Trade News

TPG Pace Beneficial Finance Corp., a special purpose acquisition company, agreed to acquire EV Charged BV, a unit of French utility Engie SA that specializes in EV charging technology.

The deal will create a combined entity, EVBox Group, with a valuation of about $1.4 billion, the companies said Thursday. It will give EV Charged, which does business as EVBox, an implied enterprise value of $969 million. Engie, which acquired EVBox in 2017, will retain a stake of more than 40 percent.

Founded in 2010, Amsterdam-based EVBox makes hardware and software, and operates a network of more than 190,000 EV charge ports in 70 countries. The transaction with Fort Worth, Texas-based TPG Pace is set to provide the company with the means to broaden its technology offerings and expand globally. TPG Pace shares surged 116 percent Friday to close at $24.

“We’ve built out a dominant pan-European position and are convinced that joining forces with a strong American sha…

New-vehicle deliveries in China continue to forge ahead in the wake of the coronavirus outbreak, advancing 13 percent to some 2.77 million in November, according to data the China Association of Automobile Manufacturers released Friday. 

The final tally was higher than the industry trade group’s estimate released this week. 

Driven by massive infrastructure construction across the country, demand for commercial vehicles continues to outpace that for light vehicles.

Sales of commercial vehicles including trucks and buses jumped 18 percent to roughly 472,000 last month. 

Deliveries of light vehicles comprising sedans, crossovers, SUVs, multi-purpose vehicles and minibuses rose nearly 12 percent to approach 2.3 million.

China’s new-vehicle market has grown eight consecutive months after the virus outbreak was largely contained in mid-March.

Due to a 43 percent decline in first-quarter volume, total sales of new vehicles i…

Join Automotive News Publisher Jason Stein for a daily podcast series about the coronavirus crisis. He’ll speak with industry experts, insiders and Automotive News reporters about how the virus is impacting and reshaping the automotive industry.

Lear's Chief Technology Officer John Absmeier says the seating and electronic systems supplier is focused on developing ''intuitive'' user-focused technologies that are geared toward creating a better customer experience. Plus, how the industry's pace of innovation is changing amid the pandemic.

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Ferrari CEO Louis Camilleri is retiring from the role, effective immediately.

Camilleri, 65, is stepping down for personal reasons, Ferrari said in a statement on Thursday.

Ferrari's Executive Chairman, John Elkann, will act as interim CEO while the company identifies a successor, Ferrari said.

Camilleri will also give up his board seat.

Camilleri also is retiring from his role as executive chairman of tobacco giant Philip Morris International, the Marlboro maker said separately.

At Philip Morris, Camilleri's retirement triggered a succession plan that has been in place for some time, the company said.

Philip Morris CEO Andre Calantzopoulos will become executive chairman. Lucio Noto, the company’s independent presiding director, will serve as interim chair in the meantime. Chief Operating Officer Jacek Olczak will succeed Calantzopoulos as CEO when he takes the chairman spot.

Bloomberg contributed to this report

Hyundai Motor Group on Thursday said it is launching a brand dedicated to its hydrogen fuel cell system in a move meant to boost that business.

Hyundai Motor Group, which includes Hyundai Motor Co. and Kia Motors Corp., said the name "HTWO" stands for the hydrogen molecule, H2, as well as "hydrogen" and "humanity."

The South Korean automaker said it is stepping up efforts to develop fuel cell systems that can be used in the Urban Air Mobility (UAM), auto, vessels and trains markets, with a focus on Korea, the U.S., Europe and China.

Since introducing the ix35 fuel cell electric vehicle in 2013, Hyundai has added the NEXO SUV, the XCIENT fuel cell heavy duty truck and a fuel cell electric bus.

When he took over as Hyundai Motor Group's group chairman in October, Euisun Chung identified hydrogen fuel cells, as well as autonomous driving, electrification, robotics and UAM -- industry jargon for flying cars -- as his initiatives for the futu…

A new group that includes General Motors, Merck & Co. and Walmart Inc. is pledging $100 million in an effort to hire 1 million Black workers during the next decade, expanding on existing corporate vows to increase minority employment.

The OneTen initiative, co-chaired by Merck CEOnKen Frazier and International Business Machines Corp. Executive Chairman Ginni Rometty, will focus on hiring and training Black workers without four-year college degrees, according to the plan released Thursday. The goal is to provide “family sustaining” jobs that pay an average of about $50,000 a year.

Companies are under pressure from investors, employees and activists to increase workforce diversity and give more opportunities to minorities after the killing of George Floyd by Minneapolis police sparked widespread protests. Black American have consistently had higher unemployment rates than White people and trailed in promotions and pay.

Other members of the founding boa…

Miami nice: Ford and Argo use self-driving tech to keep fresh food on kids' plates

Before the pandemic struck, Miami-area nonprofit The Education Fund distributed fresh food to students at 26 schools, ensuring they and their families had enough to eat.

With some kids no longer attending school in person, organizers sought a safe way to keep them and their families stocked with healthy groceries.

Enter Ford Autonomous Vehicles and its self-driving technology partner, Argo AI. Miami happens to be where the two companies have been kicking the tires on their autonomous driving technology and, in parallel, developing the foundation of a commercial ride-hailing and delivery business.

The companies and The Education Fund embarked on a pilot project in late October that will conclude by the end of this month. The team is using self-driving test vehicles — with human safety drivers behind the wheel — to deliver food directly to 50 students who attend Mia…

SHANGHAI -- China is expected to sell 80 million internal combustion engines annually in the next five years, in line with previous years, an engine industry association said on Thursday, amid a broader industry transformation toward electrification.

Internal combustion engines still dominate China's auto industry and are also used in motorcycles, agricultural machinery, ships and power generators, according to the China Internal Combustion Engine Industry Association.

Xing Min, secretary general at CICEIA, said the industry expects the sources of fuel for engines to increasingly diversify to include gasoline, natural gas, methanol and more, and to improve thermal efficiency in the next five years to lower overall carbon emissions.

China, the world's biggest vehicle market, is accelerating development of electric vehicles. Carbon dioxide emissions from China's auto industry were expected to peak around 2028, and drop to 20 percent of peak levels by 2035.…

New-vehicle sales in China kept growing at a double-digit pace for the third straight month in November, the China Association of Automobile Manufacturers estimates.

Automakers in China delivered some 2.73 million vehicles last month, up 11 percent from a year earlier, the industry trade group said this week, using a preliminary tally.

Sales of new light vehicles including sedans, crossovers, SUVs, multi-purpose vehicles and minibuses rose 9.3 percent. Demand for new commercial vehicles including trucks and buses advanced 14 percent, the group estimates. 

In the first 11 months, industrywide new-vehicle sales dipped 3 percent to some 22.4 million, according to CAAM’s estimates, with light-vehicle demand dropping 7.8 percent and commercial vehicle deliveries jumping 20 percent. 

The industry group didn’t disclose separate volumes for commercial vehicles or light vehicles for November or the first 11 months. It is expected to release those…

Hefei, the provincial capital of east China’s Anhui province, will become the third Chinese city to host a plant for Volkswagen Group’s electric vehicles developed on a new EV platform MEB. 

Production of MEB-based EVs at a joint venture with Jianghuai Automobile Co. will begin in 2023, VW Group China said this week. 

The joint venture will start expanding an existing EV plant next year. 

With the expansion, which is due to be completed at the end of 2022, the annual production capacity at the site will rise to 350,000 vehicles. 

VW Group and JAC this week also unveiled an r&d center at the joint venture in Hefei. The center will employ some 500 people by 2025, according to VW Group China.

VW Group didn’t disclose details on products to be built at the Hefei plant. 

The German group also runs China joint ventures with SAIC Motor Corp. and FAW Group Corp. 

VW Group China said last month that pr…

Qi Yumin, the former chairman of Huachen Automotive Group — parent of BMW Group’s joint venture partner Brilliance Automotive Holdings — is being investigated for violating regulations by an anti-corruption panel under the central committee of the Chinese Communist Party.

Information on the probe was posted on the CPC’s Central Commission for Discipline Inspection website last week. Details on the investigation or Qi’s misconduct have not disclosed.

Qi, 60, is a CPC member. He retired from Huachen Auto in March 2019 after serving as chairman of the state-owned automaker since 2005. 

The probe of Qi was disclosed shortly after Huachen Auto sought bankruptcy protection. 

After defaulting on a 1-billion-yuan ($153 million) bond in October, the company was approved for bankruptcy protection on November 20 by a court in the northeast China city of Shenyang. 

Huachen Auto, based in Shenyang, also runs a light commercial vehicle joi…

Toyota Motor North America will promote a longtime marketing executive to group vice president for Toyota marketing, succeeding Ed Laukes, who announced his retirement in November.

Lisa Materazzo, 52, vice president of Lexus marketing for Toyota Motor North America, will succeed Laukes on Jan. 4. She will be responsible for Toyota Division's market planning, advertising, merchandising, sales promotions, incentives, NASCAR and motorsports, as well as all social and digital media, the Japanese automaker said Thursday. She will report to Toyota Division General Manager David Christ, whom she worked with at Lexus when he led the luxury division.

Her promotion comes as TMNA plans a flurry of new, redesigned or refreshed vehicles that will hit U.S. dealer lots within the next 16 months.

Materazzo is in her second stint at Toyota Motor North America. She joined the company in 1998 as a senior product planner after working for eight years at investment brokerage…