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Sigma completes exit from JV companies with sale of shares
Getty Images The process of exiting the program began in 2013 with the annual sale of SVIL Group’s stake in Sigma. NEW DELHI: Automotive components manufacturer and supplier The Group has strategically exited its joint ventures Sigma Freudenberg NOK (SFN) and Sigma Vibracoustic India Limited (SVIL). Rs 135 crore. Sigma Group sold its stake after transferring control of the joint venture’s four manufacturing plants in and around Chandigarh to its former partner. A source close to the matter told The Economic Times, “Finance was never the motive for the stake sale. The partners entered into the deal to pursue their personal business interests in the Indian market.” The planned exit process began with the sale of SVIL shares by Sigma Group in 2013. With SFNNN completing the sale of shares last month. Jagdip Singh, chairman of Sigma Group, resigned from the management board of the joint venture along with other leading members. Sigma Vibracoustic India ...
TinaTerry
75
May 20, 2024
Adarin builds hybrid drivetrains for cars
(Saurabh Markandeya and wife Kajal Shah) Today’s automakers are trying to comply with India’s Bharat Stage VI (BSVI) emission standards from next year. Some automakers say hybrid powertrains will help reduce compliance costs, but they are wary of investing in technology that could be eclipsed by zero-emission electric vehicles. Zero-emission electric vehicles could become commonplace as early as 2030 year after year. But the fact that the world’s largest automaker, which has a significant presence in India, is tentatively investing in hybrid transmissions is a testament to the difficulty of realizing an efficient economic solution in this technology space. The automaker, which wished to remain anonymous, has asked the Bengaluru-based startup to manufacture hybrid transmissions for its existing range of compact cars. The idea behind the move is to develop hybrid cars cheap enough to replace diesel cars, which can become expensive when BSVII When the standards...
HumphreyFanny
66
May 20, 2024
Flash Electronics raises Rs 200 cr to expand operations
Flash Electronics India entered the two-wheeler and four-wheeler gear market in 2014 with an investment of Rs. 40 crore to set up a new plant. New Delhi:Flash, Pune-based auto component maker Electronics India Private Equity Fund DMII has raised Rs 20 crore from private equity fund Start Finance for expanding its business. The company said the fund will be utilized for upgrading products, setting up production lines and expanding the gearing business to move to BS VI emission standards. With this investment, Flash Electronics India expects to more than double its revenue to Rs 2,001 crore in the next 24 a month. The company’s annual revenue for 2018-19 is Rs 9 billion. Vasudev, Managing Director, Flash Electronics Sanjevia, said, “Currently, 65-70% of our revenue comes from electrical and electronic components. But now we have developed a complete solution for electric vehicles including motors, converters and charging equipment. For the last three years, we have...
BingWhitehead
69
May 20, 2024
Automakers score victory as Energy Department weakens EV mileage rule
Automakers and the United Auto Workers union had lobbied DOE to soften its original petroleum equivalency factor rule. They argued that more aggressive targets would have required them to sell more EVs to meet stricter federal fuel economy standards amid uncertain demand, making it impossible to comply. Environmental groups, including the Natural Resources Defense Council and Sierra Club, asked the Biden administration for stricter MPGe standards in 2021, which had not been updated since 2000. “The automakers’ free ride is over,” said Pete Huffman, senior attorney at NRDC, in a statement. “This important update from the Department of Energy will curtail automakers’ use of phantom credits they used to keep selling gas guzzlers. They now need to hit the accelerator on more fuel-efficient vehicles, saving consumers money at the pump.”     The Department of Transportation uses DOE’s petroleum equivalency factor to calculate MPGe and CAFE, which averages the fuel economy of all v...
toodudu
212
March 27, 2024
vehicles
GKN Automotive to shutter North Carolina facility
GKN Automotive’s former parent company, Melrose Industries, formed a new public company dubbed Dowlais. Melrose completed its demerger in April 2023, spinning off GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen under Dowlais, while GKN Aerospace remains under Melrose Industries. Dowlais is independent from Melrose.     “We have a clear strategy to create value for our stakeholders by: delivering industry leading financial performance; facilitating the world’s transition to electric vehicles through a portfolio of cutting-edge products; and accelerating growth through a disciplined M&A strategy,” Dowlais CEO Liam Butterworth said in an April 2023 press release. The Timberlake facility is the second North Carolina site GKN Automotive closed in the past year. The auto parts maker closed its facility in Sanford in March of last year, according to a WARN Act post.
toodudu
191
March 27, 2024
vehicles
Volkswagen, Mobileye expand autonomous driving collaboration
For legacy automakers, collaborating with tech companies like Mobileye can speed up the development and rollout of software-powered technology, including more advanced automated driving systems. Just one in four automakers are fully prepared for software-defined vehicles, according to an AlixPartners survey in January. The same report found that Tier 1 suppliers must adapt to automakers’ needs as the industry pivots to building more software-defined vehicles. The Volkswagen Group has collaborated with Mobileye, owned by chipmaker Intel Corp., on autonomous driving technology since 2018. The technology supplier specializes in computer vision processing for highly automated driving functions and vehicle advanced driver assist systems, such as automatic emergency braking and lane centering control.     As the companies develop more advanced driving systems, Mobileye will provide the automaker with production-ready technologies, including Level-2 automated driving capabilities. ...
toodudu
170
March 27, 2024
vehicles
Stellantis to cut 400 engineering, technology jobs
Stellantis plans to cut about 400 jobs among its nonunion engineering and software staff in the United States. The company provided a statement Friday that suggested a challenging industry picture as the reason. It said the cuts, which are separate from other reductions affecting union-represented workers announced in recent months, would be effective March 31. Stellantis owns the Jeep, Ram, Chrysler, Dodge and Fiat brands.     “As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure. After rigorous organizational reviews, Stellantis confirms that we will reduce our engineering/technology and software organizations by about 2% in the U.S.,” according to the statement provided by spokeswoman Jodi Tinson.
toodudu
226
March 27, 2024
vehicles
China to challenge Biden’s electric vehicle plans at the WTO
BEIJING — China filed a World Trade Organization complaint against the United States on Tuesday over what it says are discriminatory requirements for electric vehicle subsidies. The Chinese Commerce Ministry did not say what prompted the move. But under a new U.S. rule that took effect Jan. 1, electric car buyers are not eligible for tax credits of $3,750 to $7,500 if critical minerals or other battery components were made by Chinese, Russian, North Korean or Iranian companies. The credits are part of President Joe Biden’s signature climate legislation, named the 2022 Inflation Reduction Act.     A ministry statement did not mention the specific restriction. It said, though, that under the act and its implementing rules, the U.S. had formulated discriminatory subsidy policies for new energy vehicles in the name of responding to climate change. It said the U.S. move excluded Chinese products, distorted fair competition and disrupted the global supply chain for new energy vehi...
toodudu
154
March 27, 2024
vehicles
Localization of EV parts without production scalability may not help cut EV price, says President, Amara Raja
New Delhi: Electric vehicles (EVs) are considered to be the future ofmobility, though certain stumbling blocks are keeping most people awayfrom them. According to the Vahan data, EV sales rose by 82% in March2023 YoY to 1.3 lakh units. In 2024, the overall EV sales are expected toslow down according to recent studies. Several factors have collectively contributed to the change in consumerpreference from ICE to EVs. Some of these factors include: increasedavailability of EV charging infrastructure, lower maintenance cost ofEVs, new technology, etc.     The maintenance cost of EVs is less than that of ICE vehicles, though thecost ofreplacement of parts in EVs is higher. This increased cost is dueto expensive components used like batteries, motors, and many more.Batteries in EVs which account for almost 50% of cost make themcostlier than the conventional ICE vehicles. Thus to tone down the EVprice, battery cost reduction is inevitable. Indigenization a way to curb high EVprices...
toodudu
186
March 27, 2024
Auto Parts
Tesla Autopilot and similar automated driving systems get ‘poor’ rating from prominent safety group
NEW DELHI: Tesla’s Autopilot, a suite of self-driving features, has become a major driver for the US electric car maker, now the world’s second-largest electric car maker. In addition to this, Autopilot allows a Tesla to autonomously drive from a highway entry point to an exit point. Tech startup Minus Zero hopes to offer the same functionality in production vehicles within the next 2.5 to 3 years.     “It’s like a highway self-driving system. You can do anything on the highway from start to finish, but given the regulations we have in the country right now, the driver needs to be there,” said Negative Zero co-founder and chief operating officer officer Gursimran Kalra told ETAuto. The claimed “best part” of the system is that it also works in Indian driving environments with potholes or no lane markings. The system will allow hands-free driving on highways, but the driver will have to take control of the vehicle in situations such as left/right...
toodudu
208
April 1, 2024
Auto Parts
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