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PR Newswire

Lotus Robotics Designated by Leading Automakers to License its Intelligent Driving Solutions

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NEW YORK and SINGAPORE, Sept. 10, 2023 /PRNewswire/ — Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global luxury electric vehicle maker, announced today that its intelligent driving arm, Lotus Robotics, has been designated to license several leading automakers to provide them with its intelligent driving technology and software. The announcement demonstrates the R&D prowess that is driving the growth of Lotus Tech’s technology-related revenues as the Company executes its Vision80 business transformation strategy.

Lotus Robotics has advanced software capabilities and develops key intelligent driving algorithms, as well as testing and simulation tools. Its self-developed intelligent driving systems are used in all of the Company’s luxury lifestyle electric vehicles, including Eletre, its first fully electric hyper SUV, which began deliveries globally in March this year, and Emeya, its first electric hyper-GT, which was unveiled in New York on September 7. These vehicles feature innovative technologies, such as the world’s first deployable LiDAR system, and are fully embedded with best-in-class hardware that supports end-to-end intelligent driving solutions across scenarios ranging from highway, urban, to parking, which are expected to be integrated into the vehicles as premium functions through over-the-air updates.

Mr. Qingfeng Feng, Chief Executive Officer of Lotus Tech, said, “We’re glad to see Lotus Robotics’ cutting-edge technologies being applied beyond our own luxury electric vehicles as we join our peers in advancing the development of intelligent driving solutions. These partnerships demonstrate Lotus Tech’s technology-related growth potential and further Lotus’s transformation under its Vision80 strategy into an intelligent, all-electric provider of sustainable luxury mobility ahead of its 80th anniversary in 2028.”

Lotus’s intelligent driving research and development commenced in 2018, and is committed to building the best platform for advanced intelligent driving technologies. Lotus Robotics has developed best-in-class hardware, award-winning algorithms and software, and powerful cloud solutions supported by its teams across Germany and China. Lotus Robotics has won awards in world-class competitions, including the CVPR 2023 Online HD Map Construction Challenge and the 2022 Argoverse Motion Forecasting Competition.

As announced in January 2023, Lotus Tech entered into a definitive agreement and plan of merger (the “Merger Agreement”) with L Catterton Asia Acquisition Corp (“LCAA”) (NASDAQ: LCAA), a special purpose acquisition company formed by affiliates of L Catterton, a leading global consumer-focused investment firm. The transactions contemplated by the Merger Agreement are expected to be completed later this year and would result in Lotus Tech becoming a public company with a pro forma enterprise value of approximately US$5.6 billion.

About Lotus Technology

Lotus Technology Inc., headquartered in Wuhan, China, has operations across China, the UK, and the EU. The Company is dedicated to delivering luxury lifestyle battery electric vehicles, including SUVs and sedans, with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more. For more information about Lotus Technology Inc., please visit www.group-lotus.com.

About L Catterton Asia Acquisition Corp

L Catterton Asia Acquisition Corp (NASDAQ: LCAA) is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. While it may pursue an initial target business in any industry or sector, it has focused its search on high-growth, consumer technology sectors across Asia. For more information about L Catterton Asia Acquisition Corp, please visit www.lcaac.com.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $34 billion of equity capital and three multi-product platforms: private equity, credit and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. For more information about L Catterton, please visit lcatterton.com.

Forward-Looking Statements

This press release (the “Press Release”) contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, that are based on beliefs and assumptions and on information currently available to Lotus Tech and LCAA. All statements other than statements of historical fact contained in this Press Release are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LCAA and its management, and Lotus Tech and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of definitive agreements with respect to the proposed Business Combination between LCAA, Lotus Tech and the other parties thereto (the “Business Combination”); (2) the outcome of any legal proceedings that may be instituted against LCAA, the Combined Company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the amount of redemption requests made by LCAA public shareholders and the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of LCAA, to obtain financing to complete the Business Combination or to satisfy other conditions to closing and; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the Combined Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) risks associated with changes in applicable laws or regulations and Lotus Tech’s international operations; (10) the possibility that Lotus Tech or the Combined Company may be adversely affected by other economic, business, and/or competitive factors; (11) Lotus Tech’s estimates of expenses and profitability; (12) Lotus Tech’s ability to maintain agreements or partnerships with its strategic partner Geely Holding and to develop new agreements or partnerships; (13) Lotus Tech’s ability to maintain relationships with its existing suppliers and strategic partners, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (14) Lotus Tech’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (15) Lotus Tech’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (16) delays in the design, manufacture, launch and financing of Lotus Tech’s vehicles and Lotus Tech’s reliance on a limited number of vehicle models to generate revenues; (17) Lotus Tech’s ability to continuously and rapidly innovate, develop and market new products; (18) risks related to future market adoption of Lotus Tech’s offerings; (19) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (20) Lotus Tech’s reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Lotus Tech by its partners in order for Lotus Tech to be able to increase its vehicle production capacities; (21) risks related to Lotus Tech’s distribution model; (22) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on Lotus Tech’s future business; (23) changes in regulatory requirements, governmental incentives and fuel and energy prices; (24) the impact of the global COVID-19 pandemic on LCAA, Lotus Tech, Lotus Tech’s post business combination’s projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and (25) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in LCAA’s final prospectus relating to its initial public offering (File No. 333-253334) declared effective by the SEC on March 10, 2021, and other documents filed, or to be filed, with the U.S. Securities and Exchange Commission (the “SEC”) by LCAA or Lotus Tech, including the Registration/Proxy Statement (as defined below). There may be additional risks that neither LCAA nor Lotus Tech presently know or that LCAA or Lotus Tech currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved in any specified time frame, or at all, or that any of the contemplated results of such forward-looking statements will be achieved in any specified time frame, or at all. The forward-looking statements in this Press Release represent the views of LCAA and Lotus Tech as of the date they are made. While LCAA and Lotus Tech may update these forward-looking statements in the future, LCAA and Lotus Tech specifically disclaim any obligation to do so, except to the extent required by applicable law. You should not place undue reliance on forward-looking statements.

Additional Information

In connection with the proposed Business Combination, (i) Lotus Tech will file with the SEC a registration statement on Form F-4 containing a preliminary proxy statement of LCAA and a preliminary prospectus (the “Registration/Proxy Statement”), and (ii) LCAA will file a definitive proxy statement relating to the proposed Business Combination (the “Definitive Proxy Statement”) and will mail the Definitive Proxy Statement and other relevant materials to its shareholders after the Registration/Proxy Statement is declared effective. The Registration/Proxy Statement will contain important information about the proposed Business Combination and the other matters to be voted upon at a meeting of LCAA shareholders to be held to approve the proposed Business Combination. This Press Release does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination.

Before making any voting or other investment decisions, securityholders of LCAA and other interested persons are advised to read, when available, the Registration/Proxy Statement and the amendments thereto and the Definitive Proxy Statement and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about LCAA, Lotus Tech and the Business Combination. When available, the Definitive Proxy Statement and other relevant materials for the proposed Business Combination will be mailed to shareholders of LCAA as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the Registration/Proxy Statement, the Definitive Proxy Statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: LCAA, 8 Marina View, Asia Square Tower 1, #41-03, Singapore 018960, attention: Katie Matarazzo.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation

LCAA and Lotus Tech, and certain of their directors and executive officers, may be deemed participants in the solicitation of proxies from LCAA’s shareholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in LCAA is set forth in LCAA’s filings with the SEC (including LCAA’s final prospectus related to its initial public offering (File No. 333-253334) declared effective by the SEC on March 10, 2021), and are available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to LCAA, 8 Marina View, Asia Square Tower 1, #41-03, Singapore 018960, attention: Katie Matarazzo. Additional information regarding the interests of such participants and other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the proposed Business Combination will be contained in the Registration/Proxy Statement for the proposed Business Combination when available.

No Offer and Non-Solicitation

This Press Release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of LCAA or Lotus Tech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

Contact Information

For inquiries regarding Lotus Tech
Demi Zhang
ir@group-lotus.com

Brunswick Group
Lotustechmedia@brunswickgroup.com

For inquiries regarding LCAA and/or L Catterton
Julie Hamilton (U.S.)
media@lcatterton.com
+1 203 742 5185

Bob Ong / Bonnie Gan (Asia)
bob.ong@lcatterton.com / bonnie.gan@lcatterton.com 
+65 6672 7619 / +86 10 8555 1807

PR Newswire

High quality, free from the fear of travel test – AIMA electric vehicles from China are loved by consumers

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TIANJIN, China, Aug. 25, 2023 /PRNewswire/ — Recently, AIMA Technology, an electric two-wheeler brand from China, strengthened its global market layout. As the world’s largest electric two-wheeler production base, China’s exports of electric two-wheelers are favored by more and more consumers. As one of China’s electric two-wheeled vehicle head enterprises, AIMA electric vehicle has a good performance in different global markets such as China, North America, Europe and Southeast Asia.

The reason why AIMA electric vehicles can be loved by users around the world is inseparable from its excellent quality and excellent performance. In the electric two-wheeler industry for more than 20 years, Emma has always adhered to customer-oriented and quality first. At the production end, AIMA uses advanced intelligent technology to improve the production quality of each link. The product, from a little thing such as a screw to a whole vehicle, must go through the strict test and verification of the laboratory.

While striving for excellence and maintaining high quality, AIMA has empowered new electric vehicles such as Dollar, Mini Bear, Sweetie, Sweetie Plus through the core strength of the three-power system composed of core motor, electronic control and battery applications and innovative technology, which brings users a fast startup, sufficient power and long battery life experience.

Beginning with the needs of users, taking fashion as the base and science and technology as the principle, we continue to create a good quality vehicle with love for global users. AIMA electric vehicle is polishing the Chinese brand name card with the quality of excellence, so that more consumers fall in love with Chinese electric two-wheelers and enjoy the fun of free travel.

PR Newswire

WashMe Holdings Revolutionizes the Car Wash Industry by Partnering Up with HokuApps and inkbyte to Build a Cutting-Edge Mobile App Which Gives Customers The Ability To Wash Their Cars At Any Partner Wash In The WashMe Network.

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WashMe Holdings is a pioneer in the car wash space, building the first nationwide car wash membership platform using a multi-branded network of independent and franchise-owned car wash locations in the United States, and soon beyond. WashMe has quickly built their “Partner Wash Network” to over 70+ locations, across 13 states, seamlessly integrating platforms with each brand and location. WashMe offers access to a wide variety of car wash types, from full-service to express, soft touch to touchless, all with one membership at one low price. This convenience at an affordable price makes the WashMe membership and Partner Wash Network, the way of the future in the car wash industry.  

FLORAHOME, Fla., Aug. 17, 2023 /PRNewswire/ — WashMe Holdings, Inc. partnered with inkbyte LLC, a full service creative agency and HokuApps, a global player in the next-generation of enterprise mobility solutions, to build and deploy a robust one stop solution that allows them to serve their customers digitally wherever they are. WashMe Holdings stands out as the first national car wash network. By using the WashMe app, customers can now have any vehicle they own, including family cars, company cars, and rental cars, washed at any Partner Wash across the country, rather than being limited to just single brand car wash. All of this is available at a single, affordable monthly fee. WashMe Holdings utilized HokuApps’ low code platform to develop a centralized booking management system that is inclusive of functions such as viewing nearby Partner Wash locations and their ratings, transaction history, referrals, membership profile and benefits, QR codes, notifications and alerts as well as providing reporting capabilities. 
 
inkbyte is a renowned full-service creative agency located in the United States that specializes in devising innovative approaches to enhance their clients’ Brand Voice. They focus is on identifying the underlying factors that motivate consumer behavior for their clients. inkbyte offers WashMe a wide range of services, such as brand identity, strategy, web design, creative design, print, and signage. 
 
By deploying this application, WashMe Holdings provides their customers with digital access to their services anytime, anywhere while also improving operational efficiency. This marks a groundbreaking development as it is the first time any organization has attempted to overcome technical challenges associated with such an implementation. As a result, a membership created at one car wash brand cannot be validated at another, causing customers to hold multiple memberships. Adding to the complexity, each car wash has a different entry mechanism, ranging from key codes to bar codes, manual entry, and NFC taps. WashMe Holdings and inkbyte teamed up with HokuApps to overcome industry challenges, enabling customers to access any car wash with a single membership, a feat never before accomplished in the industry.  

“Thanks to HokuApps’ state of the art technology, we are able to deliver innovative digital solutions to our customers, granting them quick access to car wash services right at their fingertips. We are able to work towards our goal all while retaining full control over the user experience that we wanted to create,” said Patrick Osredker & Denny Axman, Owners and Co-Founders at WashMe Holdings.

About HokuApps: 

HokuApps is the fast-growing rapid application development platform that empowers organizations to develop innovative technology solutions incredibly fast. With a cutting-edge automated development engine, HokuApps can build custom solutions for any part and any size of the business 10X faster and at a fraction of cost. This technology platform has enhanced mobile and data integration capabilities to enable companies to speedily deploy mobile and web applications. HokuApps empowers organizations to usher in their digital transformation journey to better engage with customers, partners, and employees. 

About inkbyte, LLC: 

https://www.inkbytegroup.com 

PR Newswire

LG Display Wins 2023 Bosch Global Supplier Award

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SEOUL, South Korea, Aug. 7, 2023 /PRNewswire/ — LG Display, the world’s leading innovator of display technologies, announced today that it has received a ‘Bosch Global Supplier Award.’ The company receives this prestigious award in the category “raw materials and components”, demonstrating its unmatched leadership in the automotive display market.

LG Display Wins 2023 Bosch Global Supplier Award
LG Display Wins 2023 Bosch Global Supplier Award

The Bosch Group, a global leading supplier of technology and services, reserves its “Bosch Global Supplier Award” for only 46 suppliers from 11 countries of roughly 35,000 suppliers worldwide in this year, recognizing the most outstanding performers in the manufacturing and supply of raw materials, products, and services on a biennial basis since 1987.

LG Display and Bosch have engaged in a decade of strategic collaborations since 2012, during which LG Display has demonstrated distinctive technical capabilities, stringent quality management, and reliable supply capabilities. The company is well known for successful incorporating automotive OLED displays into premium automotive brands’ next generation of projects.

As a leading global supplier of digital clusters (instrument clusters) and center fascias (central control units) to top-tier automotive component makers and original equipment manufacturers (OEMs), LG Display continues to lead the market having achieved the highest global market share for the 5th consecutive year from 2018 to 2022 – based on revenue generated by premium automotive displays measuring 10 inches or larger.

LG Display leverages its technological prowess in automotive OLEDs and high-end LCD displays to expand sales and orders while enhancing its position as the industry’s global leader.

LG Display set a new standard for mobility when it introduced the world’s first Tandem OLED for automotives back in 2019. Tandem OLED embodies its groundbreaking two-stack OLED technology, where an extra organic emitting layer is added to the existing layer to deliver brighter screens while effectively dispersing energy across OLED components for optimal stability and a longer lifespan. LG Display will start mass-producing its second-generation Tandem OLED, which heightens the efficiency of organic light-emitting components, this year to further widen the technological gap between itself and competitors.

P-OLED is LG Display’s unique technology that incorporates innovative Tandem OLED into a flexible plastic substrate to make the design slim and light while maintaining unrivaled picture quality unique to OLEDs. P-OLED uses 60% less power and weighs 80% lighter than LCD displays, making it the ultimate solution for electric vehicles in particular. Moreover, the company’s automotive P-OLED has received the Eco-Product Certification Mark from SGS, a global leader in inspection, verification, testing, and certification, recognizing their excellence in minimizing the use of hazardous substances.

Moreover, LG Display has been strengthening its competitive edge in the market with its various products and technologies, including ATO (Advanced Thin OLED), which delivers the core strength of OLED for automotive displays at a more competitive price point, LTPS LCD, which excel in large-scale implementation and high-resolution rendering, IPS (In-Plane Switching), which significantly enhanced the viewing angles, SPM (Switchable Privacy Mode), which controls a viewing angle for safe driving. What’s more, it has become the first in the industry to introduce a flame-resistant certification program to every automotive panel in order to boost safety and stability.

“We are extremely proud to have been recognized as automotive display maker by Bosch. This award acknowledges our endless pursuit of the perfect customer experience, a journey that promotes innovation at every step of the way which enables us to deliver unparalleled technologies, quality, and support to our customers,” said Byeong-koo Kim, Senior Vice President and Head of Auto Business Group at LG Display. “We will continue to strengthen our order-based business’s competitiveness based on our revolutionary technologies, especially P-OLED and LTPS LCD.”

About LG Display

LG Display Co., Ltd. [NYSE: LPL, KRX: 034220] is the world’s leading innovator of display technologies, including thin-film transistor liquid crystal and OLED displays. The company manufactures display panels in a broad range of sizes and specifications primarily for use in TVs, notebook computers, desktop monitors, automobiles, and various other applications, including tablets and mobile devices. LG Display currently operates manufacturing facilities in Korea and China, and back-end assembly facilities in Korea, China, and Vietnam. The company has approximately 70,707 employees operating worldwide. For more news and information about LG Display, please visit www.lgdisplay.com.

Media Contact:

TaeHyun Tommy Jang, Assistant Manager, Global PR Team
Email: tommy.jang@lgdisplay.com

Joo Yeon Jennifer Ha, Manager, Global PR Team
Email: hjy05@lgdisplay.com 

PR Newswire

Arasan’s MIPI CSI-2 IP achieves ISO26262 ASIL-C Certification for MIPI C-PHY Connectivity

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Arasan announces the ISO26262 ASIL-C functional certification of its latest MIPI CSI IP supporting MIPI D-PHY and C-PHY v2.0 speeds of upto 54.72Gbps 

SAN JOSE, Calif., July 12, 2023 /PRNewswire/ — Arasan, a leading provider of mobile storage and connectivity IP solutions, is proud to announce the ISO26262 ASIL-C functional certification for its latest MIPI CSI-2 IP. This certification applies to Arasan’s MIPI CSI IP, which seamlessly integrates with its MIPI C-PHY IP and D-PHY IP, enabling speeds of up to 54.72Gbps in C-PHY mode.

The ISO26262 ASIL-C certification signifies that Arasan’s CSI-2 IP meets the stringent safety requirements for automotive System-on-Chips (SoCs). Additionally, the certification extends its usability to defense, aircraft, and other industries where the CSI-2 IP, with its wider bus, can be employed on FPGA together with the built-in D-PHY or Arasan’s C-PHY ASIC.

Arasan’s commitment to safety compliance is further demonstrated by the ISO26262 ASIL-C certification. The company’s IP has been extensively utilized in multiple protocol analyzers, lab-based compliance testers, and high-volume production testers for assessing MIPI protocol compliance.

Imaging companies seeking to develop prototypes or limited production quantities of high-resolution camera products can license Arasan’s CSI IP in conjunction with the MIPI C-PHY/D-PHY Combo ASIC.

Apart from the MIPI CSI-2 IP, Arasan offers a comprehensive portfolio of IP solutions for automotive SoCs, including Ethernet, CAN FD/XL, and USB.

The ISO26262 ASIL-C certified MIPI CSI-2 IP is readily available for licensing, catering to both SoC and FPGA applications. Customers licensing Arasan’s CSI Controller IP can be assured of its compliance with specifications, instilling confidence in its usage for testing compliance.

About Arasan:

Arasan Chip Systems has been an active member of the MIPI Association since 2005, providing IP solutions for mobile storage and connectivity interfaces. With over a billion chips shipped incorporating Arasan’s MIPI IP, the company has established a reputation for delivering high-quality, silicon-proven Total IP Solutions, encompassing digital IP, AMS PHY IP, Verification IP, HDK, and Software. Arasan’s focus lies in mobile SoCs, which have evolved to encompass a wide range of applications, from PDAs in the mid-’90s to today’s automobiles, drones, and IoT devices. Arasan remains at the forefront of this “Mobile” evolution, providing standards-based IP that forms the foundation of Mobile SoCs.

Press Contact:
Bonnie Noufer
bonnie.noufer@arasan.com 

Source: Arasan Chip Systems, Inc.

PR Newswire

CIMC 2022 AGM: Container demand stabilizes and rebounds, Energy new orders surge

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SHENZHEN, China, July 7, 2023 /PRNewswire/ — CIMC Group (00039.SZ/2039.HK)’s 2022 annual general meeting, the first A-share class meeting in 2023 and the first H-share class meeting in 2023 were held in Shenzhen headquarters. Chairman and CEO Mai Boliang presided over the AGM, while other directors, supervisors, and senior executives of the Group participated and attended the meeting respectively.


During the meeting, it was revealed that container demand is gradually recovering in the second quarter of 2023, with freight rates and volumes stabilizing. Notably, the North American market has witnessed high profitability in road transport vehicles, while the gross profit margin of the domestic lighthouse factory business has increased. Additionally, the energy sector has experienced a surge in new orders, particularly for clean energy equipment, with the offshore engineering business boasting a full order book and rapid capacity expansion.

The management of CIMC Group engaged in face-to-face communication with shareholder representatives and media journalists, addressing various topics of market concern, including container business operations, energy industry layout, cross-ocean vehicle operations, and the development prospects of the cold chain business.

Stabilizing and Rebounding Container Demand
Revamping the Fresh Supply Chain Ecology through Cold Chain Restructuring 

In the second quarter of the year, the shipping industry’s market demand is gradually recovering as freight rates and volumes exhibit signs of stabilization. CIMC’s container demand has stabilized and rebounded, with some orders already scheduled for production in the third quarter, marking a positive shift from the previous quarter.

Addressing the global trade landscape changes, Chairman Mai Boliang said during the meeting, “As the basic unit of global logistics, containers are closely related to global trade activities and are not limited to any particular shipping route. Although the current global trade landscape is facing certain challenges, the proportion of global industrial output accounted for by long-term global trade remains high and still developing. Although the growth rate may not be significant, the prospects are still promising. We believe that changes in the trade landscape will not have a disruptive impact on container demand.”


Furthermore, regarding media’s concerns about the relocation of container factories due to the global industrial chain transfer, Mai Boliang stated, “There is indeed a trend of the transfer of some light manufacturing industries to Southeast Asia, and even in the future to Africa and South America, for the joint global development. As a leading enterprise in the container industry, CIMC always keeps a close eye on this trend and is constantly conducting research. No matter how the situation changes, CIMC’s global position in the container industry will not change.“

According to BIMCO, a highly influential international shipping organization, under the basic scenario, global container shipping volume is expected to increase by 0.5%-1.5% in 2023 and by 5.5%-6.5% in 2024. Volume and growth rate recovery are anticipated in the second half of 2023m, with the total volume of major outbound and regional routes projected to be approximately 7% higher by the end of 2024 compared to 2022.

Despite the pressure the shipping market faces in the first half of 2023, CIMC Group has demonstrated a market share increase against the trend, highlighting its competitive advantages. Leveraging its strong foothold in the container manufacturing market, the Company actively explores new opportunities through its “container+” business, achieving growth in multiple areas.

For example, CIMC is actively developing new products suitable for modern agriculture and new energy vehicle scenarios, such as planting containers, integrated refrigeration and insulation equipment boxes, new energy refrigerated containers, and V-RACK frame containers, among others.

Benefiting from the growth of the electrochemical energy storage market, CIMC’s container energy storage business continued to develop rapidly in 2022, reaching new revenue highs. By focusing on integrating energy storage systems, the business has transitioned from offering 20-foot and 40-foot containers to providing fully integrated energy storage solutions to downstream customers. Notably, records of batches of multiple deliveries have already been made to satisfied customers, showcasing the business’ strong performance.

CIMC Fishery has made significant strides in promoting the transformation and upgrading of traditional aquaculture industries through innovative “container+” scenarios. The modular construction business has made significant progress in both domestic and international markets, achieving significant milestones in several major projects.

Mai Boliang emphasized the rapid growth and stability of CIMC Group’s “container+” business. This sector has contributed significantly to the container industry, effectively mitigating the cyclical fluctuations associated with traditional containers.

Mai Boliang also reiterated CIMC Group’s active promotion of the fresh supply chain ecosystem reconstruction. China’s fresh supply chain currently faces several challenges, including (1) lengthy intermediate circulation processes, where fresh products typically go through multiple layers of transportation and circulation before reaching consumers, and (2) a lack of accurate full-process cold chain transportation, resulting in a loss rate of nearly 30%, not including the degradation of product quality, which can turn a first-grade product into a fifth-grade product.

“CIMC aims to address these two pain points by reducing the intermediate circulation process and ensuring accurate full-process cold chain transportation, eliminating fresh product loss rates and extending shelf life. This is where CIMC’s advantages are at,” added Mai Boliang, optimistic about the development prospects of CIMC’s cold chain business.

North American Vehicle Business Exceeded Expectations, Highlighting the Resilience of Its Cross-border Operations.

CIMC’s vehicle business has achieved impressive results driven by domestic recovery and overseas growth. In the first quarter of 2023, the business recorded a net profit that doubled year-on-year, while the gross profit margin increased significantly by 8.2 percentage points, setting a new historical record.

Notably, the strong profitability of its North American operations played a crucial role, benefitting from favorable economic policies and the rapid growth of intermodal transportation in the region. According to market research company, ACT Research, in the first quarter of 2023, the North American market’s semi-trailer production volume has reached 101,500 units, a year-on-year increase of 14.04%, maintaining its leading position in the industry.

Entering the second quarter of this year, the North American market continues to demonstrate high demand trends, with ongoing order deliveries. In 2023, as the impact of the pandemic gradually diminishes in North America and consumer demand grows, the freight volume of the overall vehicle transportation market is expected to rise, sustaining the robust demand for semi-trailer equipment.

Besides the favorable conditions in the North American market, strong demand is also emerging from other markets. Developing countries represent the most pressing demand for global development, offering ample opportunities for high-growth industries. CIMC’s vehicle business is actively seeking market prospects in Southeast Asia, Africa, and the Middle East, facilitating the establishment of LoM manufacturing plants and constructing a sustainable and competitive overseas emerging market operation system. In the first quarter of this year, the Vanguard business seized overseas market opportunities, vigorously developed emerging markets, and achieved remarkable revenue growth of a notable 5 percentage points increase in gross profit margin.


In the domestic market, the continuous recovery of infrastructure investment, steady progress in imports and exports, favorable government policies, and smoothness of the road transportation network have set the stage for a moderate recovery in China’s heavy truck market this year. Industry forecast reports predict China’s heavy truck sales in 2023 will reach approximately 800,000 units, marking a year-on-year increase of about 20%.

Industry insiders have analyzed that this year, the recovery of China’s commercial vehicle market is highly probable, and both North America and Europe are expected to witness growth. Furthermore, exploring emerging markets, such as Southeast Asia, will contribute to CIMC’s positive vehicle sales growth.

Surging new orders for energy equipment, and the order book is full.

In the energy sector, CIMC Group focuses on major areas such as energy, chemicals, liquid food equipment, and offshore engineering while continuously increasing its investment in new energy. The Company has made comprehensive layouts in key equipment areas, such as hydrogen, offshore photovoltaic power, offshore wind power, and energy storage.

As the Chinese economy steadily recovers and international natural gas prices decline, domestic natural gas consumption is gradually improving. According to data from the National Development and Reform Commission, China’s apparent natural gas consumption from January to April this year reached 129.26 billion cubic meters, reflecting a year-on-year increase of 4.1%. Furthermore, the National Bureau of Statistics reported that China’s natural gas imports from January to May amounted to 46.291 million tons, representing a year-on-year increase of 3.3%. The sales of LNG heavy trucks have also increased significantly, with 10,804 natural gas heavy trucks sold domestically in May, showcasing a staggering year-on-year increase of 547.3% and a month-on-month increase of 35%. Cumulative sales from January to May reached 35,000 units, reflecting a year-on-year increase of 255.8%.

The recovery of demand in the natural gas industry has propelled the clean energy equipment business to new heights. CIMC Enric, as a leading player in the domestic clean energy industry, has experienced substantial growth in revenue and orders since 2023. Strong demand has been observed for low-temperature and high-pressure equipment sales, and the overseas markets continue to demonstrate robust demand for onshore clean energy equipment and engineering.

CIMC Group President Gao Xiang has mentioned that CIMC Enric has strategically positioned its business around the “manufacture, storage, transportation, and usage” of clean energy equipment, enabling a comprehensive industry chain layout. The Company focuses on researching high-pressure equipment for hydrogen storage and transportation. With the government currently promoting the use of Type IV hydrogen storage tanks, CIMC Enric has partnered with Hexagon to develop these tanks, which are expected to be launched this year, further enhancing CIMC’s core competitiveness. Last year, CIMC’s hydrogen energy business achieved sales of 440 million RMB, and high-speed growth is expected to continue this year.


In addition, the shipbuilding industry is experiencing a long-term high boom cycle due to ship replacement cycles and stricter environmental requirements. CIMC Enric’s water-based clean energy business has recently and consecutively secured multiple orders, including LNG fuel tanks worth over 1 billion RMB, 2+2 1450 TEU LNG dual-fuel container ships worth over 1 billion RMB, 2+2 LPG/ammonia transport ships worth nearly 900 million RMB, and 4 clean energy river-sea intermodal bulk cargo ships worth over 250 million RMB, benefiting from the strong industry demand.


Meanwhile, CIMC’s offshore engineering business is developing substantially, propelled by the increasing demand for traditional oil and gas FPSO equipment and the dual drive of new energy-related industries. In the first quarter of 2023, the business achieved remarkable year-on-year increases in newly signed orders and cumulative order backlog. Newly signed orders reached $1.1 billion, showcasing a year-on-year increase of 119%, while the order backlog reached $4.76 billion, a year-on-year increase of 116%. Concurrently, the offshore asset management platform business secured a new contract for a self-elevating drilling unit at the end of March, leading to a 53% year-on-year increase in the order backlog, amounting to 349 months.

Addressing concerns about the impact of recent crude oil price fluctuations on CIMC’s offshore engineering business, Mai Boliang responded that “minor oil price fluctuations are considered normal. Furthermore, in recent years, CIMC’s offshore engineering business has proactively capitalized on the historical opportunities presented by the rapid development of new energy and special-purpose ships. Investment in new production capacity and timely product delivery in emerging areas has been pivotal. Approximately 50% of the order backlog value of CIMC’s offshore engineering business originates from non-oil and gas projects. The recovery trend is relatively certain when considering the offshore engineering industry as a whole. Based on the construction nodes of the order backlog, we expect the offshore engineering industry to experience a substantial period of robust recovery over the next 3-5 years.“

Moreover, CIMC Group has actively entered overseas markets in the energy storage sector and established a strategic joint venture with POWIN Energy, a leading international energy storage integrator and manufacturer. The two entities are actively expanding the global market for fully integrated energy storage equipment through technological research and development and product innovation.

Shenzhen has proactively embraced energy storage as a “windfall” area, with the city’s policy support and planning in the field of energy storage at the forefront. In June 2022, Shenzhen issued the “Action Plan for Cultivating and Developing New Energy Industry Clusters in Shenzhen (2022-2025)”, which identifies the development of new energy storage as a critical project, emphasizing the need to strengthen the electrochemical energy storage system. Based on unwavering policy support and certain industry trends, CIMC’s energy storage business is poised to maintain sustained growth momentum.

PR Newswire

Announcement of the Release of Guidelines for Customizing Level 4 Commercial Autonomous Vehicles

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TOKYO, June 23, 2023 /PRNewswire/ — TIER IV, a leader in open-source autonomous driving (AD) technology, is pleased to announce the release of the “Level 4 Custom Design Guidelines” for the drive-by-wire modification of commercial vehicles to accommodate AD technology. These guidelines aim to contribute to the electrification of existing commercial vehicles and ease the widespread adoption of Level 4 AD technology.

As a founding member of the Autoware Foundation (AWF), we are fully committed to promoting industry standardization and the advancement of open-source software (OSS). Building upon these guidelines, we intend to propose their adoption to the AWF, further accelerating the development of AD technology through OSS.

Download       English Version here      Japanese version here

About TIER IV

TIER IV, the creator of Autoware, the world’s first open-source autonomous driving (AD) software, is at the forefront of the research and development of AD technology. The company provides cutting-edge technology solutions, including software and hardware across multiple platforms, that enable the safe and efficient development of AD. TIER IV is committed to the societal implementation of AD technology, driven by their vision of “the art of open source – reimagine intelligent vehicles”.

As a founding member of the Autoware Foundation, TIER IV leverages Autoware’s capabilities and collaborates with partners worldwide. Through the ecosystem powered by Autoware, the company aims to expand the potential of AD technology, involving individuals, organizations, and all stakeholders, as they strive for the realization of a better society.

*Autoware is a registered trademark of the Autoware Foundation.

Contact: Shizuka Ono, shizuka.ono@tier4.jp 

Source: TIER IV, INC.

PR Newswire

AJ Foyt Racing selects IFS Ultimo EAM software for critical Parts Management, Lifing and Maintenance processes

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IFS begins multi-year brand & technical partnership with AJ Foyt Racing 

CHICAGO, June 22, 2023 /PRNewswire/ — IFS, the global cloud enterprise software company, has announced that legendary American racing team AJ Foyt Racing has selected IFS as their strategic technology partner for the 2023, 2024 and 2025 IndyCar Racing seasons with options for extension. 

The multi-year partnership will see AJ Foyt Racing leverage IFS Ultimo for Parts Management, Parts Lifing and Maintenance. The solution also provides capabilities for work order management, multi-location inventory management and purchase control and management. 

Since the acquisition of the solution in 2022, IFS Ultimo continued to invest and expand in all its markets including North America as well as new ones. The decision to implement IFS Ultimo’s Enterprise Asset Management (EAM) software came at a time when Foyt Racing was looking to digitalize their workshop with a solution for vital monitoring and management for asset efficiency, reliability and minimizing of risk. 

Foyt Racing required specific functionality to enhance their central processes, having previously relied on a manual reporting lifing system. Using IFS Ultimo EAM, the race team will have an automated central input source, enabling real-time updates that monitor the chassis mileage and all the individual parts on the car at any given point in time. 

In addition, to optimize asset performance, the EAM solution will enhance component-specific triggers for Foyt Racing’s lifing system, enabling preventive maintenance task management, generating work orders, and providing active push notifications for required maintenance to drive optimal racing performance. 

Finally, the racing industry has not been spared from supply chain challenges. With full integration between lifing, maintenance, work orders, inventory and purchase order management, Foyt Racing will be able to ensure that parts needed for upcoming maintenance are ordered in timely fashion for availability at the right time and in the right place. 

In addition to becoming a strategic technology partner, IFS will collaborate with AJ Foyt Racing for a brand activation. The partnership will see the IFS logo featured on the team’s No. 14 and No. 55 Indy cars in all races, testing and showcasing during the 2023, 2024 and 2025 NTT INDYCAR Series racing seasons. 

IFS branding will also appear on the race suits of AJ Foyt Racing’s current drivers, Santino Ferrucci and Benjamin Pedersen. 

Commenting on the new partnership, Larry Foyt, president of A.J. Foyt Enterprises, said, “When evaluating our options, IFS Ultimo’s EAM solution stood out for its flexibility and out-of-the-box functionality.” He continued, “The racing business is highly competitive. And while there are many moving parts to every business, in the world of motorsport – it is imperative that we have the right technology to support performance and reliability. We are confident in the success of this partnership and are already discussing future opportunities with Artificial Intelligence with IFS and anticipate a new and efficient energy to take us to the victory lane.” 

Oliver Pilgerstorfer, Chief Marketing Officer, IFS, said, “With such a pedigree and history of talent in the American racing circuit, we are thrilled to be a strategic technology partner of AJ Foyt Racing.” He continued, “A core value for IFS is delivering fast time to value. By increasing asset reliability and the efficiency of Foyt Racing’s fleet, we are helping the team deliver at their moment of service on race day.” 

About AJ Foyt Racing 

AJ Foyt Racing, headquartered northwest of Houston, has been competing at the top levels of motorsports since December 1965, over 55 years. With A.J. Foyt driving, his team won two Indianapolis 500s and three national IndyCar championships. Since Foyt’s retirement from driving in 1993, the team has continued to win, claiming two more national titles and the 1999 Indianapolis 500 with driver Kenny Brack. 

About IFS 

IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers—at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of over 5,500 employees every day live our values of agility, trustworthiness and collaboration in how we support our 10,000+ customers. Learn more about how our enterprise software solutions can help your business today at ifs.com. 

CONTACT:

IFS Press Contacts: 

EUROPE / MEA / APJ: Adam Gillbe 

IFS, Director of Corporate & Executive Communications 

Email: press@ifs.com 

Phone: +44 7775 114 856 

NORTH AMERICA / LATAM: Mairi Morgan 

IFS, Director of Corporate & Executive Communications 

Email: press@ifs.com 

Phone: +1 520 396 2155 

The following files are available for download:

PR Newswire

Hyundai Motor Joins Forces with Culture Convenience Club to Provide Personalized Zero-Emission Vehicle Lifestyle

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  • The partnership to propose new lifestyle that combines zero-emission-vehicle (ZEV) mobility and cultural content in Japan by collaborating on new concept mobility service, data-driven marketing and global experience platform development
  • Based on their shared people-centric vision, Hyundai Motor and CCC aim to bring innovative customer experiences and foster a sustainable society
  • The two companies expect to enhance customer value based on their highly sophisticated data-driven partnership in the era of hyper-personalization

TOKYO and SEOUL, South Korea, June 22, 2023 /PRNewswire/ — Hyundai Motor Company, Hyundai Mobility Japan and lifestyle content company Culture Convenience Club (CCC) today signed a memorandum of understanding (MOU) to co-create sustainable lifestyle services for the zero-emission-vehicle (ZEV) era.

Jaehoon Chang, President and CEO of Hyundai Motor Company
Jaehoon Chang, President and CEO of Hyundai Motor Company

The partnership aims to further facilitate Hyundai Motor’s efforts to satisfy Japanese customers with zero-emission vehicles and online sales since its re-entry into the market in February 2022. With the accelerated transition to electrification, Hyundai Motor and CCC’s strategic partnership aims to expand the new mobility lifestyle in Japan and beyond to global markets.

“Through this collaboration, we expect to create new opportunities through various endeavors,” said Chang, President and CEO of Hyundai Motor Company. “In particular, CCC, which plans new lifestyles by thoroughly analyzing customers’ preferences, and Hyundai Motor’s ZEV culture will work together to build a differentiated Hyundai brand image.”

Hyundai Motor and CCC share people-centric ideas embedded in their brand concepts and missions. In the new era that requires economic, social and environmental sustainability, the two companies have decided to collaborate on promoting a ‘new lifestyle through ZEV’ in Japan and then expand the program globally. Through this collaboration, both companies will promote specific ZEV lifestyle proposals based on their shared value of fostering a sustainable society.

“As a lifestyle content company, CCC has contributed to the creation of diverse lifestyles in Japan. With the current changes in the global environment and the significant changes in people’s life values, the concept of sustainability has begun to penetrate car life as well,” said Takahashi, President and COO of CCC. “This partnership is in line with Hyundai’s vision and values, and we hope to propose a new ZEV lifestyle to our customers, promote their wellness and lead social action for zero emissions on a global scale.”

More information about Hyundai Motor and its products can be found at:

http://worldwide.hyundai.com or http://globalpr.hyundai.com

(from left) Jaehoon Chang, President and CEO of Hyundai Motor Company / Yasunori Takahashi, President and Chief Operating Officer (COO) of CCC
(from left) Jaehoon Chang, President and CEO of Hyundai Motor Company / Yasunori Takahashi, President and Chief Operating Officer (COO) of CCC

Hyundai Motor Joins Forces with Culture Convenience Club to Provide Personalized Zero-Emission Vehicle Lifestyle
Hyundai Motor Joins Forces with Culture Convenience Club to Provide Personalized Zero-Emission Vehicle Lifestyle

PR Newswire

SK hynix Receives International Certification for Automotive Memory Solution Development

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  • Obtains internationally recognized ASPICE Level 2 Certification through collaboration with Siemens
  • Aims to meet growing demand from automotive chip market, improve profitability with globally recognized NAND solutions

SEOUL, South Korea, June 20, 2023 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it has received the automotive ASPICE Level 2 certification, marking the first case that a Korean semiconductor company wins the recognition.

* ASPICE(Automotive Software Process Improvement & Capability dEtermination): A guideline for automotive software development that was introduced by European carmakers to evaluate reliability and capabilities of auto part suppliers.

The certification, essential for automotive NAND solution products, is expected to lead to an increased supply and stronger profitability of the company’s NAND solution products such as Universal Flash Memory and Solid State Drive, of which combined market is expected to grow by more than an average 20% every year, the company said.

With introduction and adoption of electric vehicles and autonomous driving system, the importance of technology in the areas of electric and electronic parts of vehicles is also growing.

Particularly, with systems for Advanced Driver Assistance System and Infotainment getting more sophisticated, the importance of software quality management as well as compatibility and stability is growing, requiring auto part suppliers to obtain the ASPICE Level 2 or the equivalent.

To win the certification, SK hynix combined its digital transformation technology with Siemens’ certification solution, which helped result in optimization and success of a stable and efficient system for the overall research and development process ranging from design of software for vehicles and engineering of products to workflow.

The latest achievement follows obtainment of an ISO 26262: 2018 FSM(Functional Safety Management**) in November 2021 as SK hynix continues to deliver accomplishments in the automotive memory business with commitment to safety and reliability.

** ISO 26262: 2018 FSM(Functional Safety Management): An international standard for functional safety in automotive semiconductors set by the International Organization for Standardization.

SK hynix will now aim for the ASPICE Level 3 certification with a more advanced software development process.

“Our achievement comes at a time when product competitiveness of automotive memory solution is more important than ever,” Ahn Hyun, head of solution development, said. “We will aim higher and continue our efforts for development and stronger product competitiveness of automotive memory chips.”

About SK hynix Inc.

SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”), flash memory chips (“NAND flash”) and CMOS Image Sensors (“CIS”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.

Source: SK hynix Inc.