Cupra has appointed Seat executive vice-president for sales and marketing Wayne Griffiths as its new chief executive. Griffiths (pictured), retains his position as Seat’s vice-president for sales and marketing, will guide the brand’s team working to bring its “identity of exclusivity, sophistication and performance to a unique audience of car lovers”, a statement said. Chaired by Seat president… Continue reading Wayne Griffiths appointed chief executive for Seat’s Cupra brand
Tag: Strategy
NIO Inc. CEO Transferred 50 Million Shares to the Newly Established NIO User Trust
SHANGHAI, China, Jan. 24, 2019 (GLOBE NEWSWIRE) — NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer in China’s premium electric vehicle market, today announced that its founder, chairman and chief executive officer, Mr. William Li, transferred an aggregate amount of 50 million ordinary shares, consisting of (i) 189,253 class A ordinary shares and (ii)… Continue reading NIO Inc. CEO Transferred 50 Million Shares to the Newly Established NIO User Trust
Europcar’s Mobility Joins Smart Cities Platform
Nicolas Bailleux, who recently joined Europcar Mobility Group as head of the Mobility Lab, will oversee the partnership. Photo courtesy of Europcar. Europcar Mobility Group is forming a partnership between its Mobility Lab and Plug And Play, a long-standing incubator with roots in Silicon Valley. Europcar Mobility Group intends to leverage the Plug And Play… Continue reading Europcar’s Mobility Joins Smart Cities Platform
Apple just dismissed more than 200 employees from its autonomous vehicle group
Brendan McDermid | Reuters
Tim Cook, CEO, Apple
Apple dismissed just over 200 employees this week from Project Titan, its stealthy autonomous vehicle group, people familiar with the matter told CNBC.
An Apple spokesperson acknowledged the lay-offs and said the company still sees opportunity in the space:
“We have an incredibly talented team working on autonomous systems and associated technologies at Apple. As the team focuses their work on several key areas for 2019, some groups are being moved to projects in other parts of the company, where they will support machine learning and other initiatives, across all of Apple,” the spokesperson said.
“We continue to believe there is a huge opportunity with autonomous systems, that Apple has unique capabilities to contribute, and that this is the most ambitious machine learning project ever,” they added.
In August 2018, Apple enlisted a Tesla engineering vice president and Apple veteran, Doug Field, to lead the Titan team alongside Bob Mansfield. This week's dismissals from the group were seen, internally, as anticipated restructuring under the relatively new leadership.
Other employees who were impacted by the restructuring of Project Titan are staying at Apple, but moving to different parts of the company.
Of late, Apple CEO Tim Cook has touted his company's initiatives in health as the key to its future growth. “I believe, if you zoom out into the future, and you look back, and you ask the question, “What was Apple's greatest contribution to mankind?” it will be about health,” Cook told CNBC's Jim Cramer.
Tim Cook teases new Apple services to come in 2019
12:15 PM ET Thu, 10 Jan 2019 | 01:08
Meanwhile, Apple executives have remained mum in recent months on the company's car prospects, which appear to have been scaled back from the initial rumored vehicle to a focus on software. In 2016, Apple laid off employees from the same group, shifting its strategy. Fully self-driving cars remain experimental, even for major players in the field such as Waymo, Cruise and Tesla.
Venture investors and strategic investors from the traditional automotive world have poured billions into start-ups developing self-driving vehicles including: Zoox, Pony.AI, Aurora, May Mobility, Embark and others.
— Paul Eisenstein and CNBC's Jordan Novet contributed to this report.
Volkswagen Wants to Matter in America Again – Automobile
Scott Keogh is Volkswagen of America’s CEO and president, and his company recently announced a collaboration on small commercial vehicles and midsize pickups with Ford, and confirmed those companies’ advanced negotiations regarding possible partnerships on electric and autonomous vehicles. We spoke with him at the North American International Auto Show just ahead of the announcement—made… Continue reading Volkswagen Wants to Matter in America Again – Automobile
Beijing raises bar for electric car start-ups as it fights overcapacity – South China Morning Post
Mainland China’s new-energy vehicle (NEV) start-ups are getting a rude reminder from Beijing: prospects and the government’s push of the booming segment is not enough to secure a manufacturing licence. The National Development and Reform Commission (NDRC), the nation’s top economic planning agency, has promulgated new rules governing the production of electric vehicles, which are… Continue reading Beijing raises bar for electric car start-ups as it fights overcapacity – South China Morning Post
Elena A. Ford
Elena A. Ford is Chief Customer Experience Officer. In this role, she he will lead the organization responsible for creating a world-class customer experience throughout the entire ownership cycle. “We know that an exceptional experience is what today’s customers want and expect and are focused on understanding those expectations so deeply and so continuously that… Continue reading Elena A. Ford
Steven Armstrong
Steven Armstrong is group vice president and president of Europe, Middle East and Africa, Ford Motor Company, a position he was named to on June 1, 2017. In this role, he is responsible for leading the transformation of Ford’s European and Middle East and Africa business units, building a sustainably profitable business through an unprecedented… Continue reading Steven Armstrong
Anning Chen
Anning Chen is appointed president and CEO of Ford China, effective November 1, 2018. Chen will report directly to Jim Farley, president of global markets, Ford Motor Company. In this newly-created role, Chen will lead the company’s operations in Greater China, including all import and joint venture operations. He will also implement the company’s global… Continue reading Anning Chen
Ford misses profit estimates as pension and layoff costs erode earnings
Daniel Acker | Bloomberg | Getty Images
A Ford Motor Co. Explorer Hybrid sports utility vehicle (SUV) is displayed during the 2019 North American International Auto Show (NAIAS) in Detroit, Michigan, U.S., on Monday, Jan. 14, 2019.
Ford's reorganization plans showed up in its fourth-quarter earnings Wednesday as pension and layoff costs eroded the company's profit and caused it to miss earnings estimates — despite posting stronger-than-expected sales.
The Detroit automaker has been struggling overseas, and that was apparent in the fourth quarter. While Ford grew its revenue in North America by $1.7 billion, it fell in every other region across the globe. It lost market share in every major market in South America except Peru. Unfavorable exchange rates and a drop in sales volume also hurt Ford's bottom line, especially in Europe and Asia.
Ford also said it faced financial headwinds of $750 million from tariffs, another $1.1 billion from commodities costs, $750 million in unfavorable foreign exchange, and $775 million related to recalls announced last year in North America, said Ford Chief Financial Officer Bob Shanks on a conference call after the automaker released results.
Here's how the company did compared with what Wall Street expected, based on average estimates compiled by Refinitiv:
— Adjusted earnings per share of 30 cents vs. a forecast of 32 cents per share
— Automotive segment revenue: $38.7 billion vs. a forecast of $36.88 billion
Ford took a $1.18 billion charge for “special items” that were excluded from its adjusted earnings. The charges stem mostly from pension and layoff costs. On an unadjusted basis, Ford lost $116 million, or 3 cents a share, during the fourth quarter. It generated a profit of $2.52 billion, or 63 cents per share, a year earlier.
The company's total revenue was $41.8 billion during the quarter, slightly higher than its $41.3 billion in revenue during the same quarter last year.
“While 2018 was a challenging year, we put in place key building blocks to build a more resilient and competitive business model that can thrive no matter the economic environment,” Shanks said in a statement.
Despite the losses, Ford expects to be able to fully fund its business and capital needs in 2019, while keeping cash and liquidity at or above target levels, Shanks said.
On an adjusted basis, the company earned 30 cents a share, which missed analyst expectations of 32 cents per share, according to analysts surveyed by Refinitiv. It was also less than the 39 cents a share the company reported in the same quarter of 2017.
Ford's shares have been under pressure all year, tumbling by about 22 percent over the last 12 month, closing at $8.34 a share Wednesday.
The automaker is undergoing an $11 billion restructuring plan that has so far involved trimming back international operations, making investments in new mobility technologies, and realigning its portfolio around more profitable vehicles.
That strategy includes doubling down on segments where Ford has historically been strongest — trucks, utilities, and muscle cars. The automaker unveiled a refreshed version of its best-selling Explorer sport utility vehicle at the Detroit auto show and is also broadening its Mustang lineup.
Ford also said it is partnering with German automaker Volkswagen on a number of initiatives, shortly after announcing job cuts across its European operations. The first agreement the two firms signed appeared to benefit VW more than Ford, said Jeffries analyst Philippe Houchois. But it allows Ford to remain in its most profitable businesses in Europe while cutting costs and pulling out of areas where it is failing.
“The issue that Ford has had around the world is that everywhere they operate, Ford's business is a mix of good and bad,” Houchois said in an interview Tuesday. Ford's position in Europe is different from that of rival General Motors, which decided nothing in Europe was worth salvaging when it sold its operations in the region to French automaker Groupe PSA.
“For Ford it is more complicated,” Houchois said. Ford's commercial van business is significantly smaller than its F-150 pickup truck franchise, but it's probably the company's second-most profitable product and its market share in Europe is key. “So they can't just pull out of Europe. They have to find ways of being sustainable there, which is more complicated, but could have some benefit long term.”
The company is holding a conference call with CEO Jim Hackett and other executives at 5:30 p.m. ET to discuss the results.
This story is breaking news. Please check back for updates.