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Dana Buys 55% of Canadian EV Systems Supplier
Dana Inc. is investing C$165 million ($127 million) to acquire a 55% stake in TM4 Inc.—a Canadian maker of electric motors and other powertrain components for electric vehicles—and form a joint venture with the company.
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Dana Inc. is investing C$165 million ($127 million) to acquire a 55% stake in TM4 Inc—a Canadian maker of electric motors and other powertrain components for electric vehicles—and form a joint venture with the company.
TM4 is a unit of Canadian energy giant Hydro-Quebec. Dana says TM4’s components will complement its own e-Drive line of electric gearboxes and thermal systems for EV powertrains. TM4’s technical center in Boucherville, Quebec, will continue in the same role for the new venture.
The arrangement will give TM4 stronger access to global markets and broaden Dana’s ability to supply EV makers in China’s with complete electrified powertrains.
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