The agreement is with two Chinese vehicle manufacturers.

The company will undergo a series of actions and emerge as a privately owned company, delisting from the public stock exchange in order to have a firmer financial base. Stefan Pierer, an Austrian investor and CEO of Pierer Mobility (a motorcycle manufacturer) will become Leoni’s sole shareholder.

Now a joint venture called ‘Gaussin Macnica Mobility’ (GMM), Navya has received its first customer order since the liquidation of its assets.

The company halted production at its joint venture plant in the Russian city of Ulyanovsk in March 2022.

Over the past several months, the share price of the battery electric vehicle manufacturer has tumbled by 90%, from USD3.25 at the end of March to USD0.32 per share on 13 June. As of writing (25 July), the company’s value stood at USD0.14 per share.

Continental has sold its Kaluga plant in Russia to S8 Capital, whilst Michelin has signed an agreement to sell two of its local companies, Michelin Russia Tyre Manufacturing Company and Camso CIS, to Power International Tires, one of Russia’s main tyre distributors.

Hino plans to establish a Transformation Management Office and appoint a Chief Transformation Officer to “conscientiously and efficiently implement company-wide initiatives including the current reform programme.”

The Lightning ZEV3 passenger e-van received the American Federal Transit Administration’s Altoona testing certification, qualifying it for purchase or lease with state or federal grant funding.

These appointments come after former CEO, Xiaodi Hou, was fired for allegedly engaging in illicit technology transfers with Chinese-backed start-up Hydron Inc.

Commercial vehicles equipped with the E13C heavy-duty engine (Hino Profia and Hino S’elega) have been recalled after the emissions scandal announced earlier this year, which saw four senior executives at the company resign.

Confidential information is alleged to have been shared prior to signing a confidential disclosure agreement.

An investigation carried out by a committee of independent experts found the truck-maker, controlled by Toyota Motor Corporation, had falsified emissions and fuel-efficiency tests since the early 2000s in order to obtain engine certification.