In our exclusive interview with Aston Martin President and CEO Andy Palmer he talks about the launch of the Palmer Foundation, the company’s upcoming IPO, the new Project 003 hypercar, Lagonda luxury models, Brexit and, of course, James Bond. You’ve just announced a new charitable project dealing with a subject that’s very close to your… Continue reading Exclusive: Andy Palmer on apprenticeships, Ferrari, James Bond and Aston Martin going public
Tag: FCA
Aston Martin Files Valhalla Trademark, Possibly For New Supercar
The Valkyries carry slain warriors to Valhalla, so the name is a perfect match with Aston Martin’s other hypercar. Aston Martin takes inspiration from Norse mythology for the name of the upcoming Valkyrie hypercar, and the British brand might stick with this theme for a future mid-engined supercar by calling it Valhalla. The automaker applied… Continue reading Aston Martin Files Valhalla Trademark, Possibly For New Supercar
The way out of the target trap
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UPDATE 1-Frustrated GM investors ask what more CEO Barra can do
DETROIT (Reuters) – General Motors Co (GM.N) Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. FILE PHOTO: General Motors Chairman and CEO Mary Barra speaks at GM’s press conference at the North American International Auto Show… Continue reading UPDATE 1-Frustrated GM investors ask what more CEO Barra can do
Devel Sixteen reportedly not even close to production
Devel Sixteen Dubai-based Devel is reportedly a far cry from producing the 5,007-horsepower Devel Sixteen supercar, and a notable engineering company is no longer working with the company. Road & Track reported on Tuesday that a source claimed the car is indefinitely stuck in development. Since the project’s inception, the Garella-family’s Manufattura Automobili Torino (MAT) has… Continue reading Devel Sixteen reportedly not even close to production
Fiom Cgil, Federico Bellono farewell: “They were 8 years of resistance”
Each race arrives at its natural end. Even if Federico Bellono, at the farewell step from the provincial secretary of Fiom Cgil, does not get caught up in emotion or nostalgia. Tomorrow the baton will pass to Edi Lazzi, 37, from Turin and coming from the Collegno area. “But I’m not retired, I’m at the… Continue reading Fiom Cgil, Federico Bellono farewell: “They were 8 years of resistance”
ATS Automobili GT Launch Edition – final specification of the limited run Italian supercar
A special launch version of ATS Automobili’s new supercar, the GT, has been announced. This is the first production version of the carbonfibre Italian supercar and features the final production interior with CNS milled aluminum buttons and a gear selector with an open linkage. The GT Launch Edition will be limited to 12 cars and… Continue reading ATS Automobili GT Launch Edition – final specification of the limited run Italian supercar
Press Releases – Brexit: auto industry urges negotiators to avert worst-case scenario
Brussels, 17 October 2018 – Ahead of this evening’s Brexit summit, Europe’s auto manufacturers and suppliers have come together to issue a stark warning on the potentially far-reaching impacts of a no-deal scenario on their sector, which would threaten their very business model. Automobile production plants – be they in the EU27 or the UK… Continue reading Press Releases – Brexit: auto industry urges negotiators to avert worst-case scenario
Statement: Weld
October 16, 2018 , Auburn Hills, Mich. – FCA US LLC is voluntarily recalling an estimated 18,055 vehicles in the U.S. to perform a weld inspection, and repair as needed. Responding to a small number of complaints, FCA US launched an investigation that discovered certain vehicles built between early May and late August of this year… Continue reading Statement: Weld
Porsche denies speculation that it’s planning to go public
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Porsche 918 Spyder
The German luxury carmaker Porsche has denied speculation that it's planning to pursue an initial public offering (IPO).
On Friday, the company's chief financial officer suggested to reporters gathered at the firm's development center that such a listing could easily top the success of Ferrari's foray into public ownership. The Italian supercar maker has an estimated value of around $22 billion.
In comments not denied by Porsche to CNBC, Lutz Meschke said a listed car company led by Porsche and including Bentley, Bugatti and Lamborghini could merit a valuation worth more than three times that of Ferrari. Bentley, Bugatti and Lamborghini form part of the Volkswagen Group, alongside Porsche.
“A valuation of 60 billion to 70 billion euros certainly doesn't sound like a stretch,” he was reported as saying, before adding that analysts would value such a firm on the same metrics as a luxury stock.
Meschke is further quoted as saying: “Every company needs to think about whether it makes sense to create competitive divisions.”
In an emailed response to CNBC on Monday, Porsche flatly denied any suggestion it was moving toward public ownership.
“Porsche does not currently have any plans to pursue a (partial) initial public offering (IPO). The Stuttgart-based sports car manufacturer denies all reports to the contrary that claim an IPO is in progress,” it said.
Porsche also said Meschke's comments simply reflected on how the Ferrari listing was “a positive example of how an IPO can be a beneficial move during the automotive sector's current period of transformation.”
The German car maker further highlighted that during his presentation Meschke had said he had no authority on any Porsche IPO, with that decision ultimately resting with executives at the company's parent owner, Volkswagen.
What is an IPO?
8:24 AM ET Thu, 3 May 2018 | 03:58