Automobile Components

Bridgestone's first half of the fiscal year ending December 2026 saw revenue rise 9.7% year on year to 2.3216 trillion yen, operating profit rise 70.4% to 280.2 billion yen, and net profit rise 78.5% to 206.2 billion yen. The sharp growth in operating profit was largely a rebound effect from business and plant restructuring costs of 70.2 billion yen booked in the same period a year earlier shrinking to 11 billion yen in the current period, and adjusted operating profit came to 280.8 billion yen, an increase of just under 20% from 234.6 billion yen a year earlier. Operating cash flow in the first half was 341.8 billion yen, of which 109.2 billion yen was used to buy back shares and 73.3 billion yen for dividend payments to owners of the parent, while a further 268.5 billion yen of treasury shares were cancelled. The full-year forecast remains modest, at 4.5 trillion yen in revenue, up 1.6% from the previous year, and 340 billion yen in net profit, up 3.9%.

Sri Trang Agro-Industry Public Company Limited, or STA, is benefiting from rising natural rubber prices after heavy rain in growing areas tightened supply, pushing rubber prices on both the Tokyo and Singapore futures markets to high levels. An investor relations officer at STA told Than Hoon that if the EUDR regulation is not postponed from taking effect at the end of this year, the company is ready to immediately ramp up EUDR rubber production. The company expects sales of 30,000 to 40,000 tonnes in the third quarter of 2026, with the fourth quarter of 2026 doubling again to return to its historical average of about 60,000 tonnes per quarter, after sales of this type of rubber fell to about 17,000 tonnes in the second quarter of 2026, down from roughly 233,000 tonnes for all of 2025. Analysts at Bualuang Securities Public Company Limited estimate that third-quarter 2026 profit could soften compared with the second quarter of 2026 due to lower sales volume and gross profit from a high base, but they raised their SICOM TSR20 range for the second half of 2026 to 215 to 235 cents per kilogram from 190 to 220 cents per kilogram. Meanwhile, Finansia Syrus Securities Public Company Limited noted that the SICOM rubber price surged past 240 cents per kilogram, hitting its highest level in nearly 10 years, and recommended trading for profit with a target price of 23 baht.

Gentherm and Modine Manufacturing Company announced additional details for the completion of their previously announced combination of Gentherm and Modine's Performance Technologies business, a Reverse Morris Trust transaction in which Modine will spin off the business held by Platinum SpinCo Inc. and then merge SpinCo into a Gentherm subsidiary. Modine's board set the close of business on September 28, 2026, as the record date for the SpinCo distribution, which is expected to occur on October 1, 2026, with the Merger to be completed immediately afterward the same day. Gentherm's board declared a special cash dividend estimated at an aggregate of $58,350,533, or an estimated $1.90 per share, payable October 7, 2026, to Gentherm shareholders of record as of September 28, 2026, conditioned on the closing of the Merger; Modine shareholders receiving Gentherm shares in the Merger will not be entitled to that dividend. Because trading since the merger agreement reduced overlapping ownership, the parties expect the exchange ratio to be increased, leading Gentherm to issue approximately 2,902,466 additional shares in the Merger, and to offset that value the cash distribution paid by SpinCo to Modine before the Merger will be reduced from $210 million to $159 million. Based on the expected exchange ratio and 31,230,226 fully diluted Gentherm shares as of September 16, 2026, Gentherm shareholders immediately prior to closing are expected to own approximately 56.4% of the combined company and former SpinCo holders approximately 43.6%, excluding overlapping ownership. Modine received a favorable Private Letter Ruling from the Internal Revenue Service, and Gentherm shareholders approved the share issuance and an authorized-share increase at a special meeting on September 10, 2026; closing remains subject to conditions including consummation of the SpinCo financing, continued validity of the Private Letter Ruling, Modine's receipt of a solvency opinion and Nasdaq listing approval.

Spanish automotive supplier Gestamp anticipates India will become one of its five largest markets worldwide within five to six years, driven by expanded manufacturing, R&D and technology investment. Executive chairman Francisco J Riberas told ETAuto that Gestamp's India revenue, about €240m ($275.4m) last year against global sales of around €11bn, could double over the next five years after rising roughly 80% in the past five, subject to winning new customer contracts. The company is investing Rs5.24bn ($54.6m) in a new plant in Gujarat, initially planned around one hot-stamping line but enlarged to a second phase after customer orders were received; the facility will house two hot-stamping lines plus laser and assembly operations, focusing on structural parts such as door rings for regional vehicle manufacturers. The Gujarat plant adds to Gestamp's existing Indian operations, a chassis parts factory in Pune and a joint venture with Aditya Auto Products in Maharashtra producing hinges, checks and latches. Riberas said Gestamp is also looking at partnerships and acquisitions as supplier consolidation remains a possibility, has secured several EV contracts in India including battery box supply under a powertrain-neutral strategy, and expects pure EVs to account for around 10% of India's vehicle output over the next five years.

Disclosure filings released after the September 17 market close produced a full slate of positive and negative developments relevant to investment decisions. On the positive side, Apple International raised its ordinary profit forecast for the current fiscal year by 18% and increased its dividend by 5 yen; Choshimaru reversed its current-year ordinary profit outlook to a 21% increase, projecting a record high for the first time in three terms along with a 1 yen dividend hike; Kasumigaseki Capital raised its prior-year ordinary profit forecast by 7%, adding to its record-high projection; and Hobonichi raised its prior-year ordinary profit forecast by 67%. In M&A, Saint Marc Holdings will take over the udon specialty restaurant business Tsurutontan from K Express for 12.8 billion yen, while B-style Holdings will acquire all shares of HR Asocié for 1.21 billion yen, making it a subsidiary. Ferrotec will launch a tender offer for Japan Resistor Manufacturing at 1,901 yen per share, a 49.1% premium to the September 17 closing price, aiming to make it a wholly owned subsidiary, while Nippon Seiki will buy back up to 3.61 million shares, or 6.27% of its outstanding shares, for a maximum of 9.979 billion yen. On the negative side, Chubu Steel Plate reversed its current-year ordinary profit outlook to a 46% decline; PharmaRise Holdings ended the June-August quarter with a 31% drop in ordinary profit; Industrial & Infrastructure Fund Investment Corporation is expected to post a 2% decline in current-year ordinary profit; Advance Residence Investment Corporation a 6% decline; and Ichigo Hotel REIT Investment Corporation an 18% decline.

Ridge-i and Nippon Seiki announced share buybacks after the close of trading on the 17th. Ridge-i will repurchase up to 160,000 shares, equivalent to 3.6% of its outstanding shares excluding treasury stock, for a maximum of 450 million yen, with the buyback period running from September 24 to November 30. Nippon Seiki will repurchase up to 3.61 million shares, equivalent to 6.27% of its outstanding shares excluding treasury stock, for a maximum of 9.979 billion yen, through the Tokyo Stock Exchange's off-auction own share repurchase trading system ToSTNeT-3 on the morning of September 18.

ECARX announced its automotive technologies have now been deployed in more than 12 million vehicles worldwide, spanning 18 OEMs, 28 brands and 159 markets. The company added more than 914,000 vehicle deployments in the first half of 2026, with its technology supporting vehicle programs for brands including Geely, FAW-Hongqi, Lotus, Polestar, Volvo Cars, Renault and Volkswagen. ECARX is also expanding its software capabilities through its pending acquisition of Flyme Auto, an intelligent cockpit operating system that has been nominated to provide software for a leading international luxury brand in China. From January through August 2026, Flyme Auto recorded more than 1.17 million cumulative vehicle deployments across its customer base, bringing its total cumulative deployments to 3.44 million vehicles. Founder and CEO Ziyu Shen called the 12 million vehicle figure an important milestone and said the company will continue to bring together computing, software and AI as the industry moves toward AI-defined vehicles.

Mr. Yeap Su Chuan, Executive Chairman of Aapico Hitech Public Company Limited, or AH, said the government's increase in import taxes on electric vehicles is aimed at encouraging operators to set up production bases in Thailand, which will benefit domestic auto parts manufacturers. AH is ready to produce parts for EV cars immediately, because many key components such as body structures, wheels and seats remain similar to those of conventional combustion-engine cars. However, receiving orders from new car models takes at least 12 months before parts delivery can begin. For the outlook in the second half of 2026, the business in Thailand has received new product orders worth a total of about 100 million baht, similar to the business in Portugal, which has begun producing parts under new orders. Meanwhile, the car dealership business in Malaysia remains a key growth driver, supported by strong Proton sales from new EV models. Yuanta Securities (Thailand) Company Limited said the Electric Vehicle Policy Committee approved in principle a restructuring of the excise tax on electric vehicles, divided into three tiers based on the level of investment, production and use of local content in Thailand: the lowest tax rate for domestic manufacturers using a high proportion of Thai parts, a middle rate for importers who enter to test the market and have plans to produce in Thailand, and the highest rate for importers selling without plans to invest in the country. It views this as a positive factor for Thai auto parts makers including AH, SAT and STANLY over the medium to long term, and expects AH's operating results in the second half of 2026 to recover continuously both half-on-half and year-on-year, driven by its cost-control strategy for selling and administrative expenses, and expects orders from new car models to come in the third quarter of 2026. It therefore raised its 2026 full-year profit forecast by 13% to 841 million baht, up 14% year-on-year, and its 2027 forecast by 15% to 908 million baht, up 8% year-on-year. It also upgraded its recommendation to "Buy" and raised its 2027 base valuation from 16.80 baht to 19.20 baht.

Kuang-Chi Technologies' wholly owned subsidiary Kuang-Chi Advanced Technology will deliver supermaterials structural products worth a total of 907 million yuan to three customers. That evening, several listed companies disclosed major contracts and capital operations: Zhejiang Construction Investment Group's subsidiary won a public housing development project bid of about 1.5 billion Hong Kong dollars, Xianghe Industrial signed a 178 million yuan railway fastener system components sales contract, Fulongma signed a 200 million yuan sanitation autonomous driving technology development contract with Huawei Cloud Computing, and Aidea Pharmaceutical plans a private placement to raise no more than 945 million yuan for the global clinical development of a novel HIV integrase inhibitor and other projects. Hengrui Pharmaceuticals repurchased 335,000 A-shares for the first time that day, paying 14.5036 million yuan. Longshen Rongfa's controlling subsidiary's marketing application for brexpiprazole oral dissolving film was not approved. In that day's Dragon-Tiger List, MetaX, one of the leading domestic GPU companies, saw the largest net institutional selling of 2.142 billion yuan, while its share price rose more than 14 percent; Ruifeng Advanced Materials saw the largest net institutional buying of 212 million yuan.

Aptiv said on August 25 that it will support NVIDIA's newly announced Jetson Orin Nano 2 processor, extending a partnership that already covers the more powerful Jetson Thor platform. The NVIDIA chip packs 78 TOPS of processing power into an 8GB, 8-core Arm design that doubles the inference speed of its predecessor while cutting power draw by 40% at equivalent performance. Aptiv is pairing the compute support with its PULSE surround-view camera and radar system for 360-degree sensing, its Gen 8 radar for object detection in tough conditions, and Wind River software for long-term maintenance and security updates. The move follows Aptiv's second-quarter results reported on August 4, 2026, when revenue reached $3.3 billion, up 2%, and adjusted EBITDA climbed to $613 million from $547 million a year earlier, lifting margins to 18.7% from 17.1%. Free cash flow, however, came in at just $12 million for the quarter, down from $219 million a year earlier, and the first half of 2026 posted negative free cash flow of $196 million versus a positive $264 million a year ago, while hedge fund ownership fell from 53 funds to 42 quarter over quarter and short interest sits at 7.05% of float.

Sri Trang Agro-Industry Public Company Limited, or STA, received an honorary declaration at the closing event of Phase 3 of the Industrial Sector Greenhouse Gas Emission Target Setting Promotion Project, aimed at achieving Net Zero through the Science Based Target approach. The event was organised by the Thailand Greenhouse Gas Management Organization, or TGO, together with the Centre of Excellence in Ecological-Economic Energy, Faculty of Engineering, Thammasat University. Dr. Saranthinee Mongkolrat, Sustainability Division Manager of STA, represented the organisation in receiving the honorary declaration. The event was held at the Thailand Institute of Justice recently. STA is one of 16 industrial organisations that jointly planned and set a Net Zero Pathway in line with TGO's net-zero greenhouse gas emission certification guidelines, targeting a 23% reduction in Scope 1 and 2 greenhouse gas emissions by 2030 and aiming for Net Zero in 2050. This will be achieved through improving energy efficiency, increasing the share of renewable energy, and developing greenhouse gas reduction plans at both the factory and group levels, alongside applying digital technology and AI to carbon data analysis, in order to drive a sustainable, low-carbon natural rubber supply chain at the global level.

Land and Houses Securities has initiated coverage on STA, or Sri Trang Agro-Industry, Thailand's leading natural rubber producer, with a Buy rating and a target price of 23.90 baht. The company holds roughly 35% market share and has production capacity of 3.72 million tonnes per year. The target price is based on a PER of 11.30 times, or 0.75 standard deviations above the five-year historical average, reflecting upward rubber price momentum, a recovery in gross margin, and forward EPS of 2.12 baht per share in 2027. It also expects a 2026 dividend of 1 baht per share, implying a dividend yield of about 4.8%. The research team forecasts normalised profit of 2.701 billion baht in 2026, up 734.3% from a loss of 426 million baht the previous year, driven by expected revenue of 128.517 billion baht, up 13.3%, and GPM expanding from 6.2% to 9.7%, under the assumption of an average full-year rubber selling price of 220 US cents per kilogram. For the third quarter of 2026, normalised profit is expected to grow year on year but decline quarter on quarter from the high base in the second quarter. The SICOM TSR20 rubber price rose to about 230 US cents per kilogram from 220 US cents per kilogram in the previous quarter, and EUDR rubber sales volume is expected to increase to about 30,000 tonnes from 17,214 tonnes in the second quarter, with more than 60,000 tonnes expected in the fourth quarter. The company continues to pursue a strategy of raising the share of EUDR rubber, which sells at a higher price than general rubber, targeting sales volume of 30,000 tonnes per month. Meanwhile, limited rubber supply from Indonesia and Ivory Coast, along with the effects of El Nino, leaf fall disease in Indonesia, and the reduction of rubber plantation area as land is converted to palm oil, are factors supporting rubber prices. China remains the main market, accounting for more than 60% of natural rubber business revenue, while the rubber glove business exports to more than 175 countries worldwide.

Interhides Public Company Limited, or IHL, has signaled that its operating results in the third quarter of 2026 will recover from the previous quarter and show clear growth compared with the same period last year, after the US import tariff situation eased, prompting customers to return to normal stock replenishment orders. Wasin Damrongsakulwong, a director and general manager, disclosed that the company has received increased orders in its shoe leather business from both existing customers and new customers, including a global sports brand that has switched to IHL as a supplier. Currently, capacity utilization in the shoe leather business stands at approximately 70%, and there is still ample production capacity to accommodate many more new orders. Meanwhile, the company is in negotiations on several new production projects and expects to begin receiving a new batch of orders in November this year, with momentum accelerating clearly in the first quarter of 2027, which coincides with the Chinese New Year period. As for the collagen business, the factory construction is nearly complete and is in the final stages of negotiations to sell products to customers, with some revenue expected to begin being recognized in the fourth quarter of 2026, focusing first on the domestic market because export documentation and government agency permits are still being processed. The halal certification is also nearing completion. At the same time, the snack and pet products business has begun to see orders from foreign customers return after the US trade war and tariff situation began to ease, and the company plans to export a new lot of products within the next two weeks. Currently, IHL derives approximately 90% of its exports from Asian markets, which limits the impact of export-related issues. As for the US negotiations on a tariff ceiling for imports from Thailand at no more than 19%, further details on product categories still need to be monitored. Regarding rising energy costs and oil prices, the company continues to manage and control costs well.

Valeo is renewing its employee share subscription offering, open to around 81,000 eligible employees across 21 countries, with a maximum of 1,200,000 shares carrying a nominal value of EUR 1 each. The subscription price was set on September 14, 2026 at 11.46 euros, reflecting the average of opening prices on 20 trading days from August 17, 2026 to September 11, 2026 inclusive, after a 20% discount. Employees may subscribe from September 15, 2026 to September 29, 2026, and the capital increase and delivery of shares are expected on November 18, 2026, with a listing application to follow on Euronext Paris. The employee share ownership rate stood at 5.10% as of June 30, 2026, with one in two employees already holding Valeo shares directly or indirectly. The scheme forms part of the Elevate 2028 strategic plan, and the offering covers France, Belgium, Brazil, China, Czech Republic, Egypt, Germany, Hungary, India, Ireland, Italy, Japan, Malaysia, Mexico, Poland, Romania, South Korea, Spain, Thailand, Turkey and the USA.

Modine Manufacturing, a data center cooling provider, reported that its data center sales rose 90% to $348.6 million in its fiscal 2027 first quarter, while total revenue climbed 28% year over year. The company's backlog more than doubled over the same period, and management raised its full-year guidance, now projecting data center revenue will top $2 billion in fiscal 2028. Modine transformed itself from an auto parts supplier into a thermal management company whose climate solutions segment supplies cooling components to hyperscalers. Shares trade well below their 52-week high of $323 but have risen more than 280% over the past three years, carrying a trailing P/E above 70 and a forward P/E of 24. Risks include short-term AI infrastructure spending and high customer concentration in the data center segment.

AH reported total revenue up 1.7% year on year, even as revenue from its automotive parts business fell 4.7% on the slowdown in Thai vehicle production and competition in China. That was offset by its dealership business, which grew 16.8%, along with growth at its Portugal and Malaysia production bases. As a result, gross profit rose 17.4% and gross profit margin improved from 7.4% to 8.5%. Net profit rose to 195 million baht from 108 million baht a year earlier, a gain of 81% year on year, driven by better margins, a higher share of profit from joint ventures, and lower financial costs. For the first half of 2026, net profit stood at 510 million baht, up 23% year on year, even though revenue fell 2.2%, reflecting that this earnings recovery is driven more by margin than by revenue growth. The company expects 2026 revenue to be close to the prior year, while the third quarter of 2026 may slow slightly quarter on quarter because of roughly three weeks of holidays at its Portugal plant, before support kicks in from new parts that begin mass production in the second half of 2026. For 2027, growth drivers become clearer, led by a new axle expected to generate about 200 million baht in revenue, along with new orders and new products in Malaysia. Its joint venture in the United States is building a plant and is expected to start production late in 2028, with revenue becoming clear in 2029. The balance sheet can still support investment, with more than 2.5 billion baht in cash and net interest-bearing debt to equity of just 0.3 times. The Federation of Thai Industries has cut its target for Thai vehicle production in 2026 to 1.45 million units, while in the first half of 2026 production fell 1% year on year and exports fell 8.3%, though domestic sales rose 14.6% on strong growth in battery electric and hybrid vehicles. AH's overseas revenue has risen from just 21% in 2012 to about 50% in the first half of 2026. On valuation, the stock trades at a price-to-earnings ratio of 6.1 times, close to its five-year average at minus 0.5 standard deviations, while the price still lags the market by about 7.2% year to date, with an expected dividend yield of about 5.5% to 6% a year. Technically, the price has rebounded from support at the 100-day exponential moving average of 14.70 and is holding firmly above 15.00, forming a short-term double bottom, with a chance to hold above neckline resistance at 15.70 to 15.90. The next resistance is 16.80, with support at 15.00 and 14.70.

Gentherm shareholders voted on September 10 to approve the combination of Modine's Performance Technologies business with Gentherm, clearing the last major hurdle before the two businesses become one. Roughly 99% of votes cast backed the share issuance needed to fund the deal, and about 94% of outstanding shares approved the charter amendment authorizing those new shares. Both companies have already cleared every required regulatory approval, including a private letter ruling from the Internal Revenue Service confirming the tax treatment of the share exchange, and the transaction is on track to close October 1, with the final exchange ratio set at closing under a mechanism built to preserve the deal's tax-free structure for Modine and its shareholders. The timing works in Gentherm's favor: second-quarter product revenue reached $416.2 million, reported on July 23, up 11.0% from $375.1 million a year earlier, and the company raised its full-year guidance on revenue, adjusted EBITDA, and adjusted free cash flow. That guidance explicitly excludes any impact from the Modine deal, so the final exchange ratio and the real financial effect of folding in the Performance Technologies business remain open questions even after the shareholder vote.

Zhongce Rubber announced in a voluntary disclosure after market close on September 10 that its 245/55R19PR ARISUN 1 Star 107V tire product has been selected as the original equipment tire for Xiaomi Auto's Pengcheng N70 model, which was recently launched. As of the announcement date, the company's cumulative shipment value for this model was approximately 3.8 million yuan, accounting for 0.0085 percent of its 2025 annual sales revenue. Zhongce Rubber stated that this supply arrangement reflects the customer's recognition of the company's research and development capabilities, product quality, and response systems, but the subsequent manufacturing and sales volume of this model remains uncertain, and actual supply volume is subject to uncertainty. The company expects that this single supply project will not have a material impact on its operating results for this year or future years. Zhongce Rubber is a leading player in China's tire industry. In the first half of 2026, it achieved operating revenue of 23.474 billion yuan, up 7.41 percent year on year. The company previously broke through in the mid-to-high-end mainstream vehicle segment for domestic tires through cooperation with HarmonyOS Intelligent Mobility and by supplying tires for the Aito M6 model.

Thai Rung Union Car Public Company Limited (TRU) announced the conclusion of its second share buyback program for financial management on September 9, 2026. The company repurchased a total of 5,571,600 shares, representing 0.85 percent of all issued shares, with a total value of 21,294,089.58 baht. The program was approved by the company's board of directors on March 2, 2026, with a maximum repurchase limit of no more than 32,661,300 shares, or 4.81 percent of total shares, and a budget not exceeding 147 million baht. The buyback was conducted through the automated matching system of the Stock Exchange of Thailand between March 10 and September 9, 2026. After this period, TRU may sell the repurchased shares after a three-month lock-up period but within three years from the end of the program, with a possible extension of up to two more years subject to shareholder approval. If the shares are not fully sold within the specified period, the company must reduce its registered capital by canceling the repurchased shares. The board will determine the timing and method for selling the shares.

STANLY revealed that the automotive market in 2026 is expected to slow by about 10%, but the company has managed to maintain its sales level without following the market decline. It employs strategies such as cost reduction, developing new product champions, adding accessory products, and accelerating the expansion of its non-automotive business to diversify risks. Meanwhile, its financial position remains strong, with nearly 10 billion baht in cash and no borrowings. Mr. Apichart Leeissaranukul, Chairman of Thai Stanley Electric Public Company Limited, or STANLY, stated that the domestic automotive industry has not yet recovered, being in a low season and rainy period, which has slowed demand for vehicles. The trend for the final quarter of 2026 will depend on economic stimulus measures and clarity on the restructuring of automotive excise taxes, which will affect the industry's direction. The import of EV vehicles, especially completely built-up units accounting for more than half of imports, impacts Thai parts manufacturers and suppliers, as there is insufficient local production or use of domestic parts. The company is in discussions with the government to improve local content rules, particularly regarding the inclusion of profit margins in calculations, which may not reflect true value. International markets remain pressured by geopolitical conflicts and global economic issues, especially in the Middle East and the Russia-Ukraine war. The Cambodian market can no longer be relied upon as a primary market as in the past. The company is preparing countermeasures by developing new products, adding accessory items, and expanding non-automotive operations, investing in automation and cobots to reduce costs, with a payback period of one to two years, and streamlining its organizational structure. Recently, it paid a dividend of 17 baht per share, totaling approximately 1 to 1.5 billion baht, while cash flow remains normal. Fund managers have shown interest in meetings due to returns and management capability amid the crisis.

Autoliv, the worldwide leader in automotive safety systems, is advancing vehicle safety through its new Human Body Model Safety Suite, a virtual testing platform designed to complement physical crash testing, with Toyota as the first customer to evaluate its capabilities. The platform combines an advanced digital human body model with software tools for analysis and visualization, providing insights into occupant response and injury mechanisms that physical dummies cannot offer. Autoliv's Chief Technology Officer, Fabien Dumont, emphasized that virtual testing helps engineers optimize safety performance earlier in the development process, supporting the company's vision of saving more lives. Toyota has begun using the suite as part of its virtual safety development activities, and Autoliv plans to make the platform broadly available across the industry in 2026. The company, which reported sales of $10.8 billion in 2025 and employs 64,000 people across 25 countries, says its products saved approximately 40,000 lives and reduced around 600,000 injuries last year.

Autoliv, the worldwide leader in automotive safety systems, is advancing vehicle safety through its new Human Body Model Safety Suite, a virtual testing platform designed to complement physical crash testing. Toyota has become the first customer to evaluate the platform's capabilities, and Autoliv plans to make it available more broadly across the industry in 2026. The suite combines an advanced digital human body model with software tools for analysis and visualization, providing insights into occupant response and injury mechanisms that physical dummies cannot offer. Autoliv's Chief Technology Officer, Fabien Dumont, emphasized that virtual testing is increasingly important for evaluating safety performance earlier in development, supporting the company's vision of saving more lives. The platform aims to help automakers meet evolving safety regulations and consumer rating programs while reducing lead times and improving cost efficiency.

Changyuan Donggu plans to purchase a 100% stake in Kanghao Electromechanical from Xinyuan Power by issuing shares, with a transaction price of 5.01 billion yuan, constituting a major asset restructuring. Kanghao Electromechanical is mainly engaged in heat exchange systems and power unit businesses. This transaction will promote the listed company's strategic upgrade from manufacturing single core engine components to core supporting systems. In addition, Xinhua Media plans to acquire a controlling stake in Jiemian Cailianshe, and its shares remain suspended. Jin Chengzi is planning to acquire a controlling stake in Zhibotaike, and its shares are suspended. CICC has received approval from the China Securities Regulatory Commission to merge with Dongxing Securities and Cinda Securities through absorption.

Changyuan Donggu announced on the evening of September 7 that it plans to acquire 100% equity of Xiangyang Kanghao Electromechanical Engineering Co., Ltd. from Hubei Xinyuan Power Technology Group Co., Ltd. through share issuance, with the target valued at 5.01 billion yuan, constituting a major asset restructuring and related-party transaction. In this deal, Changyuan Donggu also plans to issue shares to no more than 35 specific investors to raise supporting funds of up to 2 billion yuan, to be used for projects such as expanding production of the target company's heat exchange systems. The target company, Kanghao Electromechanical, is mainly engaged in heat exchange systems and power unit business. Its revenue in the most recent year was 1.446 billion yuan, accounting for 64.05% of the listed company's revenue in the same period, and its net profit attributable to the parent was 300 million yuan, accounting for 77.08% of the listed company's net profit attributable to the parent in the same period. After the transaction is completed, the listed company's pro forma revenue is expected to reach 3.7 billion yuan, an increase of 64.04% compared with before the transaction, and pro forma net profit attributable to the parent is expected to reach 689 million yuan, an increase of 77.09%, with basic earnings per share enhanced and control unchanged.

Changyuan Donggu announced on the evening of September 7 that it plans to purchase the 100% equity stake in Xiangyang Kanghao Electromechanical Engineering Co., Ltd. held by Hubei Xinyuan Power Technology Group Co., Ltd. through a share issuance, with a transaction price of 5.01 billion yuan, and simultaneously raise supporting funds of no more than 2 billion yuan. This transaction constitutes a related-party transaction and a major asset restructuring, but does not constitute a restructuring listing. The target company, Kanghao Electromechanical, is mainly engaged in heat exchange systems and power unit businesses, with an appraisal appreciation rate of 237.67%. After the transaction is completed, Changyuan Donggu's business will extend downstream in the industrial chain to heat exchange systems and other areas. It is expected that in 2025, operating revenue will increase from 2.255 billion yuan to 3.7 billion yuan, and net profit attributable to the parent company will increase from 389 million yuan to 689 million yuan. In the first half of the year, Changyuan Donggu achieved operating revenue of 1.014 billion yuan, a year-on-year decrease of 2.03%, and net profit attributable to the parent company of 167 million yuan, a year-on-year increase of 1.66%.

SANKO or Sangko Die Casting (Thailand) Public Company Limited has revealed a backlog of orders worth 200-400 million baht, which will be gradually recognized as revenue in the second half of 2026. Mr. Rattawee Sooksai Chon, Chief Executive Officer, expects full-year sales to meet the target of 750 million baht. Despite pressure from raw material costs, the company has negotiated price adjustments with almost all customers. Meanwhile, the outlook for 2027 looks promising due to new work that has been quoted and passed preliminary stages, as well as work under negotiation, with a total value in the hundreds of millions of baht. However, the clarity of these orders cannot yet be concluded, and the company is monitoring data center investments in Thailand, which could positively impact the electronics industry.

Shuanghuan Transmission opened sharply higher and quickly hit the daily limit up on the morning of September 4, then sealed the limit up again after the board was briefly opened. The previous evening, the company announced that its board of directors had agreed to terminate the spin-off of its subsidiary Huandong Technology for listing on the STAR Market and to withdraw the relevant listing application documents. The proposal still needs to be submitted to the second extraordinary shareholders' meeting of 2026 for review. The reason for the termination is that the market environment has changed significantly compared with the beginning of the plan. In order to coordinate the business development and capital operation planning of Huandong Technology, the decision to terminate was made after full communication and prudent assessment. The spin-off plan has been in preparation for nearly three years. Huandong Technology's IPO application was accepted in November 2024, and the latest prospectus was dated March 31, 2026. It had originally planned to raise about 1.408 billion yuan for projects such as an intelligent manufacturing base for precision reducers for robots. Shuanghuan Transmission said that the termination of the spin-off will not have a material impact on the company.

Michelin has disclosed a share repurchase transaction conducted on September 3rd, 2026, involving 194,571 of its own ordinary shares at a weighted average price of 33.6355 euros per share. The buyback was executed over-the-counter through three separate platforms, with Natixis, BNP Paribas, and Societe Generale each handling the transaction. The shares were acquired with the objective of cancellation, as part of the company's securities repurchasing program.

Hyundai Mobis has commenced full-scale mass production of PE systems, the integrated electric powertrain units that power EVs, at its new plant in Nováky, Slovakia, marking its first PE system production base in Europe and its third electrification facility in the region, following BSA plants in the Czech Republic and Spain. The facility, which held its grand opening ceremony attended by Slovak Prime Minister Robert Fico and other officials, has an annual capacity of up to 280,000 PE systems and represents an investment of approximately KRW 250 billion. The plant will supply key electrification components to Hyundai Motor, Kia, and other global automakers, supporting Hyundai Mobis's goal of increasing revenue from global customers to 40% by 2033.

FORVIA has signed a mandate with an investment services provider to buy back up to 1,000,000 of its own shares between September 3 and September 18, 2026, as part of the buyback program approved by shareholders on June 4, 2026. The repurchased shares will be used to hedge commitments under performance share plans or other long-term incentive plans for employees and corporate officers. The program details are in the 2025 Universal Registration Document filed with the French markets regulator on March 13, 2026. FORVIA, a global automotive technology supplier with over 137,500 employees and 2025 revenue of 26.2 billion euros, is listed on Euronext Paris under the ticker FRVIA.

ECARX Holdings Inc. announced that Tencent Cloud's WorkBuddy, an AI-powered smart work assistant, will be integrated with Flyme AIOS, the intelligent operating system ECARX has agreed to acquire, through joint development of WorkBuddy AI tools across the entire Flyme ecosystem. Building on Flyme's existing Super Aicy AI assistant, WorkBuddy will deliver agentic-AI capabilities to all Flyme-powered devices, including smartphones, AI devices, and Flyme Auto for in-vehicle use, creating a unified AI workbench. Users can issue natural-language prompts to draft documents, create reports, organize data, and automate workflows, with WorkBuddy's cloud backend processing requests and returning validated results directly in the conversation thread. WorkBuddy serves 12 industries with over 140 AI advisors and more than 22,000 skills and plugins, offering both on-device processing and secure cloud sandbox execution. Flyme AIOS will become part of ECARX's full-stack software infrastructure, which spans multi-screen cabin interaction, mobile-IoT-vehicle connectivity, middleware, UI/UX frameworks, and application-development toolkits.

Forvia SE reported first-half 2026 results with sales of EUR10.5 billion, down 4.3% versus H1 2025, and an operating margin of 6.0%, up 30 basis points year-over-year. Net income reached breakeven at EUR3 million, a significant improvement from a loss of EUR269 million in the prior year. Net cash flow rose 18% to EUR432 million, and net debt was reduced by EUR503 million to EUR5.5 billion, marking the strongest semester of organic debt reduction since the HELLA acquisition. Order intake surged 15% to EUR13.4 billion, with a book-to-bill ratio of 1.5 times. The Interiors divestiture to Apollo is on track for Q4 2026, with all major regulatory approvals secured and expected to generate over EUR1 billion in additional net debt reduction. The company expects H2 profitability to be at least as good as H1, despite a challenging market environment and one-off cash outflows of approximately EUR150 million.

Gogoro reported second-quarter 2026 revenue of $70.6 million, a 7.3% increase year-over-year, with gross margin reaching 22.6%, the highest in over five years. The company's net loss improved by more than $21.6 million year-over-year, and adjusted EBITDA rose to $19.3 million. Gogoro's subscriber base grew to approximately 677,000, and market share recovered to about 6%. The company reaffirmed its full-year revenue guidance of $285 million to $305 million and expects its battery swapping business to achieve non-IFRS profitability this year. CFO Bruce Aitken announced his departure after eight years, with Jacky Lee appointed as Principal Financial Officer.

On August 31, the Nikkei average on the Tokyo stock market fell, dropping more than 1,500 points at one point due to hawkish comments from the U.S., but it showed signs of recovering. Among the stocks in focus, House Foods Group announced that it is considering selling its subsidiary Ichibanya, and Ichibanya shares surged on expectations of a takeover premium. Additionally, Nifco announced a share buyback of up to 8.3 million shares, equivalent to 8.88% of its total issued shares, for up to 40 billion yen, and its stock price rose. Nihon Gas announced a 1-for-3 stock split and an increase in its year-end dividend, attracting investor interest.

Nippon Seiki is trading at an undervalued level with a PBR of 0.6x and a dividend yield of over 3%, and its three consecutive dividend increases and progress in structural reforms are being recognized. The company's market capitalization is approximately 158.4 billion yen (as of August 26, 2026, share price 2,710 yen). If the target of 28 billion yen in operating income for the fiscal year ending March 2030 is factored in, reaching a scale of 250 billion yen at a PER of 15x is within sight. For the first quarter of the fiscal year ending March 2027, consolidated results showed revenue of 83,252 million yen (up 9.2% year-on-year), operating income of 2,191 million yen (up 44.0%), and profit attributable to owners of the parent of 1,517 million yen (up 116.2%), marking a significant increase in both revenue and profit. Additionally, the company plans to make Toyo Denso a wholly owned subsidiary in October 2026, and on August 28, it announced the acquisition of Denso's head-up display business. For the fiscal year ending March 2027, the company expects a dividend of 90 yen per share (up 10 yen from the previous year), marking the third consecutive annual dividend increase.