Following a 12-month review of its UK and European operations, Manchester-based MWheels Ltd in the UK has rebranded as The Wheel Hub and Wheel HUB GmbH in Germany.

Automotive components supplier, BorgWarner has reached agreement to buy Darmstadt-based battery producer, Akasol, stating the acquisition will expand its commercial vehicle electrification capabilities significantly.

Paris-based Forsee Power, producer of smart battery systems for electro-mobility markets, has secured a loan of EUR50m from the European Investment Bank (EIB) taking finance borrowings in 2020 and to date to EUR105m for investment and in support of its growth into new electromobility markets and geographies.

Vanguard Truck Centers LLC, a dealer of Volvo Trucks North America Inc of Greensboro, North Carolina, has invested USD23m in a new facility, which is one of four locations in the Houston, Texas area, in addition to a full-service body shop.

Forsee Power is launching a new generation of extra-thin batteries called SLIM. They are said to compose the thinnest modular range in the world and will be equipped with a liquid cooling system and can be applied for use in all types of heavy vehicle.

The South Korean market for medium and large buses and coaches is substantial, reflecting good public transport services and the extensive use of buses and coaches by private companies.

Sales of imported commercial vehicles, mostly comprising of heavy trucks, rose by close to 12% to 1,391 units in the fourth quarter of 2020 from strong year-earlier sales of 1,245 units, reflecting recovering international trade and a pick-up in investment.

Sales of domestic light commercial vehicles between 2-5 tons gvw in South Korea expanded by 2% to 48,711 units in the fourth quarter of 2020 from weak year-earlier sales of 47,752 units, resulting in a 2.6% drop in full-year sales to 194,791 from 200,021 units in 2019.

The South Korean market for commercial vehicles over 2 tons gvw began to stabilise in the fourth quarter of 2020, with sales up slightly at 57,877 units albeit from a weak 57,225 units in the same period of the previous year, based on data from various industry sources.

The market for heavy-duty trucks over 16 tons gvw was the hardest hit by the COVID-19 pandemic last year, with international trade, fixed investment, mining sector output and construction activity all sharply lower.

The market for medium-duty trucks between 5-16 tons gvw continued to dive lower in the fourth quarter of 2020, by over 36% to 13,105 units after declining by more than 14% to 20,593 units in the same period of the previous year.

The Indonesian market for other light commercial vehicles of 2-5 tons gvw declined by almost 16% to 9,531 units in the fourth quarter of 2020 from 11,235 units a year earlier, with the decline beginning to slow compared with previous quarters.