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LG Energy Solution (KRX: 373220), Stellantis (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP), and NextStar Energy have announced that LG Energy Solution will acquire full ownership of NextStar Energy, with financially ailing Stellantis selling its 49 per cent equity stake to LG Energy Solution. (Read AutoInformed.com on: Stellantis €22.2B Charges. Dividend Cancelled. Stock Tanks) NextStar Energy was established as a joint venture by the two companies in 2022 to build Canada’s first large-scale battery manufacturing facility in Windsor, Ontario, NextStar Energy’s facility is one of Canada’s most advanced manufacturing venture in the clean-energy sector. At its inception it was said to support Canada’s long-term industrial competitiveness. More than $CAD 5 billion has been invested in the facility to date, and it employs over 1300 employees, with a long-term target of 2500 employees as it scales to full production. [ That was before the Trump Administration’ war on Global Warming disregarding its planet threatening consequences – AutoCrat. ]*
“The ownership transition is a mutually agreed, strategic decision by the joint venture’s two shareholders, LG Energy Solution and Stellantis. The decision was informed by extensive engagement with NextStar Energy’s leadership team to ensure a seamless transition and strengthen the company’s long-term growth and investment outlook,” the companies said in a release. Continue reading
Toyota Recalls 2023-2024 Prius Prime, 2023-2026 Prius, 2025-2026 Prius Hybrids
Toyota Motor Engineering & Manufacturing (NYSE: TM, 7203T) is recalling ~ 141,300 model year 2023-2024 Prius Prime, 2023-2026 Prius, and 2025-2026 Prius Plug-in Hybrid vehicles. Water may enter the rear door switch and cause a short circuit, allowing an unlocked rear door to open unexpectedly. This recall – NHTSA Recall ID Number 26V049 or 26V-049 – expands and replaces NHTSA recall number 24V274. Vehicles repaired under the previous recall will need to have the new remedy performed.
“The subject vehicles are equipped with electric rear door lock system which includes a door opener switch and a rear door lock release actuator to release the latch from outside the vehicle. If the seal performance for this switch is reduced as a result of thermal cycling and water is present due to large amount of water splashes on the switch (for example, at a car wash), then closing the door with a high force can temporarily allow water to enter the switch. Continue reading →