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Tag: Ford
Farasis Energy Raises $1 Billion To Increase Lithium-Ion Battery Production
3 H BY MARK KANE Farasis Energy raises capital, builds 20 GWh battery factory and expands to Europe. Chinese lithium-ion battery manufacturer Farasis Energy (founded in 2002) announced that the C-round financing resulted in raising more than $1 billion for further global growth. The company already has two production sites in China (Ganzhou and Zhenjiang), employs more… Continue reading Farasis Energy Raises $1 Billion To Increase Lithium-Ion Battery Production
Baidu sets its sights on taking A.I. and self-driving cars outside China
Baidu sets its sights on taking A.I. and self-driving cars outside China
Online search provider Baidu — referred to as the Google of China — has been expanding aggressively into cutting edge technology such as artificial intelligence and autonomous vehicles.
The Chines tech titan is one of the largest internet companies in the world with a strong user base, thanks in no small part to China's massive population of 1.4 billion people.
About 70 percent of China's internet searches go through Baidu. The Chinese-language search platform is one of the most visited websites in the world, with its traffic surpassed only by Google, YouTube and Facebook, according to Alexa Internet, which measures web data and analytics.
Most of Baidu's revenue comes from online advertising. While its primary business is its search engine, it also offers maps, images, videos and news platforms to users. It's also a majority stakeholder in iQiyi, widely referred to as the Netflix of China.
But like other Chinese internet firms, Baidu is subject to Beijing's strict online censorship laws. The government has fined companies, including Baidu, for failing to properly censor content on its platforms.
Baidu is also investing heavily into its autonomous vehicle projects and has formed partnerships with the likes of Microsoft and Intel, and carmakers BMW, Ford and Daimler.
Leading the charge in China's push for driverless technology, Baidu has already developed and produced more than 100 self-driving buses. The autonomous vehicles will soon be deployed to the streets of Beijing and Shenzhen, and are due to enter Japan's self-driving market in early 2019.
The company has set its sights on markets outside China. It's next move would be to take its AI and self-driving technology to foreign markets, bringing it one step closer to becoming a global tech titan.
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Employee, 24, dies at Ford Sterling Axle Plant
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Really fake news: Reddit post features Colin Kaepernick in phony Ford ad
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Ford’s shares lag as CEO Hackett provides scant details of turnaround plan
Rebecca Cook | Reuters
Ford Motor Company president and CEO James Hackett
It's one of the biggest unknowns in the auto industry: How will Ford CEO Jim Hackett restructure the beleaguered automaker?
More than a year after becoming CEO, and two months after he said it will cost at least $11 billion to restructure Ford, Hackett has yet to give Wall Street details about his turnaround plan. The longer Hackett goes without unveiling his plan, the lower Ford shares slide. The stock is under $10, down almost 26 percent so far this year and close to a nine-year low.
“We just don't see much to get excited about in terms of the stock,” said Brian Johnson, auto analyst at Barclays.
Johnson, like others on Wall Street, expects Hackett to dramatically downsize the company as part of a plan to cut costs and exit businesses and markets where Ford is either losing money or struggling to grow profits.
South America and Europe are two regions Ford could eliminate or dramatically cut operations, according to analysts. Morgan Stanley's Adam Jonas gave a sobering assessment of Ford's business in South America. “In our opinion, it is very difficult to see Ford continuing operations on a profitable basis in the region,” he wrote in a note to clients in late August.
Jonas was even more blunt in assessing of Ford's operations in North America. “We estimate roughly one quarter of the region's physical and human capital is within businesses that have no path to positive ROIC (return on invested capital),” said Jonas.
What also worries analysts is the lack of details surrounding Ford's plan to capitalize on hefty investments in autonomous-drive vehicles and mobility solutions. At this year's Consumer Electronics Show, Hackett and his leadership team outlined their vision for the future of transportation.
“We're working on a new self-driving business model. It's a systems-based approach, transporting both people and goods,” said Jim Farley, president of global markets at Ford.
It sounds intriguing, but analysts wonder how much it will cost to develop these self-driving vehicles and how Ford will make money off of those mobility services.
Adding to investors' concerns is whether Ford will be forced to cut its dividend to preserve cash. The company has been adamant the dividend will remain in place. With $25 billion in cash, liquidity is not an immediate concern.
Still, this turnaround will be tough. In late August, Moody's downgraded Ford's credit rating to one notch above junk status saying, “Success could be challenged by having to address the serious performance problems in multiple business units simultaneously.”
When the plan will be revealed remains unclear.
“The real question is, is there more going on behind the scenes and under the surface than is apparent in the quarterly earnings,” said Johnson. “I think the bull case, such as there is on Ford, is that Mr. Hackett is driving deep, fundamental, cultural change in the company.”
— CNBC's Meghan Reeder contributed to this article.
Questions? Comments? BehindTheWheel@cnbc.com.