Archive for the ‘Financials’ Category

Tesla Claims Employee Tried to Sabotage Plant – But Refuses to Say if Authorities Were Notified

Musk blames employee who didn’t receive promotion, hints others might be involved.

by on Jun.19, 2018

In a letter to employees, Tesla CEO Musk said the Fremont plant was the subject of sabotage.

Tesla CEO Elon Musk advised employees late Sunday that the company had been sabotaged by an employee who sent “highly sensitive” data to unnamed outside parties, but he and Tesla have so far refused to provide details, declining to even say whether police or other authorities, such as the FBI, have been asked to investigate.

Musk’s e-mail to Tesla workers, first reported by CNBC, was sent hours after a small fire at the Tesla assembly plant in Fremont, California briefly shut down due to a fire in its welding area. The incident was deemed minor and work quickly resumed. Tesla has been struggling to boost the factory’s output, primarily of the new Model 3 sedan, and has gone to an around-the-clock production schedule.

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In his note to employees, Musk said an employee committed “quite extensive and damaging sabotage to our operations,” among other things making “direct code changes” in Tesla’s manufacturing system while also sending “large amounts” of “highly sensitive” company data to an address outside the company.

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GM Names Suryadevara to Replace Stevens as CFO

Company now one of a few with women in CEO, CFO roles.

by on Jun.14, 2018

Dhivya Suryadevara becomes General Motors chief financial officer on Sept. 1.

General Motors Co. tapped 39-year-old Dhivya Suryadevara to take over one of the company’s senior executive positions, making the company part a select group with women in the role of CEO and CFO.

GM appointed Suryadevara as Chief Financial Officer, effective Sept. 1, 2018. She will report to Mary Barra, GM chairman and CEO, the company said.

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Suryadevara replaces Chuck Stevens as GM executive vice president and CFO, who has elected to retire after more than 40 years with the company, effective March 1, 2019. will remain with the company as an adviser until his retirement. (more…)

VW Tagged With $1B Fine in Germany for Diesel Scandal

Penalty doesn't prevent civil lawsuits against maker.

by on Jun.13, 2018

VW's new CEO Herbert Diess recently noted the company would have to work hard to regain the public's trust.

Volkswagen AG’s diesel cheating scandal has resulted in the automaker writing another large check, $1 billion, for violating German emissions controls mandates.

The fine is just the latest in a litany of payouts related to the automaker’s attempts to circumvent emissions rules in the U.S. and other countries.

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The $1 billion fine by German authorities is one of the largest in the country’s history. However, its significantly less than what it agreed to in a U.S. plea agreement in January 2017 when VW agreed to pay $4.3 billion in criminal and civil penalties for installing illegal software in diesel engines.  (more…)

UAW, FCA Head to Court to Retrieve Stolen Funds

Union pledges safeguards in place to prevent future problems.

by on Jun.12, 2018

UAW President Dennis Williams told members that new safeguards will prevent future attempts to steal from training funds.

The scandal-ridden UAW-Chrysler National Training Center has filed a civil lawsuit against a former Fiat Chrysler Automobiles N.V. executive and the widow of United Auto Workers leader in a bid to claw back millions of dollars they embezzled from the NTC during the years.

Dennis Williams, the UAW outgoing president, also took aim at the theft of the joint funds during a speech on the opening day of the unions Constitution Convention.

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“To be clear: those who misallocated or misused training center funds betrayed our trust,” the retiring president told the 1,100 delegates gathered in Detroit “The UAW has zero tolerance for corruption, wrongdoing, at any level of this organization.” (more…)

Volvo Hopes to Electrify Customers – and Investors

All-electric models now expected to generate half its sales by mid-2020s, with 1/3 self-driving.

by on Jun.08, 2018

The Volvo 40.2 Concept hints at what's coming with the marque's first all-electric vehicle.

Volvo took a lead in the push into electrification last year, announcing it would use some of battery-based drive system on all future products, whether mild, conventional or plug-in hybrids, or pure battery-electric. And, last January, it gave us a hint of what that first BEV would be with the debut of its 40.2 concept.

The production version will follow in 2019 and, if Volvo’s latest forecast is any indication, so will plenty of other all-electric models, as the Swedish automaker now says it wants them to generate half of its sales by mid-decade.

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The mid-term plan Volvo is laying out is nothing if not ambitious. It also predicts that half of the Chinese-owned automaker’s sales will come from self-driving vehicles, and that half of its volume will come through its Care by Volvo subscription service, rather than conventional sales and leasing. Oh, and add a goal of boosting volume – and profitability – to match other premium manufacturers.

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Tesla CEO Musk Survives 1st Big Challenge as Chairman as Model 3 “Quite Likely” to Meet Target

Shanghai, European plants could be announced within weeks.

by on Jun.06, 2018

Tesla CEO Elon Musk beat back challenges to his role, while 3 board members were voted back in.

Elon Musk stared down a group of dissident shareholders on Tuesday, surviving the first serious challenge to his dual role as chairman and CEO of the California automaker, while three of his hand-picked board members also fended off challenges.

Musk, who has developed an almost cult-like following among investors and electric vehicle fans alike, has faced an unusual degree of scrutiny in recent months as a result of mounting losses, struggles with production of the Model 3 sedan and a series of widely reported crashes involving Tesla vehicles. But despite some opposition, the company’s annual shareholders meeting was largely focused on promises about great things to come.

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Musk promised that after months of what the CEO has dubbed “production hell,” the pace is picking up at the Fremont assembly plant and that production will “quite likely” reach his 5,000 vehicle-a-week target by the end of June. Meanwhile, he and members of his senior management team outlined other developments to come, including the launch of additional production plants that could substantially boost global demand.

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FCA Planning to Plug In

After slow start, automaker reveals big plans for electrification.

by on Jun.01, 2018

The production version of this Maserati Alfieri concept will use an electrified drivetrain to launch from 0 to 60 in barely 2 seconds.

Sergio Marchionne isn’t much of a fan of battery power, or at least he hasn’t been until recently. When Fiat Chrysler Automobiles launched its first all-electric model, five years ago, the CEO actually urged motorists not to buy it, admitting FCA lost about $25,000 on every one of them.

But at the automaker’s “Capital Day,” in Milan on Friday, Marchionne and his management team were far more upbeat, announcing plans to add dozens of electrified vehicles – everything from mild hybrids to pure battery-electric vehicles – into the FCA line-up over the next give years.

Electrifying!

The economics still aren’t great, noted Mark Chernoby, the automaker’s head of technology compliance, but in an era of increasingly stringent emissions and mileage regulations, it’s the only real day to meet targets being set in markets as diverse as the U.S., Europe, China and Brazil. That’s all the more so as FCA continues to migrate from traditional sedans and coupes to the less efficient SUVs and CUVs that will overwhelmingly dominate its global line-up.

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More Products, More Volume, Bigger Margins: FCA Lays Out Aggressive, 5-Year Growth Plan

Morning presentation outlines plans for Jeep, Ram, Maserati and Alfa Romeo brands.

by on Jun.01, 2018

The Ram TRX will be among the new models FCA will bring out over the coming five years.

(This story has been revised to update plans for Jeep’s pickup and a midsize pickup from Ram that, CEO Marchionne now says will come to the U.S. market.)

In a sweeping presentation designed to give analysts, investors, media and potential buyers a good look at its future, Fiat Chrysler Automobiles executives are spending a day detailing their plans for the company and its various brands.

At the midway mark, as they break for lunch, they’ve already lifted the kimono far enough to show what’s coming for the Jeep, Ram, Maserati and Alfa Romeo brands and, in a nutshell, it can be summed up as more products targeting lots more volume and much bigger margins.

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The new five-year plan will be the last crafted under the guidance of Sergio Marchionne, the 65-year-old executive who helped pull off the pairing of two struggling manufacturers to form Fiat Chrysler Automobiles. His third five-year plan, Marchionne stressed that “The true finish line is the one always yet to come.”

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Nissan Cuts North American Production by 20%

Automaker focusing on profits over growth.

by on May.29, 2018

Nissan's Hiroto Saikawa said the company's new product entries this year should increase sales to nearly 6 million.

Nissan Motors is cutting production in North America by 20% as it shifts from a strategy that focused on growth and now zeroes in on profits.

The company has slowed production at two plants in the U.S. and three in Mexico as its sales for 2018 are down 6.5%, including a 9.5% drop in March. The losses have come despite aggressive discounting and fleet sales efforts.

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Although production is slowing down, the Nikkei said, employees will not be let go. The plants will not be completely shut down and, at some point later this year, production is expected to return to normal levels. (more…)

Uber Posts Positive Q1 Earnings After Tough 2017

Shuttering of Arizona ops stings as Waymo, Lyft take off.

by on May.24, 2018

Uber CEO Dara Khosrowshahi has made an impact on the company in the short time he's been there.

After nearly a year of problems and attempts to rectify them, including the addition of a new CEO, Uber Technologies’ first quarter results reveal some of the positive impact of changes implemented across the ride-sharing company.

Uber reported net income of $2.5 billion on gross bookings of $11.29 billion, an increase of 55% compared with the year-ago period. The company’s net revenue grew 67% to $2.5 billion.

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Much of the company’s positive results can be attributed to the changes implemented by new CEO Dara Khosrowshahi and two significant transactions: the sale of GrabTaxi Holdings Pte Ltd. and a joint venture with Yandex N.V. (more…)

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