Archive for the ‘Investors’ Category

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…)

Tesla Going Round the Clock on Model 3 Production

EV maker looks to up Model 3 build rate to 6K weekly.

by on Apr.19, 2018

Tesla CEO Elon Musk is looking to make the Fremont, California plant a 24/7 operation to meet a new Model 3 production goal of 6,000 units weekly.

Tesla CEO Elon Musk is borrowing from a famous ‘50s rock ‘n’ roll ditty in order to get Model 3 production levels back on track: they’re going to work around the clock.

Musk ordered a weeklong shut down of the company’s plant in Fremont, California, to resolve once and for all the production bottlenecks the facility was experiencing related to Tesla’s first mass-market vehicle, the Model 3.

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The company’s founder, who has taken to sleeping on the plant floor regularly, said one of the big problems was the plant was too automated. “Humans are underrated,” he said. (more…)

Model 3 Production Halt Raises New Worries About Tesla

Automaker wants to “improve automation and systematically address bottlenecks.”

by on Apr.17, 2018

Tesla is shutting down its plant temporarily to resolve production problems that have delayed Model 3 production.

Tesla is temporarily idling its troubled Fremont, California assembly plant for as long as five days, the automaker has confirmed, in order to “improve automation and systematically address bottlenecks.”

The factory, originally built by General Motors, is Tesla’s only automotive manufacturing facility and currently produces the company’s three battery-electric vehicles, the Models S, X and 3. The latter EV is Tesla’s first “affordable,” long-range vehicle and is meant to push the company into the mainstream – and its balance sheet into the black.

Product News!

But the factory has been in what CEO Elon Musk calls “production hell” since the first Model 3 rolled off the line last July, running up unexpected deficits and leading some to question the company’s very survival. (more…)

Geely’s Li Shufu Says Partnerships Key to Auto Success

Team up or get swallowed up.

by on Apr.17, 2018

Geely Chairman Li Khufu purchased 9.7% of Daimler AG for $9.2 billion.

Geely owner Li Shufu urged Daimler AG, in which he recently became one of the largest shareholders, to consider further strategic partnerships.

Global News!

Li Shufu, who is also the owner of Volvo, recently became a major shareholder of Daimler after acquiring a 9.69 % stake in the Stuttgart-based company. (more…)

GM Confirms Layoffs at Lordstown Plant

Company adjusting to market demand with move.

by on Apr.16, 2018

GM says its cutting the second shift at its Lordstown, Ohio plant due to changing customer preferences.

General Motors confirmed it plans to eliminate one shift at its big assembly complex in northeastern Ohio, idling some 1,500 workers.

GM spokeswoman Dayna Hart said in an e-mail that the downsizing of Lordstown’s workforce was in response to the long-term changes in the market place.

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“Last year GM operated the Lordstown, Ohio assembly plant on two shifts. As the market continued to undergo ‘historic’ changes, it required us to reduce production rates and take numerous down weeks to match production with lower customer demand for compact cars.   (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.”

(more…)

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.

(more…)

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.

(more…)

Fiat Chrysler Spinning Off Magneti Marelli Parts Business

Latest move by CEO Marchionne to “purify” automaker’s portfolio.

by on Apr.05, 2018

FCA CEO Sergio Marchionne wants to "purify" the company by focusing solely on its core operations.

Fiat Chrysler Automobiles plans to spin off its nearly century-old parts-making operation Magneti Marelli a move that is part of CEO Sergio Marchionne’s strategy to “purify” the Italian-American automaker’s focus on automotive manufacturing.

The spin-off will follow earlier divestitures of FCA’s truck and tractor operations, CNH Industrial, and supercar brand Ferrari.

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Business News!

“The (latest) separation will deliver value to FCA shareholders, while providing the operational flexibility necessary for Magneti Marelli’s strategic growth in the coming years,” Marchionne said in a statement. “The spin-off will also allow FCA to further focus on its core portfolio while at the same time improving its capital position.”

(more…)

Daimler Remains Committed to Diesel Engine Use

Shareholders express concerns about continued investment.

by on Apr.05, 2018

Daimler AG's Dieter Zetsche attempted to assuage concerns of investors about the future of diesel engines.

Daimler AG management insists the diesel engine has bright future, but the company’s shareholders are growing more skeptical and are raising questions about whether they should remain part of the company’s product portfolio in the face of stringent, new emission standards.

Shareholders, mainly representatives of investment funds holding shares of Daimler AG, raised questions about whether, in the aftermath of the scandal around the cheating on the emissions tests used by Volkswagen, it was wise for Daimler and Mercedes-Benz to continue investing in diesel technology.

Industry News!

The question, coming during a meeting in Germany from German shareholders, indicate how the fallout from the “Dieselgate” scandal continues to impact a technology that up until VW’s troubles emerged in 2015 was the pride of the German auto industry. (more…)

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