The company announced its full-year financial results for 2023, which included a net loss of USD 54.2m (2022: USD110.1m) and a net revenue of USD 22.1m in 2023, an increase of 147% from USD 8.9m in 2022. The increase was primarily due to an increase in vehicle sales and spare parts sales, including the delivery of 250 autonomous delivery vans in China.

The delivery was part of an order for ten double-deck coaches fitted with Advanced Driver Assistance Systems (ADAS) and five single-deck buses placed by the bus operator last year, as it looked to fulfil growing demand for inter-state road travel.

BorgWarner’s full-year financial year results included net sales of USD14.1bn, an increase of 12.4% when compared with 2022 (USD12.6bn). Gross profit was up too in 2023 at USD2.5bn (2022: USD2.3bn) with operating income of USD1.1bn, or 8.2% of net sales.

The 2023 strategic highlights include the second-generation stack design, offering performance improvements. Furthermore, a megawatt electrolyser demonstrator completed testing in Germany and has arrived at partner Shell’s R&D centre in Bangalore, India for further testing.

The brand’s locally assembled Euro V range now comprises the heavy-duty UD Quester and medium-duty UD Croner models.

Mats Harborn, president of Scania China Group, said he sees “tremendous potential” in China's economic transformation, adding that the country’s focus on technology and high-quality development will help foreign companies do business there in the long term.

Ballard has announced an additional USD 54 million in U.S. federal funding (investment tax credits) for its planned fuel cell production facility in Rockwall Texas. This brings the total in federal funding to USD 94 million, through various U.S. departments including the U.S. Department of Energy’s (DOE) Hydrogen and Fuel Cell Technologies Office and now the Internal Revenue Service (IRS) as part of the Qualifying Advanced Energy Project Tax Credit (48C*), funded by the Inflation Reduction Act (IRA).

Rêver Automotive Thailand Company Ltd is the name of the Thai importer and distributor BYD vehicles, which will now be responsible for assembling the vehicles through a subsidiary at a facitlity near Bangkok.

HVS has appointed Dr Utz Claassen as the new Chairman of the Board. Claassen is tasked with overseeing the growth strategy and bringing the HVS Hydrogen Fuel Cell HGVs to market next year.

Fras-le is a leader in friction materials and is a brand of the company, Frasle Mobility. It makes a complete portfolio of brake pads, linings and shoes for cars, motorcycles, heavy vehicles, among other applications, such as railway and industrial, serving OEMs and the aftermarket.

The factory produces ICE powertrains for both off-road and on-road vehicles, including the Cursor 9, 10, 11 and 13 heavy-duty engines primarily for the South American market.

Carese is to take over responsibilities for the cabin frame modules commencing April 15th, replacing Aethra Automotive Systems (which file for bankruptcy), absorbing its activities and also its employees.