On 9 August, the Royal Bank of Canada and Export Development Canada served Vicinity Motor letters demanding full and immediate payment of outstanding debt balances, totalling nearly USD28m.

Across its many German locations, ZF intends to shed between 11,000 and 14,000 employees over the next four years (from a current total of approximately 54,000) in order to cut costs and consolidate its operations.

Bangston, who replaces Jeff Sather in the leadership role at FCCC, will lead the two DTNA subsidiaries under a new structure where he is responsible for key business areas in Specialty Vehicles.

The Mellor and Treka sales teams, which were previously separate from one another, will be combined under the joint leadership of three newly elected sales personnel.

The new Power division will gradually take over the activities and product portfolios of the existing Powertrain Systems and Thermal Systems divisions.

The company says that, over the last few years, it has implemented an “ambitious strategic roadmap” towards becoming a “leading player” in sustainable and connected mobility.

Relaunch of the business is now underway with a team of around 150 employees who are focusing on bringing the 16-tonne and 18-tonne battery electric truck models back to the European market.

The manufacturer has said that "an inheritance dispute" among shareholders and the Van Hool family "has complicated the planned actions"; the implementation of its recovery plan "in a business continuity situation is no longer viable”.

The companies stated that the merger is delayed due to slower than anticipated processes in obtaining the necessary regulatory clearances and approvals under competition and other laws and regulations.

Inflation, higher energy costs, supply chain disruptions, and the continuing impact of the COVID-19 pandemic on the company’s finances were cited as reasons behind the decision to slash the company workforce.

ENC bus manufacturing at Riverside will wind down by the end of fiscal year 2024, once outstanding commitments to customers have been fulfilled.

Cummins is offering its remaining stake (80.5%) in Atmus to its shareholders, who have the option of exchanging Cummins common stock for shares in Atmus (at a 7% discount).