Volkswagen Bavaria claims damages for about 1000 VW vehicles in the country’s fleet. (Photo: AP) DüsseldorfBayern is a loyal customer of VolkswagenGroup, thousands of state officials drive cars VW– and Audi-Logo. But loyalty has its limits. The company has deceived environmental authorities, registration offices and car customers in the exhaust gas scandal – including the… Continue reading Diesel scandal: German states want to sue for damages from VW
Tag: Financial Results
Why Ford and VW Are Partnering Up, but Won’t Be Merging Anytime Soon – Barron’s
Jeff Kowalsky/AFP/Getty Images Ford Motor (F) and Volkswagen (VOW.Germany) provided more details about their global partnership agreement Tuesday morning—an agreement that is all about the car business of the future. The two automotive giants will collaborate on electric cars, autonomous vehicles and shared mobility services. The partnership is all about costs too, because developing this… Continue reading Why Ford and VW Are Partnering Up, but Won’t Be Merging Anytime Soon – Barron’s
Regarding joint investigation into Nissan-Mitsubishi B.V.
YOKOHAMA, Japan – Nissan Motor Co., Ltd. and Mitsubishi Motors Corporation announced today results from their ongoing joint investigation into misconduct carried out by Carlos Ghosn, former chairman of the two companies. The results confirm that Ghosn received improper payments from Nissan-Mitsubishi B.V. (NMBV), a joint venture company established by Nissan and Mitsubishi Motors. NMBV… Continue reading Regarding joint investigation into Nissan-Mitsubishi B.V.
With New Cash and Facilities, Phoenix Transitions Out Of Startup Mode
It’s often not obvious precisely when an early-stage business reaches the point where it outgrows the “startup” label. Case in point: Madison, WI-based Phoenix, which sells neutron generators and provides image-reading services to organizations in industries ranging from healthcare to renewable energy to aerospace and defense. “From a cultural standpoint, everybody’s starting to feel the… Continue reading With New Cash and Facilities, Phoenix Transitions Out Of Startup Mode
Elon Musk: Tesla Is Dropping Its Customer Referral Program
Bottom Line Tesla has found a new way to cut costs. On Thursday, CEO Elon Musk announced on Twitter that the company’s customer referral program will end on Feb. 1. In a follow-up tweet, he explained that the program was too expensive — another sign that Tesla’s eyes are fixed firmly on the bottom line. Refer… Continue reading Elon Musk: Tesla Is Dropping Its Customer Referral Program
Elon Musk says Tesla is ending its customer referral program as it’s costing too much
Mack Hogan | CNBC
Juicing up the P100D on a trip to Detroit
Tesla's customer referral program will come to an end on Feb. 1, chief executive Elon Musk said in a tweet Thursday.
The initiative lets drivers give their friends a referral code to get six months of free charging via Tesla's Supercharger network.
Musk said the move was aimed at reducing costs incurred by the scheme. “It's adding too much cost to the cars, especially Model 3,” he said.
Tweet
The premium electric auto manufacturer has made a number of cost-cutting moves of late, as it looks to boost margins and expand profitability. Late last month, the firm cut prices on its Model 3 car in China, while this week it discontinued the lowest-priced versions of the Model S sedan and Model X SUV.
In its last quarterly report, the company scored its first profit in two years, posting net profit of $311.5 million and $881 million in free cash flow.
The firm managed to pump out 86,500 vehicles in the fourth quarter, up from 80,142 in the previous quarter, but disappointed investor expectations when it came to deliveries.
The company is also trying to up its presence in China, and Musk recently broke ground on a new Gigafactory — the name given to the facilities where lithium-ion batteries and Tesla vehicles are produced — which is being opened in Shanghai. The factory, dubbed the Gigafactory 3, is slated to begin partial production in the second half of this year.
That move comes not only as a spate of domestic rivals — including Nio and Xpeng — look to challenge Tesla's dominance in the electric vehicle space, but also as the U.S. and China try to resolve their differences over trade.
A trade battle between the two superpowers has seen billions of dollars' worth of each other's imported goods targeted with new tariffs, and both nations are trying to reach a trade agreement during a 90-day truce.
Adient announces preliminary Q1 fiscal 2019 results; initiates discussions to strengthen capital structure
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Tekion Receives Investment from Alliance Ventures
Tekion, a California-based company which brings connected digital experiences to automotive retail through Machine Learning and Artificial Intelligence capabilities, received an investment from Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi. The amount of the deal was not disclosed. Led by Founder and Chief Executive Officer, Tekion provides a cloud ML/AI, Big Data and… Continue reading Tekion Receives Investment from Alliance Ventures
Stop & Shop is bringing autonomous food stands to Boston
Stop & Shop Forget self-driving grocery delivery cars — Stop & Shop wants robotic vehicles to bring a chunk of the store to your door. It’s launching autonomous grocery vehicles in the greater Boston area that will let you shop for produce, meal kits and “convenience items” (think bread and eggs) just outside your home.… Continue reading Stop & Shop is bringing autonomous food stands to Boston
Jeep® Vehicles Earn Recognition at Diversity Volume Leadership Awards
January 16, 2019 , Auburn Hills, Mich. – The Jeep® Cherokee and Jeep Compass captured key awards in recognition of their popularity with diverse customers during the 4th annual Diversity Volume Leadership Awards held in Detroit earlier this week. The awards, sponsored by the National Association of Minority Automobile Dealers and IHS Markit, are presented annually to… Continue reading Jeep® Vehicles Earn Recognition at Diversity Volume Leadership Awards