General Motors Company (NYSE:GM): PSA Peugeot Citroen and General Motors Company have confirmed important steps toward the execution of their Global Strategic Alliance. Consistent with terms of the Master Agreement signed Feb. 29, the Alliance partners have selected four vehicle projects and confirmed the next steps in a joint purchasing organization. The four common vehicle projects selected to move to the next step encompass the following segment entries for both groups: a joint program for a compact-class Multi-Purpose Van for Opel/Vauxhall and a compact-class Crossover Utility Vehicle for the Peugeot brand, a joint Multi-Purpose Vehicle program for the small car segment for Opel/Vauxhall and the Citroen brand, an upgraded low carbon dioxide small car segment platform to feed Opel/Vauxhall’s, Peugeot and Citron’s next generation of cars in Europe and other regions, a joint program for mid-size cars for Opel/Vauxhall and the Peugeot and Citroen brands. The Alliance aims to launch the first vehicles on these common programs by the end of 2016. The Alliance partners also confirmed the next steps in their joint purchasing organization. This collaborative effort will draw on the combined purchasing reach of both companies to realize purchasing synergies benefiting both companies. The joint purchasing organization will be subject to customary antitrust approvals. Based on the above programs and the joint purchasing organization, both companies confirm the previously stated synergy target of $2 billion annually, achievable within five years.
Toyota Motor Corporation (NYSE:TM): Toyota Motor Corporation’s Technical Center, a division of Toyota Motor Engineering and Manufacturing North America, Inc. will celebrate their 35th anniversary with team members and executives this week at their locations in Michigan, Arizona, and California. Toyota Technical Center has been the driving force behind Toyota’s North American engineering and research & development (R&D) activities since 1977. Headquartered in Michigan, TTC has R&D facilities in Ann Arbor, Saline, Plymouth and Livonia. In California, TTC has R&D facilities in Gardena and Torrance and operates the Toyota Arizona Proving Ground near Phoenix.
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A123 Systems, Inc. (NASDAQ:AONE): Chinese industrial group Wanxiang has said that they intend to challenge for the right to acquire a majority stake in A123 Systems, Inc., the United States manufacturer of military and commercial batteries which has filed for Chapter 11 bankruptcy protection. The company told the Global Times newspaper in Beijing, a sister publication of the Chinese Communist Party newspaper, the People’s Daily, that Wanxiang will not “alter their investment interest” in A123 despite the bankruptcy filing earlier in October and indications that the acquisition was unpalatable in the United States due to growing sensitivity over incoming Chinese investment.