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GM says 2018 earnings exceeded expectations and 2019 looks even better

GM raises guidance for 2019 as it focuses on light truck production
42 Mins Ago | 04:28

General Motors CEO Mary Barra said the automaker's full-year 2018 earnings exceeded its previous expectations and that 2019 is looking even better, citing strong sales in China and high demand for its truck and utility vehicles in the U.S.

“From a 2018 perspective, it is not only a focus on really capitalizing on the new trucks we have out there, the light duty trucks, but also the focus on cost reduction so it was across the board. Every element of the company,” Barra told CNBC's Phil LeBeau.

The second largest U.S. automaker had previously told investors it expected 2018 adjusted earnings of between $5.80 and $6.20 a share and adjusted automotive free cash flow of $4 billion. It now expects to surpass those projections and painted an even better picture of 2019, Barra said Friday.

She forecast diluted adjusted earnings per share of between $6.50 to $7 and adjusted automotive free cash flow $4.5 billion to $6 billion for 2019.

GM's shares surged 6 percent in premarket trading on the news.

Barra also said GM tightened its belt last year, helping to boost earnings. She announced several plant closures and 14,000 job cuts in November. The reorganization is estimated to save about $6 billion by the end of 2020, with about half of those cost savings realized by the end of 2019, the company said at the time.

Barra said the job cuts were a “proactive” move in an otherwise strong labor market.

“We have been transparent with the [United Auto Workers union], helping them and making sure they understand the business and that customers' preferences are changing,” she told reporters on a call Friday morning.

GM plans to expand its footprint overseas with a global family of vehicles it is set to launch in China this year, Barra said on the call. She said GM has 20 new or updated products coming out in China.

“When you step back and look at China, we have been there for 20 years, we have had tremendous success, we have very strong brands,” she told LeBeau. “We think that the trade talks that are going on right now are very constructive, the fact they have extended this round to have even more discussion, the next is already scheduled, we know there is discussion of durable goods stimulus in country that we think will apply to autos.”

Cadillac will become the company's lead electric vehicle brand, it said. It's projecting just over 17 million in total U.S. vehicle sales in 2019 and 27 million in China — about flat from 2018. She said annual auto sales in China will eventually climb to 30 million.

WATCH:
CNBC's full interview with General Motors CEO Mary Barra

Watch CNBC's full interview with General Motors CEO Mary Barra
59 Mins Ago | 09:49

Tesla Discontinues 75 kWh Battery For Model S & Model X Effective January 13

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Published on January 10th, 2019 |

by Steve Hanley

Tesla Discontinues 75 kWh Battery For Model S & Model X Effective January 13

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January 10th, 2019 by Steve Hanley

Things are constantly changing at Tesla as the company juggles prices and content in its quest for sales and profitability. As of January 1, the company’s cars are no longer eligible for the full $7,500 federal EV tax credit. For the next 6 months, they will qualify for only half that — $3,750. In response, Tesla lowered prices on all of its cars by $2,000.

So, it seems counter intuitive that Tesla has now decided to discontinue the 75 kWh battery for its Model S sedan and Model X SUV as of January 13. The announcement came in a tweet from Elon Musk on Wednesday and gives customers only 5 more days to order a car with that battery. Raising the price of its large cars hardly seems like a strategic way to boost sales, so the company must have something else in mind to encourage demand.

The Verge reports that a Tesla spokesperson declined comment on the announcement, which means there is plenty of speculation about what the elimination of the 75 kWh battery means for the company going forward. In the short term, it means the base price of the Model S will jump from $76,000 to $94,000 come Monday. Similarly, the price of a Model X goes up from $82,000 to $97,000. This at a time when competing electric SUVs from Jaguar and Audi selling for $75,000 or less are already on the market or due to arrive shortly.

Has Tesla taken leave of its senses? Probably not, but in the absence of hard information, there is a lot of speculation. The staff here at CleanTechnica has been tossing around some of those questions while lazing beside our rooftop salt water pool at CT Central. Bear in mind, our thoughts, although informed by years of reporting on all things Tesla, may or may not be accurate. By Monday, Tesla may have made other announcements that add considerably to our understanding of the situation.

Are New Batteries Coming?
The Model S and Model X use 18650 battery cells produced by Panasonic. The Model 3 uses the newer 2170 battery cell made by Tesla at its Gigafactory 1 in Nevada. The Model 3 is currently offered with two battery sizes — a 75 kWh Long Range unit and a 62 kWh Mid Range option. Eventually a 50 kWh Standard Range model will be offered, but that option is not yet in production. When it is, the Mid Range choice will probably be eliminated.

Tesla has almost always offered a choice of batteries in its cars. How likely is it that its large vehicles will now go forward with only one battery available? That seems unlikely, but we’ll see.

When Tesla introduced the Model 3, there was no mention of battery size, no kWh to decipher. Elon Musk eventually responded that, indeed, most humans don’t think in kWh and it made more sense to just talk miles when communicating with the masses. Is Tesla going to do the same with the S & X now? The answer may be contained in a somewhat cryptic Twitter response by Elon Musk to Alistair Gray, who asked, “Are you moving away from battery sizing in a similar sense to how Model 3s are sold ie Long Range, Performance etc?” Musk’s answer was “Yes.”

More Questions Than Answers
There are a couple of moving pieces to the Tesla puzzle at the moment. The 2170 battery cells are believed to be more energy efficient and less costly to manufacture than the older 18650 cells. People have speculated for some time that eventually the newer cell design would find its way into the battery packs for the larger cars.

The Model S has been on sale since 2012, with no dramatic styling changes except for a new front end treatment (even though thousands of changes have been made through the years in a quiet manner). Rumors of a redesigned Model S have been swirling for years. Presumably, a new version of the Model S would be able to take advantage of the manufacturing lessons learned by Tesla since 2012, making it less costly to produce and therefore more profitable.

Battery prices have continued to fall every year and it is believed Tesla is already at or slightly below the $100 per kWh level with its latest 2170 cells. Could Tesla reduce the price of its large cars with the 100 kWh battery packs and add a 120 kWh or 125 kWh battery pack that uses 2170 cells as the new premium price offering? Such a large battery in a redesigned, more efficient chassis could push the range of the car closer to 400 miles. That would also better differentiate the Model S from the Model 3 (and the Model X from the coming Model Y).

Finally, Tesla is scheduled to begin rolling out its Version 3 Superchargers soon. Could the company have new battery packs and upgraded battery management systems that would allow its cars to obtain an 80% state of charge in 15 minutes or less?

We don’t know the answers, but will continue to share the latest Tesla news with our readers as soon as it is available. If you are interested in owning a Tesla but find the Model 3 a bit snug for your tastes, this may be the ideal time to order a Model S 75 at an affordable price. Is Tesla planning changes to that car? Almost certainly so. It is constantly making improvements to all its cars. As Elon says, the cars coming off the line today are the best Teslas ever made and the best time to buy a Tesla is now, as always.

About the Author

Steve Hanley Steve writes about the interface between technology and sustainability from his home in Rhode Island and anywhere else the Singularity may take him. His motto is “Democracy is socialism.” You got a problem with that?

You can follow him on Google + and on Twitter.

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Clients can get involved in the assembly of their own e-Golf at Volkswagen Transparent Factory in Dresden

One of the three places where customers could get involved: joining the drive train to the body (“marriage”).

Follow your own vehicle during production
Four stations at which the driver can assemble the car (with instructions)
Arnd Meyer-Clasen, Head of Sales: “With us, not only are customers able to be there during the production of their car, but can now also get involved themselves.”

DRESDEN, 11-Jan-2019 — /EuropaWire/ — The opportunity to follow production can be booked when ordering the e-Golf from the dealer. Appointments can be made during the production time, i.e. Monday to Friday, 6:00 am to 10:00 pm. The special experience package costs EUR 390. In addition to following production, this includes inner-city transfers, a tour of the production and exhibition area, souvenir photos and a voucher of EUR 50 for a restaurant visit to the e-VITRUM.

Customers can now get a much closer look at their e-Golf during production. In the Transport Factory, you can accompany your future vehicle a part of the way along the production line. Under the expert guidance of the factory’s employees, the customer is able to actively get involved at four stations, e.g. when installing the dash panel. Other places where the customer can experience the assembly of their vehicle include joining the drive train to the body (“marriage”) and installing the front radiator grille. With the new possibility of accompanying production, the Volkswagen Transparent Factory in Dresden is expanding its range of services in respect of the electric mobility experience.

Arnd Meyer-Clasen, Head of Sales: “The Transparent Factory is the showcase of e-mobility of Volkswagen. In addition to test drives, configuration and delivery of the e-Golf, another highlight we now offer is the ability to follow production. With us, not only are customers able to be there during the production of their car, but can also get involved themselves. Electric mobility that you can touch: this experience is unique in the automotive world.”

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Blockchain: the key technology of tomorrow

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ZF Acquires Automotive Division of Romanian Engineering Services Provider BeeSpeed in Timisoara

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