Marelli financing: The Italian supplier has secured additional funding worth $1.2 billion from its shareholder KKR and leading Japanese banks. “In light of the ongoing uncertainty caused by COVID-19, the additional capital of JPY 130bn provides greater long-term security and flexibility for Marelli in the event of an extended market downturn,” the company said.
E-sports controversy: Driver Daniel Abt has parted company with the Audi Formula E team on after letting a professional gamer impersonate him in an official E-sports race, Reuters reported. The manufacturer had earlier suspended the German driver after the weekend cheating controversy. Formula E races have been canceled this year because of the coronavirus, with many drivers turning to online gaming.
Low-cost ventilator: Britsh engineering company Prodrive has worked with Cambridge University to develop a new low-cost ventilator for global use. The unit has been designed using components from outside the medical supply chain so it can be brought to market far quicker and cheaper than current commercially available ventilators. Prodrive said the units will be aimed at developing countries that lack the medical devices.
Silverstone Classic: The three-day British car festival, set for July 31-Aug. 2 at the historic race track, has been canceled for the year.
Commercial vehicles: European registrations declined by 67 percent in April to 71,029, industry group ACEA reported. Light-commercial vehicle sales fell by 71 percent, medium commercial vehicles (3.5 to 16 tons) by 56 percent, heavy trucks (over 16 tons) by 60 percent and buses by 66 percent. Truck sales are down 35 percent for the year.
Buyer sentiment: A poll taken after stay-at-home measures were lifted in France found that among those intending to buy a car this year, 31 percent said they expected car prices to fall sharply and 20 percent cited state incentives as a reason to buy, the research company Ipsos said.