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All major APAC and most European equity indices closed higher,
while most US markets were lower. US and European government bonds
closed sharply higher. European iTraxx and CDX-NA closed almost
flat on the day across IG and high yield. Natural gas, gold, and
silver closed higher, while the US dollar, oil, and copper were
lower on the day.
Please note that we are now including a link to the profiles of
contributing authors who are available for one-on-one discussions
through our newly launched Experts
by IHS Markit platform.
Americas
Most major US equity indices closed lower except for Nasdaq
+0.1%; S&P 500 -0.2%, DJIA -0.3%, and Russell 2000 -0.5%.
10yr US govt bonds closed -5bps/1.18% yield and 30yr bonds
-5bps/1.85% yield.
CDX-NAIG closed flat/50bps and CDX-NAHY +2bps/294bps.
DXY US dollar index closed -0.1%/92.05.
Gold closed +0.3%/$1,822 per troy oz, silver +0.1%/$25.58 per
troy oz, and copper -1.1%/$4.43 per pound.
Crude oil closed -3.6%/$71.26 per barrel and natural gas closed
+0.5%/$3.94 per mmbtu.
The Job Openings and Labor Turnover Survey (JOLTS) State
Estimates show a clear picture of regional labor markets moving
from excess slack during the early stages of the COVID-19 pandemic
to widespread tightness starting in the second half of 2020 as
states began to reopen their economies. Firms looking to capitalize
on the pent-up demand have encountered difficulty filling open
positions, however, with labor-force participation remaining well
below pre-pandemic levels to-date. (IHS Markit Economist Alexander
Minelli)
In the first half of 2020, the quits rate plunged in all
regions following business closures and hiring freezes that shook
workers' confidence in their ability to find another job.
While the Northeast had the lowest quits rate of any region at
1.1% in May 2020, the West and North Central saw the largest
decreases between February and May, falling 0.7 point each.
The South weathered the onset of the pandemic relatively well
with a May quits rate of 1.9% after a 0.5-point decline from its
pre-pandemic level.
Within a few months every region's quits rate rebounded and by
March 2021 all regions saw their quits rate return to pre-pandemic
levels amid renewed confidence among workers.
By March 2021, the time to fill vacancies matched that during
the tight labor market in early 2019 in every region.
The Northeast took the longest to fill vacancies with an
average of 1.5 months, matching series highs from January
2019.
Within the Northeast, Pennsylvania had the longest time to fill
vacancies at 1.8 months followed by New Jersey (1.6 months),
Connecticut (1.5 months), and Maine (1.5 months).
Northeastern states struggled with low hires rates[4] owing to
pandemic restrictions and high job openings rates as vacancies went
unfilled with fewer workers in the labor force.
The South took 1.4 months to fill vacancies, breaking the
previous series high of 1.2 seen in December 2018.
US total construction spending rose only 0.1% in June, short of
both the IHS Markit estimate and the consensus expectation. Prior
months were revised higher. (IHS Markit Economists Ben
Herzon and Lawrence Nelson)
Core construction spending slipped 0.1% in June (following
modest upward revisions to April and May), in contrast to our
assumption of a solid gain. In response, we lowered our forecast of
third-quarter GDP growth by 0.2 percentage point to 6.7%.
Over the three months ending in June, total construction
spending rose at only a 0.9% annual rate. The recent trend is
sharply slower than that of the last six months, a period over
which total construction spending rose at a 6.5% annual rate.
Core construction spending slowed over this period as well. The
slowdown in activity follows a period of rapid growth fueled
largely by strength in residential construction spending.
Low mortgage rates, intra-region migration (from urban to
suburban areas), and the release of some pent-up demand has been
bolstering residential construction activity.
Going forward, we expect single-family housing activity to
slow. To be sure, limited inventories of homes for sale should
support housing construction to an extent. But single-family
housing permits are, in fact, trending lower, and the recent trend
in permits is still above what we view to be the underlying
longer-term demographic trend.
Recent progress on talks surrounding an infrastructure bill
suggest that fiscal support to the construction sector may be in
the offing. We are watching these talks closely as we prepare our
base forecast.
The US Senate Judiciary Committee has voted unanimously to
advance four bipartisan bills, which it says aim to address the
lack of competition in the pharmaceutical industry and the rising
cost of prescription drugs. According to a Senate press release,
the four bills include: Stop Significant and Time-wasting Abuse
Limiting Legitimate Innovation of New Generics Act; Preserve Access
to Affordable Generics and Biosimilars Act; Prescription Pricing
for the People Act of 2021; and Affordable Prescriptions for
Patients Act of 2021. The unanimous decision by the Senate
Judiciary Committee means that the four bills will now progress to
the wider Senate for a vote. Among the contents of the four bills
are measures to restrict "pay-for-delay" deals; to prevent
companies from filing frivolous petitions with the FDA to delay the
entry of generics and biosimilars; to prevent "evergreening" patent
products by making minor modifications to their composition; and to
give the Federal Trade Commission (FTC) greater authority to act
against anti-competitive practices. (IHS Markit Life Sciences' Milena
Izmirlieva)
Cummins has been selected to complete development of the
Advanced Combat Engine (ACE) for the US Army, in a contract worth
USD87 million, according to a company statement. Cummins says that
its product is a modular and scalable diesel engine solution that
uses opposed-piston (OP) technology and it is able to electrify it
to create a hybrid solution. Cummins says the OP technology
provides "leap-ahead" capabilities in power density and heat
rejection. The new contract builds on a multi-year effort by the US
Army's Ground Vehicle Systems Center (GVSC) to develop
"transformational power density". The US Army is looking for a
solution that is power dense, thermally efficient, modular,
scalable, and affordable and meets the toughest mobility,
survivability, and lethality vehicle requirements. Cummins says its
"innovative OP technology provides a 50% increase in power density,
a 20% reduction in heat rejection, and 13% improved fuel efficiency
when compared to today's best in class combat engine. ACE's
flexible layout options allow the engine to be configured in 3
cylinder, 4 cylinder, and 6 cylinder arrangements to deliver power
ranging from 750 to 1,500 horsepower. ACE can be integrated into
hybrid architectures, enabling commonality, thereby eliminating the
expensive logistical burden of having multiple combat powertrains
and facilitating the incorporation of new electrified
technologies." (IHS Markit AutoIntelligence's Stephanie
Brinley)
Autonomous vehicle (AV) startup Argo AI has received permission
from the California Public Utilities Commission (CPUC) to offer
free rides in its autonomous vehicles on state's public roads,
according to Techcrunch. Aurora, AutoX, Cruise, Deeproute, Pony.ai,
Voyage, Zoox, and Waymo have all received permits to participate in
the CPUC's Drivered Autonomous Vehicle Passenger Service Pilot
program, which requires a human safety operator to be behind the
wheel. Companies with this permit cannot charge for rides. (IHS
Markit Automotive Mobility's Nitin Budhiraja)
In a press release, Eni announced a new oil discovery at the
Sayulita Exploration prospect in Block 10 offshore Mexico. The
discovery is estimated to hold an in-place volume of 150 to 200
MMboe of oil and gas. The Sayulita-1 well, located approximately 70
kilometers off the coast and just 15 km away from the Saasken oil
discovery, encountered 55 meters (180 feet) of net oil pay and was
drilled to a total depth of 1,758 meters (5,768 feet) in 325 meters
(1,066 feet) of water, the company said. In June 2017, Eni was
awarded Block 10, located in the Sureste Basin. This is the second
successful well in the block. In February 2020, Eni announced its
first oil discovery at Saasken-1 NFW well in Block 10. Eni is the
operator of the block with a 65% interest. Lukoil (20%) and Cairn
Energy (15%) are holding the remaining stake. (IHS Markit Upstream
Companies and Transactions' Karan Bhagani)
Europe/Middle East/Africa
Most major European equity indices closed higher except for
Italy -0.1%; Spain +1.0%, France +1.0%, UK +0.7%, and Germany
+0.2%.
10yr European govt bonds closed sharply higher; Italy -5bps, UK
-4bps, and France/Spain -3bps.
iTraxx-Europe closed -1bp/46bps and iTraxx-Xover
-1bp/235bps.
Brent crude closed -3.3%/$72.89 per barrel.
The UK government is said to have secured commitments from
companies with large fleets in the country to purchase locally
built battery electric light commercial vehicles (LCVs). Daily
Telegraph reports that among those that have committed to acquire
around 70,000 battery electric vehicles (BEVs) are postal company
Royal Mail, energy company BP, telecoms firm BT, retailer Tesco,
insurer Direct Line, and utility companies Severn Trent and
Scottish Power. (IHS Markit AutoIntelligence's Ian Fletcher)
Battery electric vehicle (BEV)-maker Rivian is said to be
considering a manufacturing facility in the United Kingdom, reports
The Sunday Times. According to the newspaper, discussions are
taking place with the UK government regarding a possible vehicle
production facility near Bristol. It adds that investment could
reach GBP1 billion. This is expected to require government backing
as well as this investment, but talks are currently at an early
stage. The site is also said to be facing competition from Germany
and Netherlands. (IHS Markit AutoIntelligence's Ian Fletcher)
Growth of eurozone manufacturing cooled slightly in July after
a record-breaking expansion during the second quarter. Having
beaten prior records for a fourth straight month in a row during
June to reach 63.4, the IHS Markit's eurozone manufacturing PMI,
fell back to a four-month low of 62.8 in July. However, that was
still higher than anything seen prior to April in the survey's
24-year history. (IHS Markit Economist Chris
Williamson)
Although growth of demand has come off the boil slightly as the
initial boost from the reopening of the economy fades, the July
survey showed inflows of new orders outstripping production to an
unprecedented extent in the survey's 24-year history.
July consequently saw another near-record jump in backlogs of
uncompleted orders, and that's despite firms taking on staff at an
unprecedented rate in the survey's history during the month.
Many firms clearly want to produce more goods but are simply
unable to due to constraints. An analysis of reasons for production
falling by firms reporting lower output across the eurozone during
July show that some 47% attributed the decline to shortages of
components and other inputs. A further 3% reported that output fell
due to insufficient staff numbers. This suggests that half of all
cases of falling output were linked to supply side constraints.
Note that a further 4% reported that output had fallen as a result
of sales being hit by customers baulking at higher prices.
Mounting concerns about how the Delta variant poses a further
threat to supply chains and staff availability have meanwhile
helped push future growth expectations to the lowest so far this
year. Safety stock building also remains widespread as speculation
about future supply difficulties remains rife, again linked to the
Delta variant and exacerbating the supply and demand imbalance.
On 30 July, the European Banking Authority (EBA) published the
results of its 2021 stress testing exercise, which covered a sample
of 50 banks representing 70% of the assets in 15 EU countries. The
hypothetical adverse scenario projected a cumulative 12.9% negative
deviation in GDP from its baseline projected level, versus an 8.3%
deviation in the prior stress testing exercise conducted in 2018:
plans to hold tests in 2020 were postponed due to the coronavirus
disease 2019 (COVID-19) virus pandemic. On a transitional basis,
the Common Equity Tier 1 (CET1) ratio of the sample declined by 497
basis points (versus 410 in 2018) to stand at 10.3%, with a similar
outcome on a fully loaded basis. For the largest banks studied,
those supervised by the ECB, fully loaded CET1 declined from 14.7%
to 9.7%. The sample showed a wide dispersion of results, with the
worst-affected bank having its CET1 ratio fall 11.79 percentage
points: that of the least-affected firm dropped only 80 basis
points (on a transitional basis). The fully loaded leverage ratio
is projected to decline from 5.6% to 4.3%. Results for each bank
are provided, showing that by 2023, only two banks fell below a 6%
CET1 ratio in the adverse scenario, with Monte dei Paschi reaching
-0.1% CET1 (fully loaded). (IHS Markit Country Risk's Brian
Lawson)
The European Commission has opened a public consultation on its
plan for revising the list of priority substances, including
pesticides, that are subject to EU rules for minimizing water
pollution. A roadmap outlining its plans was issued last October
for feedback. The Commission plans to assess options for revising
the three lists of substances that are: monitored to gather data;
subject to maximum concentration limits in water; and subject to
stronger measures to stop releases to water. The public
consultation is open until November 1st. The initiative was
prompted by a "fitness check" (REFIT) of EU water legislation that
concluded that the operation of the lists and their effectiveness
needed improvement. The revision aims to address shortcomings in
regular reviews of the lists and the need to accelerate the
implementation of measures in EU member states. "Pollution caused
by pesticides, PFAS or from residues of pharmaceuticals must be
avoided as much as possible," says EU Environment Commissioner
Virginijus Sinkevičius. (IHS Markit Crop Sciences' Jackie
Bird)
Five European foundations manufacturers (Sif, Bladt, EEW,
Smulders, and Steelwind) have established the Offshore Wind
Foundation Alliance (OWFA). The aim of the OWFA is to advocate for
a level playing field in the offshore wind foundations market with
first-class industry-led EU quality and environmental standards.
The OFWA will also lobby for foundations to be supplied from the
shortest possible distance to minimize any transport-related carbon
footprint. The OFWA is active in Brussels and has started to share
its expertise with EU policymakers as part of the European strategy
for offshore renewable energy and other related policy areas. (IHS
Markit Upstream Costs and Technology's Monish Thakkar)
According to Germany's Federal Statistical Office (FSO) data,
real retail sales excluding cars increased at a similarly sharp
pace in June as in May. They rose by 4.2% month on month (m/m,
seasonally and calendar adjusted), following 4.6% m/m in May and
thus more than offsetting April's one-off plunge of -6.8% m/m. (IHS
Markit Economist Timo
Klein)
Helped additionally by an extra shopping day versus June 2020,
the real adjusted year-on-year (y/y) rate has recovered to 4.6%.
Noting that sales in June 2020 had been unusually strong as well,
owing to the rebound after the very first lockdown, the gap with
February 2020 - just before the pandemic erupted - is even
9.1%.
Sales buoyancy during May-June is closely linked to the
staggered process of lifting COVID-19 restrictions from mid-May
onwards, with stores for non-essential goods being allowed to
receive customers spontaneously without appointments or tests
again.
Orsted awarded a USD71 (EUR60 million) contract to Prysmian for
the design, supply, termination and testing of inter-array
submarine cable systems for the Gode Wind 3 and Borkum Riffgrund 3
offshore wind farms. Prysmian's delivery scope comprises of
inter-array cable systems with a total of 150 kilometers of 66 kV
XLPE-insulated cables that will connect the wind turbines of Gode
Wind 3 to an offshore substation platform. For Borkum Riffgrund 3,
the cables will connect the wind turbines to an Offshore Converter
Station, where the voltage will be increased and converted for
onward transmission to the German mainland. Orsted is the developer
of the two offshore wind farms, which have a combined capacity of
more than 1,100 MW. As per the Prysmian Group's press release, the
cables will be produced in Montereau and Gron (France), as well as
in Nordenham (Germany). These projects will add to Prysmian's
growing portfolio of 66 kV inter-array cable systems, alongside
projects such as Borssele III & IV, Hornsea 2, Hollandse Kust
Zuid 3 and 4 and Provence Grand Large in Europe, and Empire Wind in
the United States. (IHS Markit Upstream Costs and Technology's Amey
Khanzode)
Ineos says it has sold its sulfur chemicals business to
International Chemical Investors Group (ICIG; Frankfurt, Germany)
for an undisclosed amount. The business is Spain's largest
dedicated manufacturer of sulfuric acid and oleum, serving end
applications ranging from agriculture to chemical intermediates,
Ineos says. It operates a 400,000-metric tons/year manufacturing
facility at Bilbao, Spain. (IHS Markit Chemical Advisory)
The sulfur chemicals business will become part of WeylChem's
advanced intermediates and reagents portfolio, which includes a
sulfuric acid and oleum plant at Lamotte, France. WeylChem is
ICIG's wholly owned fine chemicals platform and has annual sales of
about €460 million ($547 million).
Privately owned ICIG has three main business areas: fine
chemicals under WeylChem; pharmaceuticals under CordenPharma; and
chlorvinyls under Vynova. ICIG has combined sales of about €2
billion/year.
The Czech seasonally adjusted GDP rose by 0.6% quarter on
quarter (q/q) in the second quarter while increasing by 7.8% year
on year (y/y). IHS Markit's July forecast for second-quarter growth
stood at 0.8% q/q and 8.1% y/y, more optimistic than the actual
result but still below consensus. (IHS Markit Economist Sharon
Fisher)
So far, output data are only available through May, signaling
strong y/y growth in industry, retail sales, and net exports.
However, these gains were mainly due to low base effects, and
seasonally adjusted data were less favorable, particularly in the
case of industrial production and exports.
According to the Czech Statistical Office, y/y growth during
the second quarter was boosted mainly by external demand and gross
capital formation, but household consumption also increased. By
sector, industry was the main driver of y/y growth, while trade,
transport, and hospitality had a positive impact on q/q
growth.
Labor market data have remained favorable. Indeed, employment
rose by 0.8% q/q and 0.4% y/y during the second quarter.
The Kenyan central bank's monetary policy committee (MPC) left
the key policy rate, the central bank rate, unchanged at 7.0%
during the July meeting. The CBK reports that inflation
expectations in Kenya remain well anchored at 5%, with a margin of
2.5 percentage points on either side, while a negative output gap
limits demand price pressures in the economy. (IHS Markit Economist
Thea
Fourie)
Headline inflation in Kenya accelerated to 6.3% year on year
(y/y) in June, from 5.9% y/y in May, on the back of higher food and
fuel prices. The MPC warns that "inflation pressures are expected
to be elevated in the near term mainly driven by increases in food
and fuel prices, and the impact of the recently implemented tax
measures".
The economic recovery continued during the first half of 2021
with stronger growth in the construction, information and
communication, education, and real estate sectors of the economy,
the MPC states. Private-sector credit growth reached 7.7% y/y in
June, from 6.8% y/y in April. "Strong credit growth was observed in
the following sectors: manufacturing (8.1%), transport and
communications (11.8%), and consumer durables (23.4%)," the MPC
reports, as businesses continued to benefit from the government's
Credit Guarantee Scheme, which became operational in October 2020.
"The ratio of gross non-performing loans (NPLs) to gross loans
stood at 14.0 percent in June compared to 14.2 percent in April,"
the MPC reports.
Kenya's current-account deficit averaged 5.4% of GDP during the
first half of 2021. A strong rebound in imports of 21.9% y/y,
fueled primarily by higher global oil prices, was not matched by
export growth, which increased 11.1% y/y over the same period.
Remittances remain resilient, growing by 20.4% y/y during the first
half of 2021. Kenya's import cover ratio stood at 5.72 months at
the end of June.
Asia-Pacific
All major APAC equity indices closed higher; Mainland China
+2.0%, Japan +1.8%, Australia +1.3%, Hong Kong +1.1%, and
India/South Korea +0.7%.
Chinese battery manufacturer SVOLT Energy Technology has
started mass production of cobalt-free battery cells for electric
vehicles (EVs) at its Jintan plant in China. According to China
Daily, the batteries, which consist of 75% nickel and 25%
manganese, are 5% less expensive than the conventional
nickel-cobalt batteries. The cobalt-free batteries will be first
used to power Great Wall Motors's (GWM)'s Ora-badged Cherry Cat, a
subcompact electric sedan. With rising competition in the new
energy vehicle (NEV) segment in China and limited global supply of
cobalt, this low-cost and cobalt-free battery is likely to become
popular among automakers, provided the battery's performance does
not deteriorate. SVOLT Energy, which is a spin-off from GWM, has
announced several new projects in recent months to boost its
manufacturing capacity. These new projects include a 20-GWh battery
plant in Huzhou. (IHS Markit AutoIntelligence's Nitin
Budhiraja)
Mainland China's MingYang Smart Energy has unveiled the new
MySE 11-99A1 blade to be used on its latest 11 MW offshore wind
turbines. The company, which made announced on its social media
site, said that the 99-meter blade, produced at its Guangdong
Shanwei offshore blade production facility, is designed for
high-wind IEC IB sites and typhoon conditions of up to 70 meters
per second wind speed. The company claims that the blade is China's
first 100-meter class ultra-long glass-carbon composite blade and
incorporates innovative technologies such as the use of
glass-carbon composite materials, aerodynamic kit, and a carbon
fiber lightning protection system. The blade design will be used on
the MySE11-203 hybrid drive offshore wind turbine, which was
announced by company around a year ago. The turbine will have a
rotor diameter of 203 meters, and will be available commercially in
2022. (IHS Markit Upstream Costs and Technology's Melvin
Leong)
Alternative protein company Next Meats has unveiled plans to
build a large-scale production facility in Niigata, Japan. In a
press conference announcing the construction of the facility,
founders Hideyuki Sasaki and Ryo Shirai said the new plant will
incorporate a range of sustainable technologies, and is scheduled
for completion in summer 2022. Sasaki and Shirai said the new
facility should help further stabilize the global supply chain of
Next Meats products while lowering retail costs and strengthening
the company's R&D capacities. Tokyo-based Next Meats is
scheduled to co-produce a new product with Kameda Seika—one of
the most prominent snack manufacturers in Japan. The company has
also recently signed a cooperative research and development
agreement with Nagaoka University of Technology, to study
epigenetics and its new applications in developing alternative meat
products. Next Meats says it hopes to continue collaborating with
local entities and spark open innovations and keep accelerating the
growth of the alternative meat industry in Japan, and the world.
(IHS Markit Food and Agricultural Commodities' Max Green)
Toyota and Sumitomo Mitsui Banking Corporation (SMBC) will
invest in another fund, established by SPARX Group, that will
support the development of advanced technologies, according to a
company statement today (2 August). The new fund, Mirai Creation
Fund III, will also include global companies that provide solutions
promoting carbon neutrality in addition to the five categories of
intelligent technology (such as artificial intelligence), robotics,
technologies for a hydrogen-powered society, electrification, and
new materials that Fund II (formed in October 2018) focused on. The
Mirai Creation Fund III investment activities are expected to begin
operations from October 2021 with a total capital of about JPY15.0
billion (USD136.7 million). The fund will try to attract more
investors by March next year, which could take its total investment
capital to about JPY100 billion. (IHS Markit AutoIntelligence's
Isha Sharma)
South Korea's GDP grew by 0.7% quarter-on-quarter (q/q) in the
second quarter of 2021, following an increase of 1.7% q/q in the
first quarter of 2021. GDP rose by 5.9% year-on-year (y/y) in the
second quarter of 2021, compared with growth of 1.9% y/y in the
first quarter of 2021. (IHS Markit Economist Rajiv
Biswas)
Continued economic expansion in the second quarter of 2021 was
underpinned by strong consumption expenditure growth. Private
consumption expanded by 3.5% q/q, compared with growth of 1.2% q/q
in the first quarter of 2021. Government consumption spending also
strengthened, rising by 3.9% q/q in the second quarter of 2021,
compared with growth of 1.6% q/q in the first quarter of 2021.
Overall, final consumption expenditure rose by 3.6% q/q in the
second quarter, strengthening compared with growth of 1.3% q/q in
the first quarter.
Compared to a year ago, final consumption expenditure rose by
4.1% y/y in the second quarter, improving on the 1.5% y/y growth
rate in the first quarter. In 2020, final consumption had been in a
protracted slump, having recorded four consecutive quarters of
negative year-on-year growth. The Ministry of Trade, Industry and
Energy released data showing that South Korea's overall retail
sales saw year-on-year growth of 11.4 percent in June.
Manufacturing output grew by 13.7% y/y in the second quarter of
2021, reflecting increasing output of autos, electronic, optical
and chemical products, with strengthening business conditions. Auto
production rose by 11.5% y/y during the first six months of
2021.
The seasonally adjusted IHS Markit South Korea Manufacturing
Purchasing Managers' Index (PMI) edged up to 53.9 in June from 53.7
in May, indicating a further improvement in the health of the
manufacturing sector and extending the current sequence of
expansionary conditions to nine months.
In the latest IHS Markit South Korea Manufacturing PMI Survey,
manufacturers pointed to a further acceleration in input cost
inflation during June. Input price pressures intensified in the
latest survey period and were the steepest on record as businesses
widely reported sharp rises in the cost of raw materials amid acute
shortages. At the same time, South Korean goods producers sought to
pass these costs on to clients, resulting in the strongest rise in
output prices since the survey began in April 2004.
Nine companies have submitted letters of intent (LOIs) to
acquire struggling South Korean automaker SsangYong, which is
currently under court receivership, reports The Korea Herald. They
include Cardinal One Motors, set up by US-based auto importer and
distributor HAAH Automotive Holdings, a consortium led by Korean
electric bus maker Edison Motors, another led by Korean electric
scooter maker K-Pop Motors, Samra Midas Group, and a local private
equity. SsangYong and its lead manager EY Hanyoung plan to conduct
preliminary due diligence on the companies that pass an initial
screening process by the end of August. They aim to select a
preferred bidder in September. (IHS Markit AutoIntelligence's Jamal
Amir)
Ashok Leyland's UK-based electric vehicle (EV) arm Switch
Mobility has announced a strategic agreement with Dana
Incorporated, a drivetrain and e-propulsion system supplier,
reports Live Mint. Under the terms of the agreement, Dana will make
a strategic investment in Switch Mobility. The components company
will also be a preferred supplier of electric drivetrain components
for Switch mobility's e-bus and EV commercial vehicle offering (and
will include e-axles, gearboxes, motors, and software, among
others). (IHS Markit Automotive Mobility's Tarun Thakur)
Posted 02 August 2021 by Ana Moreno, Director, Product Development, IHS Markit and
Chris Fenske, Head of Fixed Income Research, Americas
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