This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

American Axle Jumps on Joint Venture


NEW YORK ( TheStreet) -- Auto component supplier American Axle & Manufacturing ( AXL ) stock was jumping after the company announced a joint venture with Saab Automobile to deliver components that improve vehicle fuel efficiency.

Shares of American Axle & Manufacturing have jumped 4% to $9.20 in late morning trading.

The new company, e-AAM Driveline Systems AB (e-AAM), will engineer, develop and commercialize electric all-wheel-drive and hybrid driveline systems for passenger cars and crossover vehicles, American Axle said in a press release.

The company described the e-AAM systems design as one that would improve fuel efficiency, reduce carbon dioxide emissions and provide vehicle stability.

e-AAM will be headquartered in Trollhattan, Sweden and begin operations on Oct. 1. It will be majority- controlled by American Axle.

e-AAM systems will be featured in the next generation of Saab vehicles beginning in 2012, American Axle said.

American Axle & Manufacturing "is pleased to be launching this exciting new business opportunity with Saab," AAM CEO Richard Dauch said. "e-AAM will leverage the outstanding competencies of both our companies in the development of state-of-the-art electric and hybrid driveline systems needed by global OEMs to improve the fuel efficiency, ride and handling performance and overall capability of their products. "

-- Written by Andrea Tse in New York.



>To contact the writer of this article, click here: Andrea Tse.

>To follow the writer on Twitter, go to Andrea Tse.

>To submit a news tip, send an email to: tips@thestreet.com.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AXL $24.23 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs