Latest news with #AESCGroup
Yahoo
09-06-2025
- Automotive
- Yahoo
AESC launches production at new EV battery in France
Japanese battery manufacturer AESC Group has launched production at its newly-built electric vehicle (EV) battery plant in Douai, France. The company marked the occasion with a Start of Production (SOP) ceremony which was attended by French President Emmanuel Macron, whose attendance the company said 'illustrates the importance of this milestone for France's transition towards sustainable mobility.' The facility has a production capacity of 10 GWh of lithium-ion batteries per year, enough to power up to 200,000 EVs, and currently supplies domestic automaker Renault. It currently employs approximately 650 people, a number that is expected to rise to 1,000 at full production. AESC pointed out that the Douai plant is powered by clean electricity and features advanced manufacturing processes, including electrode production, cell assembly, and module integration. The company confirmed that the plant was built with the support of French and European financial institutions including Bpifrance, Caisse des Dépôts et Consignations, European Investment Bank and a syndicate of leading commercial banks. Just-Auto previously reported that the European Commission (EC) had approved € 48 million in French state aid for the project. Speaking at the opening event, Emmanuel Macron said: 'Here in Douai, we are turning a new page in the history of French industry. The inauguration of the AESC gigafactory—launched as part of Choose France in 2021—is the culmination of eight years of determined effort. This flagship project reflects a uniquely French vision of ecological transition: one that unites innovation, development, job creation, and sustainable ambition.' Lei Zhang, Chairman of AESC Group, added: 'The start of production at our Douai gigafactory marks a pivotal step in AESC's commitment to advancing France's reindustrialization and leadership in the global energy transition. By investing in cutting-edge battery technology and skilled talent, we are proud to help accelerate the decarbonization of transportation worldwide. France's bold vision for clean mobility continues to inspire us every day.' "AESC launches production at new EV battery in France" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Japan Today
06-06-2025
- Automotive
- Japan Today
Japanese company halts battery plant construction in U.S.
FILE - AESC Group CEO Shoichi Matsumoto speaks at the "Topping Out" structural completion milestone ceremony for the 1.6 million-square-foot AESC gigafactory being constructed in the Kentucky Transpark in Bowling Green, Ky., on Thursday, Sept. 14, 2023. (Grace Ramey /Daily News via AP) By JEFFREY COLLINS A Japanese company has halted construction on a $1.6 billion factory in South Carolina to help make batteries for electric BMWs, citing 'policy and market uncertainty.' While AESC didn't specify what those problems are, South Carolina's Republican governor said the company is dealing with the potential loss of federal tax breaks for electric vehicle buyers and incentives for EV businesses as well as tariff uncertainties from President Donald Trump's administration. 'What we're doing is urging caution — let things play out because all of the these changes are taking place,' Gov. Henry McMaster said. AESC announced the suspension in construction of its plant in Florence on Thursday, 'Due to policy and market uncertainty, we are pausing construction at our South Carolina facility at this time," the company's statement said. AESC promised to restart construction, although it didn't say when, and vowed to meet its commitment to hire 1,600 workers and invest $1.6 billion. The company said it has already invested $1 billion in the Florence plant. The battery maker based in Japan also has facilities in China, the United Kingdom, France, Spain and Germany. In the U.S., AESC has a plant in Tennessee and is building one in Kentucky. The statement didn't mention any changes with other plants. The South Carolina plant is supposed to sell battery cells to BMW, which is building its own battery assembly site near its giant auto plant in Greer. BMW said the construction pause by AESC doesn't change its plans to open its plant in 2026. AESC has already rolled back its South Carolina plans. They announced a second factory on the Florence site, but then said earlier this year that their first plant should be able to handle BMW's demand. That prompted South Carolina officials to withdraw $111 million in help they planned to provide. The company is still getting $135 million in grants from the South Carolina Department of Commerce and $121 million in bonds and the agency said a construction pause won't prompt them to claw back that offer. South Carolina is investing heavily in electric vehicles. Volkswagen-owned Scout Motors plans to invest more than $4 billion and hire 10,000 people for a plant to build its new electric SUVs scheduled to open in 2027. The state has for decades made big bets on foreign manufacturers like BMW, Michelin and Samsung that have paid off with an economic boom this century, but there is uneasiness that Trump's flirtation with high tariffs might stagger or even ruin those important partnerships. McMaster told people to relax as state and business leaders are talking to Trump's administration and things will work out. 'I think the goal of the president and the administration is to have robust economic growth and prosperity and there is no doubt there has to be changes made in our international trade posture and President Trump is addressing that,' McMaster told reporters Thursday. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
The Sun
29-05-2025
- Automotive
- The Sun
Iconic carmaker thrown £1BILLION lifeline after axing 20k staff as fears grow over future of UK's biggest motor factory
AN ICONIC carmaker has been thrown a £1billion lifeline from the UK Government. The struggling car maker had announced plans to axe over 20,000 members of staff due to soaring production costs and disappointing sales. 2 2 Nissan is looking to raise £5.2billion to stay afloat, with UK Export Finance underwriting a £1billion loan - which will support the beleaguered company. The manufacturer is planning to cut its number of factories from 17 down to 10. This has prompted fears that the brand's Sunderland factory could be under threat. While Nissan has not confirmed the fate of its only UK factory, its CEO Ivan Espinosa has insisted that more electric cars will be produced there. It is hoped that the £1billion loan from Nissan's lenders, underwritten by The Government, will protect the site. The huge cash injection is just a fifth of the 1Trillion Yen needed by the company to survive. It will also look to issue as much as 630billion yen in convertible securities and bonds, including high-yield and euro notes. Reportedly, the firm is looking to sell-and-lease-back its Yokohama headquarters alongside several properties in the United States. The Yokohama site is valued at £500 million and was first opened in 2009. It has 22 floors and a glitzy gallery, along with thousands of workers who use the site every day. Finally, the struggling car manufacturer is eyeing a sale of its stakes in Renault and battery maker AESC Group. Mr Espinosa has commented in the past on Nissan's urgent cost-cutting mission. He said: 'In the face of challenging full-year 2024 performance and rising variable costs compounded by an uncertain environment, we must prioritise self-improvement with greater urgency and speed, aiming for profitability that relies less on volume." He added: 'As new management, we are taking a prudent approach to reassess our targets and actively seek every possible opportunity to implement and ensure a robust recovery.' Development on some Nissan models has been paused, whilst the company tries to balance its books. Work on all 'advanced and post-FY26 product activities' has been paused, though Nissan has not confirmed which particular vehicles will face suspension. Mr Espinosa has previously issued a full statement about Nissan's financial woes. He said: "This is not something that happened in the last couple of years. "It's more of a fundamental problem that probably started back in 2015, when management thought this company could reach [annual global vehicle sales] of around eight million. "There were heavy investments both in terms of planned capacity as well as in human resources, but the reality today is we are running at around half that volume. And nobody did anything to fix that until now.'
The Sun
29-05-2025
- Automotive
- The Sun
Major car brand ‘looking to raise £5BILLION' after axing 20K jobs & £4bn losses with ‘UK goverment to back loan'
A MAJOR car brand is reportedly looking to raise £5billion including a loan guaranteed by the UK government after axing 20,000 jobs. Cash-strapped Nissan, Japan's third-largest carmaker, is already facing £4billion in losses - its worst annual loss in a quarter century. 4 4 But now, the company are said to be considering raising more than 1 trillion yen - just over £5 billion - from debt and asset sales in a bid to prop up Nissan. The struggling Japanese automaker plans to issue as much as 630 billion yen in convertible securities and bonds, including high-yielding US dollar and euro notes, according to Bloomberg News. The move would also include a £1billion syndicated loan guaranteed by the British government, the documents show. Sale-and-lease-back plans for its Yokohama headquarters, plus properties it owns in the United States, are also reportedly on the cards. The aggressive fundraising plans underscore Nissan's rapidly deteriorating financial and operational position, despite efforts by newly appointed chief executive Ivan Espinosa to turn the company around. In addition, Nissan is reportedly seeking to sell part of the stakes it owns in Renault and battery maker AESC Group, as well as plants in South Africa and Mexico. Bloomberg News cited sources as saying Nissan's board did not appear to have approved the funding proposal yet, leaving it unclear whether it would happen. The proposal was also slated to include the rollover of some debt, the report said. A Nissan representative said the company does not comment on speculation. It comes after Nissan said they could part ways with its global headquarters in Yokohama, Japan, to fund the company's urgent restructuring plan. After having moved to the 22-story high-rise in 2009, the car manufacturer is now facing mountains of debt and is on track to cut 20,000 jobs, shut several of its plants and slash billions in costs. With a glitzy gallery, the flashy headquarters can showcase more than thirty motors and stands in stark contrast to their previous offices. Legendary Nissan model is officially discontinued after selling for nearly 20 years as leaked car to 'take its place' The company have said that part of their plan has called for reviewing assets that can be sold in a desperate bid to pay for the restructuring. With its own headquarters in sight, thought to be worth approximately £500 million, Nissan would structure a deal so it could continue to use the site through a lease so its offices and operations remain in place. A company spokesperson said: "Nissan is considering all possibilities to recover its business performance, but there are no specifics to share at this point of time." The move is not unprecedented, however, with McLaren doing something similar with its HQ in Woking in recent years. Nissan confirmed in April that it was anticipating losses of up to £4 billion, its worst annual loss in a quarter century. Nissan is also planning to close seven factories by 2027, including two domestic sites which are thought to be the Oppama and Shonan plants, saving £2.6 billion in the process. There have also been reports of downsizing or a partial sale of its Tochigi assembly plan and test centre facility north of Tokyo which was recently equipped with manufacturing technologies to assemble electric vehicles. To underline the dire financial situation, the motor company is even halting the development of certain models to cut its expenses. While the car company has been hit hard by the effects of Donald Trump's tariff war, Nissan's new CEO, Ivan Espinosa, has admitted the company's financial trouble started a decade ago. He said: "This is not something that happened in the last couple of years. "It's more of a fundamental problem that probably started back in 2015, when management thought this company could reach [annual global vehicle sales] of around eight million. "There were heavy investments both in terms of planned capacity as well as in human resources, but the reality today is we are running at around half that volume. And nobody did anything to fix that until now.' 4 4
CNA
28-05-2025
- Automotive
- CNA
Nissan plans US$7 billion funding, including loan backed by UK government: Report
TOKYO: Japan's struggling Nissan is considering raising more than 1 trillion yen (US$7 billion) from debt and asset sales, which would include a syndicated loan guaranteed by the British government, Bloomberg News said on Wednesday (May 28). The country's third-biggest automaker plans to issue as much as 630 billion yen worth of convertible securities and bonds, including high-yielding US dollar and euro notes, Bloomberg News said, citing documents it had seen. Nissan is also considering taking out a 1 billion pound (US$1.35 billion) syndicated loan guaranteed by UK Export Finance, the report said. UK Export Finance is a government agency that provides loans and insurance to British exporters. The Bloomberg News report said Nissan is also looking at selling part of the stakes it holds in French automaker and long-standing alliance partner Renault and in battery maker AESC Group, as well as plants in South Africa and Mexico. A representative for Nissan said the company does not comment on speculation. UK Export Finance also said it did not comment on speculation around specific transactions. Bloomberg News cited sources as saying Nissan's board did not appear to have approved the funding proposal yet, leaving it unclear whether it would happen. The proposal was also slated to include the rollover of some debt, the report said. Earlier this month, the company presented a sweeping cost-cutting plan under which it plans to reduce its workforce by around 15 per cent and cut car plants to 10 from 17 globally. Sources told Reuters this month that Nissan is considering plans to shut two car assembly plants in Japan and overseas factories, including in Mexico, and stop production in South Africa as part of its cost-cutting plan.
