Jean-Dominique Senard, at the Elysée on December 12th. Photo Ludovic Marin. AFP The former boss of Michelin will take the lead of the French car manufacturer this Thursday in doublet with Thierry Bolloré, already in place. A profile much less bling-bling than that of the fallen boss and still held in Japan. The retirement will… Continue reading Jean-Dominique Senard, an anti-Ghosn at the head of Renault
Tag: Financial Results
Johnson Controls CEO sees slowdown in China hurting its auto business
The logo and trading symbol for Johnson Controls International is displayed on a board on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 16, 2018. REUTERS/Brendan McDermid (Reuters) – The chief executive officer of Johnson Controls International Plc (JCI.N) said on Tuesday that he was seeing a slowdown in… Continue reading Johnson Controls CEO sees slowdown in China hurting its auto business
Panasonic Commercializes Halogen-free Multi-layer Circuit Board Material (Halogen-free MEGTRON6) for Communications Infrastructure Equipment
Osaka, Japan – Panasonic Corporation announced today that it has commercialized halogen-free[1], ultra-low transmission loss[2], multi-layer circuit board material, called Halogen-free MEGTRON6 (Representative part number: R-5375), suited for communications infrastructure equipment such as fifth-generation (5G) mobile communication systems. Production will begin in April 2019. With the upcoming launch of 5G mobile communication system services, greater-capacity… Continue reading Panasonic Commercializes Halogen-free Multi-layer Circuit Board Material (Halogen-free MEGTRON6) for Communications Infrastructure Equipment
Exclusive: Worst-case no-deal Brexit puts Bentley’s return to profit at ‘fundamental risk’
CREWE, England (Reuters) – Loss-making carmaker Bentley is on track to be profitable this year but a worst-case no-deal Brexit puts that at “fundamental risk”, its boss told Reuters, adding that the chance of Britain leaving the EU on March 29 with a deal now seemed “fairly low.” The Bentley name is seen inside a… Continue reading Exclusive: Worst-case no-deal Brexit puts Bentley’s return to profit at ‘fundamental risk’
TomTom to sell Telematics unit to Japan’s Bridgestone for $1.03b
January 22, 2019 TomTom, the Dutch navigation and digital maps company, said on Tuesday it has agreed to sell its Telematics, or the fleet management business, to Japan’s Bridgestone for 910 million euros (£802.5 million or $1.03 billion). The company will return 750 million euros of that to shareholders via a capital repayment and share… Continue reading TomTom to sell Telematics unit to Japan’s Bridgestone for $1.03b
Tech Mahindra to Fuel Digital Growth in Bangladesh
Tech Mahindra to Fuel Digital Growth in Bangladesh
Company plans to scale up operations in the country to deliver next generation technology solutions and service offerings across sectors
Dhaka, New Delhi – January 21, 2019: Tech Mahindra, a leading provider of digital transformation, consulting and business re-engineering services, which already has a considerable presence in the Bangladesh IT industry, will fuel digital growth in Bangladesh across government and private sectors. Tech Mahindra plans to address the growing business opportunities that have come up with the booming IT market in the country through its innovative next generation technology solutions and service offerings.
Tech Mahindra currently offers a diverse range of professional services to clients in the Telecom and BFSI (Banking, Financial Services and Insurance) space in Bangladesh and is also running large scale operations in the financial inclusion space. As part of its expansion strategy, Tech Mahindra aims to focus on generating new revenue streams through digital transformation projects in both Government as well as private sector across various industries with focus on ICT (Information and Communications Technology) & government business.
Sujit Baksi, President, Corporate Affairs, Tech Mahindra, said, “Driven by strong domestic demand and macroeconomic stability, Bangladesh has emerged as one of the most buoyant economies of the SAARC region. Adding fuel to that fire, is the rapidly growing communication landscape that has thrived with increased Internet connectivity, smart mobility and rise of digital media. We at Tech Mahindra, are bullish on the strong growth potential of this market and hope to leverage our digital expertise in pushing forward the “Digital Bangladesh mandate.”
“Creating jobs, boosting investments, diversifying exports and building human capital will be the key focus areas for the Bangladesh economy to sustain itself in the coming years. We look forward to collaborate with the country in its pursuit of a 'Developed Bangladesh' agenda and we hope to forge formidable partnerships with local businesses in the region to nurture and utilize local talent pool to make the most of this opportunity,” he further added.
With a sustained GDP (Gross Domestic Product) growth rate of more than 7%, rising per capita income and improved social indicators, Bangladesh has become one of Asia's most remarkable success stories in recent years. With over 9% increase in GDP growth rate forecasted in the next five years, Bangladesh's dynamic and growing economy, booming IT market and strategic location next to India, China and the ASEAN markets, provides the perfect opportunity for Tech Mahindra to expand its operations in the country, as well as generate revenues from the SAARC region.
As part of the TechMNxt charter, Tech Mahindra aims to leverage its global expertise in the use of cutting-edge digital technologies such as Blockchain, 5G – Telecom of the Future, Artificial Intelligence, Automation, Robotics, and Internet of Things to develop solutions that cater to the rapid evolving needs of the consumers in Bangladesh.
Tech Mahindra already has a sizable presence in Bangladesh along with its subsidiary, Mahindra Comviva, which has an extensive portfolio spanning mobile finance, content, infotainment, messaging and mobile data solutions. As part of the USD 21 billion Mahindra Group – a major player in the Bangladesh market across various sectors since the past 20 years – Tech Mahindra aims to leverage the footprints of its parent organization to scale up its operations in the country.
About Tech Mahindra
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise™. We are a USD 4.9 billion company with 118,390+ professionals across 90 countries, helping over 930 global customers including Fortune 500 companies. Our convergent, digital, design experiences, innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value and experiences to our stakeholders. Tech Mahindra is the highest ranked Non-U.S. company in the Forbes Global Digital 100 list (2018) and in the Forbes Fab 50 companies in Asia (2018).
We are part of the USD 21 billion Mahindra Group that employs more than 200,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, after-market, information technology and vacation ownership.
Connect with us on www.techmahindra.com || Our Social Media Channels
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For more information on Tech Mahindra, please contact:
Tuhina Pandey,
Global Corporate Communications
Agency contact if any
Email: media.relations@techmahindra.com;
Tuhina.Pandey@TechMahindra.com
Tesla will need to make cheaper Model 3s by the second half of 2019
James Glover II | Reuters
Elon Musk
Tesla needs to get cracking on a cheaper car.
The electric vehicle maker said Friday it plans to cut about 7 percent of its workforce, which by the last company headcount would equal about 3,100 jobs. The plan is to cut costs and get closer to making the $35,000 Model 3 the company has been promising since it first unveiled the car in 2016.
Right now the cheapest Model 3 available is the midrange rear-wheel-drive model, which starts at $44,000. A long-range all-wheel-drive model starts at $51,000, and the performance model starts at $63,000.
The sales boost from the $7,500 U.S. federal tax credit is running out, and that stands to hurt demand in the United States.
One of the primary reasons for the job cuts is the fact that the cars Tesla makes are still “too expensive for most people,” CEO Elon Musk said in an email to employees announcing the reductions.
For now, Tesla has Europe to lean on, Wedbush analyst Dan Ives told CNBC. The company began allowing European reservation holders to configure their Model 3 orders in early December and plans to begin delivering some versions to the region by next month.
Tesla was not available for comment.
“If you think about the trajectory, the first half of 2019 is really Europe coming onboard,” said Wedbush analyst Dan Ives. That strength in demand will likely offset relative weakness in demand in the U.S., in large part to the waning tax credit and Tesla's relatively high prices. “But then ultimately in the second half you need the mid-range Model 3 to really start to kick in.”
Toward the end of 2018, Tesla finally seemed to have pulled itself out of the “production hell” it had been submersed in since it began Model 3 production in the summer of 2017.
With the company clearing Musk's stated goal of producing 5,000 Model 3s per week, Tesla began focusing on reducing costs and improving efficiency. Tesla's third-quarter results were surprisingly strong, making good on Musk's expectation that Tesla would be profitable and cash flow positive from the second half of 2018 onward.
There is still debate on Wall Street over whether Tesla will need to raise capital in the next 12-18 months, Ives said, adding that he thinks there is about a 30 to 35 percent chance the company will need to return to markets for cash. Tesla does have about $1.5 billion in debt due in 2019 — one tranche due in March and another in September.
Read more: Here's what every major Tesla analyst had to say about the cuts.
WATCH: How taxpayers have boosted Elon Musk and Tesla
How taxpayers have boosted Elon Musk and Tesla
10:06 AM ET Mon, 22 Oct 2018 | 07:43
Tesla has $920 million in debt that’s coming due — and it could wipe out a large chunk of its cash
Tesla shares fall after layoff announcement — Five analysts on what's next
2:47 PM ET Fri, 18 Jan 2019 | 06:39
Tesla has a billion dollar debt coming due, and it could wipe out nearly a third of the company's cash if the stock price doesn't improve.
About $920 million in convertible senior notes expires on March 1 at a conversion price of $359.87 per share. But Tesla's stock hasn't traded above $359 for weeks. If the shares are about $359.87, then Tesla's debt converts into Tesla shares. If not, Tesla will have to pay the debt in cash.
Tesla reported cash and cash equivalents of $3 billion at the end of its September quarter. The company continues to reveal pressure to maintain profitability, and announced Friday it would cut 7 percent of its full-time workforce.
Shares fell more than 10 percent Friday following the announcement to trade around $310 per share.
Musk said during the company's third quarter earnings call that Tesla plans to honor the original maturation date.
“The current operating plan is to pay off our debts and not to refinance them but to pay them off and reduce the debt load and overall leverage of the company,” Musk said at the time.
Tesla had previously notified bondholders they could be paid out in a 50-50 mix of cash and common stock, according to Bloomberg. But if the stock doesn't recover above $359 — a gain of 16 percent from Friday's intraday price — by the conversion date, Tesla won't have a choice.
Correction: Tesla reported cash and cash equivalents of $3 billion at the end of its September quarter.
WATCH: Tesla is laying off workers. Here's what investors need to know.
Tesla is laying off workers. Here's what investors need to know.
8:44 AM ET Fri, 18 Jan 2019 | 05:26
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Kia launches global CSR program, ‘Green Light Project’ in India
Kia Motors has started its first ‘Green Light Project’ corporate social responsibility program in India with a two-week volunteer program in Anantapur District, in the state of Andhra Pradesh. In partnership with the regional government, Kia is undertaking a series of projects to support vocational training and education at three educational institutions in the local… Continue reading Kia launches global CSR program, ‘Green Light Project’ in India
Development Alliance: The BMW-Daimler-Plan for autonomous driving
iNext from BMW More than 1,000 engineers are developing the new vehicle on a campus north of Munich. (Photo: BMW Group / Enes Kucevic) MunichThe rivalry between Daimler and BMW is considered legendary. Decades of competition ultimately made both brands global global market leaders for luxury sedans. But soon competition could be slowed down, at… Continue reading Development Alliance: The BMW-Daimler-Plan for autonomous driving