Aston Martin to more than double production by 2025: CEO

ABU DHABI (Reuters) – Luxury carmaker Aston Martin (AML.L), has not yet seen a slowdown in its key markets and aims to more than double the number of cars it makes by 2025, its chief executive said on Sunday. FILE PHOTO: Andy Palmer, CEO of Aston Martin, poses for a photograph next to the company’s… Continue reading Aston Martin to more than double production by 2025: CEO

Tower Signs a Memorandum of Understanding to Sell its European Operations at an Accretive Value

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.

AEye Sets New Benchmark for LiDAR Range

Introducing 1KM
AEye has set a new benchmark for LiDAR range. In performance specification tests monitored and validated by VSI Labs, AEye’s iDAR system acquired and tracked a truck at 1,000 meters – or one kilometer – five times the distance current LiDAR systems are able to detect!

Watch now:

AEye Sets New Benchmark for LiDAR Range — AEye’s iDAR Shatters Both Range and Scan Rate Performance Records for Automotive Grade LiDARAEye Introduces Groundbreaking iDAR TechnologyThe Future of Autonomous Vehicles: Part I – Think Like a Robot, Perceive Like a HumanAEye Announces the AE100 Robotic Perception System for Autonomous VehiclesGartner Names AEye Cool Vendor in AI for Computer VisionAEye Granted Foundational Patents For Core Solid-State MEMs-Based Agile LiDAR And Embedded AI TechnologyAEye Announces Addition of Aravind Ratnam as Vice President of Product ManagementAutoSens Names AEye Most Exciting Start-Up in the Automotive Imaging SectorAEye Introduces Next Generation of Artificial Perception: New Dynamic Vixels™AEye’s iDAR Leverages Biomimicry to Enable First Solid State Lidar with 100Hz Scan Rate

Scuderia Cameron Glickenhaus Plant Confirmed In Connecticut

The niche sports car-maker shows where the upcoming 004S will be built. It has been an exciting week for the boutique sports car-maker Scuderia Cameron Glickenhaus. Just before October ended, SCG revealed the final form of the upcoming 004S, which showed a host of aesthetic and technical changes to enhance the central-seat supercar. The timing… Continue reading Scuderia Cameron Glickenhaus Plant Confirmed In Connecticut

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

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

Tweet

Share

0

+1

LinkedIn

0

Email

ZF now offers the broadest range of hybrid and all-electric drive solutions for almost every vehicle segment

ZF now offers the broadest range of hybrid and all-electric drive solutions for almost every vehicle segment

ZF supplies electric drives for all vehicle types, ranging from bicycles to 40-ton trucks
The product portfolio ranges from hybrid solutions to all-electric drives.
Integrated E-system solutions, including electronics and peripheral systems.

Friedrichshafen, Germany, 09-Nov-2018 — /EuropaWire/ — ZF is constantly advancing vehicle electrification and has meanwhile come to be known as the world champion of variation with its many integrated system solutions. In fact, ZF now offers the broadest range of hybrid and all-electric drive solutions for almost every vehicle segment. As one of the early e-mobility pioneers, ZF knows what it takes to convert electricity into efficient and dynamic vehicle propulsion.

In 2008, ZF was the first company in Europe to volume-produce hybrid modules – a technology that reduces CO2 emissions by up to 70 percent compared to vehicles with combustion engines. In the meantime, many manufacturers are now producing a variety of car models equipped with the 8-speed plug-in hybrid transmission (8P) that features a longitudinally-mounted drive. A hybrid module that fits into almost any installation space is integrated in the automatic transmission and helps generate 90 kW and 250 Nm torque. It allows hybrid vehicles to accelerate on all-electric power up to 120 km/h maximum speed and – depending on battery capacity – travel a good 50 km. The separating clutch with low drag loss contributes to efficiency by completely decoupling the combustion engine in E-mode. Thanks to its optimized torsional damper, the 8P harmonizes also with downsizing three-cylinder turbo engines.

The 8-speed dual clutch transmission (8DT) shifts more dynamically as it is designed specifically for sports cars with longitudinal or all-wheel drives. ZF is working with Porsche to develop it as an optional plug-in hybrid system that supplies, all electrically, 100 kW and 400 Nm, thus enabling it to reach speeds of 140 km/h without a combustion engine. Torsional damper, separating clutch including actuators and electric motor are housed directly in the clutch bell housing in the 8DT. The all-wheel distributor system is also integrated into the AWD version of the hybrid transmission. It transfers torque to the front axle as needed.

Hybrid for compact and commercial vehicles

The electric axle drive system from ZF, on the other hand, does not impact the transmission, rather is positioned directly in the middle on the axle. Following the “Plug-and-Drive” principle, it brings together decisive system components in a compact module, including an electric motor, a two-stage single-speed spur gear drive along with differential, parking lock, the housing, the cooling unit as well as the power electronics and control software. Integrating the transmission, electric motor and power electronics into one system represents a key competence that ZF can offer its customers as a single-source supplier. In the process, the electric axle drive generates up to 150 kW and 3,500 Newton meters of axle torque. Installed in the vehicle rear, in the ZF “mSTARS” modular rear axle system (stands for “modular Semi-Trailing Arm Rear Suspension”), for example, it transforms the combustion-engine powered passenger car with front-wheel drive into an axle hybrid and electric all-wheel vehicle. In the ZF “eAMT” concept (stands for “electrified Automated Manual Transmission“), it also compensates for any propulsion breaks that occur when shifting gears with an automated manual transmission. The result is a smooth, punchy acceleration that was so far only able to be achieved with considerably more complex hybrid configurations.

Commercial vehicles are also benefiting from electrification thanks to ZF. The TraXon Hybrid automated transmission system, for example, makes 40-ton trucks and coaches up to seven percent more economical. An electric motor with an integrated transmission ratio – positioned between the combustion engine and transmission – supports a maximum 130 kW and 1,200 Nm output torque. While the TraXon Hybrid works on long-distance travel parallel to the diesel drive, it can also function in the city center as well as when maneuvering around bus depots as a quiet stand-alone zero local emissions drive. In generator mode, the hybrid module can supply power to other power units, for example, during refrigerated transports. ZF will begin supplying the TraXon Hybrid to DAF as early as 2019. The hybrid systems described here combine not only the all-electric operating mode, they also support other essential hybrid functions like recuperation, boosting and start-stop.

100-percent electric

ZF is set up just as broadly and systematically for all-electric drives as it is for hybrids. ZF intends to cover the mini-vehicle sector through a joint venture with Sachs Micro Mobility GmbH. Its compact motor, the Sachs RS for pedal-assisted bikes and e-bikes, for example, can be flexibly integrated into different frame shapes. It features 700 Watt and 110 Nm to deliver a powerful tailwind. Even at a low cadence of 60 pedal strokes per minute, it generates a high torque – and can so long-term thanks to intelligent cooling. If the e-motor is not used, two one-way clutches ensure that it generates no resistance.

At the other end of the speed spectrum – in the Formula E motorsports race series – ZF will supply, for the 2018/19 season, the complete drive system for the Venturi team’s fast race car, which reaches up to 280 km/h. It covers the powerful 200 kW electric motor (power limited by regulations) including power electronics, a new race differential as well as a very efficiently toothed motorsport transmission mounted in bearings. Lastly, based for the first time on a one-speed concept, it is 40% lighter than the transmission from last season. The entire system is the first electric axle drive from ZF that was developed purely for use in motorsports.

Full electric range in the rear

The above-described electric axle drive module featuring a maximum 150 kW and 3,500 Nm axle torque will go into volume production for a European automobile manufacturer in 2019. The system is ideal as an all-electric drive for battery-powered, fuel-cell or hybrid electric vehicles. The drive can be used for both the front as well as for the rear axle. It has already proven itself in the field, for example, in the ZF Vision Zero Vehicle as well as in the forward-looking shuttle e.GO Mover, which will go into volume production in 2019.

ZF’s Advanced Urban Vehicle is yet another example of an all-electric drive for small cars. Its propulsion is powered by the electric Twist Beam (eTB), a twist beam rear axle on whose right and left wheels a compact drive unit is integrated, each one generating 40 kW. In the Advanced Urban Vehicle, the eTB plays a major role in enabling the extreme front axle steering angle of up to 75 degrees to be achieved. The drive then supports the steering movement and allows the vehicle to set off by means of individual power distribution on both rear wheels (torque vectoring).

Clean options for urban transport

In case of the AxTrax AVE electric portal axle, which has already been proven multiple times over and is in volume production for low-floor city buses, ZF relies on the concept of the integrated close-to-the-wheel drive. Both liquid-cooled asynchronous motors deliver 2 x 125 kW and 2 x 11,000 Nm that help it master very challenging urban topologies. For the best-possible efficiency and high electric ranges, ZF is offering the AxTrax AVE in a networked system featuring fully integrated inverters and drive control. The electric portal axle covers series hybrids as well as all-electric drives, whether powered by battery, fuel cell or overhead contact line.

In addition, ZF is offering the CeTrax electric central drive for low-floor and high-floor buses. Generating up to 300 kW and 4,400 Nm, it is designed for challenging applications. Moreover, it is impressive due to its weight and efficiency. Thanks to the “Plug-and-Drive” approach, the CeTrax can be integrated into existing vehicle platforms without having to make major modifications to the chassis, axles, statics or differentials. Electricity-driven versions of originally combustion-engine powered bus platforms can be converted with relative ease. The drive control and inverter are also included in the scope of delivery so that the manufacturer gets an optimally coordinated complete system regarding performance, efficiency and service life.

CeTrax lite is the more compact system variant for vans and light commercial vehicles up to 7.5 tons. Considering it generates 150 kW and 380 Nm, it only weighs 120 kg, including a single-speed transmission ratio. For vehicles up to 19 tons, CeTrax mid is available: its two electric asynchronous traction motors installed in parallel positions supply 300 kW and 760 Nm that a two-stage powershift transmission transmits.

E-traction from the trailer

In off-highway applications, ZF has scored major points in farm and construction machines with its electric eTRAC wheel head. This system consists of a liquid-cooled 3-stage asynchronous motor with high power density, a downstream, two-stage transmission and integrated brakes – electrically driven axle systems for trailers or electrically driven jockey wheels for different attachments are possible applications. The distribution of the drive power to additional wheels has diverse advantages: A controlled traction support, for instance, makes working under difficult conditions easier, enlarging the time available for cultivation even under adverse weather conditions or with sodden soil. Furthermore, the tractor needs less tractive force thanks to the electric traction drive – as a consequence, either more powerful attachments can be moved (thus increasing productivity) or the tractor trucks size can be reduc..

Audi and First Automotive Works (FAW) celebrate the 30th anniversary of their partnership in China; plan to launch more China-specific model variants and digital services

Audi and First Automotive Works (FAW) celebrate the 30th anniversary of their partnership in China; plan to launch more China-specific model variants and digital services

Audi and Chinese partner First Automotive Works are to expand their local portfolio to more than ten models by 2022 and launch their first all-electric cars
2019: Audi Q2 L e-tron is the first electric car specifically for Chinese customers
Herbert Diess, CEO of the Volkswagen Group: “30 years of Audi in China tell a success story of innovation, transformation and friendship”
Alexander Seitz, CFO and Board Member for China at AUDI AG: “We will use our experience to locally develop and produce models specifically for China”
FAW CEO Xu Liuping: “Together, we have achieved pioneering milestones and created a successful win-win cooperation.”

CHANGCHUN, China/ INGOLSTADT, Germany, 20-Nov-2018 — /EuropaWire/ — Audi and First Automotive Works (FAW) are celebrating the 30th anniversary of their partnership this Monday. The approximately 650 guests at the anniversary event at the FAW plant in Changchun include representatives of the province of Jilin, of partner FAW, and of the FAW-Volkswagen joint venture, as well as members of the boards of management of Volkswagen AG and AUDI AG. Audi is further expanding its local research and development competencies in order to launch more China-specific model variants and digital services. The first electric car tailored for Chinese customers, the Audi Q2 L e-tron, will already be launched in 2019. Local production of the Audi e-tron will follow in 2020, one year after its market launch in China.

China has developed into Audi’s strongest growth engine and biggest single market. In the past 30 years, Audi has delivered more than five million automobiles there. Sales volumes have increased more than fivefold in the past ten years. The models Audi A4 L, A6 L and Q5 L are especially popular with Chinese customers, and China is the most important sales market also for the Audi A8 L. The fourth model generation of this luxury sedan is once again the reference for Vorsprung durch Technik. The Audi A8 demonstrates this with style-defining design, innovative chassis solutions, an innovative touch operating concept and consistent electrification of the drive system. The Four Rings were the first automobile brand to launch services developed for China such as 3D maps and Chinese character recognition, in order to respond precisely to the wishes of Chinese customers. China will continue to contribute significantly to Audi’s growth.

Herbert Diess, CEO of Volkswagen Group and Chairman of the Supervisory Board of AUDI AG, says: “30 years of Audi in China tell a success story of innovation, transformation and friendship. I am looking forward to the next 30 years.”

Alexander Seitz, Audi Board of Management Member for Finance, China, Compliance and Integrity, emphasized: “We will use our experience to locally develop and produce even more models specifically for China in the future. We will continue our shared success story with the latest technologies, digital services that focus on market needs, and models like the Audi Q8 and Audi e-tron.” By 2022, Audi aims to increase its local portfolio with FAW-VW to more than ten models. The first all-electric models from Audi will also be sold in China.

Audi currently offers six locally produced model families in China. The Audi A4 L, A6 L, Q3 and Q5 L series are built at the Changchun plant in the north. The Audi A3 Sedan, A3 Sportback and Audi Q2 L drive off the assembly line in Foshan in southern China. A further step in the cooperation between Audi and FAW is the start of Audi production in Tianjin. The Chinese plants are making a significant contribution within the Audi production network. Their flexible structure will allow the ongoing gradual expansion of capacities. In the coming years, capacity with the partner FAW-Volkswagen can be increased to a total of more than 700,000 automobiles, depending on market demand.

Audi was the first premium brand to enter the Chinese market in 1988. As part of a license agreement between Audi and FAW, the Audi 100 was the first model to be produced from parts kits at the FAW plant in Changchun. In 1995, Audi production was integrated into the FAW-Volkswagen joint venture and the cooperation was successively expanded. As a pioneer, Audi put long-wheelbase versions of the Audi A4 and A6 on the road and, with the Audi A6 L e-tron, offered the Volkswagen Group’s first locally produced plug-in hybrid. In 2013, the brand with the Four Rings inaugurated a development center in Beijing, thus paving the way for an innovation boost in Asia. Another important milestone for Audi in China is the assumption of Group-wide development responsibility as a Center of Excellence for high-voltage battery cells.

In addition, the partners are intensifying their cooperation along the entire value chain, with connectivity services and mobility offerings. FAW CEO Xu Liuping: “Together we have achieved numerous pioneering milestones and thus created a successful win-win cooperation.”

SOURCE: Volkswagen AG

MEDIA CONTACT

Dirk Arnold
Head of Communications Audi AG
+49 (0) 841/ 89-92033

Tweet

Share

0

+1

LinkedIn

0

Email

Didi Chuxing Launches DiDi Labs in Toronto

Didi Chuxing, a mobile transportation platform, officially launched its DiDi Labs in Toronto, Canada. This marks the second major research facility founded by DiDi in North America, following the establishment of DiDi Labs in Mountain View, California, in March 2017. Since its inception, DiDi Labs in Mountain View has invested in product development and safety… Continue reading Didi Chuxing Launches DiDi Labs in Toronto

Meituan, China’s ‘everything app’, walks away from bike sharing and ride hailing

A major player in the race to transport Chinese people around is losing steam. Meituan Dianping, the Tencent-backed all-encompassing platform for local services, continues to put the brakes on bike-sharing and ride-hailing, the company said on its earnings call on Thursday. The eight-year-old firm is best known for competing with Alibaba-owned Ele.me in food deliveries… Continue reading Meituan, China’s ‘everything app’, walks away from bike sharing and ride hailing

Volkswagen invests in digital specialist diconium

With diconium as a technology partner, Volkswagen is taking the next step in the development of the Volkswagen Auto-motive Cloud. This will link the fully connected vehicle, the cloud-based platform (One Digital Platform) and digital value-added services. The Volkswagen Group is investing in the German digital specialist diconium and acquiring 49 percent of the shares… Continue reading Volkswagen invests in digital specialist diconium