Tag: M and A

Biodegradable Seat Covers: Lenzing on the Latest in Circular Auto Parts – Sustainable Brands

Through a partnership with Swiss automaker Rinspeed, textile giant Lenzing is expanding into auto upholstery — and changing what it feels like to sit on wood. Wood is one of our most versatile natural materials. We use it for everything from paper, packaging and furniture to houses — and wood-based textiles such as lyocell and… Continue reading Biodegradable Seat Covers: Lenzing on the Latest in Circular Auto Parts – Sustainable Brands

Dyson patents show possible Tesla Model X competitor

Patent drawing for Dyson electric car due in 2021
Dyson, the maker of snazzy, high-tech vacuum cleaners, has said for two years that it will build electric cars starting in 2020.

Now the company has released patent drawings that give a hint of what at least the first one may look like.

READ THIS: Dyson plans to build its electric car in Singapore

The drawings show a long, low crossover SUV—call it a wagon if you must—reminiscent of the former Mercedes-Benz R-Class or the original version of the Chrysler Pacifica.
It shows three rows of forward facing seats in a relatively low-slung body that should allow it to move plenty of passengers relatively efficiently, within its sleek shape.

CHECK OUT: Dyson plans to build electric-car test track in Britain

That sounds a lot like the mission of the Tesla Model X.
Patent drawing for Dyson electric car due in 2021

James Dyson, the company's namesake founder, sent a memo to staff, obtained by Bloomberg, saying that the patents, “don't reveal what our vehicle will really look like or give any specifics around what it will do.” It went on to say, they do “provide a glimpse of some of the inventive steps,” the company is considering.

The patent shows a battery under the floor and large, relatively narrow tires that could be used to reduce rolling resistance.

READ MORE: Battery tech may be getting a big solid-state boost soon

Dyson, known as a somewhat eccentric inventor, has also said that the company will build a range of new models in the coming years.
Last year, Dyson acquired land in Britain to set up a test track at a former British air force base and announced it would build its new electric cars in Singapore at a new factory to be constructed by 2020, and start production in 2021. The company has committed to spending $2.6 billion to launch its automotive business and plans to hire 500 staff members.

In January, it hired former Infiniti executive Roland Krueger to head up its automotive operations and moved its automotive headquarters to Singapore.

UPDATE 1-VW plans summer IPO of its Traton truck unit

(Adds details of Traton unit, Navistar investment, background) By Nick Carey May 13 (Reuters) – Volkswagen AG said on Monday it plans an initial public offering of its Traton trucks unit before the 2019 summer break and will invest nearly 1 billion euros ($1.12 billion) in an electric vehicle battery cell plant in Europe. The… Continue reading UPDATE 1-VW plans summer IPO of its Traton truck unit

Volkswagen to make batteries in Germany, slim down

FILE PHOTO: People pass in front of a Volkswagen logo ahead of the Shanghai Auto Show, in Shanghai, China April 15, 2019. REUTERS/Aly Song/File Photo BERLIN (Reuters) – Volkswagen will invest almost 1 billion euros ($1.1 billion) in battery cell production at a facility in western Germany and is seeking to simplify the group by… Continue reading Volkswagen to make batteries in Germany, slim down

VW board gives provisional nod to Traton truck unit IPO

May 13 (Reuters) – Volkswagen AG said on Monday that it plans an initial public offering (IPO) of its trucks unit Traton before the 2019 summer break and will invest nearly 1 billion euros ($1.12 billion) in an electric vehicle battery cell plant in Europe. The German automaker also said it would launch talks on… Continue reading VW board gives provisional nod to Traton truck unit IPO

Tesla Model Y May Overload Panasonic’s Cell Production Capacity

Panasonic is already constrained and may be rethinking its future investments. Last year, we reported that Panasonic’s investment in Tesla was negatively impacting its financials. However, later, there was more positive news related to that story. Then, more recently, the news took a plunge once again. At the same time, there was much press surrounding Panasonic’s… Continue reading Tesla Model Y May Overload Panasonic’s Cell Production Capacity

Shares of Mercedes-maker Daimler fall as rumors fly of a Chinese stake build-up

An employee at a Mercedes-Benz car dealership.Dmitry Rogulin | TASS | Getty ImagesShares of Daimler dipped Monday following a report that a Chinese partner firm is building a stake in the German automaker.
Reuters reported Friday, citing three sources familiar with the matter, that China's Beijing Automotive Industry Holding Co. (BAIC) has been buying up shares in the Mercedes-Benz carmaker on the open market, with a view to consolidating a stake of around 4% to 5%. CNBC couldn't independently verify the report.
Shares of Daimler are up 20% so far in 2019, but retreated around 3% Monday amid a wider sell-off for European benchmarks.
One source, cited by Reuters, suggested that the buying this year had been underpinned by BAIC's ambition and that Monday's selling may denote that the buyer is nearly finished acquiring stock.
Building a 5% stake in Daimler at its current stock value would cost a buyer around $3.4 billion.
BAIC builds Mercedes cars in China through their joint venture, Beijing Benz Automotive. Daimler has reportedly been looking to secure a controlling interest in the alliance.
Li Shufu, the chairman of rival Chinese carmaker Zhejiang Geely, is Daimler's biggest individual stakeholder, holding nearly a 10% slice of the German firm.
After being contacted by CNBC, Daimler said it had no comment to make.