Mahle also announced that it will be taking 100% control of ‘Mahle Behr GmbH & Co KG’, a 75%-owned subsidiary specialising in air conditioning and engine cooling.

The German company said it has taken the decision due to “intense cost and price pressures” from growing Asian competition.

As far as its coach products are concerned, it is “business as usual” for Belgian manufacturer Van Hool, according to Darren Dowsett, who spoke to T&BB in his capacity as managing director of VDL Bus & Coach UK at the Euro Bus Expo.

Established last year, ‘Our Next Energy Korea Ltd’ was based out of an office in Hwaseong and employed less than ten people.

By consolidating and restructuring the merged businesses, Schaeffler aims to reduce its outgoings by about EUR290m per annum by 2029.

SKF intends to divide its Industrial and Automotive business segments, allowing them to operate as separate companies.

The reason: Hino Motors concluded that it is “unlikely that the business of Shanghai Hino will grow in a sustainable manner” due mainly to growing sales of electric-powered commercial vehicles and construction machinery in China.

In the future, the former Van Hool facility will produce stainless steel tankers, whereas GRW will produce aluminium products at its own facilities, said GRW CEO Gerhard van der Merwe.

The commercial electric vehicle manufacturer says it will reduce the number of employees across multiple sites by 20% overall as part of its cost-cutting measures.

Northvolt says it must reduce its total workforce by 20% and its Swedish workforce in particular by 25% to stay afloat.

Siemens aims to transform the eMobility business into a “more agile, focused and efficient market player” with greater freedom to pursue external partnerships.

The slower-than-expected transition to electric vehicles is one of the main factors behind the decision to restructure the business, though Northvolt’s CEO and co-founder, Peter Carlsson, said, “there remains no question that the global transition towards electrification — and the long-term outlook for cell manufacturers, including Northvolt — is strong”.