Archive for the ‘Investors’ Category

Hackett Says Ford Making Headway on Turnaround

Rollout of new Ranger leads new product onslaught.

by on Oct.23, 2018

Ford CEO Jim Hackett is talking to employees and dealers about the changes coming to the automaker.

Ford isn’t standing still in the face of changing business and economic climate, the company’s top executive said this week.

Ford Motor Co. CEO Jim Hackett was also talking up the company’s prospects as he met with dealers and employees this week.

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At a meeting with some 4,000 dealers in Las Vegas Hackett had stressed that Ford is working on a turnaround plan that will re-invigorating the company’s operations.   (more…)

Musk’s Boring Company Set to Offer Test Rides in Pilot Tunnel

Short stretch to debut on Dec. 10.

by on Oct.22, 2018

On Dec. 10, Elon Musk's Boring Company will offer free test rides in Los Angeles its test tunnel in California.

Elon Musk’s Boring Company plans to unveil its first “test tunnel” in the Los Angeles suburb of Hawthorne on Dec. 10, and will offer “free rides” to the public a day later, the 47-year-old executive tweeted.

The ultimate goal, Musk previously announced, was to set up a network of underground tunnels that will permit vehicles, pedestrians and bicyclists to whisk around the City of Angels at speeds of up to 150 mph, avoiding the city’s notoriously gridlocked streets. Musk has indicated rides for individuals could run as little as $1.

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“The first tunnel is almost done,” Musk tweeted Sunday night to his 23 million followers. The pilot tunnel  “Opens Dec 10,” he tweeted, adding, “Opening event that night & free rides for the public the next day.” (more…)

FCA Sells Magneti Marelli for $7.1B to KKR’s Calsonic Kansei

CEO Manley signs off on deal Marchionne started.

by on Oct.22, 2018

Selling off Magneti Marelli could accelerate the development of EVs and AVs FCA CEO considers critical to FCA's success.

After two years of speculation about if it and when it would do so, Fiat Chrysler Automobiles agreed to sell Magneti Marelli to KKR’s Calsonic Kansei for $7.14 billion, or 6.2 billion euros.

The new company, which is now the world’s seventh largest auto supplier, will be called Magneti Marelli CK Holdings. The new company boasts revenue of 15.2 billion euros, or $17.5 billion, the companies said.

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“This combination with Calsonic Kansei has emerged as an ideal opportunity to accelerate Magneti Marelli’s future growth,” Manley said on Monday of the FCA unit, which specializes in lighting, powertrain and high-tech electronics. (more…)

Uber’s Estimated Valuation in IPO Pegged at $120 Billion

Lyft is looking to doing an offering as well next spring.

by on Oct.18, 2018

Uber CEO Dara Khosrowshahi has been making substantive changes to the company since his arrival.

Uber could raise as much as much as $120 billion, dwarfing the market capitalization of General Motors, Ford and Fiat Chrysler, when it launches an initial public offering next summer, according to a report in the Wall Street Journal.

Uber is already in discussions with bankers about an initial public offering in early 2019, the Journal reported. At the same time, Uber’s principal Lyft raised $15 billion during a round of fund raising and has indicated it is preparing go public next spring, raising the prospect the two ride-sharing companies could collide in the race for cash.

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Uber’s potential valuation could be greater than the combined current valuation of the U.S. automakers, the Journal reported. The comparison has been the subject of some fierce debate with some critics suggesting that for “game changing” technology companies like Uber it is not a relevant. (more…)

German Automakers Face 50:50 Chance of Collapse, VW CEO Warns

Herbert Diess warns battery-cars could cost jobs – and may not be as clean as promised.

by on Oct.16, 2018

VW boss Herbert Diess, left,helps unveil the VW BUDD-e and eGolf Touch electric concepts.

When the U.S. economy collapsed a decade ago two of the three Detroit-based automakers plunged into bankruptcy, surviving only with the help of a massive federal bailout – and that’s the fate that could be facing the German auto industry, as well, the CEO of Volkswagen warned today.

The country’s powerful auto industry faces a 50:50 chance of suffering the same fate that nearly destroyed Detroit’s Big Three manufacturers, Herbert Diess said during a supplier conference in Wolkfsburg VW’s home town.

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“From today’s point of view the chances are perhaps 50-50 that the German auto industry will still belong among the global elite in 10 years’ time,” said Diess, who was appointed VW’s chief executive earlier this year, following a senior management shake-up.

(more…)

Bill Ford Leads Exodus from Saudi Economic Event in Response to Alleged Murder of Journalist

Global business, political and media leaders demand answers in disappearance.

by on Oct.15, 2018

Ford Chairman Bill Ford is shown during a celebration of the 100th anniversary of the carmaker's River Rouge manufacturing complex.

Bill Ford, the chairman of Ford Motor Co., is leading an exodus of high-profile business leaders who have decided to pull out for an upcoming investor conference sponsored by Saudi Arabia.

The move comes amidst growing concerns about the fate of Saudi journalist Jamal Khashoggi, who reportedly entered the Saudi consultate in Istanbul, Turkey last week but failed to leave it, raising concerns he may have been murdered by hit men dispatched by Saudi leaders.

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Khashoggi was a regular contributor to a number of publications, including the Washington Post, and had been granted U.S residency. Reports have surfaced over the last several days indicating American intelligence officials may have had advance warning that Khashoggi faced threats from the Saudis. Turkish officials, meanwhile, claim to have evidence the journalist was murdered in the embassy, his remains subsequently being smuggled out.

(more…)

GM Shows Support of Gender Equality with Board Appointment

Company named tops globally for gender equality.

by on Oct.12, 2018

International executive and former CIA deputy director Jami Miscik is joining General Motors board of directors.

General Motors has added a female executive with broad experience in international affairs to its board of directors and, in the process, signals its support of gender equality.

The addition of Jami Miscik, the CEO and vice chair of Kissinger Associates, a geopolitical consulting firm founded by former Secretary of State and Presidential adviser Henry Kissinger, brings the total membership of GM’s board to 12.

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The GM board now includes 11 outsiders and is made up of six men and six women. (more…)

Update: Musk Calls “Incorrect” Reports Murdoch Will Replace Him as Tesla CEO

Hunt continues with clock ticking under SEC settlement.

by on Oct.11, 2018

Elon Musk appears to have ruled out reports suggesting James Murdoch will replace him as Tesla Chairman.

Fox CEO and Tesla board member James Murdoch is apparently out as a prospect to replace Elon Musk as the battery-carmaker’s chairman.

Musk, who must relinquish the post as part of a settlement with the SEC, issued a Wednesday afternoon tweet declaring “incorrect” a report in the Financial Times that cited two supposed inside sources naming Murdoch as the frontrunner in the search. The FT story came days after several other media outlets also pointed to Murdoch as the likely successor.

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The 45-year-old Murdoch is a friend of the Tesla founder and boss and has been on the company’s board since last year. He was seen as a particularly suitable replacement for Musk as he will soon relinquish his role as CEO of Twenty-First Century Fox, the media conglomerate founded by his father Rupert Murdoch, after it sells off most of its assets to Disney.

(more…)

New Reports: Tesla to Name James Murdoch Chairman to Replace Musk

Will he be able to rein in company founder’s itchy finger?

by on Oct.10, 2018

James Murdoch appears to be the top choice to take over the chairman's role from Tesla founder and CEO Elon Musk.

James Murdoch, the outgoing CEO of Twenty-First Century Fox and an outside director on the Tesla board of directors, appears to be the favored candidate to replace the carmaker’s founder and CEO Elon Musk, who must relinquish the chairman’s role as part of a settlement with the SEC.

Murdoch’s name has surfaced several times since Musk agreed to step down from the chairman side of his dual role to settle charges of fraud leveled against him by the Securities and Exchange Commission for claiming Tesla had “funding secured” for a bid to go private. Musk later confirmed there was no firm plan or funding and subsequently canceled the move to privatize Tesla.

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According to a report by the Financial Times, several sources close to the discussions inside Tesla said Murdoch was a primary choice for chairman. He has been serving as a non-executive director since 2017. But while the son of Australian mogul Rupert Murdoch has extensive media experience, his time with Tesla marks his only involvement in the auto industry. (more…)

Faraday Fritters Away Funding, Future Fading Fast — Again

Company not paying vendors while fighting with investor.

by on Oct.08, 2018

More than 300 Faraday workers gathered at the plant last weekend to help clean it up.

Less than a year after it was rumored to be out of money, budding electric vehicle maker Faraday Future appears to be out of money again — even after getting an $800 million infusion from a Chinese conglomerate.

According to a filing with Hong Kong Stock Exchange, the healthcare division of Chinese real estate group Evergrande is accusing Faraday Future founder and CEO Jia Yueting of trying to back out of the deal the two sides made in January.

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Evergrande officials claim that Jia blew through the $800 million and wanted another $700 million, and say they will take “all necessary actions” to protect itself and its shareholders. Conversely, Jia claims the company agreed to make two payments and after making the first, is trying to get out of the second, a $700 million payment due in 2019. (more…)