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Showing results for tags 'joint venture'.
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PSA Peugeot Citroen gets temporary approval for bailout by European Union
SYF77 posted a blog entry in MyAutoBlog
Ailing PSA Peugeot Citroen Group has just been granted temporary approval by the European Union for 1.2 billion euros (S$1.9 billion) of French-backed bonds. As part of the deal to obtain final approval, PSA will have to submit a restructuring plan within the next six months to show how the group and its bank unit (Banque PSA Finance) intend to return to profitability without state help. "Now one needs to know what the commission will ask in terms of restructuring for the group and this remains unclear," said Pierre Bergeron, a credit analyst at Societe Generale in Paris. The temporary approval will allow the bank to pay back this year's maturities of 500 and 750 million euros in July and September respectively. In early 2012, PSA Group and General Motors announced the creation of a global strategic alliance to co-develop engines and a global purchasing joint venture for the sourcing of components and other goods and services. The alliance is expected to contribute to cost savings for both car manufacturers. -
Hyundai plant in Beijing suspends production due to pollution issue
SYF77 posted a blog entry in MyAutoBlog
According to the South China Morning Post, the Chinese authorities have suspended production of many factories and chemical plants in Beijing to curb the air pollution in the city, which has reached harmful level. Unfortunately for Hyundai, Hyundai Motor Beijing is one of those 41 factories that are forced to cut back on production. China's capital is enduring its worst air pollution in recent memory, illustrating the persistent challenge the nation's new leaders face in addressing environmental woes. The harmful PM2.5 particle rate is hovering between 200 and 400 micrograms per cubic meter. According to the US Environmental Protection Agency regulations, PM2.5 concentration at any location should not be higher than 65 micrograms per cubic meter. Children hospitals in Beijing are receiving up to 10,000 patients per day with respiratory problem. Established in 2002 and based in Shunyi District, a satellite city of Beijing, Hyundai Motor Beijing is a 50:50 joint-venture between Beijing Automotive Group and Hyundai Motor Company. -
Qoros, a joint venture between Chery and Israeli investment firm Israel Corp, has released sketches of its upcoming compact sedan due to be unveiled at the 2013 Geneva Motor show. The European body style is clean and inoffensive but is not something that will make heads turn. Such styling theme is evident in the VW Group. The dashboard of the car adopts a minimalist approach and would not look out of place in a Skoda. Like Kia, another Asian brand, Qoros has recruited a foreign talent to head its design department. He is the former MINI design boss, Gert Volker Hildebrand. The sedan, internally known as C11, is expected to be powered by a 1.6-litre turbocharged engine mated to six-speed manual or dual-clutch automatic transmission. Hybrid and electric versions are expected to follow later on. Qoros has set a goal to build all cars to achieve maximum NCAP crash ratings. The company is currently building a new production facility in China with an initial annual capacity of 150,000 units.
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Although GM and Ford are rivals in the automotive industry, these American car makers are collaborating to develop 9 to 10-speed automatic transmissions. This is not the first of their partnership though. In 2002, they cooperated to create a new automatic transaxle, designed for transverse engine applications in cars and light trucks. According to reports, GM will be in charge of designing a 9-speed gearbox for front-wheel drive cars while Ford will take the lead in developing a 10-speed transmission for rear-wheel drive cars such as SUVs, performance vehicles and pick-ups. Cars with a larger number of gear selections enable the engine to operate more efficiently, thus reducing CO2 emissions and fuel consumption. GM and Ford are not alone in the quest for additional gear ratios. Hyundai is already working on a 10-speed automatic transmission that will be used on a range of Hyundai and Kia vehicles in the future, particularly luxury models. It is scheduled to hit the showroom in 2014. If the collaboration proves to be a success, GM and Ford, the world's second and fifth largest car maker respectively, will be able to enjoy great economy of scale due to the sheer volume of their annual output. According to IHS Automotive powertrain analyst, David Petrovski, GM and Ford benefit from reduced investment risk by working together. By developing their own gearbox instead of purchasing them from manufacturers such as ZF and paying license fees, a car maker can reduce their cost of production.
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BMW in talks with Hyundai over possible engine deal
FaezClutchless posted a blog entry in MyAutoBlog
Despite having engine tie-ups with PSA Peugeot Citroen (for the development of new front wheel drive hybrids) and Toyota (joint development of next-generation lithium-ion batteries for hybrids), BMW are reportedly having talks with Hyundai over a possible agreement to share future development costs for engines and other areas. This information was revealed by an insider who mentioned that the two companies are still in the early stages of discussion. Another source also mentioned that the two automakers had discussed a comprehensive alliance which includes a jointly developed engine where development costs will be split equally. A report in a German industrial publication, Automobil Produktion, stated that BMW and Hyundai were looking to spend a combined amount of US$1.3 billion and US$2.6 billion on the development of a new engine family. The report also claimed that Hyundai senior managers, including Chung Eui-Sun (the son of Hyundai Chairman, Chung Mong-Koo) met with BMW officials at BMW -
[extract] Jaguar Land Rover (JLR) has made an agreement with Chery Automobile Company to build and sell its premium luxury brands in China as part of JLR
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Spyker Cars NV's Saab Automobile has entered an agreement with Sweden's government to set up a venture to develop transmissions for the auto industry. Saab and Fouriertransform AB, the government
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Nissan Motor Co. and Mitsubishi Motors Corp. have announced a new 50-50 joint venture to develop minicar models which they will sell around the world. According to the terms of the deal, the new company would come up with a minicar model made available to both automakers by 2012. The partnership also involves Nissan providing a light van and wagon models to Mitsubishi for the Japanese market and Mitsubishi in turn would supply an SUV to Nissan to sell in the Middle East. The mangement of both Nissan and Mitsubishi have the following comments: "The expansion of the agreement will complement each other's regional characteristics and product lineup," said Mitsubishi Motors President Osamu Masuko. "This agreement is important for Nissan as it supports our expansion in emerging markets, meets immediate capacity needs overseas and enables us to grow our minicar business in Japan," said Renault-Nissan's CEO Carlos Ghosn in a press statement. This is not the first time that these Japanese automotive giants have cooperated. In the past, they have cooperated on numerous projects, including building small engines for minicars under 660 cc. The two automakers also raised the possibility of working together to develop electric models too.