Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
U.S. Dollar Steadies Near October Lows as Rate Cut Expectations Keep Markets on Edge 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
Asian Markets Rebound as Tech Rally Lifts Wall Street, Investors Brace for BOJ Rate Hike 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
Dina Powell McCormick Resigns From Meta Board After Eight Months, May Take Advisory Role 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
Japan Inflation Holds Firm in November as BOJ Nears Key Rate Hike Decision 
Bridgewater Associates Plans Major Employee Ownership Expansion in Milestone Year 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
General Motors just signed a deal with Wabtec Corp. for the supply of electric batteries and hydrogen fuel cell systems for the latter’s locomotive fleet. This agreement effectively extends GM’s business outside of the automotive market.
The memorandum between GM and Wabtec
As per Reuters, the two companies signed a nonbinding memorandum of understanding (MOU) to realize GM and Wabtec’s vision of zero emissions for transportations in the future. It was added that the Pittsburgh-headquartered leading global provider of equipment, systems, digital solutions, and other locomotive services will be using its expertise in the field of energy management and systems optimization to create solutions for heavy-haul locomotives that can use General Motors’ advanced technologies.
Wabtec is currently developing electric battery and hydrogen fuel cell-powered locomotives and this move comes after the rail industry demanded companies to get rid of carbon emissions.
It was reported that it already tested an electric locomotive model and Wabtec is now building a newer version with GM’s batteries and this could be ready for delivery by 2023.
“Rail networks are critical to transportation and to GM’s ability to serve our customers across North America, and Wabtec’s bold plan to de-carbonize heavy haul and other locomotive applications helps advance our vision of a world with zero crashes, zero emissions and zero congestion,” GM president, Mark Reuss, said in a press release. “Wabtec’s decision to deploy GM’s Ultium battery and HYDROTEC hydrogen fuel cell systems further validates our advanced technology and demonstrates its versatility.”
What GM will offer Wabtec
Under the agreement, General Motors will be supplying Wabtec Corp. with its Ultium electric batteries and Hydrotec hydrogen fuel cell power cubes. These will be fitted into the latter’s fleet of freight locomotives and servicing. The rest of the terms were not mentioned including financial details.
CNBC reported that this MOU with Wabtec will also be beneficial to General Motors as it will expand its customer base. With its technologies, it can now accommodate other business deals apart from anything related to automotive.
Finally, General Motors’ Ultium battery technology is expected to provide the efficiency, flexibility, reliability and power needed for rail locomotives. This battery cell was developed in a joint venture with LG Energy Solutions.
