Financial Results – Page 8702 – I wish I had more to offer

Tesla blames misprinted label for China customs hiccup

BENGALURU/SHANGHAI (Reuters) – Tesla Inc said on Tuesday that China’s customs authorities have accepted the electric carmaker’s plan to resolve problems with the clearance of its Model 3 sedans that centered around misprinting of labels. FILE PHOTO: A Tesla Model 3 car leaves a cargo vessel at a port in Shanghai, China February 22, 2019.… Continue reading Tesla blames misprinted label for China customs hiccup

China agrees to Tesla remedy for Model 3 customs block: source

BENGALURU/SHANGHAI (Reuters) – China’s customs authorities have accepted Tesla Inc’s plan to remedy problems with the clearance of imported cars, a source familiar with the matter told Reuters on Tuesday. FILE PHOTO: A Tesla Model 3 car leaves a cargo vessel at a port in Shanghai, China February 22, 2019. REUTERS/Stringer Financial publication Caixin reported… Continue reading China agrees to Tesla remedy for Model 3 customs block: source

Renault dismisses question marks over its alliance with Nissan and Mitsubishi

Ensuring permanence of auto alliance a priority, Renault CEO says
1 Hour Ago | 04:24

Renault's new CEO told CNBC that there is no “question mark” hanging over his firm's alliance with Japanese firms Nissan and Mitsubishi.

The partnership was plunged into crisis in November when former Nissan chairman and Renault CEO Carlos Ghosn was arrested in Japan following allegations of financial misconduct. It transpired that Nissan executives had been helping Japanese prosecutors with evidence.

On Tuesday, and after more than three months of detention, Ghosn was granted bail. A Tokyo court approved his release, having denied two previous requests, on the condition he agrees to video surveillance.

Now his replacement at Renault, Thierry Bollore, has told CNBC that over the last month the company had spent a large amount of time working with its Japanese partners to re-establish trust.

Speaking at the 89th Geneva International Motor Show on Tuesday, Bollore said the future of the auto alliance was not under threat.

“It is not at all a question mark. We need more alliance, we need better alliance. This is independent of events,” he told CNBC's Annette Weisbach, before claiming that all three firms were now looking to deepen their cooperation with each other.

“We need to permanently make the alliance progress with our three companies, and make sure we can deliver better together,” Bollore said.

Renault chairman 'extremely confident' in alliance's future
1 Hour Ago | 00:47

Also on Tuesday, Renault's new chairman, Jean-Dominique Senard, said he was also “extremely confident” in the future of the alliance.

“We are working hard to make sure the future of this alliance is brilliant. I'm totally convinced it will happen and we will find ways to make sure it is understood by everybody,” Senard added.

Renault outlook

In mid-February Renault posted its first set of results since the arrest of Ghosn. The French carmaker reported a 35 percent slump in net profit for 2018 to 3.45 billion euros ($3.9 billion).

On Tuesday, Bollore claimed the results were good in the face of a “very shaky year.” The chief executive said he expected the first six months of 2019 to reap “moderate growth” but that a raft of new product launches after the summer would improve sales.

Bollore admitted that the key China market had proved sluggish but said the company was continuing to learn.

Shares of Renault and Nissan have dipped by around 7 percent since Ghosn's arrest.

Next 5 to 10 years could be ‘really tough’ for our competitors, VW chief says

picture alliance | picture alliance | Getty Images
The Audi Q4 e-tron concept is presented at the Geneva Motor Show on the first press day. The 89th Geneva Motor Show starts on 7 March and lasts until 17 March.

The transition towards the electrification of vehicles is a challenge for car industry and whoever manages it best will succeed, the CEO of German automaker Volkswagen Group told CNBC Tuesday.

“We are really getting into a transition period of the automotive industry and, reading between the lines of all the communications our competitors are doing, it will be tough times because we have to invest in new technology, not only electric drive trends but autonomous driving, connectivity,” Herbert Diess, chief executive of Volkswagen, told CNBC's Annette Weisbach at the Geneva Motor Show.

“So, this period of the next five to ten years will be very tough for all our competitors,” he said, adding: “I think the company that manages this transition best will succeed.”

Volkswagen showcased an all-electric dune buggy at the Swiss car show on Monday and announced last November that it will spend 44 billion euros ($50 billion) on new plants, electric cars, autonomous driving and mobility services between 2019 and 2023. VW has also said it is looking to partner with other manufacturers on electric vehicles in a bid to lower development and production costs.

Earlier this year, VW and Ford announced a plan to build commercial vans and medium-sized pickup trucks together as early as 2022. They also announced plans to work together on autonomous vehicle research.

VW Group is one of the world's largest automakers and comprises twelve brands including VW, Audi, Seat, Skoda, Bentley, Bugatti, Lamborghini and Porsche. In the last few years the company was wracked with the diesel emissions cheating scandal, however, and more recently has faced the threat of U.S. tariffs on European car imports and car parts. EU and U.S. officials are due to hold trade talks on Wednesday with Europe keen to avert the threat to its car industry. German-listed shares of Volkswagen have fallen 5 percent in the last six months reflecting investor concerns.

Diess said that all automakers were seeing their shares trading at a discount and said this was because of the transition taking place in the industry. Diess believed VW had the best chance of success in the transition towards electric vehicles but conceded that the group should be more efficient.

“We think we have the best story, we have to explain it probably a bit better maybe and for sure it's also about efficiency, we have still a lot of synergies in the group, it's big with all the different brands, but that takes time. But I think we're on the right way and I think once the market understands our story the share price will go up,” he said.

Volkswagen CEO: Brexit 'won't sink our company'
2 Hours Ago | 03:37

Commenting on the threat of U.S. sanctions on European car imports, Diess said VW had done everything it could to “convince the U.S. administration that we're really committed to investing further into the U.S.”

“It is a critical situation for us,” Diess said, “because mostly our premium brands here in Germany are depending on the import market of the U.S. So, Audi and Porsche have significant market share there so this is a threat,” he said.

“We do what we can but at the end of the day it's a negotiation of tariffs which not only cover the automotive sector but also other entities so it's hard to predict what's the outcome,” he said.

Hagland Shipping AS to have its general cargo vessel ‘Hagland Captain’ retrofitted with Wärtsilä’s hybrid propulsion solution

An impression of how the ‘Hagland Captain’ will look after the retrofit of a Wärtsilä hybrid propulsion solution. The conversion will create fuel savings and environmentally sustainable operations. Image copyright: Hagland Shipping AS

HELSINKI, 8-Feb-2019 — /EuropaWire/ — Shipping company Hagland Shipping AS to order hybrid retrofit installation from Wärtsilä for its general cargo vessel ‘Hagland Captain’. The agreement between the two companies has been signed in December 2018 and the project will be first of its kind ever in short-sea shipping applications.

Wärtsilä will install its battery hybrid propulsion solution on the cargo vessel to significantly enhance its environmental performance by reducing its emissions, fuel consumption, and noise.

The project includes technologies and solutions like shore power connection to provide power for loading/unloading operations and for battery charging, a new reduction gear with power take-off (PTO) and power take-in (PTI) technology, and a Wärtsilä NOx Reducer (NOR).

Wärtsilä’s hybrid solutions are based on fully integrated hybrid power module that marks a new frontier in marine hybrid propulsion. The system combines engines, an energy storage system using batteries, and power electronics optimised to work together through a newly developed energy management system (EMS).

The total reduction in nitrogen oxide (NOx) emissions after the retrofit is expected to be as much as 80 to 90 percent. Additionally, 5 to 10 percent in fuel cost savings are expected as well.

The battery capacity will provide enough energy for the vessel to sail in and out of harbour entirely on electric power for approximately 30 minutes thus reducing both noise and pollution levels in the vicinity of the harbour.

Environmental requirements for shipping of materials to the island of Langøya in Norway has led to Hagland Shipping having their ship retrofitted to meet this requirement.

The non-profit NGO, Bellona has provided valuable input to the project concept.

Oivind Wendelboe Aanensen, COO, Hagland Shipping AS:

“Wärtsilä has been chosen as a partner due to their significant experience in providing environmentally sound solutions such as hybrid systems. Wärtsilä’s forward-leaning and supportive approach has enabled Hagland and NOAH to arrive at an optimal solution. We believe our mutual project will have a considerable impact in the market and will further the environmental drive towards sustainable solutions in short-sea shipping.”

Paul Kohle, Director, Sales & Sales Support, Asset Management Services, Wärtsilä Marine:

“Environmental considerations are increasingly important for fleet owners around the world. The need for the latest smart marine technologies has been seen for some time already in deep sea shipping, and this project is evidence that the need also exists in short-sea transportation. Wärtsilä is responding to these developments with its Smart Marine Ecosystem approach, which through the use of high levels of digitalisation and connectivity, is creating greater efficiencies, increased safety, and more sustainable solutions.”

SOURCE: Wärtsilä

MORE ON CARGO VESSEL, SHIPPING, NITROGEN OXIDE, WÄRTSILÄ:

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United Arab Shipping Company’s first ultra-large container vessel enters service equipped with MacGregor high-efficiency cargo handling system – Delivered by Hyundai Samho Heavy Industries’ (HSHI) Mokpo shipyard on 8th May,Barzan is the first in a series of six 18,800 TEU container carriers for United Arab Shipping Company (UASC), designed to set new standards in fuel and energy efficiency…

Model tests of the Project Forward’s concept vessel indicate that the Energy Efficiency Design Index (EEDI) is well below the currently most stringent Phase III level – The Project Forward initiative led by Athens-Based Arista Shipping, with Wärtsilä as one of the participants, demonstrates that with LNG as fuel, an advanced hull design, and highly efficient propulsion machinery, it will be possible to meet the IMO’s target for a 40 percent reduction in carbon intensity by 2030…

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Wärtsilä Aquarius UV Ballast Water Management System receives continued strong demand from global shipping operators – The systems will enable the vessels to be compliant with the Ballast Water Management Convention regulations that entered into force in September 2017 for all new build vessels…

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French ferry operator La Méridionale digitalises its fleet with the latest energy management technology from Eniram, a Wärtsilä company – Eniram, a Wärtsilä company and French ferry operator La Méridionale, have taken notable steps on digitalising La Méridionale’s fleet with the help of the latest energy management technology…

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Wärtsilä’s new power plant project to boost local industry development in Equatorial Guinea – The technology group Wärtsilä was awarded a 38 MW power plant project by the EPC company Groupement TEC-IEE in Equatorial Guinea. The project is sponsored by the Ministry of Hydrocarbons with the intention to boost the development of local industry. The order was booked in Q3 2018…

Linde Gases’ nitrogen oxides (NOx) emissions removal technology, LoTOx™, now available for the power industry – NOx, mainly consisting of nitric oxide (NO) and nitrogen dioxide (NO2), is among the major pollutants listed under the Clean Air Act by the US Environmental Protection Agency (EPA) and is also rigorously monitored by the EU and China…

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Hapag-Lloyd to install Hybrid Ready Exhaust Gas Cleaning Systems on 10 vessels to comply with IMO2020 low sulphur regulation – Ten Hamburg Class vessels (13,000 TEU) to be retrofitted in 2019 and 2020 // First vessel will be ready to sail with EGCS in March 2019 // Decision made in response to upcoming IMO2020 low sulphur regulation…

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GRAMMER AG – Lower revenues due to weaker OEM sales and transaction costs impact result in the 3rd quarter of 2018 – adjustment of full-year outlook necessary

15. Oktober 2018
GRAMMER AG – Umsatzrückgang aufgrund Absatzschwäche der Pkw-Hersteller und Transaktionskosten belasten Ergebnis im dritten Quartal – Anpassung der Gesamtjahresprognose erforderlich Veröffentlichung einer Insiderinformation gemäß Art. 17 MAR
GRAMMER AG (WKN 589540, ISIN DE0005895403)

GRAMMER AG – Umsatzrückgang aufgrund Absatzschwäche der Pkw-Hersteller und Transaktionskosten belasten Ergebnis im dritten Quartal – Anpassung der Gesamtjahresprognose erforderlich

Amberg, 15. Oktober 2018 – Auf Grund des gegen Ende des dritten Quartals anhaltenden Umsatzrückgangs im Automotive-Bereich, ausgelöst durch die verstärkte und sich weiter fortsetzende Absatzschwäche vor allem im europäischen Pkw-Markt, wird das Konzernumsatzziel für das Gesamtjahr 2018 (1,85 Milliarden Euro) voraussichtlich um mindestens 50 Millionen Euro verfehlt werden.
Nach ersten, vorläufigen Ergebnissen für das dritte Quartal ist die erwartete saisonale Belebung nach dem Ende der Sommerferien im September im Automotive-Bereich nicht erfolgt, so dass die Umsatz- und operative Ergebnisentwicklung in diesem Bereich das Konzernergebnis von Grammer negativ beeinträchtigt hat. Damit wird das operative Konzernergebnis vor Zinsen und Steuern (operatives EBIT) im Zeitraum Januar bis September 2018 mit rund 57 Millionen Euro den Vorjahreswert von 58,6 Millionen Euro knapp unterschreiten.
Zudem fielen im GRAMMER Konzern typische einmalige Transaktionskosten im Zusammenhang mit der Übernahme der Gesellschaft durch ein verbundenes Unternehmen des strategischen Partners Ningbo Jifeng im dritten Quartal an.
Insgesamt wird daher das kumulierte Konzernergebnis vor Zinsen und Steuern (EBIT) im Zeitraum Januar bis September 2018 mit rund 27 Millionen Euro den entsprechenden Vorjahreswert von 45,8 Millionen Euro erheblich unterschreiten. Ausgelöst durch das negative Konzernergebnis im dritten Quartal erwartet das Unternehmen daher, dass das Konzern-EBIT im Gesamtjahr 2018 deutlich unterhalb des Gesamtjahres-EBIT des Vorjahres von 66,5 Millionen Euro und damit auch unterhalb der aktuellen Gesamtjahresprognose liegen wird.
Eine neue Umsatz- und Ergebnisprognose wird das Unternehmen im Rahmen der Q3-Berichterstattung am 13. November 2018 veröffentlichen.

Grammer AG
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4 Mar 2019 GKN trials world-first battery electric vehicle with two-speed …

GTD19’ technology demonstrator illustrates potential for industry-leading efficiency, acceleration and range Order book for GKN electrified drivelines up 40% in 2018, to £3 billion ICE all-wheel-drive SUV reengineered as pure electric vehicle with coaxial eAxle based on GKN’s award-winning Twinster technology Development of GTD19 showcases GKN’s vehicle integration expertise GKN Automotive has today unveiled the… Continue reading 4 Mar 2019 GKN trials world-first battery electric vehicle with two-speed …

Has Tesla Finally Opened Up The Full Potential Of Its Model 3 Battery?

6 H BY GEORGE BOWER Our research suggests the above is true. In a previous article (ref), we calculated and compared Tesla’s 2170-cell energy density based on the pack’s usable energy and the weight of one 2170 cell (weighed by Jack Rickard). The energy density by weight calculated at 246-250 wh/kg and 711-721 wh/liter based… Continue reading Has Tesla Finally Opened Up The Full Potential Of Its Model 3 Battery?

London-based vehicle data startup Cazana sets out to raise €1.15 million on Crowdcube for global expansion

London-based vehicle data company Cazana has opened up a part of their Series A funding round to their users and fans with a €1.15 million crowd-fundraise on Crowdcube.

Using big data and predictive analytics, Cazana provides automotive insights for vehicle owners and renters, analysing millions of automotive transactions daily to assess the value and risk associated with every vehicle on the road. Founded in 2013, Cazana is already used by manufacturers, finance companies, dealerships, and insurers across the globe.

The funding round is set to be led by Passion Capital, along with industry heavyweights David Hammond and Robert Diamond, along with existing Cazana customers and motoring enthusiasts also expected to take a stake.

The funding will support the global expansion of the business, and be used to develop Cazana’s growing suite of services, including the newly acquired Car & Classic website – the largest classic and specialist vehicle marketplace in Europe, with over 2 millio..

Tesla ‘much bigger’ than Elon Musk and is doing things others can only dream of, analyst says

Tesla is 'much bigger' than Elon Musk, analyst says
8 Hours Ago | 04:15

There's more to Tesla than its billionaire boss, according to one analyst.

Philippe Houchois, equity research analyst for U.S. and European autos at Jefferies, said the company has become “much bigger” than Chief Executive Elon Musk, who is seen by many as the face of the electric vehicle maker.

“Tesla at this stage is much bigger than Musk,” Houchois told CNBC's “Squawk Box Europe” on Monday. “Of course, Musk gets a lot of attention. But Tesla has been able to be profitable, at a level of pricing and product that nobody expected to generate cash.”

Houchois does not own shares of Tesla, he told CNBC later in the day by email.

Last year was a challenging one for Tesla and its CEO, marked by an ill-fated take-private deal, quibbles with Wall Street analysts and what Musk described on Twitter as a transition “from production hell to delivery logistics hell.”

Musk's tweets have proven to be a source of contention for investors. He and Tesla were fined $20 million each last year over a tweet in which the former said he had “funding secured” for a deal to take Tesla private at $420 a share. The Securities and Exchange Commission claimed he had misled investors.

Then, earlier this year, regulatory issues returned to haunt the company and its boss, after the SEC asked a judge to hold him in contempt for violating its settlement deal by making an “inaccurate” February 19 tweet about production.

Musk has continued to use Twitter to make announcements related to the company. Just overnight, Musk said Tesla would unveil its highly anticipated Model Y SUV on March 14.

Tesla doing things others are only 'dreaming about'

Tesla turned its first quarterly profit in two years in the third quarter of 2018, and followed up with a smaller profit in the fourth quarter. Musk, however, has since warned that he doesn't expect the carmaker to report a profit in the first quarter of 2019, citing one-time charges and challenges with deliveries to Europe and China.

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Elon Musk

His comments arrived as Tesla launched the long-awaited $35,000 standard version of its Model 3 sedan, and said it would shift all sales online, a move that will result in store closures and job cuts.

Many on Wall Street reacted negatively to the news, with Barclays analyst Brian Johnson going as far as to call it the “un-iPhone moment.”

Houchois takes a different view.

“Every carmaker dreams about the ability to sell cars online,” he said. “They are implementing a number of developments… that other carmakers are only just thinking about or dreaming about.”

The strategist said the investment case for Tesla only works if it puts the brakes on growth, adding that it was his expectation the company would “definitely” grow at a slower pace in 2019.

Long term, Houchois says he hopes the automaker will grow profitably and destress its balance sheet, “and from that it can grow again.” Tesla paid off a $920 million debt obligation in cash on Friday.

It has also made a number of cost-cutting decisions at looks to lower the price of its vehicles, including scrapping a customer referral program that offered benefits like limited free charging and laying off 7 percent of its full-time workforce.

“I think right now… what they will demonstrate hopefully… is the ability to stabilize the cash generation and stabilize the balance sheet by growing more slowly while still moving to that phase where they're not just a niche premium into a more volume,” Houchois said.

He added: “If they go into that phase reasonably successfully, I think there's a very strong case that Tesla can be self-funded.”