Financial Results – Page 8789 – I wish I had more to offer

SK Innovation mulls building car battery plants in U.S., Europe

SEOUL, Nov. 14 (Yonhap) — SK Innovation Co., a South Korean energy-to-construction conglomerate, said Wednesday that it is considering building electric vehicle battery plants in the United States and Europe to meet growing demand for zero-emissions cars. SK Innovation said up to four unidentified areas have been shortlisted for its first plant in the U.S.… Continue reading SK Innovation mulls building car battery plants in U.S., Europe

Tesla: We Are Improving The Design Of Our Battery Cell

4 H BY MARK KANE Production lines, battery modules and cells are evolving Tesla distinguishes itself from other manufacturers because it constantly upgrades its cars (others apply changes in packages every few years). That same policy Tesla utilizes in other areas like battery production at the Gigafactory. According to Tesla’s President of Automotive, Jerome Guillen,… Continue reading Tesla: We Are Improving The Design Of Our Battery Cell

A look inside Tesla’s Gigafactory: The key to the automakers’ success

An inside look at Tesla's Gigafactory
1 Hour Ago | 03:31

Walk into Tesla's Gigafactory in Sparks, Nevada, and the first thing that stands out is the size of the battery plant. It's enormous. So big that you could fit 33 football fields — and it's only getting larger.

“The Gigafactory is critical to Tesla. There is more batteries produced here for electric vehicles than in the rest of the planet combined. We would not be able to make all the vehicles we are making now if we didn't have the Gigafactory,” said Jerome Guillen, president of Tesla Automotive.

The Gigafactory's expansion since opening in July 2016 has been critical to Tesla's growth. This year, the automaker is on track to sell 170,000 vehicles, a jump of more than 59 percent compared to last year. Much of that growth is due to its latest vehicle, the Model 3, a sedan targeted to a broader audience than Tesla's previous cars. All of the Model 3's batteries are built at the Gigafactory.

Last quarter, as Tesla hit its target of producing more than 5,000 Model 3 cars per week, the company posted a profit. CEO Elon Musk says his company has turned the corner after years of mounting losses.

Meghan Reeder | CNBC
Workers at the Tesla Gigafactory.

“We expect to again have positive net income and cash flow in Q4 and I believe, our aspiration certainly will be for all quarters going forward,” Musk told analysts during the company's earnings conference call.

Analysts are not so sure. “Part of the real reason they beat in Q3 is because the mix was so strong,” said Colin Langan, an auto analyst for UBS who has a sell rating on Tesla. Langan calculates the average Tesla sold for more than $60,000 last quarter, well above the price point Tesla initially promised potential buyers.

“I think long-term the price will probably settle in the mid-forties, where comparable luxury vehicles sell today, and that is going to put a lot of margin pressure on over time,” he said.

Easing that pressure and keeping Tesla profitable will come down to a few key factors, most notably, growing sales and lowering the cost to build battery packs. In both cases, the Gigafactory will determine if Tesla succeeds.

Running around the clock, the Gigafactory cranks out approximately two battery packs every minute. Its production is currently estimated to be 5,000 a week, with room to grow, according to Sam Jaffe, managing director with Cairn Energy Research Advisors in Boulder, Colorado.

Meghan Reeder | CNBC
Workers at the Tesla Gigafactory.

Jaffe studies the electric vehicle market, specifically focusing on the costs to build the battery packs and cells that provide the energy inside those packs. Jaffe's analysis pegs Tesla's cost to manufacture a battery cell at $116 per kilowatt-hour, which he says is “far ahead of the industry.” He estimates other automakers building electric vehicles have battery cell costs closer to $146 per kilowatt-hour.

“Tesla has shown an ability and a drive to reduce both cell costs and battery pack costs,” he said. “They have been planning for this moment, with this tremendous cost advantage, for a long time, and in general they have executed well on it.”

That's not to say, there haven't been growing pains at the Gigafactory. From having to backtrack on overly ambitious plans to use robotics and automation to allegations the plant is being wasteful, Tesla's battery plant has faced plenty of scrutiny.

Meghan Reeder | CNBC
Workers at the Tesla Gigafactory.

Guillen said he believes the Gigafactory is just tapping its potential for battery production.

“The costs have come down and continue to come down a lot and that has enabled us to reach profitability in the last quarter and positive cash flow as well,” he said.

—CNBC's Meghan Reeder contributed to this report.

Data could be what Ford sells next as it looks for new revenue

Original Article

Revision of Performance Projection for the First Half of the Fiscal Year Ending 2019 (from April 1 to September 30, 2018)

October 23, 2018

Revision of Performance Projection
for the First Half of the Fiscal Year Ending 2019 (from April 1 to September 30, 2018)

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 Administration Department
Phone: +81-3-6447-8825

Considering the current business trend, Subaru Corporation has announced the revision of performance projection for the first half of the fiscal year ending March 31, 2019 (from April 1 to September 30, 2018) which was released at the timing of consolidated financial results announcement on August 6, 2018.

1. Revision of consolidated basis performance projection for the first half of the fiscal year 2019
(from April 1 to September 30, 2018)

Net sales
Operating Income
Ordinary Income
Net Income*
Net Income
Per Share

Previous projection (A)
Millions of yen
1,463,100
Millions of yen
110,000
Millions of yen
111,700
Millions of yen
79,100
Yen
103.17

Revised projection (B)
1,486,000
61,000
66,000
49,000
63.91

Increase and decrease (B-A)
22,900
(49,000)
(45,700)
(30,100)

Change of percentage (%)
1.6
(44.5)
(40.9)
(38.1)

Actual results of the first half of
the fiscal 2018 (ended
September 30, 2017)
1,608,013
212,125
212,726
85,005
110.87

*Net income attributable to owners of parent

Note: The Company has changed its accounting policies with effect from the first quarter of FYE 2019. Accordingly, the new policies have been retroactively applied to FYE 2018 results before carrying out year-on-year comparison and analysis of net sales figures.

2. Reasons for the Changes

The Company has revised the consolidated performance projection for the first half of fiscal year ending March 31, 2019 as above due mainly to quality-related expenses which offset foreign exchange gains.
The revised projection is based on assumed foreign exchange rates of ¥109/US$(previously ¥105/US$) and ¥131/EUR(previously ¥130/EUR).
Full-year consolidated performance projection for the fiscal year ending March 31, 2019 is currently under examination and will be published concurrent with the release of consolidated financial results for the first half scheduled for November 5, 2018.

3. Dividends

There is no revision of dividend forecast.

Note: Above mentioned projections are based on certain assumptions and our management’s judgment in light of currently available information, therefore actual results may differ from these projections.

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Supplementary explanation on Performance Projectionfor the First Half of the Fiscal Year Ending 2019 (from April 1 to September 30, 2018)

November 1, 2018

Supplementary explanation on Performance Projection
for the First Half of the Fiscal Year Ending 2019 (from April 1 to September 30, 2018)

Regarding “quality-related expenses”, which was the main factor of the amendment, “Revision of Performance Projection for the First Half of the Fiscal Year Ending 2019 (from April 1 to September 30, 2018)” announced on October 23, 2018, is made up of a majority of the cost related to the recall that we reported to Ministry of Land today.

Consolidated results for the first half of the fiscal year ending 2019 (from April 1 to September 30, 2018) and full-year consolidated performance projection for the fiscal year ending March 31, 2019 is currently under examination and will be published concurrent with the release of consolidated financial results for the first half scheduled for November 5, 2018.

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Electric pickup trucks are not in GM’s plans for the next couple decades, says exec

Electric propulsion is rapidly taking over many segments of ground transportation and pickup trucks, which are the biggest profit centers for American automakers, are expected to be next. Yet, the GM executive in charge of global strategy says that electric pickup trucks are not in the company’s plans. Mike Abelson, GM’s vice president of global strategy,… Continue reading Electric pickup trucks are not in GM’s plans for the next couple decades, says exec

Aston Martin named Luxury Brand of the Year

Published: Nov 06, 2018

Tags:

by
Neil Allison

Aston Martin has been named ‘Luxury Brand of the Year’ at the Luxury Briefing Awards. Heralded as the ‘Oscars of the Luxury Industry’, the aim of the annual event is to reward and celebrate excellence and innovation.

6 November 2018, London: Aston Martin has been named ‘Luxury Brand of the Year’ at the Luxury Briefing Awards. Heralded as the ‘Oscars of the Luxury Industry’, the aim of the annual event is to reward and celebrate excellence and innovation.
Presenting the award, Sir Eric Peacock described Aston Martin as a “powerful, hugely aspirational brand that is the epitome of luxury” and defied anyone in the room not to covet it. He went on to say the last 12 months have been an “Annus Magnificus” for the brand as it “soared into profit, increasing sales by an astonishing 8% in the first half of the year alone…it has been one of the fastest turnarounds and renaissances the luxury industry has ever seen”.
Aston Martin Lagonda Vice-President and Chief Marketing Officer, Simon Sproule, was at The Savoy in central London to collect the award. He said: “It’s a great honour to be named Luxury Brand of the Year. At Aston Martin Lagonda we have a fantastic team that lives and breathes this beautiful brand, working to grow and develop our presence across the world. With each car launch, each new brand partnership or lifestyle event, we get closer to our current and future customers. At a time when the automotive industry is facing incredible challenges we are pushing constantly to make sure the Aston Martin brand, and soon the Lagonda brand, not only stands the test of time but flourishes during this period of change.”
Aston Martin are also delighted that the award for ‘Outstanding Contribution to Charity’ was made to Aston Martin Cambridge, for the special edition Vanquish S that helped raise £1.5 million for the RAF Benevolent Fund. The raffle for ‘Red 10’, the 10th car from a limited edition run of the ‘Aston Martin Vanquish S Red Arrows edition’ raised an astonishing £1.5 million for the RAF Benevolent Fund, which works to support the men and women of the RAF and their families.
The eminent Luxury Briefing judging panel described the Aston Martin’s Red 10 raffle as “a charitable gesture that was tangible, solid and fun…a highly visible but straightforward and simple initiative that provided an excellent blueprint for other brands to imitate.”
The Vanquish S Red Arrows was pioneered and commissioned by Aston Martin Cambridge, whose Dealer Principal Simon Lane accepted the award, saying: “What started as an idea to pay tribute to the spectacular aviation skills of the Red Arrows, quickly became an opportunity to do some great work for charity. Nine very happy customers now own ‘Red 1’ to ‘Red 9’ and ‘Red 10’ has gone on to raise a significant sum for the RAF Benevolent Fund. The whole team at Aston Martin Cambridge is very proud of this project and delighted to accept this award.”

Notice Regarding Year-on-Year Changesin Consolidated Financial Results for the First Half of FYE 2019

November 5, 2018

Notice Regarding Year-on-Year Changes
in Consolidated Financial Results for the First Half of FYE 2019

Subaru Corporation hereby notifies year-on-year changes between the consolidated financial results for the first half of FYE 2019 (April 1 – September 30, 2018) announced today and the corresponding half of the previous year. Details are set out below.

1. Year-on-Year Changes in Consolidated Financial Results for the First Half of FYE 2019

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

1st Half of FYE 2018 (A)
Millions of yen
1,608,013
Millions of yen
212,125
Millions of yen
212,726
Millions of yen
85,005
Yen
110.87

1st Half of FYE 2019 (B)
1,486,810
55,040
60,010
44,312
57.79

Increase and decrease (B-A)
(121,203)
(157,085)
(152,716)
(40,693)

Change of percentage (%)
(7.5)
(74.1)
(71.8)
(47.9)

2. Reasons for the Changes

In the automotive business, despite strong sales of the fully-redesigned Forester launched in July 2018, unit sales in Japan declined by 17,000 units (21.1%) year-on-year to 65,000 vehicles, as sales of Impreza and Subaru XV models declined compared to their prior year sales which were driven by the launch of their fully-redesigned versions. Despite strong demand for the all-new Ascent launched in North America, overseas unit sales fell by 32,000 units (7.1%) year-on-year to 417,000 vehicles, as deliveries of the Forester decreased before the launch of its fully-redesigned version and deliveries to the U.S. and other markets were adjusted to optimize local inventory levels.
As a result consolidated net sales for the First Half of FYE 2019 declined by ¥121.2 billion (7.5%) year-on-year to ¥1,486.8 billion.
Operating income decreased by ¥157.1 billion (74.1%) year-on-year to ¥55.0 billion due to factors including quality-related expenses and lower vehicle sales volumes, and ordinary income fell by ¥152.7 billion (71.8%) year-on-year to ¥60.0 billion. Quarterly net income attributable to owners of parent also declined by ¥40.7 billion (47.9%) to ¥44.3 billion.

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[PDF/162 KB]

Revision of Performance Projection for the Fiscal Year Ending March 2019

November 5, 2018

Revision of Performance Projection for the Fiscal Year Ending March 2019

Considering the current business trend, Subaru Corporation has announced the revision of performance projection for the fiscal year ending March 2019 which was released at the timing of consolidated financial results announcement on August 6, 2018.

1. Revision of consolidated basis performance projection for the fiscal year ending March 2019
　(from April 1 to March 31, 2019)

Net sales
Operating Income
Ordinary Income
Net income
attributable to
owners of parent
Net Income
Per Share

Previous projection (A)
Millions of yen
3,250,000
Millions of yen
300,000
Millions of yen
305,000
Millions of yen
220,000
Yen
286.94

Revised projection (B)
3,210,000
220,000
229,000
167,000
217.80

Increase and decrease (B-A)
(40,000)
(80,000)
(76,000)
(53,000)

Change of percentage (%)
(1.2)
(26.7)
(24.9)
(24.1)

Actual results of the first half of
the fiscal 2019 (ended
September 30, 2018)
3,232,695
379,447
379,934
220,354
287.40

2. Reasons for the Changes

Full-year forecasts for FYE 2019 are revised from the previous announcement made on August 6, 2018, to reflect factors including a decrease in consolidated unit sales and an increase in quality-related expenses.
Currency rate assumptions: 110 yen/US$, 130 yen/euro

3. Dividends

There is no revision of dividend forecast.

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