Ireland-headquartered intelligent power management company Eaton has entered into a definitive agreement to separate its Mobility Group business and combine it with Dana Incorporated in a Reverse Morris Trust transaction.

The deal values the combined company at over USD 10 billion in enterprise value and values Eaton’s Mobility Group at approximately USD 5.1 billion. The transaction is scheduled to close in Q1 of CY2027, subject to approval by Dana shareholders and regulatory clearances.

Under the terms of the agreement, Eaton will receive a tax-free cash distribution of approximately USD 1.1 billion, which will be funded by newly issued debt from the mobility entity. Eaton shareholders will receive shares in the combined business, resulting in a post-transaction ownership structure where Eaton shareholders hold at least 50.1 percent of the outstanding shares and Dana shareholders own approximately 49.9 percent.

The transaction allows Eaton to alter its corporate focus toward its electrical and aerospace divisions, which align with market trends in electrification, data centres, infrastructure modernisation and aerospace defence.

The combined entity will merge Dana’s portfolio of axles, driveshafts, thermal management and sealing products with Eaton’s commercial vehicle transmissions, clutches and engine emissions technologies. The merged entity will target internal combustion, hybrid and electric vehicle platforms across commercial and light vehicle manufacturing sectors.

The combined entity will retain the name Dana Incorporated and continue its public listing on the New York Stock Exchange under the ticker symbol DAN. The business is projected to generate approximately USD 11 billion in pro forma revenue and USD 1.7 billion in pro forma estimated 2026 adjusted EBITDA. The integration plan targets USD 250 million in annual run-rate cost synergies to be fully achieved within 24 months of closing.

Furthermore, Byron Foster will become the Chief Executive Officer of the combined company and Timothy Kraus will assume the role of Chief Financial Officer. R. Bruce McDonald will serve as Executive Chairman, while Erin Rowse is named as the incoming Chief Human Resources Officer. Dana’s board of directors will expand from eight members to include three additional directors appointed by Eaton.

Paulo Ruiz, Chief Executive Officer, Eaton, said, "We are pleased to have reached this agreement, which delivers significant value to Eaton and its shareholders and represents a major milestone in Eaton’s 2030 growth strategy to lead, invest and execute for growth. Eaton shareholders will benefit from the meaningful upside created by the combined company, and the transaction will provide substantial cash value for Eaton to deploy to our highest-growth and highest-margin opportunities. Looking ahead, our portfolio will be closely aligned with the powerful megatrends driving generational growth in our Electrical and Aerospace businesses, and we look forward to continuing our momentum to drive meaningful value for our customers and shareholders."

R. Bruce McDonald, Dana Chairman and Chief Executive Officer, said, "We are excited to bring together Eaton’s Mobility Group with Dana. The addition of Mobility Group’s leading positions in commercial vehicle transmissions, clutches and power management technologies, combined with Dana’s strengths in axles, driveshafts, electrification, thermal management and sealing products, will create a truly differentiated global platform. Together, we will be better positioned to serve our customers, invest in innovation and drive long-term value creation for shareholders of the combined company.”

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European automaker Stellantis has appointed Tianshu Xin to lead its China and Asia-Pacific region, effective 3 August 2026. He will report to Stellantis CEO Antonio Filosa and join the Stellantis Leadership Team, while continuing to serve as CEO of Leapmotor International.

On the other hand, Gregoire Olivier has been appointed strategic advisor, reporting to Xin.

Furthermore, Pablo Di Si has been named Chief Performance Officer, effective 3 August 2026. Reporting directly to Antonio Filosa, Di Si will lead execution of Stellantis’ ‘Value Creation Program’ to deliver business targets.

Antonio Filosa, CEO, Stellantis, said, “Tianshu Xin and Pablo Di Si bring deep global leadership experience, operational discipline and proven records of building strong teams and driving performance in highly competitive markets. Their appointments strengthen our leadership team as we sharpen execution, accelerate value creation, and continue positioning Stellantis for long-term success across regions and functions. I also want to thank Gregoire for his leadership and look forward to working together as he takes on his new role.”

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Sona BLW Precision Forgings has signed definitive agreements with DENSO Corporation to establish two joint ventures aimed at developing, manufacturing and marketing electric and hybrid powertrain systems.

The partnership involves two strategic joint ventures tailored to different vehicle segments. The first joint venture focuses on high-voltage liquid-cooled traction inverters, traction motors and generators for passenger vehicles and commercial vehicles, with DENSO holding a 51 percent equity stake and management control and Sona Comstar holding 49 percent.

The second joint venture targets air-cooled traction inverters, traction motors, generators and e-axles for two-wheelers and three-wheelers, where Sona Comstar retains a 51 percent stake and management control and DENSO acquires 49 percent through a subsidiary structure.

Vivek Vikram Singh, MD and Group CEO, Sona Comstar, said, “We have always believed that the future of mobility will be defined by companies that continuously invest in innovation, product development and industrialization of advanced technologies. This partnership marks an historic milestone in Sona Comstar’s journey as a mobility technology company and reflects the capabilities we have built across advanced electric powertrain systems over the years. DENSO is a company we have immense respect for, as they have been at the forefront of automotive innovation globally for decades with deep expertise in electrification technologies. We are honored and delighted to partner with DENSO to bring together the complementary strengths of both companies and build advanced electric and hybrid powertrain solutions for four-wheelers and larger vehicle applications. This partnership will also accelerate the growth of our existing electric powertrain business for two and three-wheelers by strengthening our capabilities across the powertrain value chain and enabling us to serve a broader set of customers.”

Tsuneo Maebara, Head of Powertrain Systems Business Group, DENSO Corporation, said, “The electrification of mobility represents a major transformation that will continue to evolve in response to the diverse needs of customers and society across the world. India, in particular, is an important region where diverse forms of mobility coexist and electrification is advancing at significant scale. Sona Comstar is a mobility technology company with a global business presence, serving a broad range of customers, and having boldly transformed itself alongside the rapid evolution of the mobility market – from conventional vehicle technologies to solutions for both two- and three-wheelers and passenger electric vehicles. Through this partnership, we will bring together the respective strengths that both companies have built over the years to provide electrification solutions that address the diverse needs of customers in India. By harnessing new competitive strengths created through synergies across the two companies’ products, technologies and business foundations, DENSO will further advance and accelerate its electrification business. We will also build on the outcomes achieved in India to deliver value that meets a broader range of customer needs in the future.”

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Mumbai-headquartered JSW Group looks to double down on its ambition to become a formidable player in the Indian automotive industry with plans to acquire a majority stake in Volkswagen for its operations in the country, says a Bloomberg report.

It is no secret that despite investing billions in India, Volkswagen has been struggling to find a strong foothold in the country and has been aiming to attain a 3-5 percent market share without much success.

In FY2026, passenger vehicle sales in India touched 4.64 million units. During the same period, Volkswagen India and Skoda Auto India sold a total of 37,576 units and 75,556 units, respectively, translating to a combined market share of 2.5 percent.

The report further stated that the partners are in advanced discussions, wherein JSW will pick up a significant stake in Skoda Auto Volkswagen India, with the announcement expected in the coming few weeks.

For the unversed, Volkswagen has been scouting for a suitable partner in India, with previous reports indicating a potential partnership with Mahindra Group and Tata Motors, among others.

Interestingly, JSW Group has been aggressively looking to expand its presence and grab a meaningful share in the Indian automotive industry. It already has a presence in the passenger vehicle segment, being the largest shareholder in JSW MG Group India, in addition to its newly established JSW Motors, with the first model set to be introduced in the next few months.

As per media reports, the European automaker has also scaled down its investment plans from the earlier planned EUR 1 billion to EUR 700 million, as it looks to narrow down losses in the country.

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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company is optimistic about delivering above-industry growth in the coming quarters, supported by robust structural demand drivers, replacement needs, improving affordability, and accelerating electric vehicle (EV) adoption.

In a post-earnings call, K N Radhakrishnan, Director and Chief Executive Officer, TVS Motor Company, said, “Structural demand drivers, replacement demand, affordability, and continued EV adoption. All these are going to be supportive and I’m pretty confident that TVS will do much better than the industry growth.”

The company continues to see strong momentum in its electric vehicle segment. Following the milestone of crossing one million iQube sales, EV penetration exceeded 10.6 percent in June.

TVS Motor Co’s manufacturing capacity for electric two-wheelers is being scaled from 40,000 units towards more than 50,000 units, while three-wheeler EV capacity is expanding to approximately 30,000 units.

Radhakrishnan sees demand for internal combustion engine (ICE) two-wheelers to remain solid in the domestic market, with the company’s scooter portfolio — including the Jupiter, Ntorq and Scooty ranges — registering robust retail offtake. This has been supported by targeted product upgrades and disciplined inventory management, with dealer stock levels maintained below 30 days.

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On the international front, TVS Motor achieved record Q1 sales of 4.68 million units, a 33 percent YoY increase. Growth was driven by a recovery in Africa, expansion in Latin America and strong demand for the HLX series. The company is targeting an increase in total two-wheeler capacity to 8.3 million units.

Despite commodity price volatility and supply chain challenges in April, TVS Motor delivered a healthy operating EBITDA margin of 12.8 percent through strategic price adjustments of approximately 1.5 percent in Q1, ongoing cost optimisation and benefits from scale.

With the festive season approaching in October and November, the company expects sustained momentum across both domestic and international markets, supported by new product introductions and an expanding global footprint.

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