Archive for the ‘Investors’ Category

Musk Hypes Tesla Performance, Future to Shareholders

CEO suggests a Tesla with a 400-mile range is coming soon.

by on Jun.12, 2019

Tesla CEO Elon Musk told shareholders that the company would likely set a new production record in the second quarter.

Tesla CEO Elon Musk walked into the EV maker’s annual meeting facing a slew of tough questions and, as usual, overwhelmed attendees with a slew of positives resulting in enough happy investors to see the stock jump above $220 a share to start the day.

However, the enthusiasm of the previous night’s meeting wasn’t enough to sustain the momentum and the stock fell nearly 6% to just over $211 a share in mid-day trading.

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The brash leader of the world’s biggest seller of battery electric vehicles swept aside concerns about ongoing issues with crashes involving Autopilot, day-to-day funding of the company and demand for the company’s first mainstream vehicles. (more…)

Toyota, SoftBank Preparing Launch of Self-Driving Venture

Monet looks compete with other autonomous entities.

by on Jun.12, 2019

Monet Technologies, led by CEO Junichi Miyakawa, will operate the new self-driving joint venture created by Toyota Motor and SoftBank.

Toyota Motor and its partner SoftBank plan to begin operating a self-driving venture, originated by Monet, in Southeast Asia in 2020.

The move would mark a shift for Japan’s third biggest telco as it looks abroad for growth and potentially bring it into competition with portfolio companies of parent SoftBank Group Corp. and its $100 billion Vision Fund, which has invested in major ride-hailing firms around the world.

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Monet, which is developing an on-demand self-driving service platform, is planning to export a basic version of the system, Chief Executive Junichi Miyakawa told Reuters. (more…)

Tesla Workers Less Keen on EV Maker than Last Year

EV maker not sweating the satisfaction slide.

by on Jun.10, 2019

Tesla took 5,000 orders for the Model 3 last week, Musk said, but ultimately its production goal is 10,000 a week.

Tesla employees expressed concerned about layoffs and executive losses in feedback to Glassdoor.com.

Tesla Inc.’s employees aren’t enjoying their jobs as much as they once did citing concerns about potential layoffs, executive turnover and changing corporate strategy, according to two job websites that track these rankings.

The Palo Alto, California-based EV maker placed 16th on LinkedIn’s annual “Top Companies 2019” list, which came out in April. That’s a significant decline from its fifth-place spot last year and sixth place in 2017.

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Meanwhile, Tesla’s overall company rating at Glassdoor.com fell to 3.2 out of 5.0 stars based on reviews written in the first quarter of this year. That’s down from its high-water mark of 3.6 in 2017, according to historical data compiled by Glassdoor at Reuters’ request. The average rating of the nearly 1 million employers reviewed on the site is 3.4.  (more…)

Automakers Push Back on Trump Plan to Relax Mileage Rules

Expected White House plan would trigger legal actions and “untenable” uncertainty, 17 OEs warn.

by on Jun.07, 2019

Pres. Donald Trump thought he would win industry support from industry leaders over CAFE cuts but has seen opposition, instead/

In an unusual move, 17 automakers, including giants General Motors, Ford and Toyota, have sent a letter to President Donald Trump urging him not to move ahead on plans to roll back federal fuel economy standards – a move that puts the industry more in line with environmentalists than the anti-regulatory White House.

The Trump Administration has signaled since it was first inaugurated its intention to roll back Obama-era guidelines that would have seen the Corporate Average Fuel Economy, or CAFE, standard rise to 54.5 mpg by 2025. The administration’s draft plans would freeze the numbers at 2021 model-year levels, or about 37 mpg.

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The proposal has already generated significant opposition from environmental and consumer groups, as well as the State of California which would effectively lose its current right to set standards higher than those established by the federal government. California has played lead in the various legal actions that have been filed to block any rollback even before the original outline of a plan the White House announced was formalized.

(more…)

French Government Blamed for Collapse of Fiat Chrysler – Renault Merger Plan

Government’s “cumulative demands and pressures” prove too much; FCA opts out rather than accepting further delays.

by on Jun.06, 2019

FCA CEO Mike Manley had hoped to create the world's third-largest automaker with Renault.

Less than two weeks after proposing a merger-of-equals with Renault that would have formed the world’s third-largest automaker, Fiat Chrysler Automobiles withdrew the offer late Wednesday citing government interference in the proposed deal.

“We went in different directions very rapidly,” said a source close to the ongoing negotiations, noting that only three hours earlier the two carmakers had been preparing to release a joint statement indicating that the Renault board had voted in favor of the proposal and would begin taking the necessary steps to complete a merger – a process expected to take 12 to 18 months.

Going into the negotiations, it was clear there would be some potential obstacles, notably finding a way to preserve Renault’s long-standing relationship with Japanese automakers Nissan and Mitsubishi. But, in the end, FCA formally pointed blame for the collapse of the deal at the French government that is Renault’s largest shareholder.

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“It has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully,” FCA said in a statement.

(more…)

FCA Scuttles Deal With Renault, Blames French Government

Automaker rescinds offer "with immediate effect."

by on Jun.05, 2019

Fiat Chrysler rescinded its merger offer to Renault after the French government's demands became too much.

The deal is off.

Fiat Chrysler’s board of directors held a meeting this evening to put the final touches on a deal with Renault, including a press release announcing the two sides had reached an agreement for a merger that would create the third-largest automaker in the world.

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However, in a span of about three hours, the deal unraveled under demands from the French government, sources close to the deal told bingdb.info.  (more…)

GM Shareholders Vote Down Two Proposals at Annual Meeting

Downed proposals get more support than expected.

by on Jun.05, 2019

GM's Mary Barra can continue to hold the chairman and CEO jobs at the same time after a proposal to split them failed.

Two shareholder proposals opposed by General Motors top management went down to defeat during the company’s annual shareholders meeting, but not before the two measures gained significant support from shareholders.

The final tally showed that 37% of the shareholders favored a proposal to split the post of chairman and chief executive officer, creating an independent chairman. Mary Barra currently holds both jobs and the proposal to split the jobs has major support from institutional investors, which means it will return for another vote next year and will continue to exert pressure on GM’s board and senior management. The same measure got just 35% of the vote last year.

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The second proposal, which received more attention during the meeting, received 29% of the votes from investors calls on GM to disclose its lobbying practices. (more…)

Renault Board Puts Brakes on Merger Talks with Fiat Chrysler

French government applying pressure for board to meet demands.

by on Jun.05, 2019

French Finance Minister Bruno Le Maire said the government wants certain assurances met before it will sign off on any Renault-FCA merger.

After initially appearing to be excited by the prospect of a merger with Fiat Chrysler, Renault is now slow-playing its hand as its board delays a decision about merger talks.

Renault’s board said Tuesday after meeting at its headquarters near Paris that it will meet again Wednesday to “continue to study with interest” Fiat Chrysler Automobiles’ merger offer, the Associated Press reported.

Global News!

The delay may come from concerns about the deal from the French government – Renault’s largest shareholder – as well as several unions. (more…)

GM Wants to be Part of Solution to Climate Change

Automaker finding ways to reduce environmental impact.

by on Jun.04, 2019

GM Chairman and CEO Mary Barra said the company is attempting to mitigate its impact on the environment.

General Motors does believe it has to be part of the solution to climate change, said Mary Barra, GM chairman and chief executive officer, during what was billed as the company’s first virtual annual meeting.

Barra said that for some years now GM has heeded the science behind climate change and is taking steps to mitigate the company’s carbon emissions that contribute to global warming.

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“We are taking steps,” she said. “About 20 of our plants are powered by renewable energy.”  (more…)

Renault Expected to Give Thumbs Up to FCA Marriage Proposal

Nissan upbeat, but cautious, according to report.

by on Jun.04, 2019

Any merger between FCA and Renault must protect France's hourly workforce, such as its Maubeuge plant, French government officials said.

Renault’s board will meet on Tuesday afternoon to pore over the merger proposal offered late last month by Fiat Chrysler Automobiles and reports from Europe suggest the response will be a positive one.

Should the French automaker signal its approval it would surprise few, several observers told bingdb.info, considering the two companies had discussed the idea of a full merger for more than a month before the plan became public.

Global News!

But there are some potential obstacles to be overcome, including the existing ties between Renault and its long-time alliance partner Nissan, as well as Mitsubishi which entered the alliance several years ago. But the two Japanese automakers also appear to be signaling cautious approval for the deal that would create the world’s third-largest automaker – and largest automotive group. (more…)


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