Mexico. Carbon Revolution, a global technology company and OEM supplier of lightweight carbon fiber wheels to the global automotive industry, is studying the possibility of setting up a factory in Mexico as part of its expansion plans.
This was reported by the publication Automotive News. The move follows the carbon fiber lightweight rim maker's merger with Twin Ride Capital Acquisition Corporation in October this year to create a new listing on the Nasdaq as "CREV."
Bob Lutz, former chairman of Chrysler and former vice chairman of General Motors, was one of three new Carbon Revolution board members appointed in September 2023 prior to the merger.
Part of the restructured company's plan is to create a "Mega-line" manufacturing process to increase volume and reduce production costs in an effort to become a supplier to mainstream vehicles, having supplied wheels for multiple cars from niche performance brands.
"We are preparing to build a facility in North America, possibly Mexico, that can serve our customers in North America and other parts of the world," said Jake Dingle, CEO of Carbon Revolution.
"We're looking at some locations right now, and also some potential partnerships, that would support a fairly rapid ramp-up," he said.
Carbon Revolution currently manufactures 13,000 wheels a year, but is looking to increase this number to 90,000.
In a statement announcing the merger, Dingle said the company had been awarded a total of 18 programs with six automakers, including Ford, General Motors, Renault, Ferrari and Jaguar-Land Rover.
The CEO also stated that Carbon Revolution had more than doubled its order book in the 12 months to November 2023 to $730 million.