

This timelaps gives users enough time to reach the vehicle. Even more, drivers can stop and start their journey at any time.

To pre-register for Communauto FLEX, please visit: https://toronto.communauto.com/

More information on Toronto’s Free-Floating Car-Share pilot project is available at http://bit.ly/FFCarSharePilot2018

About Communauto
Founded in Quebec City in 1994, Communauto is the oldest car-sharing service in North America and the one serving the largest number of communities in Canada. With a fleet of more than 2,000 vehicles, the company serves 13 cities each one with a local approach. Among these Edmonton, Waterloo Region, Hamilton, London, Guelph, Kingston, Ottawa, Gatineau, Montréal/Laval/ Longueuil, Quebec City/Lévis, Sherbrooke, Halifax and Paris in France. Communauto group operates gas, hybrids and electric cars and offers both round-trip and free-floating carsharing.

Bridgestone to Transfer “PureBeta” Ultra High Purity Fine Ceramics SiC Component Operations

News – 2018

Bridgestone to Transfer “PureBeta” Ultra High Purity Fine Ceramics SiC Component Operations

2018/10/17

Tokyo (October 17, 2018) — Bridgestone Corporation announced on October 11 that it has reached an agreement with MARUWA CO., LTD., to transfer its “PureBeta” ultra high purity fine ceramics*1 silicon carbide (SiC) component operations to this company.

Since the launch of “PureBeta” in 2003, products from this line have been adopted by numerous semiconductor production equipment and semiconductor device manufacturers around the world, primarily for use as components in semiconductor production equipment. However, it was decided to transfer this business as part of the reorganization of the diversified products business*2, which is centered on solutions businesses, with the aim of achieving profitable and sustainable growth.

Financial information pertaining to “PureBeta” operations is not disclosed.

The Bridgestone Group is seeking to improve corporate value through higher capital efficiency while moving ahead with management reforms to make progress toward its ultimate management goals of becoming a truly global company and “Dan-totsu*3,” or the clear leader, in its industries.

Overview of MARUWA CO., LTD.

1. Company name :MARUWA CO., LTD.

2. Location :3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi, 488-0044, Japan

3. Establishment :April 1973

4. Capital :8,646,720,000 JPY

5. Representative :Sei Kanbe

6. Business activities :Development, production, and sale of ceramics for electronics and industrial applications and electronic parts

7. Number of employees :1,815 (consolidated, as of March 31, 2018)

*1. High-performance ceramics that differ from standard ceramics in that they are made through optimal refining and mixing of raw material powders

*2. Business entity in Bridgestone Group offering products other than tires and sports equipment, namely conveyor belts, water drainage systems, and urethane foam products for vehicles

*3. The Japanese term for “the absolute and clear leader”

About Bridgestone Corporation:
Bridgestone Corporation, headquartered in Tokyo, is the world’s largest tire and rubber company. In addition to tires for use in a wide variety of applications, it also manufactures a broad range of diversified products, which include industrial rubber and chemical products and sporting goods. Its products are sold in over 150 nations and territories around the world.

InMotion Ventures announces its investment in world’s most advanced electric motorcycle, Arc Vector

Arc has pioneered Vector, the most efficient, safest and most fulfilling electric motorcycle experience yet
Vector will be revealed in Milan on 6 November
Vector comes with ground breaking haptic ride-wear and connected HUD helmet

LONDON, 07-Nov-2018 — /EuropaWire/ — InMotion Ventures, Jaguar Land Rover’s venture capital fund, today announces its investment in Arc, which today unveils ‘Vector’ – the world’s first fully-electric motorcycle with Human Machine Interface (HMI). Arc Vector is the most advanced electric motorcycle ever brought to market, using exotic materials, thoroughbred componentry and cutting-edge architecture, wrapped in a futuristic body.

InMotion Ventures, Jaguar Land Rover’s venture capital fund, today announces its investment in Arc, which today unveils ‘Vector’ – the world’s first fully-electric motorcycle with Human Machine Interface (HMI). Arc Vector is the most advanced electric motorcycle ever brought to market, using exotic materials, thoroughbred componentry and cutting-edge architecture, wrapped in a futuristic body.

The investment from InMotion Ventures, along with Mercia Fund Managers, the Proof of Concept & Early Stage Fund which is part of the Midlands Engine Investment Fund, and a number of industry specialist angels, will support Arc with its global ambition for Vector to be the cleanest, safest, and most fulfilling motorcycle on the road.

The brand new bike, will be revealed at the Milan Motorcycle Show today. The Arc show stand will showcase the brand, along with the bike itself and its ground breaking intelligent haptic ride-wear and connected Heads-Up Display helmet. A virtual reality ride experience will also be available for attendees.

The Arc team consists of industry-leading professionals, coming together to develop and build an all-new experience on two wheels.

Mark Truman, Founder & CEO, Arc, said: “Our aim has always been to bring technology, performance and safety together to create an entirely new two-wheeled experience. Vector isn’t just a motorbike; it’s the world’s first fully-electric café racer, it’s an innovative heads-up display helmet and it’s a sensory riding suit – all working in unison to create an experience package like no other. We’re delighted to get the support of InMotion for this exciting launch phase. The team shares our vision and we’re looking forward to working together and creating more ground breaking products.”

Sebastian Peck, Managing Director, InMotion Ventures, said: “Electric vehicles are pivotal for the future of urban mobility, helping people travel through cities quickly and cleanly as possible. We want to make sure that we’re not only changing the way people move but delivering unparalleled outdoor experiences while doing so. With Arc’s technology and vision, the Vector is an incredible development in the next generation of motorcycle travel.”

FURTHER INFORMATION

For further information, contact:

Sally Clift
Senior Manager, Corporate Communications
M: +44 7384 430009 | E: sclift2@jaguarlandrover.com

NOTES TO EDITORS

About Arc

Arc is a jump of electricity. Arc is Arc-hitecture. Arcs are structural as is our monocoque philosophy.

Arc is about the journey – every journey on this planet takes an Arc. Mark Truman is the largest shareholder in Arc. The committed environmentalist, designer and engineer won the Society of Automotive Engineers International Young Engineer of the Year Award in 2005 for his experimental work on motorcycle chassis and swing arm flex and design parameters. He’s also a former Data Acquisition Engineer in top-level racing, during 35 years of motorcycling experience, and has built many of his own road and race machines. Visit www.ourroadis.com

Arc is also on social – find us on Twitter, Instagram and Facebook using
@ArcVehicle #OurRoadIs #ADifferentRoad