Knorr-Bremse will retain 15% equity in the company, and has committed to remaining a “strategic partner.” Ultimately, the sale falls under Knorr-Bremse’s Boost program, “a strategic initiative aimed at fostering sustainable and profitable growth through various strategic actions.” One of those actions is streamlining business operations by concentrating on core competencies.

The JV aims to manufacture battery cells for commercial electric vehicles at a 21-gigawatt hour (GWh) factory that is anticipated to cost between USD 2-3 billion and come online in 2027.

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.

Two years’ ago, in 2022, when the PEI Mobility brand was first created, it announced it was diversifying its manufacturing capabilities to design and manufacture complete articulation systems for buses.

The company announced that, given ongoing market pressures and the high cost of transitioning to electric vehicles, as well as a slower-than-anticipated development of the market for autonomous shuttles, it could no longer justify the high upfront investments required to further develop its autonomous shuttle.

Acting as a strategic advisor, Bolloré brings a wealth of industry expertise gained from numerous executive management roles at multiple OEMs.

EC trading tariff exemptions, which were agreed upon as part of the Brexit deal, were due to end on January 1, 2024, resulting in a 10% tariff on the export of European-built battery electric vehicles to the UK and vice-versa.

The capital is to be invested in its factory in the North East of the UK, creating 40 new jobs over the next two years. According to AEM, the capital will enable the company to start producing copper-free EV motors for both passenger and commercial vehicles. 

The new facility is scheduled to be completed in 2028 within the company’s Hwaseong manufacturing complex.

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.

On the stand BAE Systems displayed its current family of motors and inverters; these included the GPM-10 and GPM-12 direct drive motors alongside a GPM-5 motor with an Eaton MD4 (Medium-Duty 4-speed) gearbox, as well as the MAPS*, MPCS**, and GPI-10 inverters.

Forvia’s Fengcheng Mega Plant employs 1200 staff, housing 89 production lines dedicated to producing products in three main areas: display technologies, cockpit electronics and automated driving technologies for both passenger and Commercial Vehicles (CVs).