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Tag: Financial Results
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BMW Exec Bemoans Company’s Failure To Keep Pace With Tesla’s Battery Cell Production
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Batteries Published on January 25th, 2019 | by Carolyn Fortuna
BMW Exec Bemoans Company’s Failure To Keep Pace With Tesla’s Battery Cell ProductionTwitterLinkedInFacebookJanuary 25th, 2019 by Carolyn Fortuna
A BMW chief has called out its board of directors for failing to step up with battery cell production, which he describes as the heart of the car of the future. Manfred Schoch, deputy chairman of the supervisory board at BMW, has publicly critiqued BMW’s rejection of battery cell R&D, basing his assessment on the model of innovation and vision that Tesla CEO Elon Musk has established for his automotive company.
Schoch advises a quick corporate rethinking of BMW long-range planning if the company is to remain truly competitive. “I need people here who go with us into the future,” he said. He added that his comments were directed “also — and especially — for the board.”
Schoch suggested to the German business journal Manager Magazin that BMW and the auto industry in general should pay closer attention to the Tesla model rather than indulging in petty nitpicking about the all-electric car company.
Tesla, the company that has caused an electric car revolution, has been the subject of constant criticism since its first cars hit the market. Who will buy this premium car? The market for this all-electric high-end catalog is too narrow. Tesla doesn’t have the experience to produce enough cars to be profitable. The Gigafactory isn’t a viable manufacturing entity. Tesla is a fading fad. The company can’t provide a pathway to a sustainable future unless it appeals to a mass market. Claims of Tesla profitability aren’t backed up by commonly accepted accounting practices. CEO Elon Musk is a live cannon who will bring down the company.
And, yet, the numbers are positive for Tesla sales and likely ongoing profitability. “Tesla made in the third quarter, at a good $6 billion in sales, $312 million profit. BMW came in the automotive segment at 21 billion euros to 784 million surplus,” said Schoch, who has been head of the BMW works council for 31 years and is considered one of the most important leaders of the group. “Who deserves better?”
Indeed, Tesla’s success has upended the auto industry, and battery cell technology is one of the driving factors for the Tesla master stroke. In contrast, BMW just ended a supply contract with the Chinese cell manufacturer CATL, which had wanted to build a plant in Thuringia, Germany — about 4 hours away from Munich and BMW’s headquarters.
Value Chain as Key to ElectromobilitySchoch pointed to Tesla’s close relationship with its battery supplier, Panasonic, as key to company dominance. That collaboration has been essential as the demand for the lithium-ion batteries that power its vehicles grows commensurate with Tesla’s increased sales. As the world’s largest manufacturer of automotive lithium-ion battery cells and Tesla’s exclusive battery cell supplier for the Model 3, Model S, and Model X, the Tesla/ Panasonic partnership is leading others in the EV field in R&D.
For example, when it comes to minimizing cobalt usage, Tesla has long been a proponent of nickel-cobalt-aluminium (NCA) technology developed by Panasonic, which goes against the trend of a nickel-cobalt-manganese (NCM)-focused EV industry. Furthermore, Elon Musk has acknowledged that the company will continue material development toward higher-energy, lower-to-no-cobalt chemistries.
“Tesla controls the entire value chain; they understood electromobility,” Schoch commented. Tesla inbound logistics involves the receipt and storage of raw materials to build electric vehicles, energy storage systems, and solar panels, according to the Tesla, Inc. Report at business portal Research Methodology. Tesla conducts vehicle manufacturing and assembly operations at its facilities in Fremont, California; Lathrop, California; and Tilburg, Netherlands. Tesla automotive operations comprise design, development, manufacturing, and sales of electric vehicles. High level of integration of robots into various manufacturing processes is the major source of value creation for Tesla.
Battery Cell Technology is at the Heart of Future Auto CompetitionBatteries are the keys to completing a worldwide transition to a clean energy economy. Tesla’s enormous battery factory — about 5.5 million square feet — in Nevada, is called the Gigafactory or Gigafactory 1. Tesla reportedly expects the Gigafactory to introduce production cost cuts for lithium-ion electric vehicle batteries and energy storage products by some 30%, compared to pre-Gigafactory batteries. Such production savings will occur using what the company has referred to as economies of scale, innovative manufacturing, reduction of waste, and the simple optimization of locating most manufacturing process under one roof.
Schoch stated explicitly that battery cell production is the determining factor to future automotive viability. “Anyone who does not master and build this core will not be able to compete,” he analyzed.
Independence and Optimism through Battery Cell ProductionSchoch praised Tesla for its optimistic approach to the future of automotive transportation. “Too much is complained and too much is declared impossible [in the auto industry],” he declared.
Referring to entrenched automotive manufacturing practices that reward maintaining a status quo approach, Schoch mused, “We are dependent.” He suggested that collaboration should be an option for BMW and Tesla CEO Elon Musk. “Our board members should, finally, deal more intensively with this gentleman.”
Tesla has shown over and over again that healthy ideation and income growth are a result of a culture of innovation. Of course, with each remarkable Tesla transformation comes a shifting risk landscape. Musk manages innovation-related risks and the outcomes required in an era of digital transformation with delicate balance. His business model for converting ideas and technologies into economic value anticipates dramatic shifts in the cleantech markets, often in response to a perceived need which only Musk can envision. He’s also able to devise a pragmatic road map to implementation.
That’s a disruptive model that many automotive manufacturers like BMW have not yet been able to adopt.
As BMW moves into the electric car marketplace, it will add several electric vehicles to its catalog. BMW-owned Mini will reportedly begin production of its first EV later this year, and BMW will expand its lineup of “i” models with the iX3 in 2020 and the i4 along with the X5-sized iNext in 2021.
BiographyManfred Schoch serves as a Deputy Chairman of the Supervisory Board at Bayerische Motoren Werke Aktiengesellschaft and BMW US Capital, LLC. He is Deputy Chairman of the Supervisory Board and Member of the Supervisory Board of BMW Finance N.V. He functions as the Chairman of the Central Works Council and Member of the Presiding Board at BMW US Capital, LLC. He is the Chairman of the General Works Council of BMW Group.
Unless otherwise attributed, images copyright free via Pixabay and YouTube
About the AuthorCarolyn Fortuna Carolyn Fortuna, Ph.D. is a writer, researcher, and educator with a lifelong dedication to ecojustice. She's won awards from the Anti-Defamation League, The International Literacy Association, and The Leavy Foundation. She’s molds scholarship into digital media literacy and learning to spread the word about sustainability issues. Please follow me on Twitter and Facebook and Google+
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Volkswagen: The conversion to the electric drive leads to job cuts at VW
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Mahindra Finance F-2019 Q3 Standalone Results
Mahindra Finance F-2019 Q3 Standalone Results
Mahindra Finance
Standalone Results December 2018
Income up by 30% YoY, at Rs.6,334 Crores
PAT up by 36% YoY, at Rs.969 Crores
Disbursement up 33% YoY, at Rs.34,485 Crores
AUM up by 30% YoY, crosses Rs.63,000 Crores
Mumbai, January 25, 2019: The Board of Directors of Mahindra & Mahindra Financial Services Limited(Mahindra Finance), a leading provider of financial services in the rural and semi-urban markets announced today the standalone unaudited financial results for the third quarter and nine-month period ended December 31, 2018.
In line with direction from Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (Ind AS) with effect from April 1, 2018. Results for the quarter and nine-month period ended are prepared and reported in compliance with Ind AS requirements. The figures for the same quarter and period previous year have also been restated as per Ind AS.
F-2019 YTD Dec 18 Results
The Total Income increased by 30% at Rs.6,334 Crores during the nine-month period ended December 31,2018, as against Rs.4,879 Crores in the corresponding period last year. The Profit After Tax (PAT) stood at Rs.969 Crores during the nine-month period ended December 31, 2018, as against Rs.762 Crores during the corresponding period last year. The PAT for the period nine-month ended December 31, 2017 included an exceptional item on account of sale of shares in the subsidiary company, Mahindra Insurance Brokers Ltd. of Rs.50 Crores (Post Tax). The PAT without considering the exceptional item registered a growth of 36% over the same period previous year.
F-2019 Q3 Results
The Total Income increased by 23% at Rs.2,246 Crores during the quarter ended December 31, 2018, as against Rs.1,831 Crores in the corresponding period last year. The Profit After Tax (PAT) stood at Rs.319 Crores during the quarter ended December 31, 2018, as against Rs.396 Crores during the corresponding period last year. The PAT for the quarter ended December 31, 2017 included an exceptional item on account of sale of shares in the subsidiary company, Mahindra Insurance Brokers Ltd. of Rs.50 Crores (Post Tax). The PAT without considering the exceptional item was down by 8% over the same period previous year.
Operations
During the period ended December 31, 2018, the Company’s customer base has crossed 5.9 Million.
The Total value of assets financed for the nine-month period ended December 31, 2018, was Rs.34,485 Crores as against Rs.25,912 Crores during the same period previous year, registering a growth of 33%.
The Total Assets Under Management (AUM) stood at Rs.63,073 Crores as on December 31, 2018, as against Rs.48,332 Crores in the corresponding period last year, registering a growth of 30%.
Impairment provisioning is done as per Expected Credit Loss (ECL) method prescribed in lnd AS, which requires provisioning in three stages. The company has considered all loan accounts with an ageing of above 90 days under Stage 3 (Impaired assets).
The Gross Stage 3 levels have gone down to 7.7% for the quarter ended December 31, 2018, from 12.3% during the corresponding quarter last year. The Net Stage 3 levels have gone down to 5.8% for the quarter ended December 31, 2018, from 8.2% during the corresponding quarter last year. The Stage 3 provisioning coverage ratio stood at 26.9%.
The Company's capital and debt position is strong and the ALM position is well balanced. The Company is confident of meeting its obligations towards discharging its liabilities.
SUBSIDIARIES
Mahindra Insurance Brokers Limited (MIBL)
During the quarter ended December 31, 2018, MIBL registered income at Rs.81.8 Crores as against Rs.61.8 Crores, registering a growth of 32% over the same period previous year. The Profit After Tax (PAT) registered was Rs.18.2 Crores as against Rs.8.8 Crores, registering a growth of 106% over the same period previous year.
During the nine-month period ended December 31, 2018, MIBL registered Income at Rs.223.7 Crores, as against Rs.156.8 Crores, registering a growth of 43% over the same period previous year. The Profit After Tax (PAT) was Rs.44.8 Crores as against Rs.31.0 Crores, registering a growth of 45% over the same period previous year.
Mahindra Rural Housing Finance Limited (MRHFL)
During the quarter ended December 31, 2018, MRHFL registered income at Rs.393.4 crores as against Rs.273.8 crores, a growth of 44% over the same period previous year. The Profit After Tax (PAT) registered was Rs.77.6 Crores as against Rs.53.2 Crores, registering a growth of 46% over the previous period.
During the nine-month period ended December 31, 2018, MRHFL registered income at Rs.1,030.2 crores as against Rs.747.0 crores, a growth of 38% over the previous period. The Profit After Tax (PAT) was Rs.168.5 Crores as against Rs.127.6 Crores, registering a growth of 32% over the previous period. MRHFL disbursed Rs.1,776.8 Crores as against Rs.1,759.9 Crores during the previous period, registering a growth of 1% over the previous year same period.
Mahindra Asset Management Company Private Limited (MAMCPL)
During the quarter ended December 31, 2018, MAMCPL earned revenues of Rs.4.4 Crores as compared to Rs.6.4 Crores in the same period previous year. The company incurred a loss of Rs.14.08 Crores compared to a loss of Rs.6.5 Crores during the same period previous year.
During the nine-month period ended December 31, 2018, MAMCPL earned revenues of Rs.23.5 Crores as compared to Rs.15.5 Crores in the same period previous year. The company incurred a loss of Rs.31.8 Crores compared to a loss of Rs.23.9 Crores during the same period previous year.
The Average Assets under Management (AUM) of MAMCPL for the quarter ended December 31, 2018 was Rs. 3,756 Crores across eight schemes which showed a growth of 34% over the same period previous year. Of these assets, MAMCPL managed Rs.1,310 crores of average equity assets in the quarter ended December 31, 2018 which compared to Rs.735 Crores in the same quarter last year. The number of client accounts as on December 31, 2018, increased to 150,326 of which 43,163 were investing via Systematic Investment Plans.
Mahindra Finance USA, LLC (MFUSA)
During the quarter ended December 31, 2018, MFUSA registered income at USD 16.9 Million as against USD 14.3 Million, registering a growth of 18 % over the same period previous year. The Profit After Tax (PAT) registered was USD 2.5 Million as against USD 1.5 Million, registering a growth of 67% over the same period previous year.
During the nine-month period ended December 31, 2018, MFUSA registered income at USD 50.4 Million as against USD 41.4 Million, registering a growth of 22 % over the same period previous year. The Profit After Tax (PAT) registered was USD 10.4 Million as against USD 6.7 Million, registering a growth of 55 % over the same period previous year.
About Mahindra & Mahindra Financial Services Limited
Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 5.9 Million customers and has an AUM of over USD 9 Billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has 1,313 MMFSL offices and reaches out to customers spread over 3,50,000 villages and 7,000 towns across the country.
Mahindra Finance is the only Non-Banking Finance Company from India to be listed on the Dow Jones Sustainability Index in the Emerging Market Category. Mahindra Finance has been ranked 14th on the list of India's Best Companies to work for – 2018, by Great Place to Work® Institute. The Company has also been recognized among the Best BFSI Brands 2018 by The Economic Times.
The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.
Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.
Mahindra Asset Management Company Private Limited (MAMCPL), a wholly-owned subsidiary of Mahindra Finance, acts as the Investment Manager of Mahindra Mutual Fund.
The Company has a JV in US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US.
About Mahindra
The Mahindra Group is a USD 20.7 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, components, commercial vehicles, speedboats, consulting services, energy, industrial equipment, logistics, real estate, steel, aerospace, defence and two wheelers. Headquartered in India, Mahindra employs over 240,000 people across 100 countries.
Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise
Media Contact information:
Metabelle Lobo
GM, Group Communications
Mahindra & Mahindra Limited
Tel: +91 22 24975178
Mobile: +91 9769212078
Email: lobo.metabelle@mahindra.com