Honda says it will close Swindon plant in 2021, ending workers’ hopes

Honda Efforts by government and union fail to prevent factory closure, with loss of 3,500 jobs Cars leaving the Honda plant in Swindon. Photograph: Eddie Keogh/Reuters Honda has confirmed it will close its Swindon factory in 2021, ending any hopes that the jobs of 3,500 employees can be saved. The Japanese carmaker first announced plans… Continue reading Honda says it will close Swindon plant in 2021, ending workers’ hopes

HyreCar Increases Q1 Revenue by 105%

Gross profit in the first quarter of 2019 increased to a record $2.0 million, or 55.6% of revenues, compared to $0.4 million, or 24.7% of revenues, in the first quarter of 2018.  Photo via Depositphotos. HyreCar reported total revenue in the first quarter of 2019 of $3.5 million, compared to $1.7 million in the first… Continue reading HyreCar Increases Q1 Revenue by 105%

Interview with Daimler Chief Human Resources Officer Wilfried Porth: “We can not override the economic rules” – why Mercedes has to save

Daimler Chief Human Resources Officer Wilfried Porth “The combustion engine does not disappear overnight.” (Photo: AP) StuttgartThe car maker Daimler wants to continue to recruit specialists in spite of the heavy pressure on the economy. “We have no general hiring freeze,” said chief executive officer Wilfried Porth the Handelsblatt: “If the know-how is needed, we… Continue reading Interview with Daimler Chief Human Resources Officer Wilfried Porth: “We can not override the economic rules” – why Mercedes has to save

Uber CEO Thinks Elon Musk Is Way Off On Robotaxi Timeline

Ride-hailing chief thinks autonomous future is years off Uber has no plans in chasing Elon Musk’s timeframe for self-driving taxis, the CEO said Friday. Dara Khosrowshahi told CNBC that the ride-hailing company, which yesterday launched its initial public offering on the New York Stock Exchange, that it would take a slower approach to self-driving vehicles… Continue reading Uber CEO Thinks Elon Musk Is Way Off On Robotaxi Timeline

Kia unveils upgraded Sportage with diesel mild-hybrid powertrain, new technologies and fresh design

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Updated interior and exterior design for European and global best-sellerRevised powertrain line-up includes EcoDynamics+ 2.0-litre diesel mild-hybrid and efficient new 1.6-litre ‘U3’ dieselEcoDynamics+ powertrain reduces CO2 emissions by up to 4% under WLTPNew technologies include upgraded infotainment and active driver aidsOn-sale in Europe during Q3 2018Kia Motors has revealed the upgraded Kia Sportage today, introducing a range of enhancements to the brand’s European and global best-seller. The new model pairs an updated exterior and interior design with new safety and infotainment technologies. Powertrains are also fully-compliant with future emissions standards. The Sportage’s advanced new EcoDynamic+ 48V diesel mild-hybrid powertrain is the first to be launched as part of the brand’s global powertrain electrification strategy. Kia is the first manufacturer to offer hybrid, plug-in hybrid, battery-electric and 48-volt mild-hybrid technolo..

Uber Begins Trading on NYSE

Today, Uber Technologies, Inc., started trading on NYSE. Its IPO offers 180,000,000 shares of its common stock at a price to the public of $45.00 per share. The underwriters have been granted a 30-day option to purchase up to an additional 27,000,000 shares from certain selling stockholders at the initial public offering price less underwriting… Continue reading Uber Begins Trading on NYSE

Uber’s IPO Hits a Yellow Light as Stock Price Stays Below Opening

Where was the pop? Investors in Uber—German for over—should be rejoicing on the company’s opening day on the NYSE. Instead, the stock opened at the planned $45 and has remained under that price as of midday. Typically, an IPO is first sold through investment bank underwriters to big institutional investors and to favored individual clients,… Continue reading Uber’s IPO Hits a Yellow Light as Stock Price Stays Below Opening

Loss-making Uber valued at $82bn in US IPO

On 9th May 2019, Uber priced its initial public offering at $45 per share. Image via Pixabay Ride-sharing firm Uber has been valued at $82 billion on its US initial public offering (IPO), or $45 a share – at the lower end of its original target range. At that price, the company will have a market… Continue reading Loss-making Uber valued at $82bn in US IPO

Notice Regarding Year-on-Year Changesin Consolidated Financial Results for FYE2019

May 10, 2019

Notice Regarding Year-on-Year Changes
in Consolidated Financial Results for FYE2019

Company name: SUBARU CORPORATION
Representative: Tomomi Nakamura, Representative Director, President and CEO
Code number: 7270 (First Section of Tokyo Stock Exchange)
Contact for inquiries: Katsuo Saito, Vice President
and General Manager of Investor Relations Department
Phone: +81-3-6447-8825

Subaru Corporation hereby notifies year-on-year changes between the consolidated financial results for FYE2019 (April 1 – March 31, 2019) announced today and the corresponding of the previous year. Details are set out below.

1. Year-on-Year Changes in Consolidated Financial Results for FYE2019

Net sales
Operating
income
Ordinary
income
Net income
attributable to owners
of parent
Net income
per share

FYE2018 Results (A)
Millions of yen
3,232,695
Millions of yen
379,447
Millions of yen
379,934
Millions of yen
220,354
Yen
287.40

FYE2019 Results (B)
3,160,514
195,529
196,0239
147,812
192.78

Increase or decrease (B-A)
(72,181)
(183,918)
(183,695)
(72,542)

Percentage change (%)
(2.2)
(48.5)
(48.3)
(32.9)

Note: The Company has changed its accounting policies with effect from the first quarter of FYE2019. Accordingly, the new policies have been retroactively applied to FYE2018 results before carrying out year-on-year comparison and analysis of net sales figures.

2. Reasons for the Changes
In the automotive business, overseas retail sales remained stable in North America, which is a priority market for us, contributed by strong sales of Ascent, a new model vehicle newly launched. However, total unit sales dropped by 39 thousand units (4.3%) from the previous fiscal year to 865 thousand units due to the decrease in shipment of Forester, which had not been fully remodeled for the first half of this fiscal year. Overall domestic sales also decreased by 28 thousand units (17.2%) from the previous fiscal year to 135 thousand units due to the decline in sales of Impreza, SUBARU XV and Levorg, while the sales of Forester, which was fully remodeled in July, grew steadily. Combined domestic and overseas unit sales thus decreased by 67 thousand units (6.3%) from the previous fiscal year to 1 million units.
In the Aerospace Company, Deliveries to the Japan Ministry of Defense saw sales decrease from the previous fiscal year, partly because the performance of a contract for the test production of a new multi-purpose helicopter for the Ground Self-Defense Force had been completed.Affected by the decline in production of Boeing 777 aircraft, the sales in the civilian market also fell below the previous fiscal year.
As a result, Net sales in the period under review decreased by ¥72.2billion (2.2%) from the previous fiscal year to ¥3,160.5 billion.
The increase in quality-related expenses triggered by the recall in November 2018 and the decrease in automobile unit sales affected both operating income and ordinary income, which respectively dropped by ¥183.9 billion (48.5%) to ¥195.5 billion and by ¥183.7 billion (48.3%) to ¥196.2 billion compared with the previous fiscal year. Net income attributable to owners of the parent also fell by ¥72.5 billion (32.9%) from the previous fiscal year to ¥147.8 billion.

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Uber fizzles in Wall Street debut, opens below $45 IPO price

(Reuters) – Uber Technologies Inc’s shares made a disappointing market debut on Friday, marking a rocky start for the most anticipated initial public offering of the year as other high-profile startups such as Slack and WeWork look to go public. The fall in shares undermined Uber’s strategy of pricing its oversubscribed IPO conservatively at $45… Continue reading Uber fizzles in Wall Street debut, opens below $45 IPO price