BMW, Ford, and Honda have officially launched ChargeScape, a joint venture designed to integrate electric vehicles (EVs) into the power grid. This innovative platform aims to enhance grid stability, lower charging costs for EV drivers, and contribute to a cleaner transportation future.
Alcoa Corporation (AA) announced the sale of its 25.1% stake in the Ma’aden Joint Venture in Saudi Arabia for $1.1 billion, boosting its share price. The transaction simplifies Alcoa’s portfolio and offers greater financial flexibility, improving its long-term competitiveness.
TotalEnergies SE (TTE) has joined forces with Adani Green Energy Limited (AGEL) to create a 50/50 joint venture, focusing on a 1,150 MWac (1,575 MWp) solar project in Khavda, Gujarat. This partnership marks a significant step forward for TotalEnergies’ commitment to becoming a global renewable energy leader.
Sun Mobility, a leading battery swapping platform, plans to invest $1 billion in its business over the next three years. This expansion includes a 50:50 joint venture with Indian Oil Corporation (IOC), a foray into heavy electric vehicles, and the launch of a battery swappable bus in partnership with Veera Vahana. The company is also expanding its B2C offerings with a new product for scooters.
Samsung SDI and General Motors (GM) have finalized a joint venture to build an electric vehicle (EV) battery manufacturing plant in the U.S. The $3.5 billion investment will create over 1,600 jobs and produce high-performance batteries for GM’s upcoming EV models.
Uxin Limited, China’s leading used car retailer, has formed a joint venture with Zhengzhou Airport Automobile Industry Co., Ltd. to establish a state-of-the-art used car superstore in Zhengzhou. This strategic alliance aims to bolster Uxin’s expansion strategy and advance the automotive aftermarket sector in Henan Province.
Norwegian Airlines and Strawberry have finalized their collaborative platform for their loyalty programs, Norwegian Reward and Strawberry, boasting 10 million members combined. The joint venture will enhance benefits for members and partners, ensuring a significant portion of the value remains with Norwegian and Strawberry. The agreement includes a revision of the structure to ensure equal ownership (50% each) of the joint venture right from its inception, as well as a modification to the agreement with financial services partner Avida. The market launch is planned for later in 2024.
