Archive for the ‘Financials’ Category

Could Tesla’s High-Flying Ride on Wall Street be Ready to Come Crashing Down?

Shares head towards $200 for first time since 2016, as key analyst warns $10 is possible.

by on May.21, 2019

Tesla CEO Elon Musk has plenty to worry about as investors turn bearish on its stock.

After sliding to its lowest level since December 2016 on five days of losses, Tesla stock fell to its lowest level in nearly 30 months, at just above $200 — and one key analyst, Morgan Stanley’s Adam Jonas, warns Tesla could see the stock plunge to just $10 a share.

Not much has gone right for the California automotive upstart in recent months, starting with word that first-quarter sales had fallen well short of expectations. Its unexpectedly deep, $702 million loss for the quarter didn’t help. And the situation only grew worse when CEO Elon Musk last week ordered a “hardcore” belt-tightening covering “literally every payment that leaves our bank account.” Then, the National Transportation Safety Board weighed in, blaming a fatal March 2018 crash on Tesla’s much-ballyhooed Autopilot system.

Breaking News!

Even where the automaker appeared to pull off a coup, topping substantially what it had expected to raise with last month’s combination of stock and debt offerings, Musk told employees in an e-mail, that the $2.7 billion Tesla brought in “actually only gives us about 10 months at the Q1 burn rate to achieve breakeven!”

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Daimler Prepares Cost-Cutting Plans for New Chief Kallenius

New takes over for Zetsche.

by on May.21, 2019

Daimler AG Chairman Dieter Zetsche is on his way out into retirement. He will be succeeded by Ola Kallenius.

Daimler AG’s new chief executive is preparing a plan that would slash the company’s administrative costs by 20%, according to a report in Germany’s top business newspaper Handelsblatt.

Ola Kallenius, who will take over for Dieter Zetsche this week, has asked for recommendations due to the uncertainty facing car makers, the paper said. Central administration costs are to be cut by about 20%, the paper said, adding billions of euros in efficiency potential would be targeted.

Business News!

Daimler declined to comment on the Handelsblatt article, which appeared as Daimler was preparing for its annual shareholders meeting in Berlin. (more…)

“Hardcore” Belt-Tightening a Must, Says Tesla’s Musk

The “only way for Tesla to become financially sustainable.”

by on May.17, 2019

Tesla's Elon Musk has ordered employees to rein in spending on virtually everything.

Tesla will need to engage in some “hardcore” cost-cutting, CEO Elon Musk told employees in an e-mail late Thursday, a move that comes in the wake of an unexpectedly severe first-quarter loss.

The automaker earlier this month was able to raise $2.7 billion through a combination of stock and debt offerings, but investors have become increasingly wary of the challenges that face the automaker – Tesla facing substantial debt repayments on top of the costs involved in the development of an array of new products and a new plant in China.

Breaking News!

The latest cash infusion, according to Musk, will only let it go for another 10 months without getting back into the black, he wrote, which “is why, going forward, all expenses of any kind anywhere in the world, including parts, salary, travel expenses, rent, literally every payment that leaves out bank account must (be) reviewed.”

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EU Auto Tariffs Deadline Fast Approaching

European and American automakers alike hope for delay.

by on May.15, 2019

President Donald Trump has until May to either enact new tariffs on EU autos or order a delay.

With one trade war already underway, the White House could kick off another battle this weekend as the May 18 deadline nears for Pres. Donald Trump to decide whether to impose tariffs on European auto imports.

Any move would follow the completion of a Commerce Department study completed last February that concluded auto imports pose a threat to America’s national security. The president has not given a clear indication of how – or whether – he will respond as a 90-day deadline approaches, though he has had harsh words about European automakers in the past, at one point threatening to banish all Mercedes products from the streets of his home city, New York.

Breaking News!

Auto imports from Europe totaled $56.4 billion last year, according to Commerce figures, Germany responsible for the bulk of that. The risk of new tariffs sent shares of German manufacturers BMW, Daimler and Volkswagen reeling in recent days. But even U.S. automakers, as well as suppliers and dealers, have been pressing the Trump Administration to hold back on launching a new front in the trade war.

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Hyundai/Kia Partnering up with Croatia EV Supercar Maker Rimac

Croatian company positions itself as a major supplier of electrification technology and components.

by on May.14, 2019

Rimac founder and CEO Mate Rimac celebrates with Hyundai's Euisun Chung their new alliance.

Alliances and joint ventures are becoming as much the norm as the exception in today’s auto industry, but Hyundai Motor Group just entered a particularly strange-bedfellow sort of relationship, investing nearly $90 million in Rimac, the Croatian manufacturer of battery-electric supercars.

The Korean parent of the Hyundai and Kia brands will not only invest 80 million euros in Rimac Automobili but also establish a technology partnership that will put some high-performance electric vehicles in their future line-ups, as well.

Breaking News!

“Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles,” said Euisun Chung, Executive Vice Chairman of Hyundai Motor Group. “Its startup roots and abundant experience collaborating with automakers combined with technological prowess makes Rimac the ideal partner for us. We look forward to collaborating with Rimac on our road to Clean Mobility.”

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Nissan Earnings Plunge on Lower Sales, Rising Warranty Costs

Ghosn problems force company to take $83 million charge.

by on May.14, 2019

Nissan Motor Corp. CEO Hiroto Saikawa delivered somber earnings news to the media and investors.

Nissan Motor Corp. officials earlier predicted that 2018 would be a difficult year for the company, and the final numbers show they were right to be worried as operating profit for the automaker dropped 57.3%.

The Japanese automaker was plagued with a variety of problems all at once, including a costly plan to improve “quality of sales” in the U.S. and the costs related to the implementation of a warranty extension effort for selected vehicles.

News Now!

Some of the issues the company faced it could have sold its way past, global unit sales fell by 4.4% to 5.516 million units. Sales in the U.S. fell 9.3% to 1.44 million units. The company is predicting a slight increase for 2019 to 5.54 million units worldwide. (more…)

Behind the Scenes: How Toyota and BMW Teamed up to Develop New Z4, Supra

You can't cost-cut your way to a world-class sports car.

by on May.13, 2019

Tetsuya Tada, chief engineer for the 2020 Toyota GR Supra flashes a thumbs-up during the sports car's first media drive.

(This story has been corrected to reflect the proper spelling of Supra Chief Engineer Tetsuya Tada.)

The call came as a surprise. The chief engineer overseeing Toyota’s joint venture with Subaru that resulted in the 86 sports car, Tetsuya Tada was attending a media event in Barcelona when he was asked to jump on a flight for Munich seven years ago this month.

“Don’t tell anybody,” his boss said, and didn’t give Tada himself much to go on, beyond advising him there would be a car waiting at the airport. Once he arrived, the Toyota veteran learned he was being driven over to BMW headquarters, putting into motion one of the most unusual alliances in the history of either manufacturer.

Beyond the Headlines!

Almost seven years to the day after that first meeting, Tada is sharing a dinner in suburban Washington, D.C. and, for the first time, revealing the back story of what eventually became the 2020 Toyota GR Supra – as well as the new BMW Z4.

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Daimler to Go “Carbon Neutral” Under “Ambition2039″ Sustainability Plan

Company credited with inventing the I.C. engine is helping to put it to rest, says environmental group.

by on May.13, 2019

Mercedes revealed the U.S. version of its first long-range EV, the EQC Edition 1886, in NY last month.

The automaker that effectively brought the internal combustion engine to life appears ready to drive a nail into its coffin.

Daimler AG, the parent of the Mercedes-Benz and Smart brands says it expects plug-in hybrids and pure battery-electric vehicles, or BEVs, accounting for fully 50% of its sales by 2030, with a goal to go completely “carbon neutral” by 2039.

We Keep You Plugged In!

“One of the defining issues is how we address our CO2 footprint,” Ola Kallenius, Daimler’s next CEO, said during a conference in its headquarters city of Stuttgart on Monday morning.

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Pics, Details Leak as VW Readies its New, All-Electric Hatchback, the ID

Battery-electric model clearly influenced by design of VW’s familiar Golf.

by on May.07, 2019

An image inadvertently leaked by VW's Dutch arm shows the ID.3 on the road.

Volkswagen is getting ready to roll out its first long-range electric vehicle and it appears someone working on the German automaker’s Dutch YouTube channel got a little too eager, letting both images and details about the battery-electric vehicle leak out early.

The hatchback will become not only the first all-electric Volkswagen to deliver more than 200 miles per charge but also the first to be based on the automaker’s all-new MEB platform, a modular architecture expected eventually to be shared by dozens of different models that will be sold across VW’s various brands.

Breaking News!

Expected to start at around 30,000 euros, or $33,530 at current exchange rates, VW will begin taking order on May 8, though deliveries aren’t expected to begin until early autumn 2019.

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BMW Earnings Hit Big by Anti-Trust Probe

No plans to purchase stake in rival Daimler, says CEO.

by on May.07, 2019

BMW's earnings fell despite a global increase in sales.

BMW earnings tumbled 75% for the first quarter, its automotive earnings plunging into the red, due to a $1.6 billion set-aside to cover fines resulting from a European antitrust probe, as well as higher investments in autonomous and electrified vehicles.

BMW actually saw an increase in vehicle deliveries during the first quarter of the year, but revenues slipped 1% to 22.5 billion euros, or $25.1 billion. Meanwhile, the anticipated antitrust fine and other factors drove group earnings down to 561 million euros, or $627 million.

Breaking News!

Separately, the Bavarian automaker’s CEO Harald Kruger said he “can rule out” the possibility of taking even a small stake in its German rival Daimler, despite the two companies announcing a series of recent joint ventures, including one designed to share self-driving vehicle development efforts.

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