Archive for the ‘Personalities’ Category

Porsche May Add Battery-Electric Macan Next, Hints CFO

Battery models set to generate 50% of Porsche sales by 2025.

by on Oct.16, 2018

The new Porsche Taycan, formerly known as the Mission E, is just the beginning of a slew of new battery-electric cars coming from Porsche.

Porsche is not only just getting ready to roll out its first pure battery-electric vehicle, the Taycan, but also it apparently sees the opportunity to electrify more of its line-up, with battery-powered products generating more than half its sales by 2025.

The automaker revealed one possibility at the Geneva Motor Show last winter, a concept battery-SUV dubbed the Mission E Cross Turismo that is essentially a high-riding version of the original Mission E concept that will become the Taycan sports car when it goes into production next year. Alternatively, the performance division of Volkswagen Group could electrify the smaller of its two current crossovers, the Macan. And still models will follow, according to Porsche’s chief financial officer.

Electrifying!

“There is no final decision yet, but you can expect that this will be the case because we need a large-volume model that is fully electric. This idea will then progress further with the next generations of the Panamera and Cayenne model lines,” CFO Lutz Meschke told reporters during a tour of the company’s product development center. (more…)

Teslaquila Coming to a Party Near You? Trademark Filing by Musk Says Likely Yes

Flame throwers. Surf boards. Tequila? Maybe.

by on Oct.15, 2018

Is this Tesla CEO Elon Musk's latest short-term brainchild to make some cash or could it be a viable enterprise.

Tesla. SpaceX. The Boring Co. Teslaquila? In late spring, Tesla CEO Elon Musk poked fun at Tesla critics in a playful tweet suggesting he had seen the writing on the wall and drown his sorrows in several bottles of “Teslaquila.”

That soon could be reality. Not the passing out part, but the tequila named after the company could after he filed an “intend to use” trademark application Monday for a tequila called Teslaquila.

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Neither Musk nor Tesla officials have elaborated on the filing, but the application implies a “good faith intention” to use the trademark in the future. Now Musk has a history of creating “businesses” on a whim, such as Not a Flamethrower flamethrowers, Tesla surfboards and others. (more…)

US-China Trade War May Cost BMW $600M Next Year

Automaker's SUV exports cut off due to tariffs.

by on Oct.15, 2018

An early version of the 2019 X5 rolls down the BMW assembly line in Spartanburg, SC. The plant isn't shipping utes to China and that could cost the company big.

BMW expects its earnings to drop by almost $600 million next year if the trade war between the U.S. and China remains frozen in place, the German automaker’s CFO Nicolas Peter said during an interview with Automobilwoche, one of Germany’s leading automotive magazines.

Tariffs between the United States and China have cut exports of sport-utility vehicles from its U.S. plant in Spartanburg, South Carolina, to China, resulting in a hit to earnings of just below 300 million euros, Peter said, according to an extract of an article.

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“If the tariffs remain in 2019, it could have a full-year impact of half a billion euros,” Peter added.  (more…)

Bill Ford Leads Exodus from Saudi Economic Event in Response to Alleged Murder of Journalist

Global business, political and media leaders demand answers in disappearance.

by on Oct.15, 2018

Ford Chairman Bill Ford is shown during a celebration of the 100th anniversary of the carmaker's River Rouge manufacturing complex.

Bill Ford, the chairman of Ford Motor Co., is leading an exodus of high-profile business leaders who have decided to pull out for an upcoming investor conference sponsored by Saudi Arabia.

The move comes amidst growing concerns about the fate of Saudi journalist Jamal Khashoggi, who reportedly entered the Saudi consultate in Istanbul, Turkey last week but failed to leave it, raising concerns he may have been murdered by hit men dispatched by Saudi leaders.

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Khashoggi was a regular contributor to a number of publications, including the Washington Post, and had been granted U.S residency. Reports have surfaced over the last several days indicating American intelligence officials may have had advance warning that Khashoggi faced threats from the Saudis. Turkish officials, meanwhile, claim to have evidence the journalist was murdered in the embassy, his remains subsequently being smuggled out.

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China Car Market Tumbles, Complicating Problems for U.S. Automakers

BMW plans to be first foreign maker to take control of Chinese joint venture.

by on Oct.12, 2018

President Donald Trump is engaged in a trade war with China, and automakers are beginning to pay the price.

After nearly two decades of double-digit growth, the Chinese car market is entering a tailspin, and that could be particularly problematic for American automakers caught up in the U.S.-China trade war.

But other foreign automakers could better weather the downturn, in part due to changing rules that have lowered import tariffs – except on American products – and will now allow foreign manufacturers to take control of joint ventures. BMW is set to become the first to take advantage of the relaxed rules, agreeing to spend $4.2 billion to up its stake in an ongoing alliance with Brilliance China Automotive Holdings.

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“The automotive industry has been a driver of China’s economic growth for years. Now it is pulling back,” Xu Haidong, the assistant secretary general of the China Association of Automobile Manufacturers, said during a Friday news briefing, responding to questions about the market’s third straight monthly decline. (more…)

Tesla Sales Surge Past Mercedes; But Loss of Fed Tax Credits Could Hit Future Demand

Orders placed before 10/15 will be delivered in time to collect $7,500 giveback, Tesla says.

by on Oct.12, 2018

Tesla is quickly approaching the 200,000 vehicle limit that ends the $7,500 federal government tax incentive for EV buyers.

With its manufacturing problems largely overcome, Tesla sales have been booming in recent months, the California battery-carmaker delivering more cars in the U.S. than luxury mainstay Mercedes-Benz in the most recent quarter.

But whether Tesla can maintain that momentum is uncertain, especially with federal tax incentives of as much as $7,500 about to go away, even as a flood of new, long-range electric alternatives come to market, complete with those tax credits.

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Tesla is advising potential buyers that they will have only until the end of Monday, Oct. 15, to place a an order for one of its new vehicles and be sure of getting the $7,500 federal incentive. Starting in January, the credits will be halved. They will be cut again mid-year, and then vanish entirely under the revised U.S. tax law passed by Congress last December. (more…)

GM Shows Support of Gender Equality with Board Appointment

Company named tops globally for gender equality.

by on Oct.12, 2018

International executive and former CIA deputy director Jami Miscik is joining General Motors board of directors.

General Motors has added a female executive with broad experience in international affairs to its board of directors and, in the process, signals its support of gender equality.

The addition of Jami Miscik, the CEO and vice chair of Kissinger Associates, a geopolitical consulting firm founded by former Secretary of State and Presidential adviser Henry Kissinger, brings the total membership of GM’s board to 12.

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The GM board now includes 11 outsiders and is made up of six men and six women. (more…)

Bollinger Takes Wraps off New B2 Pickup Truck

New truck expected to be available by 2020.

by on Oct.11, 2018

The new Bollinger B2 pickup truck is expected to hit U.S. roadways in 2020.

Plenty have talked about it – Elon Musk most prominently – but only one company seems close to producing a battery-electric truck and that’s Bollinger Motors.

The now-Michigan-based EV maker debuted its B1 SUV less than a year ago with a promise of a pickup truck in the near future. Well, as one prominent politician likes to claim: promises made, promises kept. Only this time, it appears to be true.

Electrifying!

“The new B2 incorporates everything that we’ve learned in making the B1, and takes it in an exciting new direction. It’s always been the plan to have both the B1 and B2 start off our line-up,” said Robert Bollinger, founder and CEO, Autoblog reported.  (more…)

Update: Musk Calls “Incorrect” Reports Murdoch Will Replace Him as Tesla CEO

Hunt continues with clock ticking under SEC settlement.

by on Oct.11, 2018

Elon Musk appears to have ruled out reports suggesting James Murdoch will replace him as Tesla Chairman.

Fox CEO and Tesla board member James Murdoch is apparently out as a prospect to replace Elon Musk as the battery-carmaker’s chairman.

Musk, who must relinquish the post as part of a settlement with the SEC, issued a Wednesday afternoon tweet declaring “incorrect” a report in the Financial Times that cited two supposed inside sources naming Murdoch as the frontrunner in the search. The FT story came days after several other media outlets also pointed to Murdoch as the likely successor.

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The 45-year-old Murdoch is a friend of the Tesla founder and boss and has been on the company’s board since last year. He was seen as a particularly suitable replacement for Musk as he will soon relinquish his role as CEO of Twenty-First Century Fox, the media conglomerate founded by his father Rupert Murdoch, after it sells off most of its assets to Disney.

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New Reports: Tesla to Name James Murdoch Chairman to Replace Musk

Will he be able to rein in company founder’s itchy finger?

by on Oct.10, 2018

James Murdoch appears to be the top choice to take over the chairman's role from Tesla founder and CEO Elon Musk.

James Murdoch, the outgoing CEO of Twenty-First Century Fox and an outside director on the Tesla board of directors, appears to be the favored candidate to replace the carmaker’s founder and CEO Elon Musk, who must relinquish the chairman’s role as part of a settlement with the SEC.

Murdoch’s name has surfaced several times since Musk agreed to step down from the chairman side of his dual role to settle charges of fraud leveled against him by the Securities and Exchange Commission for claiming Tesla had “funding secured” for a bid to go private. Musk later confirmed there was no firm plan or funding and subsequently canceled the move to privatize Tesla.

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According to a report by the Financial Times, several sources close to the discussions inside Tesla said Murdoch was a primary choice for chairman. He has been serving as a non-executive director since 2017. But while the son of Australian mogul Rupert Murdoch has extensive media experience, his time with Tesla marks his only involvement in the auto industry. (more…)