Archive for the ‘Financials’ Category

Elio Motors Secures $2.5M in New Funding from Overstock

Once in production, plans call for Elio to be sold through Overstock.

by on Apr.24, 2018

Elio Motors just took in $2.5 million in new cash from a new investor.

Rarely has a three-wheeled anything, much less a car, engendered as much goodwill — and second (and third, fourth …) chances financially – as the Elio.

The quirky three-wheeled car initially introduced nearly five years ago has secured $2.5 million in new funds through a private stock placement with Overstock.com. The shares are worth $2.75 each, but as a private stock, it cannot be traded or sold.

Industry News!

Elio Motors officials say the company intends to use the proceeds of the new investment to fund capital expenditures and repay certain outstanding debt and accounts payable. Since it’s a private placement, Elio will enter into a registration rights agreement with Overstock. (more…)

BMW Slashing Presence at Euro Car Shows, Could Pull Out of Some

Bavarian automaker shifting resources to alternate events, like CES.

by on Apr.24, 2018

The BMW i Vision Dynamics made its debut at the 2017 Frankfurt Motor Show.

Already planning to skip the North American International Auto Show in Detroit next January, BMW is reportedly planning to sharply scale back its presence at European events like the 2019 Frankfurt Motor Show, according to a German news report, and it could abandon some of those entirely, as well.

The news comes as automakers large and small start to rethink their commitment to traditional auto shows which, the latest thinking goes, don’t generate the bang-for-the-buck they once did. At the same time, manufacturers are being offered a range of new alternatives, whether tech-focused events like CES or even one-brand shows that avoid the need for a carmaker to share the stage with competitors.

Beyond the Headlines!

BMW is planning to slash as much as 75% of its 2019 auto show budget, reports the German business publication Handelsblatt. At the Frankfurt Motor Show, where BMW had previously gone so far as constructing an indoor driving track, it will have just a 10,000 square foot display at the next event down from 36,000 in 2017.

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Wage Deal in Hand, GM Abandons Threat to Put Korean Ops in Bankruptcy

But questions remain about the unit’s long-term prognosis.

by on Apr.23, 2018

With concessions from unions, GM believes it has a deal in place to keep GM Korea from bankruptcy.

General Motors today reached a tentative agreement with its South Korean labor union, a move that is expected to keep the automaker from putting its Korean subsidiary in bankruptcy – though it still is waiting for a final decision on a bailout from the Korea Development Bank.

Faced with plunging sales and rising costs, GM earlier this year announced it would close one of four Korean assembly plants and warned it could seek the Korean equivalent of Chapter 11 protection if it didn’t get a deal from workers and support from the KDB, which owns a 17% stake in GM Korea.

Global News!

“The labor union has demonstrated its commitment and we continue to work with our other key stakeholders to gain their support,” GM Korea CEO Kaher Kazem said in a statement, noting that ratification of the tentative agreement is “critical” to achieving additional support from shareholders and the Korean government. (more…)

GM Adds eBay CEO to Board of Directors

Company updates $16.5 billion line of credit.

by on Apr.20, 2018

Devin Wenig, eBay CEO, has been recommended to joined the General Motors Board of Directors.

General Motors has reached out to Silicon Valley to obtain a new recruit for the company’s board of directors while also adding to its lines of credit.

The election of eBay CEO Devin Wenig to the board’s slate of nominees will bring GM’s Board of Directors to 11 members, 10 of whom are non-employee directors. Wenig will stand for election at GM’s Annual Meeting of Shareholders on June 12, 2018.

Industry News!

“Devin brings significant expertise in technology, global operations and strategic planning to our board,” said GM Chairman and CEO Mary Barra.  (more…)

Senate Strikes Down Rule Protecting Against Discriminatory Lending

House expected to pass Senate measure for Trump to approve.

by on Apr.19, 2018

The National Auto Dealers Association, led by Chairman Wes Lutz, applauded the reversal of CFPB guidance over potentially discriminatory lending practices.

The U.S. House of Representatives is expected to take up a measure passed by the Senate on Wednesday that wiped out guidance from the Consumer Financial Protection Bureau designed to eliminate lenders from discriminating against auto buyers based on race or national origin.

The guidance, which was offered in 2013 by the Obama Administration, was considered controversial at the time and faced fierce opposition from Republicans as well as banks, lenders and finance companies.

Industry News!

The Senate asked the General Accounting Office to era to review whether or not the guidance, which was aimed at preventing auto lenders from charging borrowers higher rates based on factors such as race or national origin, should have been subject to Congressional review. (more…)

Brand boss de Nysschen out in Shake-Up at Cadillac

Move comes at launch of critical new products.

by on Apr.18, 2018

Johan de Nysschen, now former Caddy chief, said in New York last month Caddy's upcoming product lines could double current sales.

Just weeks after presiding over the debut of two critical new products, the CT6 V-Sport sedan and XT4 sport-utility vehicle, Johan de Nysschen is out as the head of the Cadillac brand, replaced by Steve Carlisle, a fast-track executive credited with major turnarounds for parent General Motors in Canada and Thailand.

With extensive experience in the global luxury car market, including stints with BMW, Audi and Infiniti, de Nysschen laid out broad plans for Cadillac’s revival after joining the brand in 2014. That ranged from additions to its product portfolio to the decision to move Caddy from Detroit to New York City to give it more distance from the parent company and put it at the center of one of the country’s biggest luxury car markets. But several sources suggested senior GM management was growingly increasingly concerned about Caddy’s weak performance in its home market.

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“We appreciate Johan’s efforts over the last four years in setting a stronger foundation for Cadillac,” said General Motors President Dan Ammann, who helped lure de Nysschen from Infiniti to Cadillac. “Looking forward, the world is changing rapidly, and, beginning with the launch of the new XT4, it is paramount that we capitalize immediately on the opportunities that arise from this rate of change. This move will further accelerate our efforts in that regard.” (more…)

Despite Problems, Musk Promises Tesla Profit in Second Half of 2018

Stock up, but not everyone convinced.

by on Apr.13, 2018

CEO Elon Musk shown exiting the back seat of a Model 3 at its debut. Musk still needs to dig out of trouble caused by Model 3 delays.

It’s been a tough few weeks for Tesla, the battery-electric automaker again missing production targets, being accused of improperly firing nearly 1,000 factory workers and being scolded by federal safety regulators for its role in investigating a fatal crash involving its semi-autonomous Autopilot system.

But that has done little to dampen the enthusiasm of CEO Elon Musk. After earlier this week suggesting Model 3 production isn’t delayed but in a “time shift,” the South African-born exec on Friday tweeted a promise that Tesla will be both profitable and produce positive cash flow by the second half of this year.

Promises, Promises!

Musk’s latest tweet came in response to a harsh Twitter post by British news magazine The Economist, which warned Tesla would need to raise more cash this year. “The Economist used to be boring,” Musk responded, “but smart with a wicked dry wit. Now it’s just boring (sigh). Tesla will be profitable & cash flow+ in Q3 & Q4, so obv no need to raise money.”

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Volkswagen CEO Mueller Likely to Be Replaced by VW Brand Boss Diess

Mueller helped company weather diesel scandal, but Diess seen as change agent.

by on Apr.11, 2018

Prior to being tapped to head VW after its diesel scandal broke, Matthias Mueller ran Porsche.

Volkswagen Group CEO Matthias Mueller is expected to be forced out at a management meeting Friday, with VW brand boss Herbert Diess expected to replace him, according to reports out of Germany.

The shake-up, which has apparently been in the works for months, has the blessing of some of VW’s top shareholders, as well as its chairman and powerful labor chief. It will mark the most extensive management moves since shortly after the automaker’s diesel emissions scandal broke in September 2015.

Global Business News!

VW issued a short statement noting it is considering “a further development of the management structure of the group which would also be associated with personnel changes in the board of management.” The statement hinted that changes under study “could include” the naming of a new CEO, adding that Mueller himself “showed his willingness to contribute,” suggesting the 64-year-old executive might voluntarily step aside rather than fight to retain his post. He is currently under a contract set to continue through 2020.

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Cadillac Exposed!

Here's how brand boss de Nysschen plans to use a new fleet of cars, crossovers and EVs to double U.S. and Chinese sales and even – finally – crash Europe. Exclusively on TheDetroitBureau.com.

by on Apr.06, 2018

Cadillac President John de Nysschen had two big intros in NY, including the CT6 V-Sport.

Cadillac is covering both ends of the spectrum at this month’s New York International Auto Show, offering up both the new entry-luxury XT4 sport-utility vehicle, as well as a high-performance version of its flagship sedan, the new CT6 V-Sport.

The two mark the start of an unprecedented product roll-out that, Cadillac President Johan de Nysschen announced during a NYIAS news briefing, will add 11 models to the brand’s line-up by 2021. But that’s only a glimpse at what’s actually coming, the South African-born executive revealed in an exclusive interview with TheDetroitBureau.com.

The Last Word!

Long positioned as “the standard of the world,” Cadillac fell off its perch in the 1990s, dethroned by high-line European and Asian imports like Lexus, BMW and Mercedes-Benz. It’s had a few false starts in its bid to regain its former glory. But de Nysschen has put in place a do-or-die strategy that is aimed at more than doubling Caddy’s global volume with a mix of new products, advanced powertrains and a new approach to sales and service. Much will depend on the booming Chinese luxury market, but the Caddy chief is also determined to take on key rivals in their home, European market.

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Tesla Hit With NLRB Complaint Over Mass Firings

Feds probe controversial firing of nearly 1,000 employees.

by on Apr.05, 2018

Tesla's Fremont plant has faced a series of problems over the last year.

The National Labor Relations Board has filed a formal complaint against Tesla, finding merit to a series of charges involving the company’s treatment of employees over the past months, including claims that union supporters were swept out in a mass firing.

Charges, cited by the NLRB, range from terminating employees in retaliation for engaging in union and/or protected activities to unlawful interrogations of union supporters. Many of the pro-union employees were fired last fall when Tesla dismissed nearly 1,000 employees for what it described as substandard job performance.

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Unplugged?

Tesla has yet to file an answer to the complaint lodged by the NLRB but denied the allegations when the union fielded the charges last autumn. It will have to come up with a response before a trial date now set for June 11.

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