IHI (JP:7013) has released an update.
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IHI Corporation has decided to dissolve its Germany-based subsidiary IHI Charging Systems International GmbH (ICSI), established in 1998, due to a decline in new orders as the automobile industry shifts towards electric vehicles (EVs). The vehicular turbocharger business operations in Europe will be transferred to another IHI subsidiary in Italy, with mass production to continue at other overseas subsidiaries. The dissolution process is set to conclude by March 2025, and the financial impact is currently under review.
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