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BMW and Yamaha Motor have invested in U.S.-based rare earths processing startup Phoenix Tailings, the latest move by manufacturers to boost production of the strategic metals outside of China.
Phoenix Venture Holdings (PVH), also known as the Phoenix Consortium, was an English company formed by four businessmen ... BMW had acquired the Rover Group in 1994 ...
Adhering to UK regulations, BMW guaranteed that Phoenix Venture Holdings (initially named MG Rover Holdings) would have enough money to keep MG Rover Group in business for at least 3 years following the sale. The agreed "dowry" from BMW included a £427million interest-free loan and stocks of cars.
When BMW sold off its interests, MG Rover was bought for a nominal £10 in May 2000 by a specially assembled group of businessmen known as the Phoenix Consortium. [5] The consortium was headed by ex-Rover Chief Executive John Towers. When Phoenix took over, their first loss for the last eight months of 2000 were reported to be around £400m.
The company was formed as part of MG Rover Group after the sale of the Rover and MG assets from BMW to Phoenix Venture Holdings for £10.00 in 2000 when BMW broke up the Rover Group. The MG Rover Group had to purchase the Powertrain business from BMW after 2000 for a separate sum of money to the £10.00 for the MG Rover business.
In 2017, Lundgren converted a salvaged BMW known as "The Phoenix" to an electric vehicle, modifying it with 90% recycled parts to become the world's most efficient electric vehicle with a Guinness Book World Record distance of 999.5 miles on a single charge.
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