• Impact of Severe Weather on Automotive Manufacturing (Live Map)

BANKRUPTCY

In March, billions of yen in debt repayments will be due for Marelli. The cash-strapped auto supplier is rushing to draft a restructuring plan. It is also asking Nissan to help in inventory payments and Mizuno Bank to lengthen its grace period. Marelli Holdings is owned by KKR, a prominent US private equity firm.

CHANGE IN MANAGEMENT

Current Porsche Japan CEO Michael Kirsch will take over as president and CEO of Porsche China on June 1. Kirsch will replace Jens Puttfarcken, appointed as Audi's new head of sales in Europe.

DISASTER

Nearly 4k European vehicles destined for the US are aboard a transport ship that is on fire. The Porsches, Audis, Bentleys, Volkswagens are adrift on the ship in the Atlantic. While over 1k miles off the coast of Portugal, its crew of 22 were safely rescued.

EXPANDING

Nissan is investing $500M into its Canton, Mississippi assembly plant to build two new EV models starting in 2025. The automaker has also committed to making battery packs in Canton.

HUMAN CAPITAL

Stellantis is getting creative with its methods of reducing its workforce in France. The company is sending emails to its employees with tips on how to get new jobs -- elsewhere.

INDUSTRY DIRECTIONS

Bloomberg: Auto Suppliers Cry Foul, Saying Carmakers Want a Bigger Cut

With many semiconductors in its cockpit systems, Visteon has been exposed by the chip shortage. In an investor call, CFO Jerome Rouquet said, "...we do intend to vigorously pass along the vast majority of these costs to our customers while working to preserve margins."

MERGERS, VENTURES, ACQUISITIONS

BorgWarner is acquiring Santroll's Light Vehicle eMotor Business. The Chinese company will allow BorgWarner to expand its EV market capabilities and portfolio.

JLR is teaming with Nvidia on developing onboard computers for Jaguars and Land Rovers launching in 2025 and beyond.

Italy will support Stellantis' EV battery plant in Termoli with $420M in aid. The investment is part of a plan to provide the auto industry with $1.1B in annual assistance to accelerate the EV transition.

China's Luxshare Precision is reportedly working with automaker Chery to form a JV. The new company will develop and produce EVs for other companies. Of note: Luxshare contract manufactures AirPods for Apple.

OPENING

Toyota said this week that they had resumed normal production at six North American plants. The automaker shut down production late last week due to the Canadian border protests that halted bridge traffic.

Chinese appliance maker Midea has broken ground on a $1.74B plant for new energy vehicle parts. The plant will produce power steering motors, electric compressors, and drive motors.

EV maker Faraday Future will start building vehicles at GM's former plant in Gunsan, South Korea, in 2024.

PRODUCTION INCREASE

Toyota is investing $90M into expanding EV parts production at its plants in West Virginia and Tennessee.

RECALLS

Stellantis recalled 20k 2017-2018 Chrysler Pacifica hybrids due to a battery defect that can cause a fire. The automaker is asking owners to refrain from recharging them and to park away from structures "until further notice."

REGULATION

The NHTSA finalized a rule allowing automakers to install adaptive driving beam headlights on new vehicles this week. The headlights would provide "more illumination while not glaring other vehicles."

SHUTDOWN

Production at Ford's plant in Avon Lake, Ohio, was halted this week due to the ongoing semiconductor shortage.

GM is extending the production shutdown at its Bolt EV plant in Orion Township, MI, through the end of March. The ongoing Bolt battery recall idled the plant since late last year.

The city of Suzhou in the Chinese province of Jiangsu limited highway access after the Omicron variant was detected. Taiwan's United Microelectronics Corporation temporarily suspended fabrication at its 8-inch wafer facility. Robert Bosch stated, "We expect a short-term impact on our manufacturing and logistics operations in Suzhou."