FRANKFURT (Reuters) – U.S. auto parts maker Wabco Holdings Inc on Tuesday confirmed that it has been approached by German rival ZF Friedrichshafen for a potential takeover. Shares in the brakes maker, which had a market capitalization of $6.2 billion as of Tuesday close, rose 10 percent before being halted. German daily Handelsblatt first reported… Continue reading UPDATE 2-Auto parts maker Wabco says approached by rival ZF Friedrichshafen
Tag: Strategy
UPDATE 1-Car parts firm ZF Friedrichshafen considers Wabco takeover -source
FRANKFURT (Reuters) – German car parts maker ZF Friedrichshafen is considering a takeover of U.S. rival Wabco, a person close to the matter said on Wednesday, confirming a report by newspaper Handelsblatt. ZF Friedrichshafen’s supervisory board has already discussed a potential acquisition of Wabco, the paper reported, citing financial sources. Shares in brakes maker Wabco,… Continue reading UPDATE 1-Car parts firm ZF Friedrichshafen considers Wabco takeover -source
Volkswagen and Microsoft share progress on strategic partnership
Volkswagen and Microsoft are developing the Volkswagen Automotive Cloud together. Volkswagen Automotive Cloud to be extended to China and USA in addition to Europe – core markets for future ID. Volkswagen and Microsoft develop first lighthouse projects for connected vehicle services Rapid progress with building up Volkswagen’s Development Center in North America Volkswagen and Microsoft… Continue reading Volkswagen and Microsoft share progress on strategic partnership
ChemChina considers stake sale in Italian tyre maker Pirelli
February 27, 2019 China National Chemical Corp. is considering reducing its stake in Italian tiremaker Pirelli & C. SpA as part of a strategic review of the Chinese group’s overseas investments, according to people familiar with the matter. ChemChina, as the state-owned firm is known, is considering a number of options for its stake, including… Continue reading ChemChina considers stake sale in Italian tyre maker Pirelli
Daimler Buses acquires a 5.25 percent stake in IVU AG
Berlin / Stuttgart / Mannheim, 26 February 2019 – Daimler Buses (EvoBus GmbH) is investing in digital mobility and acquiring a 5.25 percent stake in Berlin-based IVU Traffic Technologies AG. The seller of the equity stake is the charitable foundation Gerlind & Ernst Denert-Stiftung established by IVU’s previous CEO, Prof. Ernst Denert. The transaction also involves a strategic… Continue reading Daimler Buses acquires a 5.25 percent stake in IVU AG
Honda Global | February 27, 2019 “Honda e Prototype” World Premiere at Geneva International Motor Show 2019
Honda’s new urban electric vehicle will be previewed at the 2019 Geneva International Motor Show in the form of the Honda e Prototype. This new model leads on from the brand’s highly acclaimed 2017 Urban EV Concept, and is a key part of Honda’s “Electric Vision” strategy for the European region. Designed to meet the… Continue reading Honda Global | February 27, 2019 “Honda e Prototype” World Premiere at Geneva International Motor Show 2019
“HONDA E PROTOTYPE” WORLD PREMIERE AT GENEVA INTERNATIONAL MOTORSHOW 2019
Honda e Prototype previews production model evolved from 2017 Urban EV Concept Distinctive, clean exterior design combined with a contemporary, minimalist interior featuring advanced technology Rear-wheel-drive platform and wide stance deliver dynamic driving characteristics Honda e Prototype delivers a vehicle package to meet the needs of the modern urban environment Honda’s new urban electric vehicle… Continue reading “HONDA E PROTOTYPE” WORLD PREMIERE AT GENEVA INTERNATIONAL MOTORSHOW 2019
China’s Horizon Robotics bags $600m Series B financing
February 27, 2019 Chinese artificial intelligence firm Horizon Robotics has secured a $600-million Series B financing jointly led by SK China, SK Hynix and several automotive groups. The funding round values Horizon Robotics at $3 billion, the company said in a statement. The investment was joined by China Oceanwide Group’s Oceanwide Capital, CMBC Capital, CLSA’s CSOBOR Fund, Oceanpine… Continue reading China’s Horizon Robotics bags $600m Series B financing
Hyundai Motor says to lift auto operating margin to 7 percent by 2022
The logo of Hyundai Motor is seen during the 2017 Seoul Motor Show in Goyang, South Korea, March 31, 2017. REUTERS/Kim Hong-Ji SEOUL (Reuters) – Hyundai Motor Co said on Wednesday it plans to boost the core automotive businesses’ operating profit margin to 7 percent by 2022, compared with 2.1 percent in 2018, as part… Continue reading Hyundai Motor says to lift auto operating margin to 7 percent by 2022
Canada’s cut-price answer to Tesla just officially opened its factory in China
The “SOLO EV” has a 100-mile range and a retail price of $15,500.
Vancouver-based Electra Meccanica has confirmed that larger-scale production of its single-seat budget electric car is underway at a facility in central China.
The “SOLO EV” has a 100-mile range and a retail price of $15,500. The three-wheeler can be charged at a regular household socket in under 6 hours.
Deliveries began in May 2018, with components supplied by Zongshen Industrial Group and assembled in British Columbia, Canada. Now the firm is looking to ramp up production by building in China itself and has officially opened the Zongshen facility in the province of Chongqing.
Electra said in a statement Monday that it expects to produce approximately 50 SOLO EVs in the quarter ended March 31, 2019 before accelerating to a total of 5,000 cars by year-end.
“I am proud of our strategic partners at Zongshen, who have provided us with a state-of-the-art production facility and a highly-skilled production team to make the Electra Meccanica SOLO EV a reality,” said Jerry Kroll, CEO of Electra Meccanica.
The company is also developing the Tofino, a two-seater electric roadster sports car and in November 2018, the company said total vehicle pre-orders exceeded 64,000 units, representing $2.4 billion in potential sales. The majority of these orders were for the as-yet unbuilt Torfino.
The company's first U.S. dealership opened in Los Angeles in 2018 as the firm looks to target California's early adoption of electric cars.
With a market cap of just $126 million, shares in the firm now trade on the NASDAQ. They have been highly volatile over the last 52-weeks, hitting a low of 90 cents and a high of $8.25. As at Tuesday morning, the latest price was $3.89.
WATCH:Elon Musk's big ambitions may be killing Tesla
Tesla's earnings were better than expected, but Elon Musk still has a lot on his plate
8:48 PM ET Wed, 2 May 2018 | 05:31