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Daimler Cuts Earnings Estimates as Outlook Gets Tougher

Mercedes-Benz Cars saw earnings slip, driving new forecast.

by on Oct.19, 2018

Sales of the Mercedes-Benz GLE are off this year as are other models, causing Daimler to revise its earnings forecast downward.

Daimler AG trimmed its earnings outlook for 2018, blaming the rising cost of fines and litigation over the emissions from the company’s diesel engines and a sharp reduction in the earnings by Mercedes-Benz Cars for the expected decline.

“The main factor is an increase in expected expenses in connection with ongoing governmental proceedings and measures in various regions with regard to Mercedes-Benz diesel vehicles,” said as the company revised its financial guidance.

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“Furthermore, against the backdrop of a recent ruling by the European Court of Justice, provisions have been recognized for the potential need to take action on certain vehicles still operating with the previously used refrigerant R134a,” the company said. (more…)

Geely Chief Denies Family Ties to China’s President

Li Shufu looks to avoid charges of favoritism.

by on Oct.19, 2018

Geely Chairman Li Shufu sought to eliminate speculation about familial ties and special treatment by China's president.

Geely Automobile Holdings Ltd has moved to end speculation that its entrepreneurial chairman, Li Shufu, has benefited from political ties to China’s President for life, Xi Jinping.

Li Shufu, who is increasingly active in the global automotive industry, has moved to address the long-standing speculation that his wife was related to Chinese President Xi Jinping.

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The carmaker, which owns a stake in Germany’s Daimler and the firm that makes London black cabs as well as Volvo Cars, disclosed in a filing the name of his spouse was Li Wang, and she jointly held 4.9 million shares in the firm.  (more…)

Uber’s Estimated Valuation in IPO Pegged at $120 Billion

Lyft is looking to doing an offering as well next spring.

by on Oct.18, 2018

Uber CEO Dara Khosrowshahi has been making substantive changes to the company since his arrival.

Uber could raise as much as much as $120 billion, dwarfing the market capitalization of General Motors, Ford and Fiat Chrysler, when it launches an initial public offering next summer, according to a report in the Wall Street Journal.

Uber is already in discussions with bankers about an initial public offering in early 2019, the Journal reported. At the same time, Uber’s principal Lyft raised $15 billion during a round of fund raising and has indicated it is preparing go public next spring, raising the prospect the two ride-sharing companies could collide in the race for cash.

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Uber’s potential valuation could be greater than the combined current valuation of the U.S. automakers, the Journal reported. The comparison has been the subject of some fierce debate with some critics suggesting that for “game changing” technology companies like Uber it is not a relevant. (more…)

Ford Expands Alliance with Mahindra Group

New deal comes on heels of partnership with VW.

by on Oct.18, 2018

Ford and Mahindra officials, including Ford's Jim Farley, (l), celebrate the signing of their first alliance. The two sides added two new agreements.

(This story has been updated to more accurately represent partnership between Volkswagen and Ford.)

Just a day after rumors circulated about the state of its open-ended partnership with Volkswagen AG, Ford Motor Co. expanded its alliance with India’s Mahindra Group.

The two companies this week signed new agreements on sharing powertrains and connected car solutions to reinforce the progress made in the strategic alliance between the two companies, first announced in September 2017 and followed with five Memoranda of Understanding.

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“We are pleased with the progress our teams have made since we announced our strategic alliance with Mahindra Group a year ago,” said Jim Farley, Ford executive vice president and president of Global Markets. (more…)

Porsche Adds GTS Variants to Panamera Line-up

New models fill gap between top and bottom offerings.

by on Oct.17, 2018

Porsche added the GTS Sport Turismo, left, and GTS to give Panamera fans a couple of sportier options.

Porsche is adding two new models to its Panamera line-up: Panamera GTS and Panamera GTS Sport Turismo models, positioned between the Panamera 4S and Panamera Turbo variants, giving customers seeking a sportier driving experience, said Porsche officials.

As compared to the previous Panamera GTS with a naturally aspirated 4.8-liter V8, the current engine — a 4.0-liter twin-turbo V8 engine with output of 453 horsepower from 6,000 to 6,500 RPM and peak torque of 457 lb.-ft. from 1,800 to 4,500 rpm — offers an increase of 13 hp and an additional 73 lb.-ft. of torque.

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The engine, which sends power to all four wheels through an eight-speed PDK dual-clutch transmission via the standard Porsche Traction Management all-wheel drive system, allows both the Panamera GTS and Panamera GTS Sport Turismo models to accelerate from 0 to 60 mph in 3.9 seconds. The former reaches a top track speed of 181 mph, and 179 mph for the latter. (more…)

Gas Prices Remain High Despite Drop in Consumption

Hurricane Michael and a pipe rupture impact pricing.

by on Oct.17, 2018

Gas prices jumped due to recent weather and infrastructure events, but the rise has leveled off this week.

An unseasonal rise in the cost of gasoline this autumn appears to have leveled off this week, according to AAA.

At $2.89, the national gas price average is 2 cents cheaper than it was a week ago amid consumer gasoline demand declining for a third week. But the price of gasoline, on average, is 4 cents more than a month ago and 42 cents more expensive than in October 2017.

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The majority of states have seen gas prices decrease on the week with the exception of a handful of states, some of which were impacted by fuel disruptions on the west coast and in the southeast. (more…)

First Drive: 2019 Volvo V60

New midsize wagon offers luxury and comfort with Volvo safety.

by on Oct.16, 2018

The new Volvo V60 offers stereotypical Volvo safety with plenty of performance and luxury.

Selling station wagons to American motorists has been an uphill battle, maybe even tougher than selling ice in Alaska given the pace of climate change.

But Volvo, which throughout the years has made its share of iconic station wagons, is launching a new one, the V60, into the teeth of the onslaught of utility vehicles that has nearly wiped out the entire segment.

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The second-generation Volvo V60 is an impressive vehicle that demands attention even in face of the tsunami of new SUVs that boosted motorists of all backgrounds into the command seating positions. The V60 is handsome, nicely balanced and very well-equipped with some of the latest technology and safety features, such as a new system that can mitigate the force of a head-on collision.  (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…)

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…)

Mercedes-Benz Readying to Launch New S-Class Hybrid

Third-gen model puts out more than 400 horsepower.

by on Oct.11, 2018

The third-generation Mercedes-Benz S 560 e is being readied for launch by the automaker.

Mercedes-Benz is preparing for the launch of the third generation of the new S 560 e plug-in hybrid sedan.

The modified components and the intelligent powertrain management in S 560 e new anticipatory functions give the customer enhanced electric performance and added convenience thanks to faster charging times.

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In the luxury sedan – available exclusively with a long wheelbase – the efficiency of the 9G-TRONIC plug-in-hybrid transmission and a new lithium-ion battery are good for an all-electric range of around 50 kilometers or about 30 miles.  (more…)

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