Carbon Revolution seeks to set up in Mexico
MEXICO - Australian company Carbon Revolution is considering setting up a factory in Mexico as part of its expansion plans, reported U.S. publication Automotive News.
The move follows the merger of the lightweight carbon fiber tire manufacturer - which began in Geelong, Victoria - with Twin Ride Capital Acquisition Corporation in October 2023 to create a new Nasdaq listing as "CREV".
Bob Lutz, former president of Chrysler and former vice chairman of General Motors, was one of three new Carbon Revolution board members appointed in September 2023 ahead of the merger.
Part of the restructured company's plan is to create a "Mega-line" manufacturing process to increase volume and reduce production costs in an effort to become a supplier for mainstream vehicles after supplying wheels for multiple niche performance brand cars.
"We are preparing to build a facility in North America, possibly in Mexico, that can service our North American customers and customers in other parts of the world," said Jake Dingle, CEO of Carbon Revolution.
"We are looking at some locations right now, and also some potential partnerships, which would support a fairly rapid ramp-up."
Carbon Revolution currently manufactures 13,000 wheels a year, but is looking to increase this figure to 90,000.
In a statement announcing the merger, Dingle said the company had been awarded a total of 18 programs with six automakers, including Ford, General Motors, Renault, Ferrari and Jaguar-Land Rover.
The CEO also said Carbon Revolution had more than doubled its backlog in the 12 months to November 2023 to US$730 million.