Tag: Financial Results

Magna Announces Fourth Quarter 2021 Results and Outlook

Fourth Quarter 2021 Highlights Sales of $9.1 billion decreased 14%, compared to a 17% decrease in global light vehicle production Diluted earnings per share and Adjusted diluted earnings per share of $1.54 and $1.30, respectively, compared to $2.45 and $2.83 last year Returned $378 million to shareholders through share repurchases and dividends Raised quarterly cash… Continue reading Magna Announces Fourth Quarter 2021 Results and Outlook

@BMW: Ad-hoc: BMW AG acquires majority stake in BMW Brilliance Automotive Ltd. leading to full consolidation effective 11 February 2022001746

Munich. Bayerische Motoren Werke Aktiengesellschaft (BMW AG) acquires a majority stake in its Chinese joint venture BMW Brilliance Automotive Ltd. (BBA). BBA has today received the relevant business licence from the Chinese authorities, effective 11 February 2022. BMW AG thus indirectly holds 75% of the shares in BBA, while the Chinese partner Brilliance China Automotive… Continue reading @BMW: Ad-hoc: BMW AG acquires majority stake in BMW Brilliance Automotive Ltd. leading to full consolidation effective 11 February 2022001746

@BMW: BMW Group strengthens partnership in China: Extension of Joint Venture Contract until 2040 enters into force001745

Munich. The BMW Group underlines its long-term commitment in China: as of 11 February 2022, the extension of the joint venture contract for the BMW Brilliance Automotive Ltd. (BBA) joint venture until 2040 takes effect. The agreement on the contract extension was signed by the two joint venture partners back in October 2018, on BBA’s 15th… Continue reading @BMW: BMW Group strengthens partnership in China: Extension of Joint Venture Contract until 2040 enters into force001745

@Daimler: Mercedes-Benz Group AG posts strong preliminary financial results for the year 2021

Stuttgart, Germany – Mercedes-Benz Group AG achieved strong financial results in the year 2021 based on preliminary unaudited figures. The Mercedes-Benz Cars & Vans segment has exceeded the guidance range of 10 to 12% and now expects an adjusted Return on Sales of 12.7% in the full year. Despite the ongoing semiconductor shortages, the fourth… Continue reading @Daimler: Mercedes-Benz Group AG posts strong preliminary financial results for the year 2021

Tesla delays more Model X deliveries as Elon Musk admits to problems in the production ramp

Tesla is delaying more Model X orders as Elon Musk admits that Tesla made a mistake in shutting down production of the previous version as the production ramp of the new version is having problems. The automaker didn’t produce the Model X for about eight months as it refreshed both the Model S and Model… Continue reading Tesla delays more Model X deliveries as Elon Musk admits to problems in the production ramp

Augmented reality finds a foothold in cars via safety features

The technology needed to electrify and automate cars is coming of age in tandem with the technology that powers augmented reality. Automakers keen on capturing the attention of their customers, and even attracting alternate forms of revenue, are considering the potential use cases of AR, now and in the future. The integrations that are coming… Continue reading Augmented reality finds a foothold in cars via safety features

Tesla loses Roadster chief engineer behind several important vehicle programs to Ford

Tesla has lost its executive in charge of new vehicle programs who has been in charge of several important engineering programs, and now, he is going to work on Ford’s electric vehicles. Alan Clarke has been at Tesla for over a decade. He started out as a senior design engineer in 2009 and worked on… Continue reading Tesla loses Roadster chief engineer behind several important vehicle programs to Ford

Haldex Year-End Report, January – December 2021

STOCKHOLM, Feb. 10, 2022 /PRNewswire/ — FOURTH QUARTER 2021 Sales increased to SEK 1,191m (989), corresponding to an organic growth of 19 percent. Adjusted operating income amounted to SEK 60m (66), equivalent to an adjusted operating margin of 5.0 percent (6.7). Reported operating income amounted to SEK 54m (44). Non-recurring expenses of net SEK 6m… Continue reading Haldex Year-End Report, January – December 2021

Uber posts quarterly profit on strong delivery, recovering ride demand

Uber Technologies Inc on Wednesday reported its second quarterly operating profit as demand for its ride-hailing service approached pre-pandemic levels and its food delivery business turned profitable for the first time. The company’s first-quarter outlook fell short of Wall Street expectations as the Omicron coronavirus variant dampens travel, but Uber Chief Executive Dara Khosrowshahi said business had started… Continue reading Uber posts quarterly profit on strong delivery, recovering ride demand