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Auto Stock Roundup: GM-SolidEnergy Deal, ADNT's Yanfeng JV Update & More

Auto Stock Roundup: GM-SolidEnergy Deal, ADNT s Yanfeng JV Update & More
Zacks.com
3/15/2021
February auto sales data for China the world’s largest car market released last week. Per China Passenger Car Association, retail sales of passenger cars witnessed more than fourfold surge on a year-over-year basis thanks to the stabilization of the coronavirus pandemic and supportive government policies. As we know, China auto market was severely hit in February 2020 due to shutdown of factories and dealerships amid lockdown restrictions. Last month, retail sales of passenger cars totaled 1.18 million units. Meanwhile, sales of electric vehicles (EVs) saw more than sevenfold jump year over year to 97,000 units. ....

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Adient announces strategic transformation in China

Adient announces strategic transformation in China
- Company enters into agreement with joint venture partner Yanfeng to end its YFAS joint venture
- Transactions provide Adient opportunity to independently drive its strategy in China
- After-tax proceeds of ~$1.4B, combined with existing cash on the balance sheet, are expected to drive significant debt paydown throughout 2021
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PLYMOUTH, Mich., March 12, 2021 /PRNewswire/ Adient (NYSE: ADNT), a global leader in automotive seating, today announced that as part of its strategic transformation in China, it has entered into definitive agreements with joint venture partner Yanfeng Automotive Trim Systems Ltd. (YF) to end its Yanfeng Adient Seating Co., Ltd. (YFAS) joint venture in China. ....

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