Groupe PSA and Punch Powertrain create joint venture for EVs

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Groupe PSA and Punch Powertrain have signed an agreement to establish a second Joint Venture and expand their strategic partnership in the field of electrification, to contribute to fight against climate change.

Punch Powertrain holds majority control in the new Joint 61/39 Venture, which will design, manufacture, and supply Punch Powertrain’s breakthrough DT22 dual clutch transmission for the industry’s 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. The Joint Venture agreement is subject to customary regulatory approvals.

“Our clear manufacturing strategy is to have a vertical integration of components, particularly key technologies such as electrified powertrains. We have understood that the future is much more than reducing emissions. The challenge ahead of us is electrification at affordable cost, aligned with our raison d’être (Central Purpose)” said Olivier Bourges, executive vice president, programs and strategy and member of the managing board.

“We are delighted to launch this second Joint Venture Agreement with Groupe PSA, Europe’s second largest car manufacturer,” said Jorge Solis, chief executive officer, Punch Powertrain.

“Over the past 45 years, Punch Powertrain has continuously pioneered innovative and cost-effective transmission technologies. This new venture will spearhead the industrialization of our next generation of transmissions for hybrid electric vehicles for Groupe PSA and other carmakers worldwide.”

Punch Powertrain will contribute its DT2-related business unit, including engineering, manufacturing, and support functions to the new entity which is expected to be operational by the third quarter 2020. Punch Powertrain will also transfer its current DT2- related facilities in Sint-Truiden, Belgium, and Eindhoven, the Netherlands. In turn, Groupe PSA will make a cash investment in the Joint Venture.

The new Joint Venture, “Punch Powertrain PSA e-transmissions”, will supply Punch Powertrain’s automatic transmissions. Known as the DT2, this dual clutch transmission is the first in the industry to integrate an electric motor in a mild hybrid electric vehicle.

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