Automotive Industry Updates: Financials, M&A, Solutions & Partnerships

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I-Bytes
Automotive
November Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................22
3. Rewards and Recognition Updates..................................................................................................................39
4. Customer Success Updates...............................................................................................................................57
5. Partnership Ecosystem Updates......................................................................................................................63
6. Environmental & Social Updates....................................................................................................................80

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Financial, M & A
Updates Automotive Industry

Financial, M&A Updates
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DENSO (Japan) Announces First-half Financial Results
• In Japan, despite an increase in sales due to the transfer of the Hirose Plant and an increase in sales to Toyota
Motor Corporation in the 2nd Quarter, sales revenue decreased to 1,324.8 billion yen ((US$12.5 billion) (Down
301.3 billion yen, 18.5% from the same quarter in the previous year). DENSO recorded an operating loss of 93.1
billion yen (Operating income of 56.4 billion yen in the same quarter of the previous year) due to the impact of
COVID-19, which resulted in production volume decrease.
• In North America, although vehicle production has been on a recovery track since the 2nd Quarter, sales
revenue decreased to 436.3 billion yen (US$4.1 billion) (Down 167.2 billion yen, 27.7% from the same quarter
in the previous year). Operating loss was 8.5 billion yen (Operating income of 11.2 billion yen in the same quarter
of the previous year) due to COVID-19-related production volume decreases.
• In Europe, sales revenue decreased to 200.2 billion yen (US$1.9 billion) (Down 94.7 billion yen, 32.1%
from the same quarter in the previous year) due to a decrease in vehicle sales caused by COVID-19. Operating
loss was 4 billion yen (Operating income of 6.3 billion yen in the same quarter of the previous year) due to a
production volume decrease.
• In Asia, sales revenue decreased to 549.9 billion yen (US$ 5.2 billion) (Down 110.1 billion yen, 16.7% from
the same quarter in the previous year) due to the slowdown of the market. Operating income decreased to 29.8
billion yen (Down 20.6 billion yen, 40.9% from the same quarter in the previous year) due to the impact of
production volume decreases.
• In other areas, net sales decreased to 14.4 billion yen (US$135.9 million) (Down 20.1 billion yen, 58.4%
from the same quarter in the previous year) and operating income decreased to 2.7 billion yen (Down 3.6 billion
yen, 56.8% from the same quarter in the previous year).
Executive Commentary
"Revenues decreased due to a significant decline in vehicle sales in the first quarter as a result of
COVID-19, and although there was a recovery trend from the second quarter, overall sales decreased in the
first half. Operating income was in the black in the second quarter because of additional measures, but
operating loss was recorded in the first half due to production volume decreases,” said executive vice
president of DENSO Corporation.
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DENSO (Japan)Invests in Lambda:4 to Enhance Passive Digital Key, Increasing
its Positional Accuracy and Security
DENSO, a leading mobility supplier, announced it has invested in Lambda:4, a
German company that develops wireless positioning technologies for short-range
applications using Bluetooth Low Energy. The investment will strengthen
DENSO’s passive digital key, increasing its location accuracy and user
authentication capabilities. This improves safety and security for those using the
key on smart devices to enter a vehicle. Passive digital keys allow approved users
to connect their smart devices, such as smart phones, to vehicles without the user
ever having to touch a button or open an app. Through the passive digital key, a
car can identify when an approved user is approaching; when the approved user is
at the car door, unlocking it; and when the approved user is inside, enabling
ignition. For this sequence to progress seamlessly, it is critical for the vehicle to
be able to quickly identify and authenticate an approved user and pinpoint their
location in and around the car. Lambda:4’s expertise, perfected in producing
localization systems for avalanche search and rescue missions, will rapidly
increase DENSO’s innovation in localization systems.
“Our goal at DENSO is to create products and technologies that enhance
mobility and meet our partners’ needs, helping them deliver seamless and
user-friendly experiences to their customers,” said director of Corporate
Ventures at DENSO. “We are pleased to forge ahead with this investment not
only despite the coronavirus pandemic, but because it will help us develop
safer transportation solutions during it. We continue to focus on new mobility
areas and potential partners, particularly in connectivity and autonomy, who
can help us address transportation needs of and beyond.”
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DENSO (Japan) Takes a Stake in Envoy, an EV Startup Serving the Commercial
Real Estate Industry’s Mobility Needs
DENSO, a leading mobility supplier, announced it has taken a stake in Envoy Technologies, an
electric vehicle (EV) startup based in Culver City, California, that offers mobility services to the
commercial real estate (CRE) industry. Through the investment, DENSO aims to create new
revenue streams by offering the benefits of Mobility-as-a-Service (MaaS) to businesses, helping
them move employees, customers and things more efficiently and safely. Founded in 2017 by real
estate and tech entrepreneurs Aric Ohana and Ori Sagie, Envoy partners with CRE industry
leaders to offer onsite mobility services like electric carsharing and EV charging for apartments,
offices, and hotels. Envoy's Mobility as an Amenity™ service is a turn-key solution that includes
technology to reserve and access vehicles, driver insurance, maintenance, and electric vehicle
chargers. Even in the face of a global pandemic, the company has experienced record utilization
amounting to more than 1.25 million electric miles driven. Envoy is currently available in 10
states and 14 markets in the U.S. DENSO has long been focused on the MaaS market, and it is a
key part of the company’s Second Founding, a strategic shift that has pushed DENSO into new
mobility areas. In support of this, DENSO has actively built strategic partnerships in and outside
Japan to meet the needs of an array of mobility providers. These have included taking stakes in
MaaS Global, a Finland-based developer of Whim,* the world’s first full-fledged MaaS service,
and Bond Mobility, which offers micromobility services in urban environments.
"Early on, we realized that the world's transition to electric mobility will significantly impact
our built world. With investors like DENSO, along with others from commercial real estate,
mobility, and energy, we are poised to accelerate that transition sustainably." said Envoy's
co-founder and CEO
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FCA (UK) and Groupe PSA Boards note continued progress towards merger completion and agree
additional steps including in respect of Faurecia stake distribution to Stellantis shareholders
Fiat Chrysler Automobiles N.V. and Peugeot S.A. continue to advance towards the completion of their proposed combination to create Stellantis,
the world’s 4th largest global automotive OEM by volume. A further step forward in this regard was taken on 27th October when their respective
Boards signed the cross-border merger terms that will apply to the combination. The parties expect the combination to be completed by the end
of the first quarter 2021, subject to the customary conditions set forth in their Combination Agreement. Both Boards also agreed to permit Groupe
PSA to sell up to approximately 7 per cent of Faurecia’s outstanding share capital prior to the completion of the merger and to take such other
steps (excluding additional disposals of shares) as may be necessary to ensure that Stellantis will not acquire control of Faurecia, consistent with
the terms of the original Combination Agreement. This is expected to facilitate the securing of the necessary regulatory approvals in relation to
the merger. The cash proceeds from this contemplated disposal are expected to be distributed to the Stellantis shareholders along with the
distribution in kind of the remaining stake in Faurecia, as already announced on 14th September 2020, promptly after the completion of the
merger and subject to approval by the Stellantis Board and shareholders. Both FCA and Groupe PSA also acknowledged the effective
management of the Covid-19 crisis by Faurecia, and the upward revision of 2020 guidance and confirmation of all targets for 2022 during Q3
sales presentation.
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GM (USA) Investing $2 Billion to Transition Spring Hill, Tennessee
Plant to Build Electric Vehicles, including Cadillac LYRIQ
General Motors Co. announced that its Spring Hill, Tennessee assembly plant will begin the transition to become the company's
third vehicle manufacturing site to produce electric vehicles, joining Factory ZERO in Detroit and Hamtramck, Michigan, and
Orion Assembly in Orion Township, Michigan. In addition, the company is confirming investments in five Michigan plants,
including the Lansing Delta Township Assembly and Flint Assembly for future crossover and full-size pickup production. The
all-new Cadillac LYRIQ will be the first EV produced at Spring Hill. Production of the Cadillac XT6 and XT5 will continue at
Spring Hill. The facility will build both traditionally powered Cadillac products and EVs.
The six U.S. facility investments total more than $2 billion, bringing the total amount GM has invested or committed to invest
in its U.S. manufacturing sites to more than $29 billion since 2009. The planned investments include:
• $2 billion will be invested in Spring Hill Manufacturing to build fully electric vehicles including the luxury Cadillac
LYRIQ. Through this investment, Spring Hill's paint and body shops will undergo major expansions and the general assembly
will receive comprehensive upgrades, including new machines, conveyors, controls and tooling. The renovation work in Spring
Hill will begin immediately.
• Production of the next-generation GMC Acadia will move to Lansing Delta Township Assembly, representing an
investment of more than $100 million.
• $32 million will be invested at Flint Assembly for future production of heavy-duty Chevrolet Silverado and GMC Sierra
pickups, which have gained significant market share in the United States and Canada.
• $17 million will be invested in the Romulus, Michigan propulsion plant to enhance automation and increase capacity of
GM's 10-speed truck transmission, which is used in full-size pickups and other key products, including the all-new Chevrolet
Tahoe and Suburban, GMC Yukon and Yukon XL, and the Cadillac Escalade.
• $3.5 million will be invested at Orion Assembly. In addition, $750,000 will be invested at GM's site in Brownstown
Charter Township, Michigan. Both investments are related to additional production of the Cruise AV test vehicle at Orion
Assembly.
"We are committed to investing in the U.S., our employees and our communities," said GM Chairman and CEO. "These
investments underscore the success of our vehicles, and our vision of an all-electric future."
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GM (USA) Delivers Income of $4.0 Billion and EBIT-adj. of $5.3
Billion
General Motors Co. reported third-quarter earnings driven by its agility, and strong and growing franchises. Despite the COVID-19 pandemic, the company
continued to invest in its electric vehicle and autonomous vehicle growth initiatives, launched an all-new portfolio of full-size Chevrolet, GMC and Cadillac
sport utility vehicles, and maintained leading U.S. full-size pickup truck and large SUV market share.
Third-quarter 2020 results:
• EPS-diluted of $2.78, and EPS-diluted-adjusted of $2.83
• EPS-diluted-adjusted includes a $0.05 gain from Groupe PSA revaluations
• Income of $4.0 billion, and EBIT-adjusted of $5.3 billion
• EBIT-adjusted margin of 14.9 percent
• Revenue of $35.5 billion
• Automotive liquidity of $37.8 billion
• Automotive operating cash flow of $9.9 billion, and adjusted automotive free cash flow of $9.1 billion
• GM North America EBIT-adjusted of $4.4 billion
• GM Financial EBT-adjusted of $1.2 billion
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Goodyear (USA) Reports Third Quarter 2020 Results
• Goodyear’s third quarter 2020 sales were $3.5 billion, down 9% from a year ago. The decline was driven by lower volume,
unfavorable foreign currency translation and reduced sales from other tire-related businesses. These factors were partially offset by
improvements in price/mix.
• Tire unit volumes totaled 36.6 million, down 9% from the prior year’s period. Industry demand during the quarter was affected
by the continued economic disruption resulting from the COVID-19 pandemic. Replacement tire shipments declined 9%, reflecting the
impact of lower consumer demand, temporary third-party retail store closings in the U.S., and actions taken to align European
distribution. Original equipment unit volume decreased 9%, driven by reduced vehicle production.
• Goodyear’s third quarter 2020 net loss was $2 million (1 cent per share) compared to net income of $88 million (38 cents per
share) a year ago. The decrease was driven by a decline in segment operating income. Third quarter 2020 adjusted net income was $24
million (10 cents per share), compared to adjusted net income of $105 million (45 cents per share) in 2019. Per share amounts are
diluted.
• The company reported segment operating income of $162 million in the third quarter of 2020, down $132 million from a year ago.
The decline primarily reflects lower volume, reduced factory utilization and lower earnings from other tire-related businesses. These
factors were partially offset by the benefits of cost saving actions, including ongoing rationalization plans, and improved price/mix.
Year-to-Date Results
• Goodyear’s sales for the first nine months of 2020 were $8.7 billion, a 21% decline from the 2019 period, driven by lower volume,
reduced sales from other tire-related businesses and unfavorable foreign currency translation. These factors were partially offset by
improvements in price/mix.
• Tire unit volumes totaled 88.3 million, down 24% from 2019. Replacement tire shipments decreased 21%, primarily reflecting
lower industry demand. Original equipment volume declined 31%, driven by lower global vehicle production.
• Goodyear’s net loss was $1.3 billion for the first nine months of 2020 ($5.62 per share) compared to net income of $81 million
(35 cents per share) in the prior year’s period.
• The company reported a segment operating loss of $316 million for the first nine months of 2020, down $1.0 billion from a year
ago.
“Our results reflect increasing momentum as the global tire industry recovered more quickly than we expected during the quarter,
led by the Americas,” said chairman, chief executive officer and president. “We are taking every opportunity to continue building
our business for the long term, while generating significant cost savings and free cash flow,”.
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Kia Motors (South Korea) announces Q3 2020 business results
• Kia Motors Corporation announced its business results for the third quarter of 2020. Third-quarter revenue increased 8.2 percent, year-on-year, to KRW 16.32
trillion (from KRW 15.09 trillion).
• Kia sold 699,402 vehicles around the globe in the July-September period, slightly lower than 702,258 units sold in the same period last year. Sales outside of Korea
declined by just 1.3 percent to 562,678 units as lockdown measures eased in advanced markets, with reviving demand despite the ongoing adverse impacts from
COVID-19. Sales in Korea rose by 3.2 percent to 136,724 units, led by sales of the newly launched Carnival minivan, as well as the Sorento SUV and K5 sedan.
• The company recorded revenues of KRW 16.32 trillion in the third quarter, 8.2 percent higher than KRW 15.09 trillion over the same period in 2019. An enhanced
product mix helped mitigate the impacts of the unfavorable economic environment, including currency exchange rate movements. Higher sales in China and India also
contributed to revenue growth.
• The company recorded operating profits of KRW 195.2 billion, down 33 percent from a year earlier, and net profits of KRW 133.7 billion, down 59 percent, after
making provisions for quality issues. The company has taken preemptive measures to ensure customer safety and to avoid future cost increases. Excluding provisions,
the company’s business performance exceeded market expectations, despite the persistently weak global demand caused by the effects of COVID-19.
• For the first nine months of 2020, Kia’s global sales totaled 1,864,137 units, down 10.3 percent from a year earlier, while revenue rose 0.5 percent to KRW 42.26
trillion. Year-to-date operating profit stood at KRW 784.8 billion and net profit was KRW 526 billion.
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Lear (USA) Reports Third Quarter 2020 Results and Provides Full Year
2020 Outlook
• Sales of $4.9 billion, compared to $4.8 billion in the third quarter of 2019
• Continued to grow sales faster than the market in both segments; E-Systems growth
over market of 12 percentage points
• Net income of $174 million and adjusted net income of $225 million, compared to
net income of $216 million and adjusted net income of $217 million in the prior year
• Core operating earnings of $327 million, compared to core operating earnings of
$338 million in the third quarter of 2019
• Earnings per share of $2.89 and adjusted earnings per share of $3.73, compared to
$3.58 and $3.54, respectively, in the third quarter of 2019
• Net cash provided by operating activities of $565 million and free cash flow of $474
million, compared to net cash provided by operating activities of $343 million and free
cash flow of $193 million in the third quarter of 2019
• Fully repaid $1.0 billion draw on revolving credit facility
• Cash and cash equivalents at quarter end of $1.25 billion and total liquidity of $3.0
billion
“The steps we took to prepare our plants to safely ramp up production following
COVID-19-related shutdowns and position the Company for success resulted in
significantly improved third quarter performance,” said Lear’s President and Chief
Executive Officer. “Despite lower industry volumes versus a year ago, we generated
operating margins near pre-COVID levels in both business segments. I am very
pleased with how quickly the industry recovered and our business rebounded after
the second quarter shutdowns, and, barring any COVID-19-related disruptions or a
significant change in industry demand, I am optimistic that our positive momentum
will continue for the balance of the year. We will continue to focus on driving
operational efficiencies, investing for long-term profitable growth, and delivering
superior shareholder returns.”
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LKQ Corporation (USA) Announces Results for Third Quarter 2020
• Revenue for the third quarter of 2020 was $3.0 billion, a decrease of 3.2% as compared to $3.1 billion in the
third quarter of 2019. For the third quarter of 2020, parts and services organic revenue decreased 4.5%
year-over-year, while the net impact of acquisition and divestitures revenue was (1.0%) and foreign exchange
rates was 2.1%, for a total parts and services revenue decline of 3.4%.
• Net income for the third quarter of 2020 was $193 million as compared to $152 million for the same period
in 2019, an increase of 27.4% year-over-year. Diluted earnings per share for the third quarter was $0.64 as
compared to $0.49 for the same period of 2019, an increase of 30.6% year-over-year.
• On an adjusted basis, net income was $228 million compared to $189 million in the same period of 2019.
Adjusted diluted earnings per share for the third quarter was $0.75 as compared to $0.61 for the same period of
2019, a 23.0% increase.
Cash Flow and Balance Sheet
• Cash flow from operations totaled $222 million during the third quarter of 2020, for a year-to-date total of
$1.1 billion. Free cash flow in the quarter totaled $189 million, bringing the total to $1.0 billion in the first nine
months of 2020.
• The Company made $256 million of net repayments on borrowings during the quarter, for a total
year-to-date debt reduction of $1.0 billion. As of September 30, 2020, LKQ’s balance sheet reflected net debt of
$2.7 billion, the lowest net debt level since the second quarter of 2017.
• Net leverage, as defined in our credit facility, decreased to 2.0x EBITDA. As of September 30, 2020, the
Company had approximately $2.7 billion in available liquidity, including $2.3 billion available under the credit
facilities and $421 million of cash and cash equivalents.
“We delivered exceptionally strong third quarter results owing to the resilience and dedication of the entire
LKQ organization. I couldn’t be prouder of what our global team accomplished during these unprecedented
times,” noted President and Chief Executive Officer. “Facing a continued challenging demand environment,
our team maintained their sharp focus on the cost structure, and we achieved the highest quarterly earnings
in the Company’s history and delivered year-over-year margin improvements in each of our operating
segments, with North America also achieving its highest level of segment EBITDA margin in the
Company’s history. Additionally, year-to-date we have generated over $1.0 billion in global free cash flow.
These metrics validate the continued focus of our team on our key operating initiatives of profitable revenue
growth, enhanced margins and free cash flow generation.”
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Magna (Canada) Announces Third Quarter 2020 Results
• On a consolidated basis, we posted sales of $9.1 billion for the third quarter of 2020, a decrease of 2% from the third quarter of 2019, compared to global light vehicle production that
decreased 4%, reflecting a decline of 5% in Europe and essentially level production in North America.
• Adjusted EBIT increased to $778 million in the third quarter of 2020 compared to $558 million in the third quarter of 2019. The increase mainly reflected higher margin earned on sales,
the benefit of COVID-19 related government employee support programs, and the negative impact of the labour strike at General Motors that was reflected in our results in the third quarter
of 2019.
• Income from operations before income taxes was $436 million for the third quarter of 2020 compared to a loss of $319 million in the third quarter of 2019. Included in income from
operations before income taxes in the third quarter of 2020 were Other expense, net items totaling $316 million mainly comprised of a non-cash impairment of assets, partially offset by net
gains on the revaluation of certain private equity investments, compared to $859 million in the third quarter of 2019.
• Net income attributable to Magna International Inc. was $405 million for the third quarter of 2020 compared to a loss of $233 million in the third quarter of 2019. Included in net income
attributable to Magna International Inc. in the third quarter of 2020 were Other expense, net items totaling $180 million after tax and loss attributable to non-controlling interests, compared
to $671 million after tax and loss attributable to non-controlling interests in the third quarter of 2019. Excluding Other expense, net from both periods, net income attributable to Magna
International Inc. increased $147 million in the third quarter of 2020 compared to the third quarter of 2019.
• Diluted earnings per share increased to $1.35 in the third quarter of 2020, compared to a loss of $0.75 in the comparable period. Adjusted diluted earnings per share increased 38% to
$1.95 compared to $1.41 for the third quarter of 2019.
• In the third quarter of 2020, we generated $1.6 billion in cash from operating activities, including $518 million from operating assets and liabilities. Investment activities for the third
quarter of 2020 included $213 million in fixed asset additions, $68 million in investments, other assets and intangible assets and $12 million in private equity investments.
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Michelin (France) signed a EUR 2.5bn Multicurrency Revolving
Credit Facility
Compagnie Générale des Établissements Michelin, signed on 16 October 2020 with a group of 19 banks a new EUR 2’500’000’000 multi-currency revolving credit facility (“the Facility”). The Facility replaces the existing EUR 1,500,000,000 facility dated 12 July 2011
and amended on 20 July 2012 and 10 December 2014 signed by Compagnie Financière Michelin. It is a back-up facility which, jointly with our commercial € paper program, has been increased to take in account the Group’s growth. The Facility has a three-year tenor
and incorporates two 1-year extension options at each lender’s discretion. The Facility comes with an CSR clause that links its pricing to a set of Sustainability Performance Targets material to the Company’s business and important to its stakeholders:
• Percentage of engagement of the Group’s employees.
• Reduction of our Scope 1&2 greenhouse gas emissions.
• Reduction of the environmental impact of our sites.
Mandated Lead Arrangers:
• JP Morgan
• Morgan Stanley
• NatWest
• Sumitomo Mitsui Banking Corporation
• Unicredit
Mandated Lead Arrangers et Bookrunners:
• BNP Paribas (mandated as Documentation Agent)
• HSBC France (mandated as Facility Agent and ESG coordinator)
• Banco Santander
• Citi
• Crédit Agricole Corporate and Investment Bank
• Deutsche Bank
• Natixis
• Société Générale Corporate & Investment Banking
• The Bank of Tokyo Mitsubishi UFJ
Arrangers:
• Bank of America Merril Lynch
• Bank of China
• CM-CIC
• Industrial and Commercial Bank of China
• Mizuho Corporate Bank
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Nissan (Japan) reports first-half results for fiscal year 2020
• In the first half of the fiscal year, consolidated net revenue was 3.09 trillion yen, the consolidated operating loss
was 158.8 billion yen, and the operating profit margin was -5.1%. The net loss1 in first half was 330 billion yen.
• In the second quarter of the fiscal year, consolidated net revenue was 1.92 trillion yen, the consolidated operating
loss was -4.8 billion yen, and the operating profit margin was -0.3%. The net loss1 in the second quarter was 44.4 billion
yen.
• Based on average foreign exchange rates of JPY 106.9 /USD and JPY 121.3 /EUR for FY20 1H
• On a management pro forma basis, which includes the proportionate consolidation of results from Nissan’s joint
venture operation in China, the operating loss was 104.5 billion yen, equivalent to an operating margin of -2.9%. The
net loss1 was 330.0 billion yen.
• Nissan continues to strategically accumulate liquidity under the difficult business environment caused by
COVID-19, in order to overcome the crisis. At the end of September 2020, cash and cash equivalents were over 2.3
trillion yen and net cash totaled 505.8 billion yen for the automotive segment. Furthermore, Nissan has unused
committed credit facilities of approximately 2.0 trillion yen as of September 2020.
FY2020 outlook
• For fiscal 2020, Nissan expect sales volume to increase by 1% over our previous forecast to 4,165,000 units.
Despite the negative impact of rising raw material prices, Nissan revised its full-year outlook as follows due to
improvements in selling expenses as well as sales finance, manufacturing and fixed costs.
• Nissan is forecasting net revenue of 7.94 trillion yen. The company foresees an operating loss of 340 billion yen,
which is 130 billion yen better than the previous outlook reflecting the results of the first six months. A net loss1 of 615
billion yen is expected, which is 55 billion yen better than the previous outlook.
“Going forward, we will continue to strengthen our efforts to rationalize the business, while enhancing our product
capabilities and refreshing our product lineup to provide unique value to our customers. While continuing to
operate in an uncertain environment in the second half of the fiscal year, we will maintain the momentum from the
second quarter with further financial discipline and improvement in our quality of sales. As an important milestone
under Nissan NEXT, we will firmly pursue our aim towards achieving 2% operating margin in fiscal year 20213,”
said Nissan CEO.
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At 437 million euro, group result after tax for the first nine months
positive again
• After the first nine months of the fiscal year 2020, the group result after tax of Porsche Automobil Holding SE (Porsche SE), Stuttgart, is positive again
at 437 million euro (prior-year period: 3.52 billion euro).
• After the first six months of the fiscal year 2020, this figure had been negative at minus 329 million euro. Porsche SE’s group result after tax is
significantly influenced by the profit from the investment accounted for at equity in Volkswagen AG of 505 million euro (prior-year period: 3.58 billion
euro). The business of the Volkswagen Group was affected by the Covid-19 pandemic in the first nine months of 2020, but made a noticeable recovery in
the third quarter.
• Net liquidity of the Porsche SE Group came to 492 million euro as of 30 September 2020 (31 December 2019: 553 million euro). Due to the record date,
this figure did not include either the dividend inflow to Porsche SE from Volkswagen AG of 756 million or the dividend distribution to the shareholders of
Porsche SE amounting to 676 million euro. Both cash flows occurred in October 2020.
• The board of management of Porsche SE is still of the opinion that it is currently impossible to give a reliable and realistic forecast for the group result
after tax for the fiscal year 2020. However, overall the Porsche SE Group expects a positive group result after tax for the fiscal year 2020.
• The forecast of the group net liquidity of Porsche SE remains unchanged. Without taking additional investments into account, it lies in a corridor of 0.4
billion euro to 0.9 billion euro as of 31 December 2020.
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FCA (UK) and Psa Group notes continued progress towards merger completion and agree additional
steps including in respect of Faurecia stake distribution to Stellantis shareholders
Fiat Chrysler Automobiles N.V. and Peugeot S.A. continue to advance towards the completion of their proposed combination to create Stellantis,
the world's 4Th largest global automotive OEM by volume. A further step forward in this look was taken on 27Th October when their respective
Boards signed the cross-border merger terms that will apply to the combination. The parties expect the combination to be completed by the end
of the first quarter 2021, subject to the customary conditions set forth in their Combination Agreement. Both Boards also agreed to allow PSA
Group to sell up to approximately 7 per cent of Faurecia's outstanding share capital prior to the completion of the merger and to take such other
steps (excluding additional disposals of shares) as may be necessary to ensure that Stellantis will not acquire control of Faurecia, consistent with
the terms of the original Combination Agreement. This is expected to facilitate the securing of the necessary regulatory approvals in relation to
the merger. The cash proceeds from this contemplated disposal are expected to be distributed to the Stellantis shareholders along with the
distribution in kind of the remaining stake in Faurecia, as already announced on 14Th September 2020, promptly after the completion of the
merger and subject to approval by the Stellantis Board and shareholders. Both FCA and Groupe PSA also acknowledged the effective
management of the Covid-19 crisis by Faurecia, and the upward revision of 2020 guidance and confirmation of all targets for 2022 during Q3
sales presentation.
Description
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Groupe PSA (France) announces the launch of the sale of part of its stake in
Faurecia
Peugeot S.A. launches the sale of 9,663,000 Faurecia shares, representing approximately 7% of Faurecia’s share capital, further to
the press release published by Groupe PSA earlier relating to the merger process between Fiat Chrysler Automobiles N.V. (“FCA”)
and Groupe PSA. The transaction will be conducted via an institutional private placement by way of an accelerated bookbuilding.
The bookbuilding will start immediately; the results of the placement will be announced after the close of the bookbuilding process.
The cash proceeds from this contemplated disposal are expected to be distributed to the Stellantis shareholders along with the
distribution in kind of the remaining c. 39% stake in Faurecia, as already announced on 14th September 2020, promptly after the
completion of the merger and subject to approval by the Stellantis Board and shareholders. Groupe PSA has granted to the
Bookrunners a 90-day lock-up, subject to certain usual exceptions (including the aforementionned distribution in kind). The final
terms of the Placement are expected to be announced on October 29, 2020 at the latest. The settlement and delivery of such sale is
expected to occur on November 2, 2020. Faurecia shares are listed on the regulated market of Euronext Paris (ISIN FR0000121147).
Description
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Groupe PSA (France) announces the successful completion of the sale of
part of its stake in Faurecia
Peugeot S.A. announces the successful completion of the sale of 9,663,000 Faurecia shares, representing approximately 7% of
the share capital of Faurecia, via an institutional private placement by way of an accelerated bookbuilding. The proceeds from
the transaction amount to approximately €308 million. Following the placement, Groupe PSA will hold approximately 39% of
Faurecia’s share capital. The cash proceeds from this disposal are expected to be distributed to the Stellantis shareholders along
with the distribution in kind of the remaining c. 39% stake in Faurecia, as already announced on 14th September 2020, promptly
after the completion of the merger and subject to approval by the Stellantis Board and shareholders. Groupe PSA has granted to
the Bookrunners a 90-day lock-up, subject to certain usual exceptions (including the aforementioned distribution in kind). This
disposal is one of the steps as may be necessary to ensure that Stellantis does not acquire control of Faurecia, consistent with the
terms of the original Combination Agreement. This is expected to facilitate the securing of the necessary regulatory approvals
in relation to the merger. The settlement and delivery of such sale is expected to occur on November 2, 2020.
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Bondholders General Assemblies approve the PSA (France) -FCA merger
through the successful consent solicitation
Peugeot S.A. launched a consent solicitation seeking the consent of the holders on its bonds issued under Peugeot S.A’s
EMTN Programme. The purpose was to obtain the approval, with the required majority for each series of bonds, of the
merger of Peugeot S.A with FCA NV in order to become Stellantis. Peugeot S.A announces that the Consent Solicitation
has been successful and has received the required consents under each series of bonds with a very large majority. Peugeot
S.A has also obtained from its banks the authorizations to engage the merger for both existing back up Revolving Credit
Facilities of €3bn each. The success of this consent solicitation is a strong sign of confidence of Peugeot S.A’s
bondholders and bank partners in the Group's strategy towards the creation of Stellantis. The completion of the merger is
expected to take place by the end of the first quarter of 2021, subject to customary closing conditions, including approval
by both companies’ shareholders at their respective Extraordinary General Meetings and the satisfaction of antitrust and
other regulatory requirements
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Schaeffler (Germany) reports strong 3rd quarter 2020
• Global automotive and industrial supplier Schaeffler presented its interim report for the first nine months of 2020. The Schaeffler
Group generated 8,971 million euros in revenue during the period (prior year: 10,839 million euros). As a result of lower demand due
to the coronavirus pandemic, revenue for the period decreased considerably at constant currency, falling by 15.4 percent; in the third
quarter, demand improved primarily due to the recovery at the two Automotive divisions, reducing the decline from the third quarter of
the prior year to only 2.6 percent.
• The Schaeffler Group earned 385 million euros in EBIT before special items in the first nine months of 2020, considerably less
than in the prior year (883 million euros). This represents an EBIT margin before special items of 4.3 percent (prior year: 8.1 percent).
• EBIT for the reporting period was adversely affected by 798 million euros (prior year: 88 million euros) in special items. These
included an impairment of goodwill allocated to the Automotive Technologies division by 249 million euros recognized in the first
quarter.
Free cash flow ahead of prior year
• Net income (loss) attributable to shareholders before special items decreased considerably during the first nine months of 2020
compared to the prior year period, amounting to 139 million euros (prior year: 547 million euros). Net income (loss) was -525 million
euros (prior year: 485 million euros), resulting in earnings per common non-voting share of -0.78 euros (prior year: 0.73 euros).
• Free cash flow before cash in- and outflows for M&A activities for the first nine months of 185 million euros exceeded that of the
comparable prior year period (133 million euros). Capital expenditures (capex) on property, plant and equipment and intangible assets
for the reporting period of 481 million euros were considerably below the prior year level (823 million euros), representing a capex ratio
of 5.4 percent of revenue (prior year: 7.6 percent).
• The group’s net financial debt increased to 2,688 million euros as at September 30, 2020 (December 31, 2019: 2,526 million
euros). The gearing ratio, i.e. the ratio of net financial debt to shareholders’ equity, rose considerably to 169.9 percent (December 31,
2019: 86.6 percent). The net debt to EBITDA ratio before special items was 1.6x as at the end of September 2020 (December 31, 2019:
1.2x).
• The Schaeffler Group had approximately 2,771 million euros in available liquidity as at September 30, 2020, representing
approximately 22 percent of revenue for the last twelve months.
CFO of Schaeffler AG, said: “At 333 million euros, the Schaeffler Group generated strong free cash flow in the third quarter. The
amount of 185 million euros for the reporting period is ahead of prior year. Along with the upturn in business, the measures
initiated as early as last year to improve free cash flow are making a positive impact, especially the focus on capital expenditures
and the improvement of working capital.”
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Tata Motors (India) Consolidated Q2 FY21 Results
• Jaguar Land Rover returned to profit with significant positive cash flow in the quarter as sales and revenue
recovered from the impact of Covid-19 in Fiscal Q1 but remain below pre-Covid levels a year ago. Retail sales
of 113,569 units were up 53.3% q-o-q with almost all retailers now open. However, retail sales in most markets
continued to be impacted by Covid-19 and so were down 11.9% in total year-on-year. China sales were
particularly encouraging, up 14.6% on the prior quarter and 3.7% year-on-year.
• Revenue was £4.4 billion (on wholesales of 73,451 excluding China JV), up 52.2% from Q1FY21, although
down 28.5% from pre-covid levels a year ago. Jaguar Land Rover generated a £65 million profit before tax (PBT)
in the second quarter up significantly from a loss of £413 million in the prior quarter but lower than the pre-covid
PBT of £156 million a year ago. The improvement in the year reflects the recovery in sales, £0.3 billion of Project
Charge+ cost efficiencies and favourable foreign exchange impact. Margins improved from Q1 with EBITDA at
11.1% and EBIT at 0.3%.
• As expected, Free Cash Flow was positive £463 million after £531 million of investment spending. The
positive cash flow primarily reflects a £528 million recovery in working capital following the restart of
production and the reopening of the global retailer network. Cost and cash saving from the Project Charge+
transformation programme in the quarter totalled £ 0.6 b, including £0.3 billion of cost and £0.3 billion of
investment savings from Charge+. Total savings year-to-date are now £ 1.8 billion and the Company is on track
to achieve the £2.5 billion target for the full year.
• Jaguar Land Rover ended the second quarter of Fiscal 2020/21 with solid liquidity of ~£5.0 billion,
comprising over £3.0 billion of cash and short-term investments and a £1.9 billion undrawn revolving credit
facility. The company has since completed a $700 million five-year unsecured bond issued in October 2020,
increasing pro forma liquidity to £5.5 billion.
CEO and MD, Tata Motors, said, “The auto industry continued its calibrated progress in Q2FY21 as the
nationwide lockdown eased further. With health, safety and wellbeing of our employees and the supporting
ecosystem at the forefront, we scaled up capacity while prudently addressing supply chain bottlenecks. In
PV, we accelerated the momentum built in Q1FY21 and saw demand gradually emerge in select segments
of CV. We remain hopeful for a full recovery in CV industry by end of this fiscal year aligned to the overall
improvement in the economy. During the quarter, we delivered on our planned improvements in our
operational and financial performance. We reiterate our commitment to make Tata Motors more agile by
reducing costs, generating free cash flows, and providing the best in class customer experience.”
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TRATON and Navistar Reach Definitive Agreement for Acquisition of Navistar at
USD 44.50 Per Share in Cash
TRATON SE one of the world’s largest commercial vehicle manufacturers,
and Navistar International Corporation a leading U.S. truck maker, announced
that they have entered into a definitive merger agreement pursuant to which
TRATON will become the owner of all of the outstanding common shares of
Navistar not already owned by TRATON at a price of USD 44.50 per share in
cash. TRATON currently owns 16.7% of the outstanding shares of common
stock of Navistar. Beginning in March 2017, TRATON and Navistar have
benefitted from a strategic alliance that has delivered significant value to both
companies through increased purchasing scale and the integration of new
technologies. This transaction builds on that success by combining TRATON’s
strong position in Europe and substantial presence in South America with
Navistar’s complementary footprint in North America to create a global
company well-positioned to benefit from enhanced brand performance,
increased innovation and industry-leading capabilities.
“The announcement accelerates our Global Champion Strategy by
expanding our reach across key truck markets worldwide, including scale
and capabilities to deliver cutting-edge products, technologies and services
to our customers,” said TRATON CEO. “Together, we will have an
enhanced ability to meet the demands of new regulations and rapidly
developing technologies in connectivity, propulsion and autonomous
driving for customers around the world. Navistar has been a valuable
partner, and we are confident this combination will deliver compelling
strategic and financial benefits, create enhanced opportunities for both
Navistar and TRATON, and best position us to drive sustained value in the
evolving global commercial vehicle industry.”
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BorgWarner (USA) Optimizes S410 Turbocharger for Mercedes-Benz
Novo Actros
22
Solution Description
BorgWarner, a global leader in clean and efficient technologies for combustion, hybrid and electric vehicles, has
developed an upgraded version of its S410 turbocharger for the Mercedes-Benz Novo Actros extra heavy truck. The new
turbocharger equips the famous OM 460 engine from Mercedes-Benz in its three power versions: 450hp, 480hp and
510hp. This optimized solution features compressor stage technology with a renewed design that improves the
thermodynamic efficiency through a new rotor and new compressor housing volute. The upgraded S410 turbocharger also
provides better compressor efficiency, with reduced air compression temperature and fuel consumption. Featuring forged
and machined titanium rotors, BorgWarner’s S-series turbochargers incorporate the best material to resist low and high
cycle fatigue, offering greater reliability even under extreme loads. Dual-flow turbine housings divide the exhaust gas
flow to better use pulse energy to propel the turbine wheel, resulting in greater exhaust power for dynamic response and
higher efficiency.

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New ADAS Kit Further Expands Delphi Technologies’ Diagnostic
Capabilities
23
BorgWarner, a global leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles, introduces a new diagnostic solution to
its Delphi Technologies Aftermarket portfolio, enabling garages to add a new type of diagnostic service to their repertoire and increase their profitability. It
enables workshops to cater to new ADAS technology which is becoming mainstream on most vehicles and an essential part of service and repair work. To
support this growing market, the new ADAS program includes an easy to use modular kit which works seamlessly with the existing DS Diagnostic tablet &
software. The basic kit – main support, adjustment bar with lasers, claws on rims, graduated supports and mirrors – as well as a range of accessories in option,
such as target panels for the calibration of front cameras of popular brands like Volkswagen, Mercedes-Benz, Renault, Peugeot, Citron, Toyota, and Mazda.
Boasting an initial provision for 284 models with camera calibration and 146 models with radar calibration, the coverage of 31 vehicle brands will expand
as part of our continuous software development programs. Delphi Technologies is committed to keeping pace with the changing market for ADAS systems
and expanding its program by ensuring that garages have the capacity to perform calibration on an increasingly wide range of automotive applications.
Functions requiring such calibration include rear view camera adjustment, driver and passenger side front camera calibration as well as radar calibration for
a vast range of essential safety detection features. It can be used in dynamic calibration mode or with targets and vehicle manufacturer equipment in the
workshop. It also includes easy-to-follow, step-by-step instructions built into the software for quick and accurate calibration.

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New ADAS Kit Further Expands Delphi Technologies’ Diagnostic
Capabilities
24
BorgWarner, a global leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles, introduces a new diagnostic solution to
its Delphi Technologies Aftermarket portfolio, enabling garages to add a new type of diagnostic service to their repertoire and increase their profitability. It
enables workshops to cater to new ADAS technology which is becoming mainstream on most vehicles and an essential part of service and repair work. To
support this growing market, the new ADAS program includes an easy to use modular kit which works seamlessly with the existing DS Diagnostic tablet &
software. The basic kit – main support, adjustment bar with lasers, claws on rims, graduated supports and mirrors – as well as a range of accessories in option,
such as target panels for the calibration of front cameras of popular brands like Volkswagen, Mercedes-Benz, Renault, Peugeot, Citron, Toyota, and Mazda.
Boasting an initial provision for 284 models with camera calibration and 146 models with radar calibration, the coverage of 31 vehicle brands will expand
as part of our continuous software development programs. Delphi Technologies is committed to keeping pace with the changing market for ADAS systems
and expanding its program by ensuring that garages have the capacity to perform calibration on an increasingly wide range of automotive applications.
Functions requiring such calibration include rear view camera adjustment, driver and passenger side front camera calibration as well as radar calibration for
a vast range of essential safety detection features. It can be used in dynamic calibration mode or with targets and vehicle manufacturer equipment in the
workshop. It also includes easy-to-follow, step-by-step instructions built into the software for quick and accurate calibration.

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A digital solution for the logistics industry – Fleetmatch makes fleets
more effective and truck drivers happier
25
Technology company Continental has developed a digital solution that puts logistics companies and professional drivers in contact with
one another easily and effectively. Fleetmatch is a platform that not only functions as a job portal geared to logistics fleets, but also – as
an app – enables drivers to view job offers and rate loading docks, all from their smartphone. The application is meanwhile seeing
extensive use in the Hamburg metropolitan region, with its strong logistics sector. It only takes a few minutes for fleet managers to place
their company profile and job advertisements online on the website. A unique selling point of Fleetmatch is the active search via filters
for drivers with specific qualifications, making it possible to contact specific drivers in targeted fashion: if a driver matches a specific job,
the fleet can unlock the corresponding driver profile. While this unlocking is subject to a fee for fleets searching on the website, the app
is available to all drivers free of charge. In the web-based solution, companies only see professional drivers who have released their
profile for job matching, i.e. the potential to match a driver with a fleet. Job providers and job seekers can then find a number of ways to
get together: drivers can proactively swipe a job offer to the right in the smartphone app, and his application is transmitted to the fleet,
while fleet managers can either wait for applications for their job vacancies, or use the active search function to unlock selected driver
profiles.

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Goodyear (USA) Launches New OTR Tire For Large Haulage Fleets
26
The Goodyear Tire & Rubber Company announces its newest addition to its off-highway large haulage product line, the RH-4A+, engineered to
deliver a lower operating cost per hour and higher productivity in hard rock underfoot conditions. This tire features an extra-deep E-4+ tread depth
with a high net-to-gross tread pattern and optimized footprint pressure to help provide long hours to removal. Available now, the Goodyear
RH-4A+ tire is an important addition to Goodyear’s Total Solution of trusted products, reliable services and fleet management tools – all delivered
by a global network. The new Goodyear RH-4A+ large haulage tire helps operators be more productive and operate at a lower cost by providing
the following benefits and features:
• Enhanced sidewall durability and lateral stability with Goodyear’s new Durawall Technology®, wider bead design, and wider molded rim width
• Increased hours to removal and cut protection with its high net-to-gross tread pattern and deep, E-4+ tread depth
• Cool operating temperatures from the tread’s centerline blading, shoulder lug pockets, and shoulder lug side notches
Field results from global mining customers have shown that the RH-4A+ delivers up to 12% better hours to removal than RM-4B+.The RH-4A+
is currently available in sizes 59/80R63, 46/90R57 and 27.00R49 through Goodyear’s global network of authorized OTR dealers. It is available
in customized casing constructions and with Goodyear’s proprietary tread compounds to meet hauling conditions.

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GAC MOTOR (China) to Introduce Three Flagship Models to Chile,
Accelerating Its Expansion to the South American Market
27
GAC MOTOR will enter the Chile market with its flagship models GS3, GS4, and GA4 on November 19. What kind of mass fervor will these three blockbuster models set off in Chile? Supported by world-class
R&D system and intelligent manufacturing strength, GAC MOTOR enjoys an excellent global reputation due to the outstanding quality and service, which helped it won consumers’trust from different regions.
Many South American users are highly anticipating a fresh new mobility experience that GAC MOTOR will bring to the market. GAC MOTOR is a wholly owned brand of the Fortune Global 500 Guangzhou
Automobile Group Co, Ltd., and has been expanding rapidly since it entered the market in 2008 as one of the fastest-growing brands in the world. After over 20 years of development, GAC group has now built
substantial R&D, manufacturing, and sales service systems to produce and sell dozens of well-known brands of car products and been trusted by consumers around the world. Aiming at integrating the world’s
most cutting-edge scientific and technological resources, GAC has also set up R&D centers in Silicon Valley and Detroit and will continue to carry out its scientific and technological R&D oriented to the
markets and consumers, and continuously breakthrough technical bottlenecks. Relying on the strong R&D capabilities of GAC Group, GAC MOTOR has developed several industry-leading technologies,
including global platform modular architecture (GPMA) and new power technology (Mega Wave Power). Among them, the fourth-generation 2.0ATK engine of GAC MOTOR has reached 42.1% thermal
efficiency, representing the current world level of thermal efficiency of gasoline engine products and leads the development of the global automobile industry with such advancements. More than that, GAC
MOTOR has also constructed a world-class factory for intelligent manufacturing and an internationally leading supply chain system. In the processes of part and component procurement, manufacturing, and
quality control, GAC MOTOR strictly manages product quality with high requirements of standardization, intelligence, and protocols, and designed every model in an elaborative manner. GAC MOTOR also
invites third-party experts and consumers to review the models, scrutinize the quality and configuration with the most stringent standards, and GAC MOTOR would improve product quality to reflect the review
opinions. As a result, GAC MOTOR enjoys a worldwide brand reputation for its “reliability and durability.” It has been recognized by established institutions and the market -- for eight consecutive years rated
by J.D. Power Initial Quality Study as China brand champion.

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GAC MOTOR (China) to Launch Three Blockbusters in Kuwait, Accel-
erating Its Expansion in the Middle East
28
Kuwait has a hot and dry climate and extremely high temperatures in the summers, meaning only car brands with good quality and strength can perform
effectively in Kuwait. As one such brand, GAC MOTOR has provided products and services recognized by Kuwaiti consumers, and its reputation is
increasing rapidly. GAC MOTOR will introduce three blockbusters, the GS5, GN6, and All New GA8, to the Kuwait market on November 17. It will offer
consumers more and more diversified travel options. GAC MOTOR has been deeply involved with the market for six years and has established a sound sales
and service system locally and enjoys an excellent brand reputation, in collaboration with Mutawa Alkazi Company, one of the largest automobile dealers in
Kuwait. Despite the various extreme weather conditions in Kuwait, GAC MOTOR ensures the local people a pleasant travel experience with its stable and
reliable products. Some of its models have been performing well amongst the market competition, which marked it as the trusted brand of Kuwaiti
consumers, with a good reputation established by its high quality and superior operational performance. GAC MOTOR will launch three new flagship
models, including GS5(SUV), GN6(MPV), and All New GA8(luxury sedan), which further improve the product selection in the Kuwait market and provide
diversified choices for different consumer groups, in response to the demand for innovation upgrading. As Kuwaiti consumers prefer SUVs, the highly
awaited GS5 will trigger a new splash in the SUV market segment. In Kuwait, where MPV models are but a few, GN6 will emerge as the surprise choice for
customers. With speculations on the improved values and parameters, the upgraded All New GA8 is also gaining attention from media and customers.

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Size Matters: Hyundai Motor’s (South Korea) Smallest EV
Revealed
29
Hyundai Motor Company revealed the first glimpse of its smallest EV yet, with a video sketching its unique and innovative
construction. This petite EV’s exterior style is based on the ‘45’ EV concept that Hyundai presented in 2019 at the International
Motor Show (IAA) in Frankfurt. Hyundai’s designers adapted the signature ‘kinetic cube lamp’ design of ‘45’ along with its
angular yet smooth profile to create this yet-to-be-named EV that sports a Performance Blue exterior color with orange accents.
This ‘little engine that could’ packs two DC motors that push it to the blistering top speed of 7 km/h. Only the bravest souls will
take the wheel of this speedster. To boost driver confidence, Hyundai designers took inspiration from motorsports by placing just
one seat in the middle of the car. In keeping with the 45’s design heritage theme, Hyundai has built this unique passenger vehicle
out of a traditional eco material – wood. This new EV does not have an officially rated driving range yet, but driver’s laughter is
believed to fuel the vehicle to travel further based on its Emotion Adaptive Vehicle Control (EAVC) technology. Further details
will be revealed soon on how this one-of-a-kind EV will offer a unique mobility experience for young customers.

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Hyundai Motor Group (South Korea) to launch NVIDIA DRIVE ‘connected car’
infotainment and AI platform across all future Hyundai, Kia and Genesis models
30
Hyundai Motor Group and NVIDIA announced the roll-out of the NVIDIA DRIVE ‘connected car’ platform across all new models from
Hyundai, Kia and Genesis from 2022 onwards. The technical cooperation with NVIDIA, the global leader in accelerated computing, will
enable Hyundai Motor Group to develop high-performance ‘connected car’ computing systems for its next-generation models. From
entry-level to premium vehicles, all future models will feature in-vehicle infotainment (IVI) systems powered by NVIDIA DRIVE as
standard. NVIDIA DRIVE includes a hardware and software stack, enabling Hyundai Motor Group’s IVI systems to combine audio, video,
navigation, connectivity and artificial intelligence (AI)-based ‘connected car’services. Using the high-performance, energy-efficient NVIDIA
DRIVE platform for its future models will allow the Group’s brands to offer customers seamless and continuously enhanced in-vehicle AI user
experiences. Hyundai, Kia and Genesis customers will therefore benefit from a feature-rich, software-defined AI user experience that is
perpetually updateable. Hyundai Motor Group has been working with NVIDIA since 2015, and the NVIDIA DRIVE platform already
underpins the advanced IVI systems found in the Genesis GV80 and G80. The companies have also been collaborating on an advanced
integrated digital cockpit, due to be launched in late 2021. The announcement takes the relationship further, as Hyundai Motor Group lays the
foundations for IVI systems that can support a wide range of future apps and features, across its entire model line-up.

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Isuzu launches (Japan) the new mu-X, full model changed for the first time in
seven years
31
Isuzu Motors Limited (headquartered in Shinagawa, Tokyo; Masanori Katayama, President and Representative Director; hereinafter referred
to as Isuzu) will start selling the full model-changed mu-X, a passenger pickup vehicle (PPV), on Nov. 9 in Thailand before expanding in other
markets. The mu-X is a variant of the Isuzu D-MAX (hereafter referred to as D-MAX), a pickup truck which was full model changed last year.
Its body-on-frame construction, a unique PPV feature, is highly evaluated for its rough road running performance, durability and towing
capability mainly in Thailand, the ASEAN region, and Australia, and enjoys high customer rating in more than 60 countries around the world.
The high evaluation for the mu-X in Thailand includes the reception of the Car of the Year Best PPV Award two consecutive years since 2019,
and also the PPV Product Innovation Award in 2020. This full model change is based on the engineering concept of Robust and Exclusive,
with the aim to deliver customers a pleasure of owing the new mu-X through enhancing the comfort and luxury feel at a level required for a
PPV while maintaining Isuzu's unique strengths: reliable durability; fuel economy; and safety performance. Isuzu has been focusing on
strengthening the LCV business, which was part of the Midterm Business Plan announced in May, 2018. With this full model change, Isuzu
will launch a product with a wide range of variations that can satisfy the diversified customer needs, also boost the sales based upon the
business foundation built on the previous Midterm Business Plan, and lead the market in the LCV business category.

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Magna’s (Canada) CLEARVIEW Camera Monitoring System to
Debut In 2022
32
After winning new business across multiple vehicle models for a global automaker, it’s official: Magna’s CLEARVIEW™ technology will enter the
market in 2022. Using a unique combination of camera and mirror technology to provide drivers with an enhanced field of view, CLEARVIEW is made
possible through Magna’s comprehensive expertise in intelligent vision systems using mirrors, cameras, electronics and software. The CLEARVIEW
interior mirror features a frameless design with the ability to electronically switch between a traditional rear-view mirror and a video display that has a
customizable field of view and can display up to three camera views at the same time. This is particularly helpful when passengers, cargo and/or a trailer
restrict the driver’s view when using the traditional rear-view mirror. The system is also available with a capacitive-touch interface that enables an
automaker or vehicle logo to be included. The CLEARVIEW exterior mirror integrates a camera with a U.S. regulatory-compliant side-view mirror to
display a live feed inside the vehicle. Cameras are mounted on the mirrors beyond the widest point of the vehicle to achieve a maximum field of view,
enhance the driver’s awareness and improve safety. The exterior mirror can also include safety and convenience features such as surround-view
cameras, blind zone indicators, auto dimming glass, memory, power fold and forward/rear lighting. The new-business win underscores Magna’s ability
to bring innovative, future-focused products to market and help differentiate customers’products. With its technology, expertise, size and scale, no other
supplier is as ready as Magna is to lead in the new-mobility landscape.

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NIO (China) Launches the 100 kWh Battery with Flexible Battery
Upgrade Plans
33
NIO announced the launch of its 100 kWh battery together with battery upgrade plans. NIO has always been committed to the R&D and innovation in battery
technology. With over 300 patents filed and gained, the 100 kWh battery features the CTP (cell to pack) technology, realizing 37% higher energy density. Powered
by the 100 kWh battery, the NEDC range of NIO models can now reach up to 615 km. The excellent performance of the 100 kWh battery is underpinned by four
technological improvements: better thermal runaway management thanks to the thermal propagation prevention design; the highly integrated design that
streamlines the manufacturing by 40% and improves space utilization by 19.8%; the all-climate thermal management that improves the performance and extends
the lifetime of the battery; and the end-cloud bi-directional communication BMS that supports smart parameter adjustments based on work conditions to improve
the battery’s performance under all conditions. NIO models with the 100 kWh battery will be available for pre-order starting November 7, 2020. Users of the 70
kWh battery can choose to either purchase the new battery for a permanent upgrade, or flexibly upgrade to it for RMB 880 per month or RMB 7,980 per year. The
flexible monthly and yearly battery upgrade is a bold innovation by NIO to cater to users’ diverse travel needs in different scenarios. Prior to the 100 kWh battery,
NIO had already launched BaaS for the 70 kWh battery. Users who choose a NIO model with BaaS do not need to buy the battery, instead, they can subscribe to
batteries of different capacity and pay the battery fee on a monthly basis in accordance with their actual needs. Users who buy a NIO car with the 70 kWh battery
with BaaS can immediately enjoy RMB 70,000 off the price and only RMB 980 per month for the battery subscription. For the purchase of a NIO car with the 100
kWh battery with BaaS, RMB 128,000 will be reduced from the car price with a monthly battery subscription fee of RMB 1,480 per month.

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Schaeffler (Germany) demonstrates pioneering spirit and innovation,
and is instrumental in shaping the fully-electric future of the DTM
34
At the final DTM race weekend of 2020, Schaeffler is showing what the future of the DTM will look like: it is green and electric. As the
new Series and Innovation Partner of the DTM, Schaeffler and the umbrella organisation, ITR (Internationale Tourenwagen Rennen e.V.),
are presenting a demonstration car at the Hockenheimring, which has four battery-powered Schaeffler drivetrains – one for each wheel –
and is also equipped with Space Drive steer-by-wire technology. The prototype is driven by Formula E driver Daniel Abt and two-time
DTM champion Timo Scheider, as well as Schaeffler Brand Ambassador, Sophia Flörsch. The demonstration car in action at the
Hockenheimring generates almost 1,200 hp with 800 kW – that is virtually twice as much power as the current DTM cars (over 450 kW).
The car accelerates from 0 to 100 km/h in 2.4 seconds, making it roughly 0.4 seconds faster than the current Schaeffler BMW M4 DTM.
It also features Space Drive steer-by-wire technology, which has been successfully tried and tested in motorsport, as well as an integrated
vehicle dynamics control to control the four motors. In its role as a development platform for the electric DTM, outings are planned at
DTM events in 2021. It is then possible that the DTM will be a fully-electric race series from 2023.

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Tata Motors (India) introduces Harrier CAMO edition of its
flagship SUV
35
Tata Motors, India’s leading automotive brand, announced the launch of the CAMO, a special edition of Harrier- its flagship SUV, this festive
season at a starting price of INR. 16.50 lakhs (ex-showroom Delhi). The Harrier CAMO edition is the ultimate personification of the SUV,
unifying all product aspects into a single, high-presence design. The all new CAMO Green is created to stand out while blending in while the
Steel Grey reflects the inner strength of the OMEGARC on which this indestructible product is based. The Harrier, which is built on the
OMEGARC and derived from Land Rover’s legendary D8 platform, is the perfect combination of stunning design and excellent performance.
Based on the IMPACT 2.0 philosophy and powered by the cutting-edge Kryotec 170 PS 2.0L Diesel engine with a 6 Speed Manual/Automatic
Transmission and Advanced Terrain Response Modes, the Harrier assures an exhilarating performance and effortless driving experience. Tata
Motors Limited a USD 35 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and
buses. Part of the USD 113 billion Tata group, Tata Motors is India’s largest and the only OEM offering extensive range of integrated, smart
and e-mobility solutions. It has operations in India, the UK, South Korea, Thailand, South Africa, and Indonesia through a strong global
network of 103 subsidiaries, 10 associate companies, 3 joint ventures and 2 joint operations as on March 31, 2020.

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Tata Motors (India) launches the XM+ variant of the Altroz
36
Tata Motors, India’s leading auto brand, announced the launch of the XM+ variant of its premium hatchback – the Tata Altroz. The XM+ variant
comes with a host of exciting features such as the 17.78cm touchscreen infotainment with Apple Car Play & Android Auto connectivity that
provides a seamless driving experience. The steering mounted controls, voice alerts, voice command recognition, R16 wheels with stylized wheel
cover and remote foldable key, all contribute to provide an enjoyable driving experience for the customer. The XM+ variant of the Altroz will be
available in 4 colours – High Street Gold, Downtown Red, Avenue White and Midtown Grey. This new variant has been launched at a price of INR
6.6 Lakhs (Ex. Showroom Delhi), in the petrol version. This announcement comes in on the back of the much-acknowledged success of the Altroz,
after its launch earlier this year. With this variant, customers will now be able to take advantage of features that are typically only available in
premium variants, at an attractive and accessible price. Launched in January 2020, the Company made its entry into the premium hatchback
segment with the Altroz and the product has been much appreciated by customers and the industry for its stylish design, drivability and
best-in-class safety. The 5-star GNCAP adult safety rating that the Altroz received right at its launch, is a testament to the same. The Altroz sports
the Impact design 2.0 philosophy of Tata Motors and is the first vehicle to be developed on the ALFA architecture of the Company. The premium
hatchback is also the official partner of IPL 2020 and was on display on-ground at all venues across the United Arab Emirates.

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Creating a Remote Tire Pressure Monitoring System for Level 4 Autonomous
Driving - Proof-of-Concept Test Conducted on Public Roads in City of Gifu -
37
Sumitomo Rubber Industries, Ltd. is pleased to announce that, having created a system designed to support Level 4 Autonomous Vehicles by monitoring tire pressure data and
responding to signs of tire trouble requiring maintenance, we conducted a successful proof-of-concept test of this new system on a public road in the City of Gifu (Gifu
Prefecture) on November 12th. This test represents a major step in our ongoing joint research with the Center for Research on Adoption of NextGen Transportation Systems
(CRANTS) at Gunma University, with whom we have been working since last year to develop a system that would allow for remote monitoring of tire pressure in driverless
vehicles. It is our hope that this new system will contribute to greater safety for autonomous vehicles by facilitating preventive maintenance to preempt potential tire trouble
while also ensuring a more rapid response to punctures and other types of tire trouble when it occurs. In order to respond to the rise of CASE
(Connected/Autonomous/Shared/Electric), MaaS (Mobility as a Service) and other major innovations that are already transforming the automotive industry, the Sumitomo
Rubber Group is actively engaged in the development of tire pressure management solutions services and other innovations as part of our “SMART TYRE CONCEPT,” a
forward-thinking concept for the development of tires and peripheral services to better serve the needs of the Mobility Society of the Future. Insufficient tire pressure is not only
a common cause of punctures and flat tires, but also leads to a decline in fuel efficiency and driving performance. As such, regular tire pressure maintenance is extremely
important. However, as autonomous vehicles become more common and mobility society becomes increasingly driverless, there will almost certainly be a greater need for
services that remotely monitor tire status toward ultimately making vehicles maintenance-free as well. By allowing for remote monitoring of tire pressure, we believe that our
new system will provide just such a solutions service for greater safety and peace of mind for the upcoming era of autonomous driving—and this recent proof-of-concept test
was a major step toward making this a reality.

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SEAT rolls out its first mobility platform developed by SEAT:CODE
38
SEAT has created its first multimodal mobility platform as a service through its SEAT:CODE software development centre. This
platform is the first software product developed and marketed by the company in order to operate and manage vehicle fleets 100%
digitally. SEAT MÓ has been the first operator to use this new mobility platform for its motosharing service, launched in the city of
Barcelona last August with more than 600 eScooters. From now on, the platform is also available to other businesses and operators
of sharing services who are interested in using it, as it is compatible with any type of public or private shared service, whether it is a
car, motorbike, bicycle or kickscooter. Apart from its state of the art user apps available for iOS as well as Android, the platform offers
an advanced geolocation system that enables real-time monitoring of all vehicles connected to it, on the spot editing of vehicle
parking zones or management of user payments, among other functions. It also offers an operator available interface that enables
them to create and edit dashboards, monitor data in real time, analyse user behaviour or make forecasts, thanks to IoT technology.

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CHANGAN Automobile (China) won 10 awards in 2020 China Automotive
Science and Technology Award Ceremony
39
The 2020 China Automotive Science and Technology Award ceremony was held in Shanghai, China, on Oct 28. As the highest level science and technology
award in China's automobile industry, it is also known as the “Nobel Prize” of domestic automobile technology. The project of "Key technology and
industrialization of active and passive safety integration”, in which CHANGAN Automobile participated, was awarded the first prize of science and
technology progress. Meanwhile, CHANGAN automobile also won 2 second prizes and 6 third prizes in other fields. In particular, Wu Lijun, the product
CEO of CHANGAN Automobile R&D Institute in Beijing, won the “Excellent Scientific and Technological Talent Award of China Automotive Industry” in
2020. With total of 10 awards, CHANGAN Automobile has become the most award-winning enterprise this year. “China Automotive Science and
Technology Award” is the first offically approved and the exclusive science and technology award and has become the most authoritative and influential
science and technology award in China automotive industry. This year, the “China Automotive Science and Technology Award” covers almost all the hot
fields of the automobile industry at present. Among them, design of active and passive safety integration was listed as the first prize, which was highly valued
by the science and Technology Award review Committee. The project of “Key technology and industrialization of active and passive safety integration"
submitted by CHANGAN Automobile, due to its comprehensive advantages of high technology , reliability and industrialization maturity, stands out among
many participating enterprises and wins one of the most important awards of "China Automotive Science and Technology Award".
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Modular Coupling System from Continental and aft automotive Wins
Materialica Award
40
JoinPlas, the joint venture between technology company Continental and system supplier aft automotive, impressed the 18th Materialica
Design + Technology Award judges with a synthetic modular coupling system for thermal management in vehicles. The award-winning
coupling system saves material, reduces weight and optimizes media flow in vehicles both with electric drives and with internal combustion
engines. That is the reason for it being honored by the judges in the Process category. The complex line systems for thermal management both
in electric vehicles and in vehicles with i.c. engines place high demands on the individual components. To connect these to each other, the
automotive industry requires a large number of custom couplings. Previously, each coupling variant needed a dedicated injection mold. That
meant high design, toolmaking and process validation costs. The modular coupling system, on the other hand, needs just two tools per
diameter. The connection angle can be varied, and all the production steps can be fully automatically monitored using a camera. Furthermore,
the optimized basic design of the coupling system enables material savings of up to 15 percent and a correspondingly lower weight. To that
can be added its improved performance because pressure losses are minimized while line diameters are also smaller. The right mixture of
rubber, polyamide and aluminium materials and an ingenious line geometry ensure the system has adequate inherent stability.
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Continental (Germany) awarded Top Suppliers: “Supplier of the Year
2019” Awards for Outstanding Performance
41
This year, too, Continental Automotive and Powertrain Technologies presented the "Supplier of the Year" awards for particularly exemplary performance among their
900 strategic series suppliers. Since 2008, the technology company has conducted an annual broad-based analysis to identify exceptional contributions in customer
satisfaction and at all levels of quality, technology, commitment, costs and purchasing conditions. The fact that Continental can build on a strong, global network every
year is becoming apparent in 2019, too: The Continental business areas Vehicle Networking and Information, Autonomous Mobility & Safety as well as Vitesco
Technologies were supplied with around 140,000 part numbers at around 100 production sites worldwide. This is equivalent to a total volume of approximately 157
million components. The awards ceremony took place on October 27 in the format of a virtual ceremony. In total, 12 suppliers were awarded with the prestigious prize.
Continental presents the Supplier of the Year Awards annually in the six areas of electronics, electromechanics, metal, plastics and rubber as well as division-specific
solutions. The awarded suppliers for the year 2019 are:
• Electronics: Rohm Semiconductor (Discretes), NIPPON CHEMI-CON CORPORATION (Passives)
• Electromechanics: Wuxi Jewel Technology Co. Ltd. (Molded Inductive Components), DYNAMIC ELECTRONICS CO. LTD. (Standard Printed Circuit Boards)
• Metal: Ferriere di Stabio S.A. (Forging Assemblies), SEIKO INSTRUMENTS INC. (Turned Parts)
• Plastics and rubber: AR-TEX GROUP (Rubber), samtec (Connectors)
• Division-specific solutions of Vehicle Networking and Information: Fonderie Officine Pietro Pilenga S.p.A. (Aftermarket), Cetto Group (Decorative Plastic Parts)
• Division-specific solutions of Vitesco Technologies: Foryou Industries Co., Ltd. (High Pressure Casting Aluminum), Industrias Teixidó, S.A. (Turned Parts)
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Continental (Germany) Honored by Fiat Chrysler Automobiles as 2020
Supplier of the Year
42
Technology company Continental was named Fiat Chrysler Automobiles’ (FCA) Supplier of the Year in the category of innovation during the
virtual 2020 North America Annual Supplier Conference and Awards program held in late October. The FCA Supplier of the Year awards
recognize companies that have shown exceptional commitment to FCA, providing innovative and quality products and services. During the
program, FCA recognized 31 supplier partners across a total of 19 categories. Continental was honored in the innovation category for its role
in developing the all new Uconnect 5. Continental worked together with FCA to develop a state-of-the-art display and HMI solution that is an
integral part of the next generation infotainment system. Award recipients were determined along a special rating system in terms of quality,
delivery, cost and warranty, and input from FCA senior leadership. Foundational Principles winners represent those companies who have
demonstrated extraordinary partnership, collaboration, transparency and integrity. Winners for innovation, sustainability and diversity
categories were submitted by the suppliers and vetted by FCA senior leadership. Continental also earned a FCA Supplier of the Year Award
in 2019 for leading innovation for its Short Range Radar with Trailer Merge Assist and Trailer Length Detection Continental congratulates all
partners and companies honored during this year’s virtual 2020 North America Annual Supplier Conference and Awards program.
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Multiple Awards for Vehicles with Integrated Electric Axle Drive from
Vitesco Technologies
43
At Vitesco Technologies, a leading international supplier of cutting-edge drive system technologies and electrification solutions, the success story of the integrated
electric axle drive system continues. Two electric cars fitted with a motor and power electronics from Vitesco Technologies have now each been presented with a
prestigious award. The new Opel Corsa-e won the “Golden Steering Wheel 2020” in the small cars category. While back in October, the Peugeot e-208 – which
features the same electric drive system – was named “Britain’s Best Electric Car 2020”. Both juries explained that the drive system and therefore the driving
characteristics of the cars played a decisive role in their decision. The Golden Steering Wheel – presented by the publications Bild, Auto Bild, Auto Week and Auto
Express – has been a regular feature of the awards calendar since 1976. The jury praised the Corsa-e, saying that “as well as its quality and comfort, the drive
system is particularly impressive.” The 14 judges – including racing drivers Hans-Joachim Stuck, Daniel Abt and Joachim Winkelhock – found the Corsa-e to be
“agile, quiet and the clear number one for power delivery.” The electric axle drive system has therefore made a successful market impact in what, according to
figures from Opel, is Germany’s biggest-selling small car over the past three months. Back in October, the Peugeot e-208 featuring the same electric drive system,
was named Britain’s Best Electric Car 2020. This was the latest edition of an award presented over many years by the editors of Autocar, whose publisher describes
it as one of the world’s oldest motoring magazines. The jury cited driving fun as one of the reasons the e-208 was victorious: “It looks great, performs strongly, is
fun to drive and is well priced for an EV, plus it has enough range to quell anxiety,” they summed up.
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German Design Award 2021 for Vitesco Technologies: “Creatively excellent
powering of green mobility”
44
Vitesco Technologies, a leading international manufacturer of modern drive technologies and electrification solutions,
impressed three times during the German Award 2021: As the jury announced, the young brand is one of winners in the
categories “Corporate Identity” and “Brand Identity”. It was also recognized in the category “Web” with a “special mention”.
Only one year earlier, Vitesco Technologies had positioned itself as a pioneer in the electrification of vehicles with their own
brand identity. Together with the Hamburg-based design agency loved, belonging to the thjnk group, the powertrain business
area of the Continental Group developed its brand image: A sustainable and distinctive company and brand awareness with a
new name and its own logo was created. Specially developed icons with a high recognition value guide as a red thread also
through the online presence of Vitesco Technologies. The jury commends this design achievement with a “special mention”
in the “Excellent Communications Design – Web category”. In the explanatory statement, the jury emphasizes the icon library
on the company’s website, which combines all the icons: a “creatively excellent powering of green mobility”.
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Lockheed Martin Names Goodyear (USA) An “Elite Supplier”
45
The Goodyear Tire & Rubber Company is proud to announce that it has recently been named an Elite Supplier by
Lockheed Martin Aeronautics Company. This award is reserved for the top one percent of Lockheed’s more than
1,400 suppliers and was given to 20 suppliers in 2019. Goodyear was recognized for its contributions to the F-35
Lightning II program. Suppliers are recognized with the Elite Supplier Award based on a variety of factors,
including delivering reliable, quality parts, products and services on time; the alignment of supplier’s values with
Lockheed Martin values; and a track record of proactively solving problems. Goodyear is one of the world's largest
tire companies. It employs about 62,000 people and manufactures its products in 46 facilities in 21 countries around
the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop
state-of-the-art products and services that set the technology and performance standard for the industry.
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Ford Honors Goodyear At 22nd Annual World Excellence Awards
46
The Goodyear Tire & Rubber Company was recognized as a top-performing global supplier at the 22nd annual Ford World
Excellence Awards. Ford’s World Excellence Awards recognize companies that exceed expectations and achieve the highest levels of
excellence in quality, cost, performance and delivery. Awards span multiple categories, including sustainability, winning portfolio,
propulsion choices, autonomous technology, fitness, special recognition and diversity. The Special Recognition award was presented
to Goodyear for the company’s performance in the area of delivery. Ford highlighted Goodyear’s exemplary leadership in providing
technical and commercial solutions to unique problems and for delivering unprecedented assistance on several high-performance
vehicle fitments. This is the second consecutive year Goodyear has been recognized by Ford as achieving the highest levels of global
excellence as a supplier. Goodyear is one of the world's largest tire companies. It employs about 62,000 people and manufactures its
products in 46 facilities in 21 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg,
strive to develop state-of-the-art products and services that set the technology and performance standard for the industry.
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GWM's 2.0T Engine Selected as Top Ten Engines of "China's Heart"
47
A few days ago, the results of "Top Ten Engines of 'China's Heart'" in 2020 were announced, and the GW4N20 engine independently developed
by GWM was successfully selected. It was the seventh time for GWM being honored. "Top Ten Engines of 'China's Heart'", the "Ward’s Ten Best
Engines" and the "International Engine of the Year " are the world's three major engine selection activities. Their fair and scientific selection
methods have won the recognition of the industry and the market, and they are highly authoritative and influential in the industry. They also
represent the technical trends and manufacturing standards of high-class engines in the Chinese market. GWM’s GW4N20 engine was selected in
fierce competition, fully demonstrating the outstanding independent research and development strength of GWM and the breakthrough of China's
automobile industry in the core technology field. GWM is not only a world-famous SUV and pickup manufacturer but also a leading automobile
enterprise in China that can fully master the core technologies such as engine and transmission technologies. For many years, GWM has always
adhered to the R&D philosophy of "precise investment, pursuing industry leadership" and devoted itself to pursuing industry leadership in core
technologies. The GW4N20 engine is the latest generation of engine independently developed by GWM. The GW4N20 engine is planned to be
mass-produced within this year, and will be installed in the new models of GWM's "L.E.M.O.N." platform, so as to bring users a driving and riding
experience with stronger power, lower fuel consumption and more perfect comprehensive experience.
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