Archive for the ‘Business News’ Category

Electric Vehicle Maker THINK™ Resets for a New Start

Monday, July 25th, 2011

Oslo, Norway /PRNewswire/ — THINK Global AS, a leading manufacturer of pure electric cars, has been purchased by a prominent international technology entrepreneur who is committed to maintaining the company's key role in global transportation electrification.

A court-appointed trustee selected Mr. Boris G. Zingarevich, whose investment operations are based in St. Petersburg, Russia, as the winning bidder following a bankruptcy proceeding initiated by the Norwegian carmaker last month.

In addition, Mr. Zingarevich has signed a memorandum of understanding with American advanced lithium-ion battery maker Ener1, Inc. and Finnish automobile engineering and manufacturing concern Valmet Automotive, Inc. to cooperate in relaunching THINK. (more…)

GM and SAIC Motor Announce Powertrain Co-Development

Tuesday, August 17th, 2010
SAIC-GM DCT
© GM Co.

Shanghai, China — General Motors Co. and SAIC Motor Corp. Ltd. (SAIC Motor) are expanding their partnership to develop a new small-displacement gasoline engine family and an advanced transmission.

The agreement, signed today in Shanghai by GM Vice Chairman of Global Product Operations Tom Stephens and SAIC President Chen Hong, represents a significant milestone that expands GM and SAIC's relationship into powertrain development. It's another key step in providing propulsion solutions to build the world's best vehicles.

“The co-development of these new engines and transmissions builds on a strong history of innovation and collaboration between GM and SAIC Motor,” Stephens said. (more…)

China Changan Automobile Group and PSA Peugeot Citroën Sign Contract for Automotive Joint Venture in China

Friday, July 9th, 2010

Xu Bin, President of China South Industries Group Corporation, Changan's main shareholder, and Philippe Varin, Chairman of the PSA Peugeot Citroën Managing Board, have signed a contract to create an equally owned joint venture. The contract was signed on July 9 in Paris at a ceremony attended by Wu Bangguo, Chairman of the Standing Committee of the National People's Congress, Bernard Accoyer, President of the National Assembly of France and Gao Hucheng, Vice Minister of Commerce of the People's Republic of China

Pooling the expertise of two industry leaders, one Chinese and the other European, the joint venture will produce and market light commercial vehicles and passenger car line-ups in China. The partners will initially focus on introducing the Citroën DS line in China and launching a dedicated new brand for the venture. (more…)

Mitsubishi Motors and PSA Peugeot Citroen Begin a New Collaboration on a Compact SUV

Tuesday, April 27th, 2010

Tokyo/Paris — Mitsubishi Motors Corporation (MMC) and PSA Peugeot Citroën have announced today that the parties have come to an agreement to start a new collaborative project regarding a compact SUV. This agreement provides for the development and adaptation for both the Peugeot and Citroën marques of a compact SUV, based on an existing Mitsubishi platform.

Launched early 2012 in Europe, these new compact SUVs will have specific designs for Peugeot and Citroën while sharing many components with the Mitsubishi vehicle, named RVR in Japan and ASX in Europe. (more…)

GM Signs MOU for Small Vehicle Production in Uzbekistan

Thursday, February 11th, 2010
GM Uzbekistan MOU ceremony
© GM Co.

Seoul — Representatives from General Motors Company and UzAvtoSanoat of Uzbekistan signed a Memorandum of Understanding (MOU) today in Seoul for their GM-Uzbekistan joint venture to launch the production of a new small vehicle mainly destined for emerging markets.

The MOU was signed by GM Daewoo Vice President of Product Planning & Program Management Dwenell Mills and UzAvtoSanoat Vice Chairman Shukhrat Yusupov in the presence of GM Daewoo President and CEO Mike Arcamone and Republic of Uzbekistan First Deputy Prime Minister Rustam Azimov. (more…)