Tag: M and A

Workhorse Group Secures $25 Million Financing

New Capital Enables Workhorse to Finalize N-GEN R&D and Scale Production in 2019 CINCINNATI, June 10, 2019 /PRNewswire/ — Workhorse Group Inc. (NASDAQ:WKHS) (“Workhorse” or “the Company”), an American technology company focused on providing sustainable and cost-effective electric-mobility solutions to the transportation sector, has entered into subscription agreements for a private offering with a group… Continue reading Workhorse Group Secures $25 Million Financing

ANSYS And BMW Group Partner To Jointly Create The Industry’s First Simulation Tool Chain For Autonomous Driving

PITTSBURGH, June 10, 2019 /PRNewswire/ — ANSYS (NASDAQ: ANSS) and BMW Group are creating the industry’s first holistic simulation tool chain for developing autonomous vehicle (AV) technologies. The simulation tool chain will enable highly automated and autonomous driving (AD) with the first vehicle launch expected in just two years. BMW Group is leveraging ANSYS’ broad pervasive engineering simulation solutions… Continue reading ANSYS And BMW Group Partner To Jointly Create The Industry’s First Simulation Tool Chain For Autonomous Driving

Aiways invests in carmaker to guarantee production

Chinese new energy vehicle startup Aiways is set to acquire part of Jiangling Holdings’ equity in exchange for investing 1.75 billion yuan ($252.65 million).New Energy startups Nio and Xpeng chose to cooperate with conventional automakers to produce vehicles.The two companies have built a production plant to manufacture the electric sport utility vehicle, Nio ES8.

Hyundai Mobis to launch an ‘Open Innovation Center’ in silicon valley

Hyundai Mobis is launching its first open innovation center, ‘M.Cube’ in Silicon Valley of the US to make a full-fledged commitment to source and invest in startups possessing new technologies for future vehicles such as self-driving. Hyundai Mobis will use M.Cube as its core base to discover and invest in startups with strong growth potential in… Continue reading Hyundai Mobis to launch an ‘Open Innovation Center’ in silicon valley

Nissan CEO got higher stock-linked bonus after payout date changed, former director Kelly says

TOKYO (Reuters) – Nissan Motor Co Ltd Chief Executive Hiroto Saikawa was granted an exception in 2013 to reschedule a stock-linked bonus that bumped up the payout by 47 million yen ($432,382), former Representative Director Greg Kelly told magazine Bungei Shunju. FILE PHOTO: Nissan President and Chief Executive Officer Hiroto Saikawa attends a news conference… Continue reading Nissan CEO got higher stock-linked bonus after payout date changed, former director Kelly says

Renault rift with Nissan widens over governance, casts shadow on alliance

TOKYO/PARIS (Reuters) – The two-decade-old partnership of Renault SA and Nissan Motor Co was plunged into fresh crisis on Monday, as the French automaker’s demand for a greater say in Nissan’s new governance system drew rare public censure by the Japanese firm. FILE PHOTO: The logos of car manufacturers Renault and Nissan are seen in… Continue reading Renault rift with Nissan widens over governance, casts shadow on alliance

Fiat Chrysler teams up with Amazon-backed driverless car start-up Aurora

Source: AuroraFiat Chrysler is joining forces with Silicon Valley-based technology upstart Aurora to build driverless cars.
The two companies said Monday they had signed an agreement that lays the groundwork for a “powerful partnership in self-driving commercial vehicles.”
The deal will enable Aurora to expand the scope of its self-driving software, the firm said, “allowing us to offer a variety of solutions to strategic customers in logistics, transit, and other use cases.”
Financial terms of the deal were not disclosed.
The news comes just under a week after the Italian-American automaker dropped its merger offer for French rival Renault.
The deal could have helped the two align their strategy on innovations like electric and self-driving cars, a space that has become a central battleground for major carmakers worldwide.
“As part of FCA's autonomous vehicle strategy we will continue to work with strategic partners in this space to address the needs of consumers in a rapidly changing industry,” Fiat Chrysler CEO Mike Manley said in a statement Monday.
“Aurora brings a unique skillset combined with advanced and purposeful technology that complements and enhances our philosophy on self-driving.”
Aurora is already partnered with household names in the industry like Volkswagen and Hyundai. The firm boasts talent from founders who all previously worked at tech giants including Alphabet, Tesla and Uber.
The Palo Alto, California-based company raised $530 million earlier this year, in a round that was backed by leading venture capital firm Sequoia and e-commerce titan Amazon.
The race toward full self-driving capability has become a heated one, with tech firms and automakers alike looking to make waves in the field.
Just last week, it was reported that Apple was looking to buy driverless shuttle service Drive.ai. The firm's autonomous driving division, known as Project Titan, underwent a big restructuring earlier this year, laying off over 200 employees.

France has a strategy for Renault-Nissan alliance, finance minister says

France's Bruno Le Maire.Eric Peirmont | AFP | Getty ImagesFrench Finance and Economy Minister Bruno Le Maire has said the country has a strategy to reinforce a fragile alliance between Renault and Nissan.
“What is at the heart of this strategy is the reinforcement of the alliance between Renault and Nissan” Le Maire told CNBC on Sunday.
“Then we will see if consolidation is possible. We are all aware that there is a necessity for consolidation in the automotive industry and the proposal of a merger between Fiat and Renault was a very interesting one but as a second step – the first step must be the reinforcement of alliance between Renault and Nissan,” he told CNBC's Nancy Hungerford.
Le Maire's comments come days after Fiat Chrysler pulled back from a $35 billion merger offer for Renault, citing “political conditions in France” as a reason for its withdrawal.
Speaking to CNBC last week when the deal collapsed, people close to the negotiations described what they saw as meddling by the French government as one of the reasons for the merger's failure.
VIDEO2:1902:19France wants to 'reinforce' Renault-Nissan alliance, Bruno Le Maire saysSquawk Box AsiaRenault's long-standing but strained relationship with Nissan and partner Mitsubishi is also believed to have been an issue. Relations between Renault and Japanese carmaker Nissan have been tense following the arrest of the former Renault-Nissan-Mitsubishi Alliance chief Carlos Ghosn last November on financial misconduct charges. He denies the charges and is awaiting trial.
Le Maire was speaking to CNBC in Fukuoka, Japan, where he had attended a meeting of G-20 finance ministers, but said he had no plans to meet with Nissan management while in Japan, saying it was the responsibility of Renault's management to “pave the way for the reinforcement of the links between Renault and Nissan.”
The French state currently holds a 15% stake in the carmaker but the minister did not rule out the French state paring down its interest in Renault. He said the first step was for the carmaker to bolster its alliance with Nissan and to then explore a possible merger, and only then would the government consider reducing its stake in the company.

Alliance Ventures | Jun 10th 2019RENAULT AND NISSAN OPEN THE NEW ALLIANCE INNOVATION LAB TEL AVIV Read more

– The new lab features a unique model of collaboration with Israeli startups and an exclusive partnership with the Israel Innovation Authority (IIA). – The facility is focused on developing sensors for autonomous driving, cyber security, and big data, complementing the other joint alliance innovation labs in Silicon Valley (USA) and Shanghai (China). – The… Continue reading Alliance Ventures | Jun 10th 2019RENAULT AND NISSAN OPEN THE NEW ALLIANCE INNOVATION LAB TEL AVIV Read more