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August 5 · Issue #286 · View online
Weekly highlights of the events that impact supply chain risk within the automotive industry.
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Stellantis will invest $99M into its engine plants in Dundee, Michigan, Kokomo, Indiana, and Etobicoke, Ontario, Canada. The investment will prepare the facilities to produce a new four-cylinder turbocharged engine.
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Adding additional software engineers was the driving force behind Faurecia’s acquisition of Hella (now Forvia). The move is part of a more significant trend toward software-defined vehicles.
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This week’s double take… Automotive News headlines one year apart (2022, 2021):
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Stellantis will pay $300M to settle the criminal portion of its diesel emissions cheating case. The case involves over 100k Jeep Grand Cherokee SUVs and Ram 1500 pickups built from 2014-2016.
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An internal investigation has revealed that Toyota-subsidiary Hino Motors falsified emissions data on some engines going back to at least 2003, not 2016 previously disclosed.
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Borgwarner has acquired EV charger maker Rhombus Energy Solutions for $185M.
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EV startup Nikola is buying battery supplier Romeo Power for around $144M in stock. The acquisition aims to jumpstart their efforts to make their battery packs.
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BMW’s Mini is reportedly working with Canoo to produce a smaller electric van. A big turn from earlier this year, when Canoo stated, “ there are significant doubts about the company’s ability to continue as a going concern.” Since then, Walmart has placed an order for 4.5k electric vans.
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Citing tensions caused by Nancy Pelosi’s trip to Taiwan this week, Chinese EV battery maker CATL has reportedly pushed back plans to announce a new battery plant in North America. The battery maker was considering sites in Mexico and the US for the plant.
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Two companies, Ascend Elements, and LOTTE Aluminum Materials, announced plans to build new EV battery component plants in Kentucky this week. Ascend will invest $310M into a plant in Hopkinsville, while LOTTE will invest $238.7M in Elizabethtown.
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Ganfeng Lithium has started construction on a new solid-state EV battery plant in Chongqing, China. Once completed, the company says the plant will have an annual capacity of 10GWh and be the largest plant of its kind in China.
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Floor mat maker Kuntai Limited is planning a new $1.5M plant in Orangeburg, South Carolina. The plant will create 41 jobs and will start production by October.
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Automakers are urging Senator Joe Manchin to revise his proposal to restructure the $7,500 EV tax credit. Automakers say the new targets for domestic mineral and battery component sourcing are too high and rise too quickly.
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