Archive for the ‘Executives’ Category

Tesla Loses $522M in Q1 Despite 3% Model 3 Production Jump

EV Maker produced roughly 63,000 Model 3 vehicles in Q1.

by on Apr.24, 2019

Tesla CEO Elon Musk said delivering Model 3s to Europe was a logistical challenge unlike anything he'd seen before.

(This story has been updated with new information from the Q&A session during the company’s earnings call.)

Tesla posted a $522 million operating loss on revenue of $3.7 billion during the first quarter of 2019. The loss came despite a 3% increase in Model 3 production, accounting for about 63,000 vehicles.

This improvement in production rate was modest mainly due to changes to the production process for the introduction of new variants of Model 3, fewer working days and a supplier limitation, the automaker noted.

Sales News!

CEO Elon Musk noted that the company struggled with a massive increase in the delivery of Model 3 sedans to Europe. In fact, the completed half of the deliveries during the last 10 days of the quarter, he noted during the earnings call. (more…)

Nissan Slashes Profit Predictions — Again

Falling sales in wake of Ghosn arrests drive down profits.

by on Apr.24, 2019

Nissan CEO Hiroto Saikawa has had to revised full-year profit forecasts — twice.

With its ongoing battle with former Chairman Carlos Ghosn as a backdrop, Nissan’s executive team had to add to the difficulties by announcing it was tracking to miss its full-year profit goals — and even worse, it will make less than its Alliance partner, Renault.

The Japanese automaker cut its forecast for its preliminary operating profit for the second time to 318 billion yen, or $2.8 billion, for the year ended March, from 450 billion yen.

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Nissan officials cited higher costs related to U.S. warranties, an “adverse operating environment” and the “impact of recent corporate issues on sales,” i.e. fallout from the problems related to Ghosn. (more…)

Ford Investing $500M in Rivian; Will Use Start-Up’s Platform for New BEV

Ford steps in after Rivian talks with GM falter.

by on Apr.24, 2019

RJ Scaringe, Rivian founder and CEO, and Ford Executive Chairman Bill Ford are all smiles after Ford Motor Co.'s $500 million investment in Rivian.

(This story has been updated to include details of Ford’s talks with VW about an EV partnership.)

Ford Motor Co. will invest $500 million in battery-electric vehicle company Rivian, a move that will allow the 116-year-old automaker to use the start-up’s skateboard-like platform for one of its own electric vehicles.

The announcement comes a little more than two months after suburban Detroit-based Rivian inked a separate, $750 million investment deal with a consortium led by online retailer Amazon. Together, the two new partnerships are expected to help firmly establish the start-up and allow Rivian to move forward with plans to produce two vehicles it revealed at the Los Angeles Auto Show last November that will be sold under its own brand.

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“We believe (this) marks a step forward, not only for our respective companies but also the industry, as we move toward a sustainable future,” said Jim Hackett, Ford’s chief executive officer. “For Ford, the news today is fully consistent with the vision to become the world’s most trusted company regarding smart vehicles for a smart world.” (more…)

Waymo to Re-Use Old Detroit Plant to Build New Autonomous Vehicles

Google spin-off to partner with supplier American Axle.

by on Apr.23, 2019

Waymo plans to use a facility on the north side of Detroit to convert Chrysler Pacifica Hybrids and other vehicles for its Waymo One fleet.

A major Silicon Valley tech firm is setting up a base in Detroit, Google spinoff Waymo taking over a plant in the Motor City where it plans to convert vehicles to operate as part of its autonomous ride-sharing service.

Waymo CEO John Krafcik first announced in a blog post Tuesday that the company will lease an unused factory owned by American Axle & Manufacturing on Detroit’s north side. It will be used to convert such vehicles as the Chrysler Pacifica Hybrid minivan that will be a mainstay of the expanding Waymo One ride-sharing service.

Business News!

“There has been a real risk that the shift of the automotive industry could move from Detroit to Silicon Valley, and we’ve been fighting that every step of the way,” Detroit Mayor Michael Duggan said after learning about Waymo’s plans. “I think a major statement was made today in the battle of Detroit and Silicon Valley that a major Silicon Valley company has said the future of vehicles in the city of Detroit.” (more…)

Macron, Abe Discuss Japan’s Investigation of Carlos Ghosn

Ghosn's wife pushed Macron to talk with Abe about the case.

by on Apr.23, 2019

Former Renault CEO Carlos Ghosn, left, and French President Emmanuel Macron, center, tour Renault's plant in northern France.

A day after former Renault Nissan chief Carlos Ghosn was slapped with a new charge by Japanese prosecutors, the leaders of the two countries the automakers claim as home discussed the ongoing investigation.

French President Emmanuel Macron and Japan’s Prime Minister Shinzo Abe discussed the future of the now-shaky Alliance as well as the aforementioned Ghosn.

Global News!

“This industrial partnership has shown its resilience,” a French presidency official said in a statement. “It is now up to the industry leaders in charge to make the alliance even more solid so that it can face up to the technological disruptions underway in the auto industry.”  (more…)

Tesla Investors Fret as Automaker Prepares to Release Q1 Earnings

Expected poor sales with no turnaround in sight causing worry.

by on Apr.23, 2019

Tesla CEO Elon Musk is bracing for tough first quarter results. Investors aren't optimistic.

Tesla CEO Elon Musk has already signaled that first quarter earnings weren’t going to look good. Just how bad they might be is the big question that has investors and analysts alike in a frenzy.

The automaker won’t report earnings until after the final bell on Wall Street on Wednesday, but based on the poor Q1 sales numbers it revealed a few weeks back, the general consensus isn’t very positive. Analysts polled by FactSet are forecasting a consensus adjusted loss of $0.99 a share.

Business News!

On the side, that’s significantly better than the $3.35 a share Tesla lost during the first quarter of 2018. But that was during a period Musk described as “production hell,” when the automaker was struggling to fix issues at both its Reno Gigafactory battery plant and its Fremont, California, assembly line. With those problems largely resolved, Tesla managed to pull a profit for the final half of 2018. (more…)

Former Nissan Chief Ghosn Smacked With New Charge in Japan

New allegations likely mean extended detention term.

by on Apr.22, 2019

Former Nissan Chairman Carlos Ghosn has been hit with a new charge by Japanese prosecutors.

On the day jailed former Nissan Chairman Carlos Ghosn’s was supposed to be released, Japanese prosecutors brought a new charge against him virtually assuring he would remain in custody for the near future.

The authorities added a fourth charge after finding out that payments made to Nissan by a supplier were allegedly redirected to Ghosn for his “personal enrichment.” Ghosn was already released once on $9 million bail last month. Whether or not he will be released on bail again is up in the air.

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“Such misconduct is completely unacceptable, and Nissan is requesting appropriately strict penalties,” the automaker said in a statement. Ghosn faces three other charges, including allegedly understating his income and allegedly transferring personal investment losses to Nissan. (more…)

Tesla CEO Musk Set to Announce “Full Self-Driving” Vehicle Today

But what that means remains unclear.

by on Apr.22, 2019

Tesla CEO Elon Musk said the company will have a fully autonomous vehicle on the road by the end of the year.

Today could prove to be a transformative day for Tesla and the auto industry at large, at least if Elon Musk delivers the “full self-driving” vehicle that the battery-carmaker’s CEO Elon Musk has promised to unveil.

Tesla has long been a proponent of autonomous driving, its Autopilot allowing limited hands-free operation on well-marked, limited-access roadways. Although the automaker has so far been faint with hard details, it has dropped plenty of hints that the updated Autopilot system could operate without direct driver involvement in most, if not all situations.

Product News!

If that proves to be the case, observers suggested, it could put Tesla in the forefront of an extremely competitive field, leapfrogging key players like Google spinoff Waymo and General Motors. But considering the problems the original Autopilot system has had, there remain plenty of skeptics. (more…)

Subaru NYIAS Display Shows Commitment to National Parks

Automaker donated $2.1 million to parks in 2018.

by on Apr.22, 2019

Subaru is the National Park Foundation's largest corporate partner and its NYIAS display reflects that commitment.

Subaru of America Inc. has become the National Park Foundation’s single largest corporate partner.

“Through our partnership with the National Park Foundation, we have provided nearly $20 million in support since 2013, funding programs and projects in more than 100 national parks that help protect these treasured places and increase public awareness and engagement across the National Park System,” said Thomas J. Doll, CEO and president, Subaru of America Inc.

Auto Show News!

The automaker donated $2.1 million in 2018 through its Share the Love buying program where it donated $250 from the sale of every vehicle to the foundation. Through the 11 years of program it has raised $145.7 million. (more…)

Big Three Group Supports Trump Report on USMCA Benefits

Support comes despite conflicting study from IMF.

by on Apr.19, 2019

A new report from the U.S. Trade Representative says the new USMCA will bring substantial benefits; however, an IMF study suggests otherwise.

Detroit’s automakers are rushing to defend a report from the Trump administration that touts the benefits of the new North American Free Trade Agreement.

The Trump administration report, produced by the United States Trade Representative (USTR), was released Thursday in advance of less than an underwhelming independent government estimate of the economic impact of proposed U.S. Mexico Canada Agreement, or USMCA.

Trade News!

Trump has portrayed the new agreement he negotiated as a replacement for NAFTA as likely to lead to a rush of new investment and jobs in the U.S. and an end to the outsourcing he and others have blamed for a hollowing out of American manufacturing. (more…)

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