Nissan may merge with Honda to challenge Toyota and Tesla
(Photos courtesy of Nissan, Honda, Mitsubishi) earlier this monthwe shared news that Nissan appears to be in trouble and may only have 12-14 months left to survive. As we've seen before, one way to stay in business is to merge with another company. Not only would this save Nissan, it would also save both automakers development costs. Nissan's lifeline may just come from within its home country. According to business publication Nikkei, "Honda Motors and Nissan Motor Co. are set to begin merger talks as early as Monday as the two automakers seek to create a company that can compete with Japanese leader Toyota Motor Corp. in capital-intensive areas such as electric vehicles. The countervailing group." Another goal? Chinese electric car makers and Tesla. It wouldn't be that shocking (no pun intended) if this actually happened. Back in August, Nissan and Honda agreed to collaborate on developing platforms for future software-defined vehicles (SDVs), which Bosch defines as platforms where software…
Jeep designs a grille guard that converts into a bench
Grille guard protects radiator While making the vehicle look more rugged, Jeep may give them another use. The brand Stellantis has designed a grille guard that folds up to be used as a bench. This was disclosed in a patent application filed with the United States Patent and Trademark Office (USPTO) on April 28, 2023, and published by the agency on October 31 this year. Jeep Grille Guard Bench Patent Pictures According to the patent document, the grille guard will be attached to the vehicle's main structure via a bracket with a pivot mechanism, allowing it to be moved from a traditional vertical position to a horizontal position for use as a bench. The design calls for a tubular structure similar to traditional grill guards, with one or more removable panels to provide a more comfortable seat. When folded down, the grille guard provides seating like an opening tailgate, but extends from the front of the vehicle instead of the…
Insiders say Nissan “has 12-14 months left to survive”
Times are tough for Nissan. The automaker last month announced plans to lay off about 9,000 employees, or 6.7% of its global workforce, and cut 20% of production capacity due to falling sales, mainly in the United States and China. Nissan is looking for a major investor to help the automaker through a "make-or-break period" next year, the Financial Times reported, citing insiders. A Financial Times report published on Tuesday quoted a senior official close to Nissan as saying: "We have 12 or 14 months to survive." Some sources said Nissan is seeking stable shareholders such as banks or insurance groups but has not ruled out rival automakers like Honda, with which it already works on vehicle electrification and software as part of the partnership. technology. It was first announced earlier this year. Nissan already counts Renault as a major shareholder. Renault, which rescued Nissan from near bankruptcy in 1999, has begun to reduce its stake in Nissan in the…
Stellantis CEO Carlos Tavares resigns amid falling sales
Stellantis CEO Carlos Tavares The company announced on December 1 that he had resigned. His resignation comes less than two months after Strantis said Tavares would leave the company in 2026 when his current contract expires. In its latest announcement, Stellantis cited "different views" between the board and Tavares as one of the reasons for his sudden departure. Stellantis has been searching for a potential successor to Tavares since at least September, and the company said in its latest announcement that the search would be completed within the first half of 2025. Stellantis, meanwhile, will be run on an interim basis by an executive team led by Chairman John Elkann, a member of the Agnelli family whose Exor Holdings owns about 14.4% of Stellantis. strantis brand Tavares, who spent most of his career at Nissan under Carlos Ghosn, has been CEO of the company since the 2021 merger of Fiat Chrysler Automobiles NV and France's PSA Group PSA to create…
Stratis reportedly selling Arizona test site
After recent huge losses in the U.S. marketStellantis is looking to cut costs, and one of the items being cut is the automaker's massive proving ground in Yucca, Arizona. CNBC quoted three people familiar with the matter as saying on October 18 that Stellantis has decided to close the site before the planned sale and will use the Toyota Proving Ground in Arizona that Toyota will open to other companies in 2021. Stellantis confirmed to CNBC in a statement that the site will be shut down and said the remaining 41 employees will be relocated or offered severance packages. In 2007, Chrysler, which owns the Stellantis brand, acquired the Yucca plant from Ford for about $35 million. Spanning over 4,000 acres, it is where extensive durability and NVH testing takes place. strantis brand The company has been slowly reducing its U.S. workforce since Stellantis was formed in 2021 from the merger of Fiat Chrysler Automobiles NV and France's PSA Group.…
Hyundai Motor India Ltd. IOP to open on October 15;
Hyundai Motor India's IPO will begin next week. This is one of the most concerning public issues in recent times. Hyundai Motor India's IPO will be launched on October 15. It will be the largest offering to date, with the IPO closing on October 17. The company plans to raise Rs 27,870.16 crore by selling Rs 1,422 crore of promoter shares. The IPO price range is Rs 1,865 to Rs 1,960 per share. The company's share allotment will be completed on October 18. The issue also includes 778,400 equity shares reserved for employees, which will be sold at a discount of Rs 186 to the issue price. It will be listed on the exchange on October 22. Also read: Hyundai Motor India's July sales fell 10% year-on-year, and September sales were 64,201 vehicles The price range of the offer has been fixed from Rs 1,865 per equity share to Rs 1,960 per equity share. Bids can be made for a…
California governor vetoes speed warning proposal
California Governor Gavin Newsom On Saturday, September 28, a bill was defeated that would have required all new cars sold in the state to issue a brief audio-visual warning every time a driver exceeds the posted speed limit by 10 mph. Newsom vetoed the bill out of concern that if California had its own rules separate from those at the federal level, there would be a patchwork of regulations on vehicle safety, especially since the National Highway Traffic Safety Administration is already evaluating the introduction of smart anti-counterfeiting measures. Speeding measures, according to the Associated Press. If the bill passes, all new vehicles sold or leased in California would be required to install warning systems, except for certain trucks and motorcycles. Emergency vehicles will also be exempted. The bill, Senate Bill 961, introduced by Senator Scott Wiener, aims to introduce an early warning system for the 2030 model year. The proposed system would rely on GPS information and a front-facing…
Hoonigan seeks bankruptcy protection with $1.75B in debt
Automotive entertainment and after-sales parts business The company best known for the Gymkhana video starring Ken Block announced on September 9 that it had filed for Chapter 11 bankruptcy protection in a Delaware court. Hoonigan said it has entered into a restructuring agreement with most of its creditors, which it expects to eliminate about $1.2 billion from its current debt totaling $1.75 billion. The company also plans to secure up to $570 million in new capital. The company said it expects its operations to continue as normal during this process and all unsecured creditors should be paid in full. Hoonigan, owned by private equity firm Clearlake Capital, accumulated much of its debt in the years following the pandemic through a series of acquisitions aimed at rapidly expanding its business. It all started when aftermarket wheel giant Wheel Pros acquired the original Hoonigan in 2021, along with several other companies including throtl and Transamerican Auto Parts, and the combined entity was…
Explore the latest exhibition information and industry trends at ASAP Expo Magazine. Your one-stop platform, bringing together global exhibition highlights, industry trends and in-depth analysis, to help companies accurately connect with the market and seize business opportunities.
