Today, Daimler AG announced that the leading vehicle manufacturers in fuel cell technology – Daimler AG, Ford Motor Company, General Motors Corporation/Opel, Honda Motor Co., Ltd., Hyundai Motor Company, Kia Motors Corporation, the alliance Renault SA and Nissan Motor Corporation and Toyota Motor Corporation – gave a joint statement to the development and market introduction of electric vehicles with fuel cells with a Letter of Understanding (LoU). These companies have built up remarkable know-how in fuel cell technology and thus, the signing marks a major step towards the serial production of such locally emission-free vehicles.

The signing automobile manufacturers strongly anticipate that from 2015 onwards a quite significant number of electric vehicles with fuel cell could be commercialised. This number is aimed at a few hundred thousand units over life cycle on a worldwide basis. As every vehicle manufacturer will implement its own specific production and commercial strategies as well as timelines, commercialisation of electric vehicles with fuel cells may occur earlier than in the above-mentioned expected year. Read the rest of this entry »

Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong) and General Motors Corp. today confirmed details of their proposed transaction, pursuant to which, Tengzhong, a major industrial machinery group, will acquire the rights to the premium off-road HUMMER brand, along with a senior management and operational team. It will also assume existing dealer agreements relating to HUMMER’s dealership network. It is contemplated that Tengzhong will, as part of the transaction, enter into a long-term contract assembly and key component and material supply agreement with GM. In an earlier statement, GM said it expects the deal if successful to secure more than 3,000 US jobs. The final terms of the deal are subject to final negotiations.

Based in the Chinese province of Sichuan, Tengzhong is a privately-owned company and a leading domestic manufacturer of road, construction and energy industry equipment. It will expand into the premium off-road vehicle segment through what will be a strategic acquisition for Tengzhong and a catalyst for HUMMER’s growth in the U.S. and around the world. Read the rest of this entry »