Category: Newswire

Tesla expects the Model Y to be more profitable than the Model 3

Tesla expects its upcoming Model Y SUV to be more profitable than its Model 3 sedan, the electric-car maker said on Wednesday in its second-quarter earnings letter.Like Tesla’s Model X SUV, the Model Y will be able to seat seven people.Tesla reported a larger-than-expected loss for the second quarter, losing $US1.12 per share (versus an expected loss of $US0.31 per share) on revenue of $US6.35 billion (versus an expected $US6.45 billion).

BorgWarner Reports Second Quarter 2019 U.S. GAAP Net Earnings Of $0.83 Per Diluted Share, Or $1.00 Per Diluted Share Excluding Non-Comparable Items

AUBURN HILLS, Mich., July 25, 2019 /PRNewswire/ — BorgWarner Inc. (NYSE: BWA) today reported second quarter results. Second Quarter Highlights: U.S. GAAP net sales of $2,551 million, down 5.3% compared with second quarter 2018. Excluding the impact of foreign currencies and the net…

China steps up investments in automotive industry

CHINA has long been a key market for global automotive manufacturers.The single biggest investment in the category is Geely’s stake in Daimler, which it bought for US$9 billion in February 2018, gaining about 9.7 per cent of the company and making it the single biggest shareholder in the German luxury-car company.The purchase by BAIC makes it the third-largest shareholder of Daimler and represents the biggest strategic investment by a Chinese government entity into a global carmaker.

Cycle & Carriage Singapore enters car leasing business, forms fleet partnership with Gojek

AUTOMOTIVE group Cycle & Carriage Singapore on Thursday said it has entered the car leasing business through the formation of a new unit wholly owned by parent company Jardine Cycle & Carriage (Jardine C&C).The new unit, Cycle & Carriage Leasing, will provide various leasing options from daily rentals to long-term car rentals of up to three years, and will also be available to private hire drivers.Cycle & Carriage Leasing’s fleet will consist mainly of brands represented by Cycle & Carriage Singapore – namely Kia Cerato, Kia Stonic, Kia Niro Hybrid as well as Mitsubishi Attrage.

Horst Binnig to leave Rheinmetall Automotive AG and the Group holding company Rheinmetall AG

Horst Binnig to leave Rheinmetall Automotive AG and the Group holding company Rheinmetall AG. Photo: Heartbeat Online

DÜSSELDORF, 24-Jul-2019 — /EuropaWire/ — Horst Binnig, 60, to retire from Rheinmetall Automotive AG and the Group holding company Rheinmetall AG after 20 successful years in the Automotive sector. Binnig, currently serving as Chairman of the Executive Board of Rheinmetall Automotive AG and as a member of the Executive Board of the Group holding company Rheinmetall AG, has informed the Supervisory Board about his intention to leave for personal reasons. Upon closing of the succession plan with a smooth transition of leadership positions, Horst Binnig will actually be leaving the Group by the end of 2019.

Binnig has joined the Automotive sector of Rheinmetall Group in 1999 initially starting in the Corporate Development. He then led the Automotive subsidiary KS Aluminium-Technologie. Prior to joining Rheinmetall Group Horst Binnig was working for KACO Group and Hengstler GmbH. He was instrumental in helping establish Rheinmetall’s second major joint venture with SAIC (Shanghai Automotive Industry Corporation) in China. Furthermore, Binnig led the vigorous expansion of Rheinmetall Automotive’s activities in China as part of the company’s internationalization strategy.

Member of the Executive Board of Rheinmetall Automotive AG since 2012, Horst Binnig has become the Chairman in early 2014. During the same year, he was also appointed to the Executive Board of Rheinmetall AG.

Commenting on Horst Binnig’s departure, Ulrich Grillo, Chairman of the Supervisory Board of Rheinmetall AG and Armin Papperger, Chairman of Rheinmetall Automotive AG’s Supervisory Board, said:

“Even though there is still some time left before his departure, we would like to thank Horst Binnig today. Not only has he played a decisive role in the extremely positive development of Rheinmetall Automotive’s business over recent years, he also delivered important impetus for the development of the Rheinmetall Group as such as a member of the Group’s Executive Board. All the more do we therefore regret his decision as much as we respect it.“

Media contacts:

Folke Heyer
Karl-Schmidt-Straße
74172 Neckarsulm
Germany
Phone: +49 7132 33-3140
Fax: +49 7132 33-3150

SOURCE: Rheinmetall AG

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