In the truck segment, full-size vans experienced a strong week, as values for vehicles in that segment improved 0.25% over the previous week. Alternatively, full-size luxury crossovers/SUVs had the week’s weakest showing, as values for the segment fell 0.61% over last week. Photo courtesy of Black Book. While luxury vehicles continue to struggle, overall vehicle… Continue reading Wholesale Values Stabilizing at Start of October
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Flipkart’s Sachin Bansal looks to invest $100m in Ola – Report
October 11, 2018 Months after his exit from e-commerce major Flipkart, co-founder Sachin Bansal is planning to invest up to $100 million in Indian ride-hailing firm Ola, said a report in The Economic Times quoting sources. It was recently also reported that South African internet conglomerate Naspers LLC was in talks to invest in ANI… Continue reading Flipkart’s Sachin Bansal looks to invest $100m in Ola – Report
Tesla gave employees new confidentiality agreements after internal emails were leaked to the media: Report (TSLA)
Tesla drafted new confidentiality agreements after the contents of internal emails from CEO Elon Musk to employees were included in 2016 articles by Bloomberg and CNN, Bloomberg reports. According to the publication, Tesla legal vice president Jonathan Chang testified on Wednesday in a National Labor Relations Board (NLRB) hearing that the automaker’s general counsel told… Continue reading Tesla gave employees new confidentiality agreements after internal emails were leaked to the media: Report (TSLA)
James Murdoch tipped to lead Tesla board?
James Murdoch could become the next head of Tesla’s board of directors. He is “the favourite” to replace Elon Musk, who currently serves as both board chairman and chief executive, the Financial Times has reported. However, Mr Musk said on Twitter that the FT report was “incorrect” without providing any further detail. Mr Musk agreed… Continue reading James Murdoch tipped to lead Tesla board?
Paris Will Resume Service Of 1,000 Autolib Charging Stations
3 H BY MARK KANE Autolib’s charging infrastructure is to be partially resumed This summer, Europe’s largest electric car sharing system, Autolib in Paris, was terminated including both – Bluecars and the charging infrastructure. According to latest news some 1,000 out of 6,200 charging points (single-phase, ≈3 kW) will be reopened on December 1, 2018,… Continue reading Paris Will Resume Service Of 1,000 Autolib Charging Stations
Ferrari stock target raised by nearly 40 percent as SocGen says firm now has a better plan
CNBC
Ferrari's renewed focus on high-end clients is a “game changer” for its valuation said Societe Generale on Wednesday, as the French bank raised its price target for the stock by almost 40 percent.
Italy's most famous supercar maker first listed on the New York Stock exchange in October 2015 with an Initial Public Offering (IPO) price of $52. At Tuesday's close the stock was worth $128.95.
After long questioning the stock's value, the bank said they have now changed their mind, upping their price target for the luxury car manufacturer of $130 from $94 and shifting their recommendation from “Sell” to “Hold”.
“The facts have changed and so we have changed our mind on Ferrari,” read the note penned by equity analyst Stephen Reitman.
What's ahead for Ferrari under Louis Camilleri
11:36 AM ET Mon, 23 July 2018 | 01:52
Reitman argued that Ferrari's initial plan to reach its 2022 sales target by turning to the SUV market would be difficult because of widespread competition. He added that any “dash for growth” could risk damaging the brand's exclusivity.
That strategy was put in place by former CEO Sergio Marchionne who died in July this year following surgery. His successor, Louis Camilleri, updated markets in September with a new earnings target range for 2022 of between 1.8 and 2 billion euros ($2.1 -2.3bn).
That represented a slight pull back from Marchionne's 2-billion-euro figure, but Reitman said that while the target numbers were largely unaltered, the company strategy has now changed.
“The new mid-term plan broadly repeats the key financial objectives laid out in February, but the way Ferrari plans to achieve them appears to have fundamentally altered,” he said.
Ferrari unveiled two new car models on September 18 2018. They are titled the Monza SP1 and Monza SP2.
The analyst said Ferrari has doubled-down on high end customers after it debuted two brand new road cars, the Ferrari Monza SP1 and SP2 last month.
Ferrari have said that the latest models are part of a limited series called “Icona.” The name has been chosen to reference the firms famous racing cars of the 1950's. The cars will retail at a starting price of 1.6 million euros.
Ferrari said the limited edition would run to a maximum of 499 cars but that there will be further model releases as part of the Icona range.
On plans for an SUV release, Ferrari have now pushed back the release date by two years to 2022. Reitman described the change of strategy as a “game-changer” for the firm.
Societe Generale added that Ferrrai's fundamentals ought now to be valued somewhere between the weighted average of the European luxury goods sector and the French high fashion luxury goods manufacturer, Hermes.
VW taps top Audi executive to run US operations
David Paul Morris | Bloomberg | Getty Images
Scott Keogh, in San Francisco, California, Sept. 18, 2018.
Volkswagen is hoping to replicate the success it has seen at Audi of America with the appointment of a new CEO at Volkswagen Group of America.
Scott Keogh, who has served as president of Audi's U.S. division since June of 2012, will become CEO of the Volkswagen Group of America starting Nov. 1. He will replace Hinrich Woebcken, who has overseen VW's North American operations for the last two and a half years.
For Volkswagen, the move is the latest effort to grow a brand that has struggled in the U.S. for a variety of reasons over the last 20 years. Between 2000 and 2014, the German automaker lagged in the U.S. due to a lack of sport utility and crossover models, which became more popular with American buyers. Sales plunged after 2014 when the company admitted to rigging the emissions on diesel vehicles.
The low point for the brand came in September 2015 when Volkswagen of America President Michael Horn took the stage at an event in New York and addressed the scandal saying, “We totally screwed up.” By early 2016, Horn had resigned and Woebcken replaced him as head of VW in the U.S.. While he and Volkswagen have stabilized the brand, it has a less than 2 percent market share in the U.S.
For Keogh, the challenge is pushing the German brand to do more in the world's second largest auto market. VW's U.S. sales were up 5.2 percent last year while the market overall was down 1.8 percent.
The brand is starting to roll out SUVs and crossovers, which should help sales, but Keogh knows VW can go further. Under his leadership, Audi's U.S. sales climbed 62 percent.
“Scott Keogh, who led Audi to excellence in the U.S., will build upon the momentum and implement the next stage in the growth strategy as we continue to develop Volkswagen into a more relevant player in North America,” said Dr. Herbert Diess, CEO of Volkswagen AG.
Woebcken will remain with Volkswagen as a consultant. Meanwhile, Mark Del Rosso, president and CEO of Bentley Motors, Inc. Americas will move into Keogh's position running Audi of America.
Stricter CO2 requirements of the EU, more diesel driving bans: Where the car industry now meets the climate protection club
DPA Exhaust gas measurement on the exhaust of a diesel car Tougher CO2 fleet targets by 2030, in addition to diesel driving bans and imminent further restrictions in many major German cities: For Germany auto industry The past few days have been anything but easy. Germany’s most important sector today received the latest blow: According… Continue reading Stricter CO2 requirements of the EU, more diesel driving bans: Where the car industry now meets the climate protection club
Dispute about diesel retrofitting gains in severity: SPD threatens BMW, VW and Co with 5000 Euro penalty per diesel car
Getty Images German carmakers reject refurbishments of old diesel cars in the core. Drivers of such cars, which are threatened with a driving ban in German cities, should exchange their older car with a discount for a low-emission new car. But not everyone can afford that Even courts are already convinced that diesel driving bans… Continue reading Dispute about diesel retrofitting gains in severity: SPD threatens BMW, VW and Co with 5000 Euro penalty per diesel car
Germany to unveil battery cell consortium on Nov. 13 – Tagesspiegel
BERLIN (Reuters) – Germany’s economy minister will present plans on Nov. 13 for a consortium to set up a battery cell factory in Germany, supported by 1 billion euros ($1.15 billion) of government financing, German daily Tagesspiegel reported. The consortium is to include Germany’s Varta Microbattery and Ford’s German unit Ford-Werke GmbH, the paper said… Continue reading Germany to unveil battery cell consortium on Nov. 13 – Tagesspiegel