American Axle & Manufacturing (AXLE) Secures Supply Agreement for Electric Drive Units

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) is one of the 10 best-value penny stocks to buy, according to analysts. On June 11, the company confirmed it had secured an agreement to supply front electric drive units and rear e-Beam axles for an all-new electric Traveler SUV and Terra Pickup truck.

A technician in a mechanic’s uniform replacing an A/C compressor, signifying the company’s automotive replacement parts business.

The supply agreement is to Scout Motors, which is working on Scout Traveler SUV and Scout Terra pickup trucks. The two cars will be built on a body-on-frame chassis and configurable with 100 percent battery electric or gasoline.

“We are honored to support the rebirth of the iconic Scout brand and play a significant role in these important vehicle launches with AAM’s award-winning electric drive technology,” said AAM Chairman and Chief Executive Officer David C. Dauch. “Additionally, Scout and AAM are committed to American design, engineering and innovation with both companies having a strong presence in the U.S.”

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) is an automotive and mobility supplier. It designs, engineers, and manufactures driveline and metal-forming technologies for electric, hybrid, and internal combustion vehicles.

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