Acquisitions in Light/Medium EV Segment

News: Mergers & Acquisitions

2022-12-14

Acquisitions in Light/Medium EV Segment

NORTH AMERICA REPORT
Chris Fisher
Chris Fisher

2022 has been an interesting year on many commercial vehicle fronts including the medium and light electric commercial truck and van segment.  While large established OEMs such as Ford, who is expected to produce approximately 6,500 E-Transits at the Kansas City plant in 2022, there has been some shakeup within the electric commercial vehicle start-ups. 

During the past six months, Mullen Automotive, based in Brea, CA, has acquired the assets of the now bankrupt Electric Last Mile (ELMS) company and has acquired 60% of Bollinger Motors, which has yet to start vehicle production.

In September 2022, Mullen Automotive invested $148 million into Bollinger Motors, giving Mullen a 60% share of the company.  Bollinger plans on introducing their electric class 3 – 6 lineup of cargo vehicles starting in 2023 and it is likely that Bollinger will also manufacture the Mullen electric light commercial vans also starting production in 2023.

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2022-11-17

Randon Acquires US Trailer Maker Hercules

Randon, an Brazil-based OEM, has agreed to invest $40 million to acquire the US-based trailer manufacturer Hercules. Randon’s purchase agreement for Hercules is expected to be finalized within 120 days. Randon Implementos is the largest semi-trailer manufacturer in Latin America. The company maintains a manufacturing park in Argentina and works with partners to assemble semi-trailers at several points in Central America and Africa. It is the main Brazilian exporter in the segment, with a historical market share of 60% in exports.

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2022-04-22

Yanmar Makes Major Battery Buy

FAR EAST: JAPAN REPORT

Yanmar Holdings Co. Ltd. announced it has acquired a majority share in ELEO Technologies B.V., a battery technology company based in Helmond, the Netherlands. By integrating ELEO’s advanced, scalable, and modular battery technology, Yanmar said it will further its electrified powertrain capabilities with customized solutions for off-road applications.

After joining the Yanmar Group as part of Yanmar Power Technology Co., Ltd., ELEO will continue to operate as a stand-alone entity under its own brand at its current location in Helmond, the Netherlands. 

Founded in 2017, ELEO Technologies develops and produces advanced modular battery packs which are differentiated by their proprietary battery management system (BMS) and thermal management technologies. The company is near completion with a new advanced production facility that will increase its annual battery production capacity to 500 MWh, equivalent to approximately 10,000 battery packs. 

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Tupy Acquires MWM in Brazil

The Transaction involving the Brazilian Tupy and the subsidiary of Traton Group is around US$ 186 Million and it is approximately four times the 2021 EBITDA of MWM, with revenue of US$ 580 million.

Source: Info Money    Read The Article

PSR Analysis: Tupy has been demonstrating its willingness to invest in engine research and development for cleaner propulsion and alternative ICE propulsion with Hydrogen and other alternative Fuels. With the knowhow and facilities of MWM added to Tupy, the outlook is positive for growth in new technology and better product offerings for customers and ultimately higher volumes for the new Tupy–MWM company.   PSR

By Fabio Ferraresi, Director Business Development South America, for Power Systems Research