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).

The company reported that sales of Maxus vans grew by 46% in 2023, while its battery electric vans took fourth place in the UK LCV-EV market, and it forecasts growth of 50% across all brands this year. 

Arrival confirmed that it had received a stock trading suspension notice from the Nasdaq Stock Market LLC on January 26. The news sent the company’s share price down 15% on Monday the 29th of January with trading completely suspended on January 30, 2024.

The establishment of Krone Norge AS is part of a wider strategic restructuring of the Krone Scandinavian sales network. This subsidiary replaces its previous sales partner, Vogn Service, which has been exclusively importing Korne products into the region since 2008.

The factory employed 1,070 staff and produced 2,100 TBR tyres a day. Further reasons for closure included the impact on local communities, issues with the rubber supply chain and the overall profitability of the factory.