Latest Automotive News
Latest Automotive News...
- Jaguar Land Rover targets £1.1bn of further savings
- BorgWarner are to buy Delphi Technologies in $3.3 billion auto parts deal.
- BorgWarner are to buy Delphi Technologies in $3.3 billion auto parts deal.
Jaguar Land Rover targets £1.1bn savings
According to JLR, the company’s Project Charge transformation programme reduced operating costs by £154 million, investment by £200 million, and inventories by £405m in the last quarter. This brings the total cost and cashflow improvements to £2.9 billion, exceeding the £2.5 billion target three months ahead of schedule. The company has now embarked on ‘Project Charge +’, the next phase of Project Charge, which will primarily target cost savings and deliver a further £1.1 billion of cost and cashflow improvements for a total of £4 billion of improvements by March 2021. JLR Chief Executive said: “In the third quarter Jaguar Land Rover sustained year-on-year revenue and profit growth as we continued to transform our business. Conditions in the automotive industry remain challenging but we are encouraged by the recovery in our China” (Source: Jaguar Land Rover)
According to JLR, the company’s Project Charge transformation programme reduced operating costs by £154 million, investment by £200 million, and inventories by £405m in the last quarter. This brings the total cost and cashflow improvements to £2.9 billion, exceeding the £2.5 billion target three months ahead of schedule. The company has now embarked on ‘Project Charge +’, the next phase of Project Charge, which will primarily target cost savings and deliver a further £1.1 billion of cost and cashflow improvements for a total of £4 billion of improvements by March 2021. JLR Chief Executive said: “In the third quarter Jaguar Land Rover sustained year-on-year revenue and profit growth as we continued to transform our business. Conditions in the automotive industry remain challenging but we are encouraged by the recovery in our China” (Source: Jaguar Land Rover)
BorgWarner to buy Delphi Technologies in $3.3 billion auto parts deal (Source Reuters, Jan 28th 2020)
(Reuters) - BorgWarner Inc on Tuesday agreed to buy UK-based Delphi Technologies Plc in a $3.3 billion (£2.5 billion) deal, as the U.S. auto parts maker positions itself to grab more sales in the fast-growing market for hybrid and electric vehicles. The acquisition, BorgWarner’s biggest merger in at least a decade, will add Delphi’s expertise in power electronics and expand its own portfolio as the auto industry makes a wider range of vehicles that focus on clean technology. Both companies specialize in auto transmissions, but BorgWarner - the larger of the two with annual revenue of more than $10 billion, has been expanding its products for electric vehicles.The company last year bought a 20% stake in battery packs supplier Romeo Power. Some of BorgWarner’s other products include electric motors, battery heaters and onboard battery chargers. (Source: Reuters)
(Reuters) - BorgWarner Inc on Tuesday agreed to buy UK-based Delphi Technologies Plc in a $3.3 billion (£2.5 billion) deal, as the U.S. auto parts maker positions itself to grab more sales in the fast-growing market for hybrid and electric vehicles. The acquisition, BorgWarner’s biggest merger in at least a decade, will add Delphi’s expertise in power electronics and expand its own portfolio as the auto industry makes a wider range of vehicles that focus on clean technology. Both companies specialize in auto transmissions, but BorgWarner - the larger of the two with annual revenue of more than $10 billion, has been expanding its products for electric vehicles.The company last year bought a 20% stake in battery packs supplier Romeo Power. Some of BorgWarner’s other products include electric motors, battery heaters and onboard battery chargers. (Source: Reuters)
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