Strategy – Page 7115 – I wish I had more to offer

Continental To Launch Production of Premium Automotive Interior Surfaces in India in 2020

Automotive interior materials for Indian automotive industry Investment in state-of-the-art machines and facilities to the tune of some 22 million euros Series production scheduled to start in 2020 with approx. 110-strong workforce Environment-friendly biogas system will supply sustainable energy to plant Pune, December 11, 2018. Technology company Continental performed the symbolic groundbreaking ceremony in Pune,… Continue reading Continental To Launch Production of Premium Automotive Interior Surfaces in India in 2020

New Head of Investor Relations

Bernard Wang (38), Linde plc, to take over on January 1, 2019 Engineer with international capital market expertise and many years of experience in investor relations for publicly listed technology companies Hanover, December 11, 2018. The Investor Relations department of Continental AG in Hanover will be under new management as of January 1, 2019. Bernard… Continue reading New Head of Investor Relations

JAC Volkswagen holds groundbreaking ceremony of the new R&D centre in China to boost the electric vehicle

JAC Volkswagen Automotive Co., Ltd. held a groundbreaking ceremony for the New Energy Passenger Vehicle Project R&D Centre located in Hefei, Anhui Province. The ceremony came two weeks after a strategic agreement was signed by Volkswagen Group China, JAC and SEAT in the presence of Chinese President Xi Jinping and Spanish Prime Minister Pedro Sánchez.… Continue reading JAC Volkswagen holds groundbreaking ceremony of the new R&D centre in China to boost the electric vehicle

Subaru Corporation Announces Management Changes (Effective January 1, 2019)

December 11, 2018

Subaru Corporation Announces Management Changes (Effective January 1, 2019)

Tokyo, December 11, 2018 – Subaru Corporation announces the following management changes which will take effect on January 1, 2019. By reshuffling the management team of its manufacturing organization, the company will further strengthen its efforts to prevent recurrence of the issues identified in relation to final inspection procedures for Japanese domestic market vehicles at its Gunma Manufacturing Division.
The election of a new Director is subject to the approval of the company’s 88th Annual General Meeting of Shareholders (the “AGM”) scheduled to be held in June 2019.

Newly-Appointed Executive Officer (Effective January 1, 2019)
Kazuo Hosoya *1
Current title: President of Tokyo Subaru Inc. (Former Executive Vice President of Subaru Corporation)

*1: Nominated as a candidate for the Representative Director position. The election is subject to the approval of the AGM to be held in June 2019 and a resolution at the Board of Directors meeting to be held after the close of the AGM.
Other candidates for new Directors have not been decided at this time.

2. Changes to areas of responsibility of Executive Vice President (Effective January 1, 2019)

Name
Effective January 1, 2019
Current

Masaki Okawara *2
Executive Vice President
– Chief Information Officer (CIO)
– IT Strategy Div.
– Chief Information Officer (CIO)
– IT Strategy Div.
– In charge of manufacturing
– China Project Office

Chief General Manager of IT Strategy Div.
Chief General Manager of IT Strategy Div.

*2: To retire as Executive Vice President effective March 31, 2019

3. Changes to areas of responsibility of Senior Vice Presidents and Vice President (Effective January 1, 2019)

Name
Effective January 1, 2019
Current

Toshiaki Tamegai *3
Senior Vice President
– Manufacturing Div.
– Manufacturing Div.

—
Chief General Manager of Manufacturing Div. and Gunma Plant

Atsushi Osaki
Senior Vice President
– Chief Quality Officer (CQO)
– Quality Assurance Div.
– Customer Service Div.
– Chief Quality Officer (CQO)
– Quality Assurance Div.

Chief General Manager of Quality Assurance Div. and Customer Service Div.
Chief General Manager of Quality Assurance Div.

Hiroki Kurihara *4
Vice President
– Japan Sales & Marketing Div.
– Customer Service Div.

President of Tokyo Subaru Inc.
Chief General Manager of Customer Service Div.

*3: To retire as Senior Vice President effective March 31, 2019
*4: To retire as Vice President effective March 31, 2019

4. Areas of responsibility of Newly-Appointed Executive Officer (Effective January 1, 2019)

Name
Effective January 1, 2019
Current

Kazuo Hosoya
Deputy President
– In charge of manufacturing
– China Project Office
President of Tokyo Subaru Inc.

Chief General Manager of Manufacturing Div. and Gunma Plant

###

[PDF/186 KB]

Soul-searching is in order for Nissan’s board after Ghosn allegations, governance experts say

Takashi Aoyama | Getty Images News | Getty Images
A general view of Nissan Crossing showroom in the Ginza district on November 21, 2018 in Tokyo, Japan.

Turmoil at Japan's Nissan Motor surrounding allegations of impropriety by ousted chairman Carlos Ghosn raises questions about the oversight role of the company's board of directors, corporate governance experts said this week.

Ghosn, long seen as a superstar of the global auto industry, was arrested last month after allegedly under reporting compensation and misusing assets.

He gained renown for reviving Nissan after French automaker Renault took a large stake in the company nearly two decades ago. He later went on to oversee an alliance involving Renault, Nissan and Mitsubishi Motors.

But Ghosn was dumped by the boards of Nissan and Mitsubishi after his arrest on Nov. 19, though is still chairman and CEO of Renault. He remains in custody in Tokyo and has yet to be charged.

Japanese broadcaster NHK, citing unnamed sources, reported last month that Ghosn has denied under reporting his earnings.

Jamie Allen, secretary general of the Asian Corporate Governance Association, said that a key concern about the allegations against Ghosn is why Nissan's board of directors was seemingly unaware.

“I think there is a clear issue of internal controls in that company that they're not properly addressing,” Allen told reporters in Hong Kong on Wednesday.

“If the board really didn't know about that, and maybe they really didn't know about that, then that doesn't speak … very highly of their internal controls, or their governance,” Allen said. “My point is boards have collective responsibility … so I think the board at Nissan really needs to do some soul-searching.”

Other experts also questioned the role of oversight at Nissan.

“I think it is extremely unlikely that the board did not know about this,” Jesper Koll, head of Japan at WisdomTree Investments, told CNBC on Friday.

“Because the reality is any board, whether it is a purely local Japanese company or whether it is an international, global company, whatever corporation you run, the executive compensation and CEO compensation is an extremely important issue,” Koll said.

John Buchanan, an expert in Japanese corporate governance at the Centre for Business Research at Cambridge Judge Business School, said that a lack of formal charges against Ghosn makes it difficult to assess the board's role, though he added it was unlikely to have been completely in the dark regarding remuneration.

And Nissan's decision to “disgrace the company by calling in public prosecutors” resulted in “effectively advertising the inadequacy of the board and Nissan's internal controls,” Buchanan said in an email.

“This can be seen as a demonstration that Japanese corporate governance is still largely internally focused,” he said.

'Foreign majority shareholders'

Contacted by CNBC for comment, Nick Maxfield, a spokesman for Nissan, which is headquartered in Yokohama, Japan, said by email that the company went to Japanese prosecutors with results of an internal probe spurred by a whistleblower that had “uncovered substantial evidence” of alleged under reporting of compensation and misuse of assets and funds.

Maxfield, who said Nissan could not disclose specifics of the probe, referred to comments made by Nissan CEO Hiroto Saikawa at a press conference the day Ghosn was arrested.

Saikawa had said Nissan would need to “identify the issues of governance (and) really look back on what happened seriously and take immediate and fundamental countermeasures” because the alleged misconduct had been lengthy.

Maxfield also said that Nissan's board on Nov. 22 vowed to create a special committee to receive advice from an independent third party on governance and managing compensation.

A team of Jefferies analysts suggested in a report last month that foreign shareholders — who, by their calculation, hold more than 80 percent of Nissan's stock — also cannot shirk responsibility.

“If Nissan was badly governed, then the blame should rest squarely on the shoulders of its foreign majority shareholders,” the report said.

Renault has the largest single stake in Nissan at more than 40 percent.

The European automaker did not immediately respond to a request by email for comment from CNBC.

Some experts also cautioned against reading too much into Nissan's problems and losing sight of positive changes that have taken place in broader Japanese corporate governance in recent years, such as greater power for whistle-blowers — a key element of the Nissan case — and a new ombudsman clause.

“That actually shows, I think, that corporate governance in terms of the structure that is being put into place is actually looking to improve,” WisdomTree's Koll said.

Ulrike Schaede, professor of Japanese Business at the University of California San Diego, agreed that the overall situation has improved, but stressed that corporate abuses will occur even with the best of safeguards.

“If a CEO wants to do something that benefits him or her more than the company, they will be able to do it no matter what the governance system does,” Schaede said.

“It happens in all systems,” she added. “So in that sense I don't think that this is indicative of a system failure in Japan.”

EBRD lends €15 million to Turkish chemicals maker to increase production of a key component in energy-efficient tyres

EBRD €15 million loan will fund building of new production facility
New plant will increase capacity by 40,000 tonnes by 2020
Expansion supports fast-growing demand for silica used in energy-efficient tyres

LONDON, 08-Nov-2018 — /EuropaWire/ — In support of greener business practices, the EBRD is lending €15 million to Turkish chemicals maker Egesil Kimya Sanayi ve Ticaret A.S. to increase production of precipitated silica, a key component of energy-efficient tyres that reduce carbon emissions. Founded in 2002, Egesil is majority-owned by Germany’s Evonik Industries, one of the world’s leading specialty chemicals producers and the world’s largest silica producer.

The loan will help build a new production facility in Sakarya, Turkey, next to the company’s existing facility. It will increase the speciality chemicals manufacturer’s annual production capacity of precipitated silica by 40,000 tonnes.

Demand for highly dispersible silica is strong and growing in the global tyre industry to replace carbon black, the traditional filler material in tyre manufacturing. Silica increases the grip and adhesion of tyres and has better anti-skid properties. It also reduces fuel consumption by lowering rolling resistance.

The new facility is expected to become operational by 2020. It will help make carbon emissions savings of around 67,000 tonnes of CO2 equivalent per year during the life cycle of tyres. The EBRD Strategy for Turkey emphasises contributing to the improvement of energy and resource efficiency and to the further integration of medium-sized private Turkish companies into global value chains. The project is also part of the EBRD’s Green Economy Transition (GET) approach, as 100 per cent of the Bank’s loan will be used for green investments.

Egesil Kimya has been chosen among various Evonik subsidiaries to house the capacity increase targeted to supply the European automotive tyre industry. The company’s existing facility has a very good track record, a cost-competitive manufacturing base and was awarded the Evonik Platinum Safety Award in 2018 for not having had a single work accident over the past 15 years. Strong demand for its product and full order books triggered the need to expand capacity.

As the leading silica producer in Turkey, Egesil Kimya aims to reinforce its leading position in the country and meet increased demand both locally and in export markets. With the additional facility, Egesil Kimya will become one of the largest silica plants in the world. The company’s main customers are the world’s leading tyre manufacturers.

The EBRD has invested almost €11 billion in close to 280 projects in Turkey, with a focus on investment in sustainable energy, improving infrastructure, strengthening the competitiveness of the private sector, deepening capital and local currency markets, and promoting regional and youth inclusion and gender equality.

For all media enquiries, email press@ebrd.com

SOURCE: EBRD

Fiat Chrysler to build Jeep in revived Detroit plant

Fiat Chrysler to build Jeep in revived Detroit plantDetroit — Fiat Chrysler Automobiles NV plans to convert an idled engine plant in the city into an assembly plant as part of the automaker's plans to add a new three-row Jeep SUV to its lineup, The Detroit News has learned.
The Auburn Hills-based automaker plans to revive Mack Avenue Engine II, which has been idled since 2012, as an assembly plant building a new three-row Jeep Grand Cherokee for model year 2021, multiple sources familiar with the plans told The News. The move could add as many as 400 new auto jobs in the city.
The renovated Mack Avenue facility would be the first new auto assembly line to open in Detroit in 27 years, potentially cushioning the blow of General Motors Co.'s plans to stop production of four sedans at its Detroit-Hamtramck assembly plant by June 1. FCA's plans are the latest move by automakers in the waning days of the year before Detroit's automakers begin to renegotiate their contracts next year with the United Auto Workers.
Foreign and domestic automakers are under increasing pressure from President Donald Trump to boost production of cars, trucks and SUVs in the United States — even as his administration wages a costly trade war with China, Canada, Mexico and the European Union that is raising steel prices and threatening tariffs on imported vehicles.
FCA's plans for its Detroit plants come as GM CEO Mary Barra was on Capitol Hill for a second straight day to caucus with Michigan's congressional delegation and Ohio's two senators. They want the automaker to reconsider its plans to idle four U.S. plants next year, a request that Barra appears to have politely rebuffed.
When Mack II starts production of the three-row Grand Cherokee, FCA would begin retooling Jefferson North Assembly Plant — directly across the street from the Mack Avenue Engine Complex — to make way for the next generation of the two- and three-row Grand Cherokee. A public announcement is tentatively scheduled for the end of next week.
An FCA spokeswoman and the office of Mayor Mike Duggan declined comment.
“FCA is essentially out of capacity,” said Jeff Schuster, an analyst with LMC Automotive in Troy. “They’re kind of running up against being against full capacity. This is a very different situation than what GM is dealing with.”
Even as Fiat Chrysler officials mull decisions to prepare for a future expected to include expensive electric and autonomous vehicles, the automaker needs to invest in a new assembly line to build the profitable SUVs that will raise cash to fund that future. Fiat Chrysler’s plant capacity utilization in November hit 92 percent in North America.
The capacity crunch is not an accident. In 2016, FCA's late CEO, Sergio Marchionne, shocked the industry when he confirmed FCA would abandon car production in the United States and retool the plants to build profit-rich Ram pickups and Jeep SUVs. The plans to convert Mack II to build the Grand Cherokee are the latest move in that strategic realignment.
FCA also recently approved plans to spend six months next year retooling its Warren Truck Assembly Plant to prepare for production of a 2021 full-size three-row SUV, the Jeep Wagoneer. The automaker likely has delayed plans to repatriate from Mexico production of the Ram Heavy Duty.
Construction on Mack II, internally dubbed “Plant X,” likely would begin next year, as Detroit's automakers prepare to begin national contract talks with the UAW. To convert the old engine plant to a full assembly line, sources said, the automaker would need to add at least a body and paint shop.
Reviving the idled half of the Mack engine plant as an assembly operation would improve a worsening capacity problem for Fiat Chrysler. With strong demand for its Jeep and Ram products, the automaker has shuffled products from plant to plant in recent years while it retools for new vehicles — an attempt to avoid the significant financial hit of idling production of its most profitable vehicles.
Fiat Chrysler's North American assembly plants are currently running at 92 percent capacity, according to data compiled by LMC Automotive for The Detroit News. By comparison, GM and Ford Motor Co. were operating at 72 percent and 81 percent through November, respectively.
But FCA's Jefferson North plant, on the west side of Conner between Mack and Jefferson, is operating at 130 percent capacity. That means the automaker is running extra shifts to meet demand for the Jeep Grand Cherokees, Jeep Grand Cherokee SRTs and Dodge Durangos made there.
Only two of Fiat Chrysler's U.S. assembly plants are operating at below 80 percent capacity in 2018: the Toledo Supplier Park and Warren Truck Plant. Currently building only the Ram 1500 work truck, the Warren plant is operating at just 46 percent of capacity.
The new production line on Mack Avenue would also add a valuable new three-row product to Fiat Chrysler’s hot-selling Jeep lineup. The revamped line is expected to add hundreds of new jobs on Detroit’s east side and to bolster the city's tax base.
FCA's plans for its U.S. plants are a stark contrast to GM's. The Detroit automaker plans to idle five plants in North America next year, imperiling the jobs of 6,300 line workers in the region as it slashes some 8,000 white-collar jobs in a restructuring plan designed to save the Detroit automaker $6 billion by 2020.
Among the affected GM plants is Detroit-Hamtramck Assembly, staffed by nearly 1,350 union workers and one of only two vehicle assembly plants left in Detroit. Should GM's Detroit plant close as part of 2019 contract talks with the UAW, Fiat Chrysler’s Jefferson North Assembly Plant stood to become to final auto assembly plant in Detroit — until the Mack II project emerged.
Jefferson North, the last remaining automotive assembly plant located entirely inside Detroit's borders, completed construction in 1991 and produced its first Grand Cherokee in January 1992. GM opened Detroit-Hamtramck Assembly in 1985, after the city used eminent domain powers to seize a predominantly Polish neighborhood for the auto plant.
nnaughton@detroitnews.com
ithibodeau@detroitnews.com
daniel.howes@detroitnews.com
Read or Share this story: https://www.detroitnews.com/story/business/autos/chrysler/2018/12/06/fiat-chrysler-open-new-assembly-plant-detroit/2225735002/

UPDATE 2-Goodyear permanently ceases Venezuela operations

CARACAS (Reuters) – Goodyear Tire & Rubber Co (GT.O) is halting operations in Venezuela because of dire economic conditions and U.S. sanctions, the company said on Monday, part of an exodus of foreign corporations from the country. FILE PHOTO: A U.S. flag flies at a Goodyear Tire facility in Somerville, Massachusetts, U.S., July 25, 2017.… Continue reading UPDATE 2-Goodyear permanently ceases Venezuela operations

Musk suggests Tesla’s new chairwoman won’t rein him in

Musk suggests Tesla’s new chairwoman won’t rein him inNew York – Tesla CEO Elon Musk dismissed the idea that the company’s new chairwoman can exert control over his behavior.
Robyn Denholm, an Australian telecommunications executive, was appointed chairwoman of Tesla’s board last month, replacing Musk as part of as part of a securities fraud settlement with U.S. government regulators.
But Musk said “it’s not realistic” to expect Denholm to watch over his actions because he remains the electric car company’s largest shareholder.
“It’s not realistic in the sense that I am the largest shareholder in the company,” Musk said in an interview with CBS’ “60 Minutes,” broadcast Sunday evening. “I can just call for a shareholder vote and get anything done that I want.”
Musk, who owns about 20 percent of Tesla, gave up the chairman role under a settlement with the Securities Exchange Commission, which had charged the CEO with misleading investors in August with a tweet that said he had “funding secured” for taking the company private.
The SEC settlement also required the company to vet Musk’s tweets and other comments about the company before they are released to the public. Musk also shrugged off that provision, saying none of his tweets have been censored so far and the company does not review his posts to determine beforehand whether they could potentially affect the company’s stock price.
“I guess we might make some mistakes. Who knows?” Musk said.
Musk said he does not respect the SEC, but when asked if he would obey the settlement, he said: “Because I respect the justice system.”
Denholm’s appointment in November drew a mixed response from corporate governance experts, who praised her financial expertise but questioned her ability to carve out an independent path for a board that has been dominated by Musk.
Denholm has been on Tesla’s board for five years. She is the chief financial officer and strategy head at Telstra Corp. Ltd., Australia’s largest telecommunications company, but will step down from that company after a six-month notice period and work at Tesla full-time.
Musk told “60 Minutes” interviewer Lesley Stahl that he had hand-picked Denholm.
The SEC settlement would allow Musk to return as chairman after three years, subject to shareholder approval. Musk said he would not be interested.
“I actually prefer to have no titles at all,” Musk said.
Amid its CEO’s erratic behavior, Tesla delivered on promises to accelerate production of its pivotal Model 3 sedan, progress seen as essential to the company’s ability to repay $1.3 billion in debt due within the next six months.
The company also fulfilled a pledge to make money during the third quarter, and Musk has said he expects the company to remain profitable. He said Tesla would consider buying any plant that rival GM closes as part of a restructuring plan that could cost up to 14,000 jobs.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Read or Share this story: https://www.detroitnews.com/story/business/autos/mobility/2018/12/10/elon-musk-new-tesla-chairwoman/38708891/

University of Nottingham part of government-backed initiative to trial self-driving taxis in London

NOTTINGHAM, 05-Dec-2018 — /EuropaWire/ — The University of Nottingham is part of a major new government-backed initiative to trial self-driving taxis around parts of London.

Led by Jaguar Land Rover, the ServCity pilot has won £11.15m from Innovate UK towards its £19.8m project to develop a bookable taxi service in the capital using six autonomous Land Rover Discovery vehicles.

The consortium, also comprising Addison Lee, the Transport Systems Catapult and the Transport Research Laboratory, will test and further develop existing JLR sensing and autonomy systems in Coventry and the Midlands before piloting a “premium mobility service across four Greater London boroughs”.

The trials will assess technical performance and include social behavioural research, led by the Human Factors Research Group at the University, to explore how driverless technology can seamlessly integrate into society, with the findings applied to the development for future autonomous service models.

Professor Gary Burnett, Chair in Transport Human Factors, Faculty of Engineering, University of Nottingham, said: “ServCity is an ideal opportunity for us to conduct world-leading research to understand the complex factors that will contribute to the public’s acceptance of connected and automated vehicles. We are particularly excited to be working closely with major industrial players in this field to ensure that the knowledge we acquire can have a direct impact on their design processes going forward and shape the experience for users of future autonomous mobility services.”

The project will also develop analytical models to understand and demonstrate the wider positive impacts of connected and autonomous vehicles on cities – from reduced air pollution to easing congestion.

The project is one of three new public trials announced late this week by Business and Energy Secretary Greg Clark as part of efforts to ensure the UK is a world-leader in the development and testing of self-driving technologies.

The projects were selected following a competitive process and will share a £25m government grant through the fourth round of the Connected and Autonomous Vehicles Intelligent Mobility Fund.

Each pilot supports the government’s ambition to have self-driving vehicles on UK roads by 2021 through the modern Industrial Strategy and Future of Mobility Grand Challenge.

Future of Mobility Minister, Jesse Norman, said the UK market for autonomous vehicles was forecast to be worth up to £52bn by 2035. “This pioneering technology will bring significant benefits to people right across the country, improving mobility and safety, and driving growth across the UK,” he said.

“Autonomous vehicles and their technology will not only revolutionise how we travel, it will open up and improve transport services for those who struggle to access both private and public transport,” he said.

“The UK is building on its automotive heritage and strengths to develop the new vehicles and technologies and from 2021 the public will get to experience the future for themselves.”

Some £250 million, match-funded by industry, is being invested by the government, propelling self-driving technology in the UK.

— Ends —

Our academics can now be interviewed for broadcast via our Media Hub, which offers a Globelynx fixed camera and ISDN line facilities at University Park campus. For further information please contact a member of the Communications team on +44 (0)115 951 5798, email pressoffice@nottingham.ac.uk or see the Globelynx website for how to register for this service.

For up to the minute media alerts, follow us on Twitter

Notes to editors:

The University of Nottingham is a research-intensive university with a proud heritage, consistently ranked among the world’s top 100. Studying at the University of Nottingham is a life-changing experience and we pride ourselves on unlocking the potential of our 44,000 students – Nottingham was named both Sports and International University of the Year in the 2019 Times and Sunday Times Good University Guide, was awarded gold in the TEF 2017 and features in the top 20 of all three major UK rankings. We have a pioneering spirit, expressed in the vision of our founder Sir Jesse Boot, which has seen us lead the way in establishing campuses in China and Malaysia – part of a globally connected network of education, research and industrial engagement. We are ranked eighth for research power in the UK according to REF 2014. We have six beacons of research excellence helping to transform lives and change the world; we are also a major employer, proud of our Athena SWAN silver award, and a key industry partner- locally and globally.

Story credits

More information is available from Professor Gary Burnett, Human Factors Research Group, on +44 (0)115 95 13158 or gary.burnett@nottingham.ac.uk

Emma Lowry – Media Relations Manager
Email: emma.lowry@nottingham.ac.uk
Phone: +44 (0)115 846 7156
Location: University Park

SOURCE: The University of Nottingham