The collaborations with General Motors and Sony can be viewed as a bridge to the moment when Honda develops its own next-generation electric vehicle platforms and advanced solid-state battery technologies. Cooperating allows Honda to save time by gaining faster access to product for sale and assistance with technology. Mibe stated that the new endeavour with Sony will be distinct from the Honda brand and the company’s present plan for electric vehicles. The proposal to share an electric vehicle platform with General Motors for the North American market, for example, will go as planned and is critical as a mass market…
Author: hendfares88
Del Grande Dealer Group, based in San Jose, Calif., has expanded in the Golden State over the last eight months by acquiring three rooftops, adding Hyundai-Genesis, Hyundai, and Honda stores. The group stated that it acquired Hanlees Fremont Hyundai from Hanlees Automotive Group in September. This dealership is now known as Fremont Hyundai. On Jan. 19, the Del Grande group acquired Isaac Sargiz’s Stevens Creek Hyundai/Genesis of Stevens Creek in Santa Clara. It was the group’s first foray into the Genesis franchise. Del Grande kept the name of the store. On Feb. 16, the group acquired Sam Linder Honda in…
Ford Motor Co. stated Monday that it has inked a preliminary deal to purchase lithium from a Lake Resources facility in Argentina, the automaker’s first public announcement of where it will acquire the metal for electric vehicle batteries. Ford is making a significant bet on direct lithium extraction, or DLE, a relatively new class of technologies that extract the metal from brines and use significantly less deal than open-pit mines and evaporation ponds. General Motors, BMW, Stellantis, and other Ford competitors have signed their own supply agreements with companies that want to utilise DLE technology. Ford intends to purchase 27,000…
American Axle reinforcement American Axle & Manufacturing Holdings Inc. is acquiring Tekfor Group in a deal worth more than $135 million to broaden its electrification portfolio. American Axle announced Monday its acquisition of the Hausach, Germany-based company, which employs 2,100 people across eight sites in Europe and America, including one in Ohio. The deal is scheduled to finalise in the second quarter, pending regulatory approvals. “This acquisition complements AAM’s fundamental capabilities, diversifies our geographic and client base, and expands our electrification product line. Additionally, this acquisition fits well with our recent tactical M&A strategy “According to a news release, AAM…
Twitter Inc.’s shares slid after Elon Musk decided not to join its board, a stunning twist to a week-long saga that’s captivated the tech community and touched off renewed speculation about the company’s future. Musk held “many discussions” with Twitter’s directors but the entrepreneur ultimately declined their offer of a board seat, Chief Executive Officer Parag Agrawal tweeted. According to the CEO, Musk informed Twitter of his decision April 9, the same day he was slated to formally join the board. Twitter shares fell about 7 percent in pre-market trading on Monday in New York. The drop erases part of…
Mazda the inchworm, on the other hand, is now coiling up for more than a caterpillar-like movement. This year, it will make a significant leap forward in an attempt to reinvent its lineup and brand image for a changing industry. Mazda expects the overhaul to result in a 35 percent increase in US sales to a record 450,000 in just four years. In a nutshell, Mazda Motor Corp. is looking for a new vibe. CEO Akira Marumoto’s audacious expansion strategy is not without risk. Mazda has been aiming for – but failing to achieve – 400,000 annual sales in the…
Qualcomm Inc. completed its acquisition of Swedish technology supplier Veoneer’s Arriver software stack last week, bolstering Qualcomm’s position in the burgeoning mobility area. Qualcomm is not going to stop there. “Qualcomm is committed to this market and sector for the long run, and this is just the beginning,” said Nakul Duggal, general manager of automotive at the company. Duggal spoke with Automotive News on Monday, April 4, the day Qualcomm completed its acquisition of Arriver and its computer vision, driving policy, and driver assistance assets, which will be incorporated into Qualcomm’s Snapdragon Ride platform. Qualcomm agreed to acquire Arriver as…
AutoCanada Inc. has hired two AutoNation Inc. executives, designating one of them president of its Canadian operations, following Michael Rawluk’s March 3 resignation. Jeffrey Thorpe, market president for AutoNation in Fort Lauderdale, Fla., will take over as president of AutoCanada’s 60 Canadian dealerships, the Edmonton, Alberta-based company announced Friday. Thorpe, according to AutoCanada Executive Chair Paul Antony, has “proved himself” at scaling businesses and possesses both the vision and commercial acumen necessary to maintain the dealership group’s momentum. “With his extensive industry knowledge and experience operating a dealership platform at scale through centralised services via [a] head office, which closely…
Joint EV development and cost-sharing will benefit both firms as the industry works to reduce the cost of EVs and batteries, according to Paul Waatti, AutoPacific’s manager of industry analysis. “By sharing some of the costs, both manufacturers can accelerate development and technological advancements,” he explained. “To get widespread adoption, it must be inexpensive and targeted at categories where people are interested, which is compact crossovers.” According to the Automotive News Research & Data Center, compact crossovers accounted for roughly one in every six light vehicles sold in the first quarter. Currently, there are few mainstream EVs with competitive ranges.…
Brookfield Business Partners is a division of Brookfield Asset Management’s private equity group. Brookfield will acquire all of CDK’s outstanding shares for $54.87 per share in cash when the transaction closes in the third quarter, CDK said. The offer would represent a 30% premium over CDK’s closing share price on Feb. 18, the company’s last full trading day before market chatter about a possible sale began. The company did not divulge the details of its bid solicitation process, save to say that the board of directors reviewed “strategic and financial alternatives” for several months before picking Brookfield. Brookfield stated in…