GM announces voluntary delisting from Toronto Stock Exchange

General Motors

DETROIT — General Motors Co. (NYSE: GM; TSX: GMM.U) today announced that it has applied and received approval for a voluntary delisting of its common stock from the Toronto Stock Exchange (TSX) in Canada. The delisting from the TSX will not affect the company’s listing on the New York Stock Exchange (NYSE).

Trading on the NYSE and alternative platforms accounts for a vast majority of GM’s current daily trading volume. Given the relatively low trading volume of its shares on the TSX and the fact that GM’s NYSE listing provides its shareholders with sufficient liquidity, the company believes that the costs associated with maintaining a dual listing are no longer justified. Accordingly, effective at the close of markets on Nov. 30, 2017 the company’s shares will no longer be traded on the TSX.

After delisting from the TSX, the company’s common stock will continue to trade on the NYSE under the symbol GM. Shareholders will be able to continue to trade their shares on other exchanges and those who wish to do so should contact their broker or investment manager for further details.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

General Motors Co. (NYSE: GM, TSX: GMM), its subsidiaries and joint venture entities produce and sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang and Wuling brands. GM has leadership positions in several of the world’s most significant automotive markets and is committed to lead the future of personal mobility. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.

Source: General Motors

Continental introduces New Wheel Concept for electric vehicles

  • New division between wheel and axle: Continental presents the New Wheel Concept, which optimizes the braking system specifically of the electric vehicle (EV).
  • The design enables the use of a large aluminum brake disk and solves the problem of bad braking performance due to corroded brake disks.
  • The dual New Wheel Concept also reduces the weight of the wheel and brake and reduces service costs due to a lifetime brake disk and an easy brake pad change.

Frankfurt/Main, Germany. The technology company Continental has again expanded its solution portfolio for electric vehicles, developing the New Wheel Concept to meet the specific requirements of these vehicles. The wheel rim consists of two aluminum (Al) parts, the inner Al carrier star with the Al brake disk and the outer Al rim well with the tire. In contrast to conventional wheel brakes, the New Wheel Concept brake engages the Al disk from the inside. This allows it to have a particularly large diameter, which benefits the braking performance.

To increase the vehicle’s range, deceleration in the EV generates as much electricity as possible through recuperation (= braking using the electric motor), so the wheel brake is used less frequently. The corrosion-free Al brake disk also prevents the formation of rust (as is normal on cast-iron disks) which can impair the braking effect.

“Electromobility needs new solutions for braking technology too,” says Matthias Matic, Head of Continental’s Hydraulic Brake Systems Business Unit. “Using conventional brakes is not very effective in this case. The New Wheel Concept meets all the demands that electric driving places on the brake. We used our braking know-how to develop a solution that provides a consistently reliable braking effect in the electric vehicle.”

Thanks to the lightweight material, the New Wheel Concept reduces the weight of the wheel and brake, enabling lightweight construction in EVs. Advantages of the concept are much easier wheel and brake pad changes and that the disk is not subject to wear.

Rethinking the wheel

The New Wheel Concept is based on a new division between the wheel and the axle. Here the wheel consists of two parts, the aluminum carrier star, which remains permanently bolted to the wheel hub, and the rim well, which is bolted to the star. The wheel brake is fastened to the wheel carrier of the axle and engages from the inside with an annular aluminum brake disk, which in turn is bolted to the carrier star. The internal brake permits a wide brake disk friction radius, since the space available in the wheel is optimally utilized. During its development, the New Wheel Concept’s braking performance was initially designed for medium and compact class vehicles. In accordance with today’s requirements for this application, the brake is sturdy and fulfills all the established criteria – although it is used much less frequently in an EV.

Continental New-Wheel-Concept-Wheel
The dual New Wheel Concept also reduces the weight of the wheel and brake and reduces service costs due to a lifetime brake disk and an easy brake pad change.

“In EVs, it’s crucial that the driver expends as little energy as possible on the friction brake,” says Paul Linhoff, Head of Brake Pre-Development in the Chassis & Safety Business Unit at Continental. “During a deceleration, the momentum of the vehicle is converted into electricity in the generator to increase the vehicle’s range. That’s why the driver continues to operate the brake pedal – but it certainly doesn’t mean that the wheel brakes are active too.” The deceleration torque of the electric motor is only no longer sufficient by itself when the driver brakes more energetically, or braking also has to carried out with the non-driven axle for driving dynamics reasons. The wheel brake is needed in this situation – and it must be available. “Drivers want to be able to rely on a consistent braking effect – and too much rust on the brake disk in particular can really make this difficult,” Linhoff emphasizes. The reason behind the reduced performance is less friction between the brake pad and the brake disk. The automatic emergency braking function also has to fully rely on the availability of the friction brake effect.

In perfect harmony – material and design

The design of the New Wheel Concept uses the strengths of lightweight aluminum material for the brake. Thanks to the long leverage effect on the large brake disk, relatively low clamping forces are enough to provide a high level of braking efficiency – and since aluminum is a very good heat conductor, the heat generated in the disk during braking is quickly dissipated.

Continental New Wheel Concept
The design enables the use of a large aluminum brake disk and solves the problem of bad braking performance due to corroded brake disks.

Continental assumes, after the results of the initial practical tests, that the Al disk itself is not subject to wear, unlike cast-iron disks. With the New Wheel Concept, abrasion only takes place on the pads, and the design of the Concept makes replacing them – and the wheels – much easier. The New Wheel Concept has yet another positive: “Because the brake disk is fixed on the outside and the brake engages from the inside, the brake caliper can be designed particularly light and stiff. The force is transmitted largely symmetrically into the center of the axle, and this has a favorable effect on the noise behavior of the brake,” says Linhoff – and that’s a side effect which is particularly attractive in a quiet EV.

Continental will also demonstrate the New Wheel Concept during the International Motor Show, IAA in Frankfurt/Main (Hall 5.1. Booth A07 / A08).

Source: Continental AG

Hyundai India’s top selling trio Grand i10-Creta-Elite i20 crosses 1.3 million cumulative sales mark

New Delhi, August 02, 2017: Hyundai Motor India Limited (HMIL), the country’s second-largest car manufacturer and leading exporter, has achieved yet another milestone for its most awarded and admired brands crossing 1.3 Million Sales Volume. Grand i10, Elite i20 and Creta have clocked domestic sales of 1.01 Million units and exports of 0.29 Million units with cumulative sales of over 1.3 Million units.

The Super Performer brands have set a new benchmark in their respective segments with class-leading features and unmatched performance in every aspect including safety, performance and product quality. Their continued success has further strengthened Hyundai’s position as a Premium Car Manufacturer in India.

Commenting on HMIL’s Super Performer Brands, Mr. Y K Koo, MD & CEO, Hyundai Motor India said,“We thank our Customers, Channel Partners and Vendors for their contribution in Hyundai’s success in the country. This milestone reflects the strong connect and confidence that our stakeholders have on brand Hyundai. Grand i10, Elite i20 and Creta are trendsetters and winners. The 1.3 Million milestone is testimony of Hyundai’s sharp and undeterred focus on creating customer delight and unique experiences.” “Grand i10, Elite i20 and Creta are winners of J D Power APPEAL Award 2016 demonstrating excellence of ‘Made in India’ products as per global standards”, he added.

Via HMIL Press Release

GM Gives App Developers Industry-First In-Vehicle Testing

general motors

DETROIT — General Motors has launched GM Dev Client, an industry-first app that gives approved developers who have created in-vehicle applications the ability to test them in a real GM vehicle. In-vehicle app testing is the next step for app developers who have already created a proof of concept using GM’s next-generation infotainment software development kit (NGI SDK).

“By introducing GM Dev Client, we’re giving developers the missing link they need to finalize their applications,” said John McFarland, director of Global Digital Experience. “GM Dev Client will help us and external developers make sure the best in-vehicle apps are ultimately made available in GM vehicles, ensuring the best customer experience for drivers.”

After building an application’s proof of concept with the NGI SDK, the next development step is to conduct real-world testing using a GM vehicle’s infotainment system. GM Dev Client allows partners and developers the ability to test their apps in a GM vehicle once they’ve obtained approval from GM.

In January 2017, GM released the NGI SDK, which mimics real vehicle data and enables developers outside of GM to build apps without making frequent trips to Detroit to conduct testing on infotainment modules. With GM Dev Client, those apps now can be tested on a real GM vehicle anywhere in the U.S.

“Sharing more emulated data points through the SDK than any other automaker was the first step in opening the door for developers,” said Kent Helfrich, executive director of Connected Ecosystem Integration, General Motors. “After such strong adoption of the SDK, we wanted to enable developers to take the next step and allow real-world testing in our vehicles.”

By the end of 2017, the NGI SDK will offer templated framework for developers such as a media player layout or a point of interest layout.

Here are step-by-step instructions for in-vehicle app development and testing:

Phase 1: App Building

1. Visit developer.gm.com

Register, accept terms and activate your account to receive immediate access to GM’s developer site, software development kit and all documentation.

2. Download and install the NGI SDK.

Download the NGI SDK package source from developer.gm.com/ngi (generally in less than a minute, depending on internet connection speed). Install a private node module for a quick set-up process familiar to front-end developers.

3. Begin building using emulated vehicle behavior.

Set up your development environment in less than 5 minutes and start utilizing the same APIs available in-vehicle. Use a suite of tools to adjust up to nearly 400 simulated vehicle data points such as network connectivity, location, speed and more.

Phase 2: App Testing

4. Download GM Dev Client from the AppShop.

GM vehicles with compatible infotainment systems can be used for real-world testing. After providing GM with your compatible vehicle’s identification number (VIN), your app will go through GM’s internal review process for suitability. Once approved, the GM Dev Client will appear in the vehicle’s AppShop for download.

5. Begin real-world testing.

Once you download and begin running GM Dev Client, your approved app will appear on the in-vehicle infotainment screen for real-world testing. You can test right from your laptop within the car, as driver lock-out safety features are prebuilt into the GM Dev Client so that only a passenger can test the app while the vehicle is in motion. Conduct on-the-fly code changes and see updates to your app reflected instantly.

General Motors Co. (NYSE: GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world’s largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com

Via: GM

Volvo and Geely to deepen their partnership

Volvo Cars, the premium car maker, is planning to set up a new joint venture technology company with Geely Holding, the Chinese car group, to share existing and future technology, deepen industrial synergies and provide the economies of scale that will allow them to more rapidly develop next generation electrified vehicle technology.

According to a Memorandum of Understanding signed today, Volvo Cars, Geely Auto and LYNK & CO will share vehicle architecture and engine technologies via cross licensing arrangements of technologies managed by the new joint venture. They will also cooperate more deeply by commonly sourcing components and cutting procurement costs.

Volvo Cars, Geely Auto and LYNK & CO are controlled by Geely Holding, the Chinese car group. The new joint venture will be 50/50 owned by Volvo Cars and Geely Holding and be headquartered in China with a subsidiary in Gothenburg, Sweden.

“Partnerships to share know-how and technologies are common practice in the automotive industry. This is the model we are adopting,” said Håkan Samuelsson, president and chief executive. “This planned collaboration will strengthen Volvo’s ability to develop next generation electrified cars.”

Volvo Cars and Geely already share technology, most notably the Compact Modular Architecture (CMA) which is being used by Volvo Cars for its soon-to-be-announced smaller range of 40 series cars and by LYNK & CO.

The intellectual property rights for the technology to be shared will remain with the company that developed it, but the technology itself will be available for use by Volvo, Geely Auto and LYNK & CO, via license agreements.

Future modular vehicle architectures and other technology will be shared and developed based on cost sharing agreements. The company leading the development will own the technology and the other group companies will have full access to it through a license, reducing overall development costs.

It is expected that the collaboration will extend in future to also cover electrified vehicle components such as battery cells, e-motors and charging systems in order to maximize synergies across the group.

Separately, it is also announced today that Volvo is to take a significant minority shareholding in LYNK & CO. This stake reflects the fact that LYNK & CO will benefit from the use of Volvo technology both now and in the future. LYNK & CO will be jointly owned by Geely Holding, Geely Auto and Volvo Cars.

Li Shufu, chairman of Geely Holding said: “We will unlock significant benefits across our portfolio by sharing both technologies and next-generation vehicle architectures. I am confident these synergies can be achieved while preserving the separate identities and strategic autonomy of our different automotive brands.”

The above transactions are subject to definitive agreements and relevant authority approvals.

Volvo Car Group in 2016

For the 2016 financial year, Volvo Car Group recorded an operating profit of 11,014 MSEK (6,620 MSEK in 2015). Revenue over the period amounted to 180,672 MSEK (164,043 MSEK). For the full year 2016, global sales reached a record 534,332 cars, an increase of 6.2 per cent versus 2015. The record sales and operating profit cleared the way for Volvo Car Group to continue investing in its global transformation plan.

About Volvo Car Group

Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 534,332 cars in 2016 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.

As of December 2016, Volvo Cars had over 31,000 employees worldwide. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).

About Geely Auto Group

Geely Auto Group is a leading auto manufacturer based in Hangzhou, China. Geely Auto Group consists of two brands, Geely Auto and LYNK & CO.

Geely Auto Group was founded in 1997, and has rapidly grown over the years. The Group is listed on the Hong Kong stock exchange, and saw its sales volume increase to 765,000 units in 2016 with 2017 sales goal set at one million units. In the first five months of 2017, Geely Auto Group sold a combined 441,854 units, an increase of 89% over the same period in 2016 and completing 37% of the groups 2017 sales goal of one million units.

The controlling shareholder in Geely Auto is Zhejiang Geely Holding Group (ZGH), which is also the parent company of Volvo Car Corporation in Sweden and the London Taxi Company.

Via: Volvo Car Group Press Release

BorgWarner Enters Into Agreement to Acquire Sevcon

Auburn Hills, Michigan – BorgWarner announced that it has entered into a definitive agreement to acquire Sevcon, Inc., a global player in electrification technologies. Sevcon complements BorgWarner’s power electronics capabilities utilized to provide electrified propulsion solutions.

“This acquisition supports our existing strategy to supply leading technology for all types of propulsion systems; combustion, hybrid and electric,” said James Verrier, President and CEO of BorgWarner. “We look forward to welcoming Sevcon’s talented employees to BorgWarner.”

The completion of the transaction is subject to certain terms and conditions, including the approval of Sevcon’s stockholders and receipt of required competition law approval.  The expected enterprise value of the transaction at closing is approximately $200 million. The transaction is expected to close in the fourth quarter of 2017 subject to the satisfaction of closing conditions.

About Sevcon

Sevcon is a global supplier of control and power solutions for zero-emission, electric and hybrid vehicles. Its products control on- and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption and help reduce air pollution. Sevcon’s Bassi Division produces battery chargers for electric vehicles; power management and uninterrupted power source systems for industrial, medical and telecom applications; and electronic instrumentation for battery laboratories. The company supplies customers from its operations in the U.S., U.K., France, Germany, Italy, China and the Asia Pacific region, as well as through an international dealer network. Learn more about Sevcon at www.sevcon.com.

Via: BorgWarner Press Release

Image Sources: 1, 2

WABCO wins ReMaTec’s Remanufacturer of the year 2017 award

BRUSSELS, Belgium – WABCO Holdings Inc. (NYSE: WBC), a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles, was recently recognized by ReMaTec, known as the world’s leading platform for remanufacturing, with the coveted Remanufacturer of the Year 2017 award. ReMaTec bestowed the annual award on WABCO’s dedicated global remanufacturing business, WABCO Reman Solutions. Established in 2005, the Remanufacturer of the Year award represents the most prestigious in the global remanufacturing industry.

WABCO Reman Solutions, founded in 2010, advances operational efficiency and environmental sustainability in the automotive, commercial vehicle, and related industries by restoring worn or non-functional components to a “like-new” or a “better-than-new” condition, offering solutions that are fully warranted in performance and quality.

ReMaTec’s Remanufacturer of the Year award celebrates companies and individuals who have made outstanding contributions to the remanufacturing industry for extended periods of time. ReMaTec’s international jury of industry experts judged all award nominations based on a set of key success factors, including technical excellence, commitment to quality, impact on the remanufacturing industry, and customer service. For the first time, ReMaTec jointly recognized two individuals with the 2017 Remanufacturer of the Year award: Dr. Salvador Munoz Zarate, Product Line Leader at WABCO Reman Solutions, and Peter Bartel, Engineering Director at Circular Economy Solutions.

“We bestow the Remanufacturer of the Year 2017 award on WABCO’s Dr. Salvador Munoz Zarate and Peter Bartel at Circular Economy Solutions for their tireless work in representing the European automotive remanufacturing industry in advising the United Nations and European Commission on industry-critical issues,” said Adam Hill, Editor of ReMaTec News and Chairman of the Remanufacturer of the Year 2017 award jury. “They were the driving force behind the industry’s breakthrough declaration of common definitions and jointly have made a massive contribution to the greater understanding of the global remanufacturing sector, including by key decision-makers in government and public policy.”

“It’s a tremendous honor for WABCO Reman Solutions to receive ReMaTec’s Remanufacturer of the Year 2017 award, reflecting our leadership in the global remanufacturing industry,” said Dr. Salvador Munoz Zarate, Product Line Leader, WABCO Reman Solutions. “Remanufacturing, through its adherence to world-class quality standards, has now fully emerged as a credible, cost-efficient alternative to new replacement parts in the automotive and commercial vehicle industries. In addition, remanufacturing helps protect the environment by promoting sustainable business practices and solutions.”

Added Munoz Zarate: “Over the past few years alone, WABCO Reman Solutions has remanufactured more than 120,000 air compressors for customers in the United States with zero quality issues.“

“Remanufacturing is an integral part of our differentiating aftermarket strategy to better serve commercial vehicle manufacturers and fleet operators around the globe,” said Nick Rens, WABCO President, Trailer Systems, Aftermarket and Off-Highway Division. “WABCO Reman Solutions provides cost-efficient and environmentally-friendly parts and components which meet top quality standards. We have dynamically grown our remanufacturing business over the years and continue to expand this compelling service offering in markets worldwide.”

WABCO Reman Solutions restores used components to cost-efficient “like-new” or “better-than-new” replacement parts for trucks, buses, trailers, passenger cars, and off-highway vehicles. Its broad portfolio of remanufactured parts includes mechanical, mechatronic, electronic and hydraulic products. Today, WABCO Reman Solutions maintains a global remanufacturing footprint with five production facilities in the U.S., Mexico, Brazil, Poland, and China serving customers worldwide.

Remanufacturing is a vital contributor to the circular economy, which promotes sustainability by focusing on keeping products in use for as long as possible, extracting the maximum value from them and then fully restoring them at the end of each service life. According to the Automotive Parts Remanufacturers Association (APRA), remanufactured parts can save up to 85% in raw materials and use only 55% of the energy typically required to produce new ones.

About WABCO

WABCO (NYSE: WBC) is a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles. Founded nearly 150 years ago, WABCO continues to pioneer breakthrough innovations for advanced driver assistance, braking, stability control, suspension, transmission automation and aerodynamics. Partnering with the transportation industry as it maps a route towards autonomous driving, WABCO also uniquely connects trucks, trailers, cargo, drivers, business partners and fleet operators through advanced fleet management systems and mobile solutions. WABCO reported sales of $2.8 billion in 2016. Headquartered in Brussels, Belgium, WABCO has 13,000 employees in 40 countries. For more information, visit www.wabco-auto.com. For more information on the WABCO Reman Solutions, visit www.am.wabco-auto.com.

Via: Wabco Press Release