Posts belonging to Category automobile



No-deal Brexit uncertainty forces UK producers to plan factory shutdowns

Excess stock leading to a collapse in sales for UK producers.

British companies have drawn up plans to temporarily close factories after demand for their goods nose-dived following Theresa May’s decision to delay Brexit, senior industry figures have told Business Insider.

Producers have seen production levels collapse due to what one industry chief called the “stop-start” Brexit effect.

Fears of a no-deal Brexit in March and April led many companies to build up large stockpiles of goods.

http://www.businessinsider.com

 

Elon Musk mulls mining venture for Tesla

Objective: produce electric car batteries

Tesla could go into the mining business in order to produce its batteries more quickly, Elon Musk has claimed.

The company is working on improving its battery production and technology, the chief executive said at the company’s annual shareholder meeting.

“We might get into the mining business, I don’t know. We’ll do whatever we can to make sure we can scale as fast as possible,” he said.

The California-based electric car company will also make a car which can drive 400 miles between charges.

https://finance.yahoo.com

Fiat Chrysler in Discussion to Merge With Renault

Probability to complete the merger within 10 days is 95%

Fiat Chrysler is planning to propose a merger with the French carmaker Renault on Monday, according to two people involved in the negotiations, in a transaction that could reshape the global automobile industry.

The two companies were deep in talks over the weekend about the structure of the deal and how to handle the political implications, but many details remained unclear. Renault, which is partly owned by the French government, is already in a three-way partnership with two Japanese companies, Nissan and Mitsubishi, in what is known as the Renault Nissan Alliance. And Fiat has significant operations in Italy.

A combined Renault and Fiat Chrysler would become the third largest automaker in the world by sales, behind Volkswagen and Toyota.

Uber and Lyft strikes

US drivers stop taking rides in protest over pay

Rideshare drivers are striking and protesting in major cities across the United States, with many participating in a 24-hour strike of the Uber and Lyft apps that began at midnight on 8 May.

Cities affected by the stoppage – which varies in length from two-hour strikes to day-long boycotts – include Los Angeles, New York, San Francisco, San Diego, Philadelphia and others. Strikes are also expected overseas in Britain, Australia and elsewhere.

The protests come the day before Uber launches its shares in a public offering on the US stock exchange.

http://www.theguardian.com/

Tesla will roll out 1 million robot-taxis next year

Tesla to compete with Uber

On Monday, CEO Elon Musk revealed the company’s plans to compete with incumbents like Uber with the company’s strategy for an autonomous ride-hailing fleet. Robo-taxis are essentially any Tesla vehicle with autonomous-driving functionality. To turn a Tesla into a robo-taxi, a car’s owner simply adds it to the Tesla Network platform by way of the company’s app.
Musk said that by “next year for sure, we will have over 1 million robo-taxis on the road.” Riders will be able to summon a robo-taxi via the same Tesla app – similarly to how they call for an Uber or Lyft today. The key difference, of course, is that there won’t be a driver in the car.
http://www.msn.com/

Uber’s self-driving unit valued at $7.25 billion

Softbank, Toyota and Denso will invest $1 billion

Uber’s autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering.

Uber Technologies Inc said on Thursday that the investment values its Advanced Technologies Group, which works to develop autonomous driving technology, at $7.25 billion. SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp and automotive parts supplier Denso Corp will invest a combined $667 million.

Toyota will also contribute up to an additional $300 million over the next three years to help cover the costs of building commercial self-driving vehicles, Uber said.

http://www.reuters.com/

Intel Gives Up on 5G

Failed Quest to Break Into Mobile Market

Intel Corp., whose products dominate the world of computing, said it’s going to wind down a multibillion-dollar, multidecade effort to grab a viable stake of the mobile phone industry. After its one significant customer, Apple Inc., said it will return to using Qualcomm Inc. chips, Intel announced Tuesday it will exit the 5G smartphone business and complete an assessment of the opportunities for existing chips and fifth-generation modems in personal computers.

“The company will continue to meet current customer commitments for its existing 4G smartphone modem product line, but does not expect to launch 5G modem products in the smartphone space, including those originally planned for launches in 2020,” the Santa Clara, California-based company said in a statement.

http://www.bloomberg.com/

Uber plans to sell around $10 billion worth of stock in IPO

Uber is seeking a valuation of between $90 billion and $100 billion

Uber Technologies has decided it will seek to sell around $10 billion worth of stock in its initial public offering, and will make public the registration of the offering on Thursday, people familiar with the matter said on Tuesday.

An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding in 2014.

Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft’s shares following its IPO late last month, the sources said. Investment bankers previously told Uber it could be worth as much as $120 billion.

https://www.cnbc.com/

Fiat Chrysler to pay Tesla hundreds of millions of euros

Fiat Chrysler tries to avoid fines for violating European Union emission rules

Italian-U.S. carmaker Fiat Chrysler Automobiles NV (FCA) has agreed to pay electric carmaker Tesla Inc hundreds of millions of euros to allow Tesla vehicles to be counted in its fleet to avoid fines for violating new European Union emission rules.

The step will let the Italian carmaker offset carbon dioxide emissions from its cars against Tesla’s, bringing down its average emissions of the greenhouse gas to a permissible level, according to the Financial Times, which was first to report the agreement.

https://www.reuters.com/

Lyft raises IPO price target

Investors fret over missing out

Lyft Inc on Wednesday raised the price range for its initial public offering, as investors looked past the ride-hailing startup’s mounting losses to the company’s growing market share against larger rival Uber Technologies Inc.
Lyft raised its IPO price range to between $70 and $72 per share, meaning the ride-hailing company is now targeting a valuation of up to $24.3 billion. The increased range, from $62-$68 previously, is the result of investors worrying about missing out on the biggest U.S. IPO since Snap Inc in 2017.

https://www.reuters.com/

Uber buys rival Careem in $3.1 billion deal

Uber wants to dominate ride-hailing in Middle East

Uber said late on Monday night it would pay $1.4 billion in cash and $1.7 billion in convertible notes in a deal that gives it full ownership of Careem. The long-expected agreement ends more than nine months of start-and-stop negotiations between the two companies and hands Uber a much-needed victory after a series of overseas divestments.

The notes will be convertible into Uber shares at a price equal to $55 apiece, Uber said, marking a nearly 13 percent increase over Uber’s share price in its last financing round, led by SoftBank Group Corp more than a year ago.

https://www.reuters.com/

Uber IPO Could Be One of Five Biggest NYSE Listings in History

Uber chooses the New York Stock Exchange

Uber Technologies has selected the New York Stock Exchange for its imminent initial public offering, handing the trading floor what could be one of the five biggest listings of all time, according to a person familiar with the matter, who asked not to be identified as the details aren’t public.

The ride-hailing giant is expected to publicly file for its offering in April, kicking off a listing that could value the company at as much as $120 billion and is likely to be the biggest of the year, people familiar with the plans have said previously. At that valuation, Uber would only have to float about 16% of its shares to make the top five, according to data compiled by Bloomberg.

https://www.fortune.com/

Fiat-Chrysler and PSA mull a merger

Objective: becoming a global player

Fiat Chrysler Automobiles NV Chief Executive Officer Mike Manley gave the clearest response to PSA Group’s nascent overtures for a possible cross-border car alliance: we’re ready to look at anything.

Manley, who took over from late CEO Sergio Marchionne in July and is under pressure to deliver a turnaround for the carmaker’s business in Europe, said Tuesday the U.S.-Italian manufacturer would look at “any deal that would make Fiat stronger.”

Manly was responding to a question at the Geneva Motor Show on whether Fiat Chrysler would engage with PSA. The French carmaker of Peugeot, Citroen and DS cars has started sounding out advisers for a possible deal that would turn the company led by Carlos Tavares into a global player, according to people familiar with the matter. Fiat is among possible targets considered, the people said.

https://www.apnews.com/

Tesla Gigafactory in Shangai To Be Complete In Summer Of 2019

10% of the total planned capacity of the plant

The breakneck pace of work at Tesla’s Shanghai Gigafactory continues with the announcement that the company has started an energy conservation assessment in cooperation with several governmental agencies. In a further update, Chinese media noted that the project would be completed in the summer of 2019.

The first phase of the Tesla Gigafactory in Shanghai is only an estimated 10% of the total planned capacity of the plant and will be producing the first cars by the end of this year.

The factory will produce Tesla’s smaller Model 3 and Model Y vehicles, launching with the Model 3 and starting production of Model Y essentially in parallel with production in the United States (at Tesla’s Gigafactory 1 in Nevada).

http://www.cleantechnica.com

Amazon, GM in talks to invest in electric pickup truck maker Rivian

Rivian Automotive LLC valued up to $2 billion

Amazon.com Inc and General Motors Co are in talks to invest in Rivian Automotive LLC in a deal that would value the U.S. electric pickup truck manufacturer at between $1 billion and $2 billion, people familiar with the matter.

The deal would give Amazon and GM minority stakes in Rivian, the sources said. It would be a major boost for the Plymouth, Michigan-based startup, which aspires to be the first carmaker to the U.S. consumer market with an electric pickup.

If the negotiations conclude successfully, a deal could be announced as early as this month, the sources said, asking not to be identified because the matter is confidential. There is always a chance that deal talks fall through, the sources cautioned.

http://www.reuters.com