Archive for the ‘Executives’ Category

Tesla to Hold Musk to a Higher Standard for Compensation

No cash or bonuses unless carmaker hits milestones.

by on Jan.23, 2018

Elon Musk won't receive any compensation from Tesla until the EV maker begins hitting select stock and operational milestones.

With Tesla still struggling with serious production problems and a balance sheet that has been sinking deeper into the red, the battery-carmaker said Tuesday that its billionaire founder and CEO Elon Musk won’t be in line for any form of compensation until it reaches stock and operational milestones.

While investors continue to back the company, its shares rebounding sharply since a deeper-than-expected third-quarter loss was announced last autumn, there has been growing concern about the delays in ramping up production of the new Model 3. That has raised concerns the company might have to raise more capital to compensation for its rapid cash burn.

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“Tesla and all of its shareholders” will have to perform “extraordinarily well before Musk is to receive any form of compensation going forward, the company said. But the announcement also took aim at another concern that some investors and analysts have raised in recent months: whether the South African-born Musk would remain onboard. (more…)

Mazda NAO CEO Denies Toyota Merger Speculation

Toyota deal is just a deal, CEO says. Despite EV growth, gas engines to stay.

by on Jan.22, 2018

Masahiro Moro, Mazda NAO president and CEO, told a crowd in Detroit that the factory deal with Toyota was not a prelude to a merger.

Mazda’s recent partnership with Toyota to produce EVs at a new plant in Alabama is just that — a partnership. Masahiro Moro, Mazda North America Operations president and CEO, told a crowd that Mazda plans to remain an independent automaker for foreseeable future.

Moro, the company’s top executive discussed Mazda’s future during the Automotive News World Congress in Detroit. He also noted that while electric vehicles and fuel cells are important, Mazda believes it can squeeze substantially more fuel savings from its internal combustion engine during the next decade.

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The automaker does not have an EV or even a hybrid in its U.S. line-up, but the U.S. Environmental Protection Agency has named Mazda as the most fuel-efficient brand in the industry five years in a row, Moro noted.  (more…)

FCA Arguing About Viability of Midsize Pickup

Ford joins GM, Toyota and Nissan in booming segment.

by on Jan.19, 2018

CEO Sergio Marchionne said there has been a lot of pushback on the idea of building a midsize pickup truck.

Executives inside what is now Fiat Chrysler Automobiles N.V. have been arguing about building a midsize pickup truck for nearly a decade, FCA CEO Sergio Marchionne told the media this week during a meeting at the North American International Auto Show.

Marchionne told reporters that FCA had not made any decisions on a future midsize pickup even as Ford Motor Co. revealed its new Ford Ranger during the press previews for the NAIAS.

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“We’re still studying it,” said Marchionne, who acknowledge that the midsize segment where the new Ranger will compete with the Chevrolet Colorado, Toyota Tacoma and Nissan Frontier have has come alive in the last couple of years.  (more…)

PSA Lays Out 3-Stage, 10-Year Roadmap for U.S. Return

CEO calls for “100% electrified” line-up by 2025.

by on Jan.19, 2018

PSA CEO Carlos Tavares has been credited with turning around the near-bankrupt French company.

After a 26-year absence from the North American market, French automaker PSA Group is formalizing plans to reenter the market, though in a series of interviews and appearances in Detroit this week, CEO Carlos Tavares made it clear he’s not in a rush.

With the once nearly bankrupt automaker now flying high in most of its other markets, Tavares outlined a three-stage process that will take as much as a decade to complete. In the meantime, he is focusing on several other critical endeavors, including the revival of the Opel/Vauxhall operations PSA purchased from General Motors last year, as well as a plan that call for the company to have 100% of its products electrified by 2025.

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“When we go into a country we try to be really cautious,” Tavares said during a Thursday roundtable with a small group of journalists, one of several meetings he held in connection with the annual North American International Auto Show. The plan for North America is “more frugal, more humble” and will require only “a small investment,” he explained.

(more…)

Debugging Volkswagen: SUVs Supplant Sedans, Hatches

But no more tongue-twisting model names.

by on Jan.17, 2018

One of the first jobs for VW Group of America CEO Hinrich Woebcken was revealing the new Atlas.

Things didn’t look very good when Hinrich Woebcken landed in the U.S. two years ago as the new CEO and President of the Volkswagen Group of America. The automaker had just acknowledged cheating on diesel emissions tests and was not only facing the prospect of paying billions of dollars in fines and settlements but a collapse in its U.S. sales as it was forced to pull off the market all of its popular diesel models.

“The only reason dealers didn’t kill me was that I was the new guy,” the German-born executive said, only half joking, during a presentation at the Automotive News World Congress on Tuesday afternoon.

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These days, dealers are a lot more sanguine about Woebcken, and VW in general, though the VWoA chief cautioned that the automaker has a long way to go before he can claim success rebuilding its U.S. operations. (more…)

Marchionne Confirms Plan for Ferrari SUV, Hints at Battery Supercar

“Ferrari Utility Vehicle” will be world’s fastest, promises CEO.

by on Jan.17, 2018

Sergio Marchionne said Ferrari will produce a sport-utility vehicle, like competitors Lamborghini, Porsche and others.

There are SUVs, CUVs and, soon, there will be an FUV. And before you try to guess what that means, Sergio Marchionne calls it the Ferrari Utility Vehicle – though considering the disdain some of the brand’s gold chained owners often display, you might come up with a different interpretation.

Rumors of a Ferrari sport-utility vehicle have been circulating for some time, and after dropping some earlier hints, Marchionne made it absolutely official during a series of appearances and conversations at the North American International Auto Show this week.

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The executive, who heads both Fiat Chrysler Automobiles and the Ferrari brand it spun off two years ago, suggested that we could see the new hyper-ute by sometime next year or into 2020, emphasizing his intent for it to be the world’s fastest utility vehicle. (more…)

Cadillac Takes Aim at New Record

Division chief says there is still work to be done.

by on Jan.16, 2018

Cadillac President Johan de Nysschen said the luxury division is enjoying strong sales, but still has work to do.

Cadillac expects to set another global sales record in 2018 thanks to the strength of strong sales in China where the brands sales of surpassed more than 200,000 units in just four years.

Johan de Nysschen, General Motors executive vice president and Cadillac Global president, spread that bit of good news during an appearance at the Automotive News World Congress today; however, he added that Cadillac’s transformation is still very much a work in progress.

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U.S. sales dropped last year and Cadillac is still grappling with cultural issues, particularly with its dealer organization in the United States, which has long depended on deals to help move the metal, he acknowledged. Cadillac will continue to face challenges in the U.S. again this year. (more…)

No Sale: FCA Not Negotiating with Chinese Nor Willing to Sell Off Jeep, Says Marchionne

Exec plans to release his final 5-year plan this quarter and then name his successor.

by on Jan.15, 2018

Marchionne plans to reveal his successor a few months from now but confides no women are in the running.

Fiat Chrysler Automobiles isn’t open to selling off its Jeep brand nor has it fielded any offers for a complete takeover by a Chinese company, FCA Chief Executive Sergio Marchionne said during a media roundtable at the North American International Auto Show in Detroit on Monday.

Marchionne said he wanted to clear up reports that have, in recent months, suggested Fiat Chrysler was up for sale – or that it was willing to let go of some key assets, such as the Jeep or Ram brands. But the executive did not rule out a closer relations with GAC, the Guangzhou-based automaker that serves as its partner in the Chinese market.

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“Without them we could not have gone as far as we have in China,” said Marchionne, who stressed “We are not going to break up (the company and) we are having no discussions with anyone in China interested in acquiring us.”

(more…)

Live From Detroit!

Are Sedans a Dying Breed?

by on Jan.15, 2018

The 2018 North American International Auto Show is making big news this week and revealing some of the significant trends reshaping the auto industry.

Of course, TheDetroitBureau.com is still combing the show floor to bring stories and analysis so keeping checking the site often for additional must-know news and the latest updates. (more…)

Renault-Nissan-Mitsubishi Alliance Creates $1 Bil Venture Fund

“We can’t everything ourselves,” says Ghosn.

by on Jan.10, 2018

The new fund is expected to invest about $200 million annually in new technology and services.

The Renault-Nissan- Mitsubishi Alliance will invest around $1 billion over the next five years to help it fund start-ups and other small tech companies that can help it bring to market electrified, connected and autonomous vehicle technologies, Alliance CEO Carlos Ghosn announced Tuesday.

The corporate venture capital, or CVC, fund is intended not only to give the Franco-Japanese alliance access to potentially breakthrough technology but to help it make decisions more quickly than is normally the case for a big corporation, Ghosn said during a news conference at the Consumer Electronics Show in Las Vegas.

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“We can do everything ourselves,” explained the Brazilian-born executive. “We have to get access to people who think about things in different ways.”

(more…)