Punch and PSA start joint venture in e-transmissions
Punch Powertrain and Groupe PSA last week announced the launch of their Joint Venture – ‘Punch Powertrain PSA e-transmissions’. Following regulatory approvals, the company is founded and started its operations on September seventeenth, 2020.
Punch Powertrain holds a majority control in the new joint venture (61 to 39%), which will design, manufacture, and supply Punch Powertrain’s breakthrough DT22 dual-clutch transmission for the next generation of mild hybrid electric (MHEV) and plug-in hybrid electric (PHEV) vehicles.
The business will initially supply Groupe PSA’s global operations and aims to supply other vehicle manufacturers worldwide. Elias van Wijk, previously CTO to Punch Powertrain, was named CEO of the new company.
“This joint venture intensifies the cooperation between both partners in their pursuit to combat climate change. It embodies both company’s conviction that while the automotive industry is undergoing the transition toward electrified and fully electric mobility, it is paramount to fuel progress by bringing affordable solutions on a large scale, enabled by out-of-the-box-thinking and cutting edge technologies,” says a press release.
“By combining agility with the expertise and backing of two global organizations, the newly created entity will be optimally positioned to realize this mission.”
“This new venture will spearhead the industrialization of our next generation of transmissions for hybrid electric vehicles, providing broader availability of affordable electrified powertrains on global markets,” stated Jorge Solis, Chief Executive Officer of Punch Powertrain.
Punch Powertrain PSA e-transmissions will develop and supply Punch Powertrain’s compact automatic hybrid transmissions. Known as the DT2, this cost-efficient dual-clutch transmission is the first in the industry to fully integrate an electric motor in a mild hybrid electric vehicle. The aim is significant fuel savings and a reduction in CO2 emissions compared to non-hybridized vehicles.
Situated in Belgium and the Netherlands
This Joint Venture will commence operations with a workforce of over 300 people, transferring from Punch Powertrain, headed by a leadership team of five senior automotive executives. Next to Elias van Wijk, the executive team is further composed of two leaders appointed by Punch Powertrain and two by Groupe PSA.
The company is established and headquartered in Sint-Truiden, Belgium, at the site of Punch Powertrain NV and encompasses a second location in Eindhoven. As part of the initial agreement, Punch Powertrain contributes its DT2-related business unit to the new entity.
Earlier this year, on July 27th, the first Joint 50/50 Venture of both companies, ‘Punch Powertrain PSA e-transmissions assembly’, was launched. This joint venture will be dedicated to the assembly of the DT2 electrified transmission at Groupe PSA’s facility in Metz, France.