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AUTOMOTIVE

The Volvo Group and Daimler Truck AG join hands

aimler Truck AG and the Vol- other areas of business. Joining forc-
Dvo Group have signed a pre- es will decrease development costs
liminary non-binding agreement to for both companies and accelerate
establish a new joint venture. The the market introduction of fuel cell
intention is to develop, produce systems in products used for heavy-
and commercialize fuel cell systems duty transport and demanding
for heavy-duty vehicle applications long-haul applications. In the con-
and other use cases. Daimler will text of the current economic down-
consolidate all its current fuel cell turn cooperation has become even
activities in the joint venture. The more necessary in order to meet the
Volvo Group will acquire 50 percent in the joint venture Green Deal objectives within a feasible time-frame.
for the sum of approximately EUR 0.6 billion on a cash The common goal is for both companies to offer
and debt free basis. heavy-duty vehicles with fuel cells for demanding long-
The Volvo Group and Daimler Truck AG will be 50/50 haul applications in series production in the second half
partners in the joint venture, which will operate as an inde- of the decade. In addition, other automotive and non-au-
pendent and autonomous entity, with Daimler Truck AG tomotive use cases are also part of the new joint venture’s
and the Volvo Group continuing to be competitors in all scope.

TVS Motor Company acquires Toyota European R&D
Norton base name changed

VS Motor Company announced the successful acquisition of oyota Motor Corporation (Toyota) announced
TBritain’s most iconic sporting motorcycle, “Norton”, in an Tthat its European research and development
all-cash deal for a consideration of GBP16 million by acquiring base, Toyota Motorsport GmbH (TMG), has
certain assets of Norton Motorcycles (UK) Limited (in admin- changed its company name to Toyota Gazoo Rac-
istration) through one of TVS Motor’s ing Europe GmbH (TGR-E). TMG was initially
overseas subsidiaries. This will be one established as Andersson Motorsport GmbH in
of the most interesting acquisitions Köln in 1979, then changed its name to TMG in
of a storied motorcycle maker in re- 1993, when it became a wholly-owned subsidiary
cent times and will reflect TVS Motor of Toyota.
Company’s and India’s rapidly rising In addition to the company’s engagement in
prominence in the international two- motorsports activities, which it has been conduct-
wheeler market. ing since its establishment, in recent years, the
Founded by James Lansdowne Nor- company has expanded its work with the GAZOO
ton, in Birmingham, in 1898, Norton Racing Company (GRC) by applying the expertise
Motorcycles is among the most popular and experience it has cultivated in motorsports over
British motorcycle brands of all time the years to the development of GR series produc-
| “Norton will continue to and is one of the most emotive marques tion cars. The change in the company name reflects
retain its distinctive identity today. Since the 20th century, Norton its closer relationship with GRC. Going forward,
with dedicated and specific Motorcycles is renowned for their clas- TGR-E will continue to serve as the hub for Toyota’s
business plans.” - Sudarshan
Venu, Joint MD, TVS Motor sic models and eclectic range of luxury motorsports activities in Europe, working together
Company motorcycles ranging from authentic with GRC from its base in Köln, Germany, and
retro classic reboots of the famous Com- engage in activities including supplying engines for
mando to their contemporary 200 bhp, 1200cc V4 super-bikes. cars participating in both the FIA World Endurance
Commenting on the acquisition, Sudarshan Venu, Joint Man- Championship (WEC) and the FIA World Rally
aging Director, TVS Motor Company said, “This is a momentous Championship (WRC), and helping to develop the
time for us at TVS Motor Company. Norton is an iconic Brit- GR Supra GT4. TGR-E will also utilize the knowl- The Economic Times POLYMERS | April-May 2020
ish brand celebrated across the world, and presents us with an edge and expertise it has accumulated through its
immense opportunity to scale globally. We will extend our full motorsports activities over the years in the develop-
support for Norton to regain its full glory in the international ment of production cars, and so contributing to the
motorcycle landscape.” creation of ever-better cars. Akio Toyoda, President
Sudarshan Venu further added, “Norton will continue to re- of Toyota said, “The absolute mission of participat-
tain its distinctive identity with dedicated and specific business ing in motorsports, which is a battle of works pro-
plans.” duced by manufacturers, is winning.”

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