Nippon Steel Corp. and United States Steel Corp. have finalized a significant partnership, concluding an 18-month process marked by political scrutiny and national security considerations. Under the terms of the $14.9 billion agreement, Nippon Steel has acquired all outstanding shares of U.S. Steel at $55 per share, while U.S. Steel will retain its iconic name and headquarters in Pittsburgh, Pennsylvania. The steel produced will continue to be “mined, melted and made” in the US, pr...

General Motors (GM) announced plans to invest $888 million in its Tonawanda Propulsion plant in Buffalo, New York, to support production of sixth-generation V-8 engines, used in full-size trucks and sport utility vehicles. The automaker will make an investment in new machinery, equipment, tools and renovations of the 87-year-old plant as it gears up to begin production of the next-generation engines in 2027. Tonawanda is the second propulsion plant of G...

Changan Automobile, a leading Chinese vehicle manufacturer, has chalked out three key strategies as part of its mid-to-long term roadmap, the company announced April 27 at the ongoing Auto Shanghai 2025. Changan said its three key strategies include Shangri-La Mission, Dubhe Plan and its Vast Ocean Plan, covering the expansion of its new-energy vehicle (NEV) portfolio, global footprint, and new investment in intelligent driving technologies and innovations. Under its Shangri-La Mission, Ch...

Clarios, a Wisconsin-based leader in low-voltage energy storage, has unveiled a $6 billion initiative aimed at bolstering US manufacturing and enhancing the supply chain for starter batteries. This move is crucial for ensuring US energy and critical mineral independence. Significant investments include $2.5 billion toward developing low-critical mineral battery chemistries, $1.9 billion for boosting the US' circular battery economy, $1 billion to accelerate the development of advanced energy ...

Toyota Motor Corp. is set to start operations at its first in-house battery manufacturing plant outside Japan, the Toyota Battery Manufacturing North Carolina (TBMNC). Set to begin production in April, this nearly $14 billion facility will produce batteries for hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and battery-electric vehicles (BEVs). The plant, located in North Carolina, US, is expected to create approximately 5,000 jobs, reinforcing Toyota's commitment...

Honda is gearing up to begin manufacturing electric vehicles at the Honda EV Hub in Ohio, US, later in 2025. The Japanese automaker is investing $1 billion in retooling its Marysville Auto Plant (MAP), East Liberty Auto Plant (ELP) and Anna Engine Plant (AEP). The investment will allow Honda to build internal combustion engine (ICE) vehicles, hybrid-electric vehicles and battery-electric vehicles (BEVs) on the same production lines. "The Honda EV Hub provides Honda with the flexibility to pro...

The European Commission has approved a €5 billion German measure to support the European Semiconductor Manufacturing Co. (ESMC) in constructing and operating a microchip manufacturing plant in Dresden, Germany. ESMC, a joint venture between Taiwan Semiconductor Manufacturing Co. (TSMC), Bosch, Infineon and NXP, aims to enhance Europe's supply security, resilience and digital sovereignty in semiconductor technologies, aligning with the European Chips Act Communication's objectives, as...

In a press briefing May 16, Honda outlined its investment and technology development strategy for this decade. The automaker said the mid-2020s will be the transitional period, from internal combustion engines (ICE) to electric vehicles, emphasizing its flexibility in responding to changes in demand, business environment and the need to ensure profitability. Honda confirmed its electrification target to make EVs and fuel-cell EVs represent 100% of its global vehicle sales by 2040. As of 2030, Ho...

The US government plans more than $100 million in new funding for small and medium-sized automotive component manufacturers, aiding them in expanding and retooling their manufacturing facilities, the White House said in a press note issued on May 6. The announcement comes as US Vice President Kamala Harris is on a nationwide Economic Opportunity Tour to take stock of new investments in the US automotive industry. According to the press note, the new funding of over $100 million for small a...

The construction of LG Energy Solution’s upcoming $5.5 billion, 53-GWh battery manufacturing complex in Arizona, US, is on track, with production operations expected to commence as early as 2026, the South Korean battery-maker updated on the sidelines of a stakeholder meeting on April 3 at Combs High School in San Tan Valley near the town of Queen Creek, Ariz., where the complex is located. The stakeholder meeting was attended by the senior leadership team, including Brian Oh, head of Mobil...

South Korean automaker Hyundai Motor Group plans to make a big-ticket investment of 68 trillion won (over $50 billion) on research and development projects, capacity expansion and recruitment of new talent between 2024–26, as the company prepares to transition to zero-emission mobility, Hyundai announced March 27. The earmarked investments are aligned with Hyundai Motor’s larger strategy of becoming one of the top three electric vehicle manufacturers globally by 2030. Hyundai’s inves...

Japanese conglomerate Mitsubishi Corp. has signed a binding agreement with Canadian lithium mining company Frontier Lithium Inc. to establish a new joint venture company focused on developing a lithium mine, located in Ontario, named "the PAK Lithium Project", the company announced March 5. As part of the agreement with Frontier Lithium, Mitsubishi plans to make an equity investment of C$25 million to acquire a 7.5% stake in the JV company. The Japanese energy major has also obtained the righ...