Marshall buys Progress Group, adds more Skoda dealerships

Marshall Motor Holdings is claiming the title of the UK’s largest Skoda dealer after its takeover of Progress Group. Having recent added two outlets representing the Czech brand of Volkswagen Group from Sandicliffe Motor Group, it has now added four more Progress Skoda dealerships at Bedford, Harlow, Letchworth and Northampton. Once rebranded, these take the… Continue reading Marshall buys Progress Group, adds more Skoda dealerships

Grammer AG: Further increase in revenue but exceptional effects and weaker passenger vehicle sales exerted pressure on Group earnings in the third quarter

13. November 2018
Grammer AG: Weiterer Umsatzanstieg, aber Einmaleffekte sowie Pkw-Absatzschwäche belasten Konzernergebnis im dritten Quartal -Anstieg des Konzernumsatzes um 1,5 Prozent auf 1,36 Milliarden Euro
-Operatives EBIT nahezu auf Vorjahresniveau
-Starke Entwicklung des Segments Commercial Vehicles kompensiert marktbedingte rückläufige
Entwicklung im Automotive Segment
-Anpassung der Prognose für das Gesamtjahr 2018

Amberg, 13. November 2018 – Das dritte Quartal des laufenden Geschäftsjahres der Grammer AG war insbesondere durch den Abschluss der Übernahme durch die Jiye Auto Parts GmbH sowie die Absatzschwäche der Pkw-Hersteller in Europa geprägt. Das Übernahmeangebot der Jiye Auto Parts GmbH – ein verbundenes Unternehmen des strategischen Partners Ningbo Jifeng – an die Aktionäre der Grammer AG führte dazu, dass der chinesische Automobilzulieferer mit 84,23 Prozent nun größter Ankeraktionär ist. Im Automotive-Bereich ist die saisonale Belebung nach dem Ende der Sommermonate im September nicht erfolgt, so dass die Umsatz- und operative Ergebnisentwicklung von Grammer dadurch negativ beeinträchtigt wurde.

Operative Profitabilität trotz schwieriger Marktbedingungen im Automotive-Bereich nahezu auf hohem Vorjahresniveau
In den ersten neun Monaten des laufenden Geschäftsjahres steigerte der Grammer Konzern seinen Umsatz um 1,5 Prozent auf 1,4 Milliarden Euro (Vj. 1,3). Maßgeblich verantwortlich für das Wachstum war die anhaltend starke Entwicklung im Segment Commercial Vehicles, die den marktbedingten Umsatzrückgang im Segment Automotive kompensierte.

Das operative EBIT, bereinigt um Währungs- und Einmaleffekte, lag in den ersten neun Monaten mit 56,6 Millionen Euro nahezu auf dem hohen Vorjahresniveau von 58,6 Millionen Euro. Die operative EBIT-Rendite blieb mit 4,2 Prozent fast konstant (Vj. 4,4).

Das Konzernergebnis vor Zinsen und Steuern (EBIT) lag im Zeitraum Januar bis September 2018 mit 27,9 Millionen Euro allerdings deutlich unter dem Vorjahreswert von 45,8 Millionen Euro. Die EBIT-Rendite reduzierte sich dementsprechend auf 2,1 Prozent (Vj. 3,4). Das dritte Quartal 2018 war stark geprägt von den veränderten Rahmenbedingungen der Automobilbranche und der damit verbundenen allgemeinen Absatzschwäche der Pkw-Hersteller vor allem in Europa. Außerdem belasteten einmalige Sondereffekte in Höhe von insgesamt 27 Millionen Euro (Vj. 6,9) das Ergebnis von Grammer im dritten Quartal, im Wesentlichen typische einmalige Transaktionskosten im Rahmen der Übernahme der Grammer AG durch ein verbundenes Unternehmen von Ningbo Jifeng sowie Restrukturierungs- und Akquiseaufwendungen. Entsprechend lag das Ergebnis nach Steuern bei 14,9 Millionen Euro (Vj. 25,7) und damit deutlich unter dem Vorjahr.

Starkes Umsatzwachstum im asiatischen Markt
Auf regionaler Ebene verzeichnete Grammer im Heimatmarkt EMEA einen Umsatzrückgang in Höhe von 1,2 Millionen Euro auf 918,2 Millionen Euro, der hauptsächlich auf den im Vergleich zum Vorjahreszeitraum verringerten Umsatz im Segment Automotive zurückzuführen war. Durch das Wachstum des Segments Commercial Vehicles kompensierte der Konzern diesen Rückgang jedoch nahezu vollständig. In der Region Americas konnte Grammer den Umsatzrückgang des ersten Halbjahres weitgehend aufholen und liegt mit 215,0 Millionen Euro nur noch leicht unter dem Vorjahresniveau von 216,6 Millionen Euro. In der Region APAC erzielte Grammer hingegen einen deutlichen Umsatzanstieg von 11,4 Prozent auf 226,0 Millionen Euro (Vj. 202,9). Die hohe Nachfrage in den wichtigen Teilmärkten Deutschland, USA und China wirkte sich im Wesentlichen sehr positiv auf das Segment Commercial Vehicles aus.

Anhaltend hohe Umsatzzuwächse im Segment Commercial Vehicles
Aufgrund steigender Absätze in den Märkten Landtechnik, Baumaschinen und Truck erzielte Grammer in den ersten neun Monaten im Segment Commercial Vehicles einen erfreulichen Umsatzanstieg um 14,6 Prozent auf 456,0 Millionen Euro gegenüber dem Vorjahreszeitraum (Vj. 397,8). Bedingt durch die positive Marktentwicklung in allen Regionen erhöhte sich das operative Segment-EBIT im Berichtszeitraum von 34,3 Millionen Euro auf 43,5 Millionen Euro. Aufgrund der Umsatzsteigerung stieg auch die operative EBIT-Rendite auf 9,5 Prozent (Vj. 8,6).

Der Umsatz im Segment Automotive lag in den ersten neun Monaten 2018 mit 942,7 Millionen Euro leicht unter dem Vorjahresniveau von 973,9 Millionen Euro. Diese Entwicklung war hauptsächlich auf die hohe Anzahl von Neuanläufen und den damit einhergehenden geringeren Umsatzvolumina in der Hochlaufphase sowie dem modellbedingten Absatzrückgang in der Region Americas zurückzuführen. Hinzu kam gegen Ende des dritten Quartals die sich verstärkende Absatzschwäche der Pkw-Hersteller in der Region EMEA. Das operative EBIT im Segment Automotive lag in den ersten neun Monaten mit 24,6 Millionen Euro unter dem Vorjahresniveau (Vj. 33,1). Ergebnisbelastend wirkte sich in diesem Segment neben dem geringeren Umsatz im Vergleich zum Vorjahr die damit verbundene Minderauslastung in den betroffenen Produktionswerken aus. Die operative EBIT-Rendite des Segments lag bei 2,6 Prozent (Vj. 3,4).

Übernahme der Grammer AG durch strategischen Partner Ningbo Jifeng
Die Jiye Auto Parts GmbH, ein verbundenes Unternehmen von Ningbo Jifeng, hält nach dem Abschluss der Übernahme insgesamt 84,23 Prozent des Grundkapitals und ist damit der Mehrheitsaktionär des Amberger Automobilzulieferers. Durch die hohe Annahmequote des Übernahmeangebots haben sich die Eigentumsverhältnisse in der Aktionärsstruktur deutlicher verschoben als erwartet.

Anpassung der Gesamtjahresprognose
Für das Gesamtjahr 2018 geht der Grammer Vorstand weiterhin von einem sehr herausfordernden konjunkturellen Umfeld aus. Vor allem im Bereich Automotive wird die verstärkte und sich weiter fortsetzende Absatzschwäche vor allem im europäischen Pkw-Markt die Geschäftsentwicklung auch im vierten Quartal beeinflussen. Unter Berücksichtigung der Effekte aus der Erstkonsolidierung der US-amerikanischen TMD Gruppe zum 1. Oktober 2018 erwartet das Unternehmen einen Konzernumsatz von rund 1,85 Milliarden Euro für das Gesamtjahr 2018. Ausgelöst durch die im Jahr 2018 entstandenen signifikanten Sonderbelastungen erwartet der Vorstand des Grammer Konzerns im laufenden Geschäftsjahr ein weiter deutlich positives EBIT von nun in etwa 50 Millionen Euro und ein operatives EBIT leicht unter dem Niveau des Vorjahres. Für das Folgejahr 2019 geht Grammer ohne Sonderbelastungen bei einer Fortsetzung der stabilen gesamtwirtschaftlichen Rahmenbedingungen von einer positiven Entwicklung von Umsatz und Ergebnis aus.

Die vollständige Quartalsmitteilung des Grammer Konzerns zu den ersten neun Monaten 2018 steht auf der Unternehmenswebsite unter folgendem Link zur Verfügung:
https://www.grammer.com/investor-relations/publikationen/finanzberichte.html

Unternehmensprofil

Die Grammer AG mit Sitz in Amberg ist spezialisiert auf die Entwicklung und Herstellung von Komponenten und Systemen für die Pkw-Innenausstattung sowie von gefederten Fahrer- und Passagiersitzen für On- und Offroad-Fahrzeuge.
Im Segment Automotive liefern wir Kopfstützen, Armlehnen, Mittelkonsolen, hochwertige Interieur-Komponenten und Bediensysteme sowie innovative thermoplastische Lösungen für die Automobil-Industrie an namhafte Pkw-Hersteller im Premiumbereich und an Systemlieferanten der Fahrzeugindustrie. Das Segment Commercial Vehicles umfasst die Geschäftsfelder Lkw- und Offroad-Sitze (Traktoren, Baumaschinen, Stapler) sowie Bahn- und Bussitze.
Mit rund 15.000 Mitarbeitern ist Grammer in 19 Ländern weltweit tätig. Die Grammer Aktie ist im Prime Standard notiert und wird an den Börsen München und Frankfurt sowie über das elektronische Handelssystem Xetra gehandelt.

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The new Mercedes-AMG GT R Roadster: Hats off to the Beast of the Green Hell

04.

March 2019

Affalterbach

Combined fuel consumption: 12.4 l/100 km; combined CO2 emissions: 284 g/km*Affalterbach. This combination is just irresistible and is limited to 750 units: Mercedes-AMG is combining its top model brimming with motorsport technology with the freedom of the open-air driving experience – crowning the model portfolio of open-top sports cars. The new AMG GT R Roadster (combined fuel consumption: 12.4 l/100 km; combined CO2 emissions: 284 g/km[1]) is just as much at home on winding racetracks as it is on prestigious boulevards or beautiful coastal roads. With its powerful drive and expressive design it addresses a new, lifestyle-oriented target group which lives life to the full. The 430 kW/585 hp V8 biturbo, the adjustable coil-over suspension with active rear axle steering, the active aerodynamics and the intelligent lightweight construction form the foundations for highly dynamic handling characteristics. And like the other roadster models the open AMG GT R also has the triple-layer fabric soft top with a lightweight structure consisting of aluminium, magnesium and steel.
With this latest addition the AMG GT family now has 16 members: five two-door coupés, four roadsters, two customer sports racing cars and five 4-door coupés. “The new AMG GT R Roadster is far more than the combination of the thrilling vehicle dynamics of the GT R with the special flair of our GT Roadsters. It is the essence of two worlds, blending to deliver our brand pledge, Driving Performance, in a very special way. With our GT R Roadster we have without doubt once again developed a brand-defining sports car. It too embodies Mercedes-AMG in form, function and vehicle dynamics and enriches our GT family with a highly exclusive variant limited to 750 units”, says Tobias Moers, Chairman of the Management Board of Mercedes-AMG GmbH.
The AMG 4.0-litre V8 biturbo in the AMG GT R Roadster delivers an output of 430 kW (585 hp) and maximum torque of 700 Nm. This is available over a wide engine speed range from 2100 to 5500 rpm. The eight-cylinder power unit delivers muscular performance in all engine speed ranges, combined with high efficiency. A sprint from standstill to 100 km/h is absolved in 3.6 seconds. The dynamic power delivery continues right up to the top speed of 317 km/h.
Wants to stay ahead even at a standstill: the exterior design
The low-slung front section and the forward-inclined AMG-specific radiator grille create a distinctive “shark nose” impression and make the car appear to sit lower on the road. At the same time, this shape lowers the vehicle's back-pressure point, enhancing the flow of cooling air and the car's aerodynamic performance.
The standard-fit LED High Performance headlamps strengthen the AMG GT family tie with their light signature. A tri-functional, arched light guide takes on the functions of daytime running light, navigation light and turn signals. The multi-chamber reflector system with three single reflectors each for dipped beam and main beam not only ensures optimal illumination of the roadway, but also gives the AMG GT Roadster a sporty, dynamic look which gains even more optical depth as the result of the black background.
The V-shaped arrow-like appearance of the front end also enhances the dynamic looks, thus embodying the uninhibited forwards thrust of the AMG GT R Roadster even before it moves. The front apron in jet wing design and the front splitter emphasise the car's width. The large outer air inlets in the front apron guarantee the increased supply of cooling air to the engine. For this reason, they sport two aerodynamically shaped horizontal fins in place of meshes and as a result route the airflow to the radiators without loss.
Additional Air Curtains on the outside of the front apron calm the airflow, improving the Cd value of the open-top two-seater. Thanks to their narrow, vertical openings, the Air Curtains also guide the air specifically towards the wheel arches, optimising the flow properties. To ensure ideal airflow through the double wheel arch radiators, the roadster additionally features unique wheel arch liners with special cooling-air slits.
Not at all aloof: active aerodynamics profile for more precise handling and better road adhesion
An active aerodynamics profile is concealed almost invisibly in the underbody in front of the engine. Weighing around two kilograms, this light carbon-fibre element is speed-sensitive and automatically extends around 40 millimetres downwards depending on the drive program. This process involves considerable change in the airflow and results in what is known as the Venturi effect, which additionally “sucks” the car onto the road and reduces the front-axle lift by around 40 kilograms at 250 km/h. The aerodynamics profile automatically retracts again depending on the drive program and speed.
The driver can feel the advantages in the steering: the roadster can be steered even more precisely when cornering at high speed and exhibits even better directional stability. Especially during fast cornering and under high lateral acceleration, the vehicle delivers far more agile response with clear steering-wheel feedback while remaining easily controllable at all times. In addition, the drag coefficient is improved. The downforce on the rear axle remains at an unchanged high level.
When the electrically operated profile is extended, the radiator air outlet opens at the front end and precisely guides the air flow towards the double rear diffuser, which therefore also benefits from an optimal flow of air. This improves the handling stability of the rear axle while reducing the temperature level of the hotspots at the rear. At the same time, the aerodynamics measures ensure optimised stopping power by routing more cold air specifically to the wheel disks.
Airy from the front too: the active air management system AIRPANEL
The active air regulation system AIRPANEL included as standard is a particular technical highlight. Vertical louvres at the bottom of the front apron are opened and closed electronically by means of an electric motor in around one second to guarantee the required amount of cooling. Constantly achieving the ideal position calls for highly intelligent and fast control.
During normal driving with no increased cooling demand, the louvres are closed for reduced drag and the air is directed at the underbody. This improves the aerodynamic efficiency. Only when certain components reach predefined temperatures and the air demand is particularly high do the louvres open to allow the maximum cooling air flow to the heat exchangers.
Please take a look at me from the side: flat and sleek proportions
The front wings of super-light carbon add a total of 46 millimetres to the width of the roadster at the front compared with the AMG GT and AMG GT S Roadster and make room for the wider track and large wheel/tyre combinations. The powerfully sculpted wings emphasise the longitudinal dynamics in addition. A further distinguishing feature is the special wing signet featuring a fin and a large air outlet through which the waste heat from the engine bay flows. This fin is perforated and incorporates the AMG diamond logo with five slats.
The side view additionally benefits from the standard-fit AMG Performance forged wheels in matt black. The especially lightweight 10-spoke wheel is exclusive to the AMG GT R models and its highly elaborate design includes a drop-centre rim, a milled groove and two high-sheen rim rings of different width. There are size 10.0 J x 19 ET56 wheels at the front and 12.0 J x 20 ET52 at the rear. The lightweight design of the wheels has three advantages: it reduces the overall weight, the rotatory mass and the unsprung masses.
The brake callipers, which are painted in yellow, can be seen through the wheels. The side sill panels make the vehicle look even lower stance on the road, while inserts in high-gloss black set an individual tone. The same applies to the high-gloss black caps on the housings of the door mirrors.
Broadening out: special rear end design for more cornering speed
The rear end also features numerous, conspicuous differentiations. The aluminium sidewalls make the AMG GT R Roadster 57 millimetres wider at the rear than the AMG GT and AMG GT S Roadster. This creates room for the larger 20-inch wheels and tyres as well as the wider track. These measures make for improved traction while allowing higher cornering speeds.
The wider design of the rear apron with large outer vent openings and vertical swage lines improves the airflow at the rear end, as does the double diffuser. The overall heat dissipation is optimised as the warm air is exhausted by the double diffuser during driving.
A small air outlet is incorporated between the tail lamps for additional dissipation of the heat generated by the rear silencer. A further distinguishing feature of the AMG GT Roadster is the large exhaust tip with centrepiece, which is centrally positioned in the rear apron. It is flanked by two more black tail pipes on the left and right of the diffuser.
The large rear wing with an integral third brake lamp is fixed to the boot lid and increases the downforce on the rear axle. The aerofoil mounts are painted in vehicle colour whereas the blade is finished in high-gloss black. Depending on the application or racetrack conditions the inclination of the aerofoil blade can be mechanically precision-adjusted – for example in order to increase the downforce on the rear axle.
Cap covering the face: the fabric soft top
The three-layered fabric soft top is supported by a magnesium/steel/aluminium structure of low weight, which helps to keep the vehicle's centre of gravity low. The inserted acoustic mat reduces noise.
There is a new exclusive colour shade available for the AMG GT R Roadster, which is also being offered in parallel in the AMG GT R: the fine designo graphite grey magno matt paint extends the colour palette to a total of 14 choices.
Anyone wishing to emphasise the close connection to motorsport even further can choose the optional AMG Carbon-Fibre Packages. With the AMG Carbon-Fibre Package I the front splitter, the fins in the wings, the inserts in the side skirts as well as the rear diffuser are in a high-quality carbon-fibre look. The AMG Carbon-Fibre Package II with the rear aerofoil blade, the rear aerofoil end plates and the outside mirror housing in carbon fibre completes the sporty appearance.
Tailor-made suit for the fashion-conscious: the cockpit
The interior design echoes the design lines of the exterior. The dashboard places a firm emphasis on width, creating an impression of a powerful wing. The driver is integrated into the cockpit thanks to the high beltlines, the door trims with their concave design, the dynamically rising centre console and the low seat position. It feels like a custom-fit suit and made-to-measure shoes – so is very closely connected to the roadster. In the centre console a badge with the inscription “1 of 750” points to the roadster's limited number of units.
With a scarf and cooled cushions on request: AMG Performance seats
The standard-specification AMG Performance seats in black/black Exclusive STYLE nappa leather offer strong lateral support with their more deeply contoured side bolsters on the sitting surface and seat backrest. The neck-level heating AIRSCARF is optionally available, making open-air driving a pleasure even in low outside temperatures. The air outlet is seamlessly integrated in the head restraint section, the temperature of the outflowing air can be adjusted in three stages.
Customers wishing to enjoy comfortable temperatures even on very hot summer days can also opt for the seat climate control, which is also available for the AMG Performance seats. The intensity of the climatisation can be set in three stages.
Other materials and colours are also optionally available:
Exclusive STYLE nappa leather in saddle brown/black Exclusive STYLE nappa leather in macchiato beige /black Exclusive STYLE nappa leather in silver pearl /black As standard the AMG GT R Roadster comes with AMG black carbon fibre/piano lacquer trim elements including the Exclusive Trim Package. The scope comprises the centre console insert and the centre air vent rings in black piano lacquer. The insert in the centre console, the trim around the four air vents in the instrument panel and the trim strips in the armrests in the doors are in high-quality high-gloss carbon fibre. The trim elements are also available in black matt carbon fibre.
Modern times: displays with AMG-specific displays
The AMG GT R Roadster has been given fully digital instrument displays with an instrument cluster measuring 12.3 inches in front of the driver and a 10.25-inch multimedia monitor on the centre console. The instrument cluster offers a screen design with the three AMG-specific display styles “Classic”, “Sporty” or “Supersport”. In the “Supersport” mode, there is also extensive additional information, such as a prompt to shift up in manual transmission mode. The newly designed visualisations in the multimedia display enable further vehicle functions to be experienced even better, e.g. with an animated presentation of the driving assistance, vehicle and communication systems.
Just the touch of a finger away: display buttons in the centre console
The innovative, coloured display buttons in the V-shaped centre console integrate the display and control of transmission logic, suspension, ESP, exhaust system, aerodynamics profile and start/stop function. Using TFT technology the display buttons use intuitively comprehensible symbols to show the function and are easy to operate with just a small tap of the finger. The display buttons are supplemented by the two rocker switches for the drive programs and volume control of the audio system.
Control in an instant: the AMG Performance steering wheel
The AMG GT R Roadster has also been given the new AMG Performance steering wheel as standard. It is characterised by its sporty design, a flattened bottom section with a heavily contoured rim and intuitive operation. The steering-wheel rim is completely covered in DINAMICA microfibre. The galvanised steering wheel gearshift paddles allow an even sportier driving style with manual gear shifting. The integrated Touch Control buttons can be used to control the functions of the digital dash and the multimedia display by means of horizontal and vertical swiping of the finger.
As standard the AMG steering-wheel buttons also have a round controller with an integrated display as well as two vertically positioned coloured display buttons with switches. The AMG drive programs as well as the AMG TRACTION CONTROL can be actuated via the right-hand controller. The selected setting is shown on the colour LCD display directly integrated in the controller.
The two freely configurable display buttons and the additional switches on the left-hand side enable further AMG functions to be controlled directly on the steering wheel. This means that the driver can concentrate fully on dynamic driving without having to take their hands off the wheel. Each required function can be depicted on the display icon and its switch is tapped by the driver to set the respective function. So the two individually preferred AMG functions can be defined exactly and the settings changed with just one tap of the finger.
The AMG Interior Night Package also comes as standard. In this package, the shift paddles, steering wheel spokes, seat insert (on the AMG Performance seat) as well as the door sills are finished in high-gloss black, which combines with the standard-specification AMG carbon fibre/piano lacquer trim elements to further emphasise the sportiness.
No need to fear the scales: intelligent lightweight construction for high agility
A key factor in a sports car's performance is a gross vehicle weight that is as low as it can possibly be. Mercedes-AMG uses an intelligent material mix in order to achieve this aim in the structure of the AMG GT R Roadster. Various aluminium alloys are used for the chassis and body, and magnesium for the front deck. This extremely light element at the front reduces the inertia ahead of the front axle, thus improving the vehicle's agility. The load-bearing structure of the boot lid is of SMC (Sheet Moulding Compound) bonded with carbon fibres. These high-tech plastics excel with their lightweight design, high strength and outstanding surface quality.
The weight-optimised spaceframe is made of die-cast and extruded aluminium sections. The high bending and torsional strength of the entire design enables extreme linear and transverse forces from the drivetrain and suspension to be absorbed and transferred. Unwanted flexibility is thus reduced, with the vehicle responding precisely and directly. The result is that the driver experiences a sports car with maximum dynamics responding with outstanding precision. The body-in-white now also has an integral aluminium crossmember as rollover protection for the occupants.
Light and strong: Materials from motor racing
A host of further measures contributes to weight reduction as part of the AMG lightweight-performance strategy. Light and strong carbon fibre is the material of choice for, among other things, the front wings and the torque tube between engine and transmission.
Now weighing in at just 13.9 kilograms, the carbon-fibre torque tube is about 40 percent lighter than its already weight-optimised aluminium counterpart in the AMG GT. As a structural component of the transaxle drivetrain, it creates a connection between the engine and the transmission with extreme flexural and torsional stiffness. It permits a very direct connection of the drivetrain that is favourable to driving dynamics and also plays a role in the vehicle's balanced weight distribution.
Further weight advantages come from the standard-fit forged wheels, the titanium rear silencer and fewer soundproofing materials.
Will not warp: Carbon tunnel brace
The tunnel brace in carbon further stiffens the body considerably for withstanding the high torsional loads that occur during powerful acceleration. To this end, it braces the two vehicle sides against each other even more effectively in the tunnel area for the torque tube, This significantly increases the torsional rigidity by some 7.5 percent. After the first few metres already, the driver gets an extremely precise driving impression, which is maintained even in the event of extreme vehicle loads when driving at the dynamic limits. The fact that the body of the car is more composed allows even better control of the AMG GT R Roadster under difficult racetrack conditions such as fast, bumpy corners and means that less steering effort is required.
Over and above this, two diagonal braces in the engine bay stiffen the front end. In the AMG GT R, they are likewise made of carbon fibre and represent weight savings of about 50 percent over steel components.
Revs up fast: the AMG 4.0-litre V8 biturbo engine
The AMG 4.0-litre V8 biturbo delivers 430 kW (585 hp) in the AMG GT R , the maximum torque of 700 newton metres is available from 2100 to 5500 rpm. Different exhaust gas turbochargers with modified compressor processing and a smaller boost pressure control valve cell as well as sharper engine management application are used compared with those in the other AMG GT models. The boost pressure has increased from 1.2 to 1.35 bar. In addition, the exhaust ports have been optimised and the compression ratio modified. The entire combustion process has been retuned.
For optimum power output even when outside temperatures are high, Mercedes-AMG uses indirect air-to-water intercooling. With optimum flow of air and water, the intercoolers have a separate, two-stage low-temperature water circuit. The first co..

Jaguar’s Indian revival choked on European diesel, China slump

By Bruce Einhorn The purchase of the storied Jaguar and Land Rover auto brands in 2008 handed India’s Tata Group a challenge that had long frustrated Ford Motor Co., the British marques’ previous owner: How to eke out a profit. For a while, Tata seemed to have found the answer. Within a couple of years… Continue reading Jaguar’s Indian revival choked on European diesel, China slump

78% Of Tesla’s 2018 Model 3 Sales Were Online — Musk Email Sheds Light On New Sales Strategy

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Cars Published on March 3rd, 2019 | by Dr. Maximilian Holland
78% Of Tesla’s 2018 Model 3 Sales Were Online — Musk Email Sheds Light On New Sales StrategyTwitterLinkedInFacebookMarch 3rd, 2019 by Dr. Maximilian Holland

An email sent to Tesla employees by Elon Musk on Thursday explains some of the reasons for Tesla’s shift in sales strategy from brick-and-mortar stores to an online focus. Notably, 78% of all Model 3 sales in 2018 were already conducted online. Further, 82% of buyers didn’t even take a test drive before buying. Added to this, awareness of the Tesla brand is as strong as it has ever been, and prospective customers are forward-looking and tech-savvy, comfortable with online purchases. Transitioning from store-based sales to online sales, along with other efficiencies, reduces vehicle costs by an average 6%. That made this a priority area for overall savings and cost reductions.
The net effect of the shift is that Tesla’s vehicles are now being sold at more affordable price points, increasing demand and accelerating Tesla’s core mission.

Understanding the Change in Tesla’s Sales StrategyAny loss of jobs is never good news for those affected. It remains to be seen what proportion of store sales staff can be transitioned to roles in the galleries, showcases, and information centres that will be maintained in high traffic locations. There will be increasing positions in service and in manufacturing as well, but how many can transition to such jobs is unclear.
Tesla went from 899 employees in 2010 to an estimated 45,000 in Q4 last year, but with several periodic cutbacks to the workforce along the way. The cutbacks are unfortunate, but not unexpected in a fast evolving company seeking to ramp up the number of vehicles sold, learn on its feet, and seek cost efficiencies in every area of its operations.
In a phone-in session for journalists on Thursday, Musk called the move to online sales a “hard decision” which “unfortunately will entail a reduction” in the sales staff, but also called it an “extremely important strategic decision.”
Whilst the phone call did not go deep into the reasoning for the shift in sales strategy (instead focusing on the announcement of the $35,000 Model 3 and details about the car), the employee email on the same day did shed more light. I have attached the full text of the email at the end of this article. Obviously, reducing internal costs enough to enable the sale of the $35,000 Model 3 was a key proximate motivation for the strategy shift. But there’s also more context to understand the overall change in strategy. Amongst other points, the email noted that, in 2018:
“78% of all Model 3 orders were placed online, rather than in a store, and 82% of customers bought their Model 3 without ever having taken a test drive.”
Given that 140,000 Tesla Model 3s were sold in 2018, 78% online sales corresponds to almost 110,000 vehicles, of the 240,000 total 2018 vehicle sales (when we include Models S and X). That’s some 46% of the total. In 2019, the Model 3 will likely sell close to 300,000 units or more, and the S and X 80,000–100,000 (combined). This means that — assuming the same 78% online sales proportion of 2018 Model 3 sales — at least some 62% of overall sales would likely have come from online anyway, even without the recent changes.
The key question is: does Tesla actually need brick-and-mortar sales outlets to maintain brand awareness, drive demand, and create sales?

The EV Transition & Tesla’s Brand AwarenessConsider that, in the comments section of Zach’s recent article, one of our UK readers pointed out that the release of the $35,000 Model 3 was the #2 news story on the BBC. Given that the Tesla Model 3 won’t even begin delivery in the UK until sometime in the second half of 2019, that’s pretty healthy brand awareness right there.
There has been dramatic growth in awareness of EVs in general over the past couple of years. The vast majority of people who are considering transitioning to an EV are without doubt aware of Tesla. With the availability of the $35,000 variant of the Model 3, and low running costs, a Tesla EV is now within reach of a greater proportion of aspirational new car buyers in the key markets in which the company operates. Of the folks in these markets that are considering buying a new premium car anyway, many if not most of them are already aware of the Tesla brand. All in, it’s not hard to conceive that — even without brick-and-mortar sales stores — there’s enough demand to keep Tesla running at full production potential for at least the medium term. The upcoming Model Y reveal (and likely many more reservations) will only boost brand awareness and demand.
Tesla Model Y teaser.
Tesla has obviously crunched the numbers and decided that encouraging an online sales process — whilst keeping vehicles visible and curated by a few personnel in high-traffic areas in galleries (and similar locations) — will result in more than sufficient demand going forwards. Whilst being a calculated guesstimate, there’s surely a positive feedback between removing the significant cost of sales locations, thus allowing Tesla “to lower all vehicle prices by about 6% on average” (Musk email), thus bootstrapping relatively more demand and resulting in more customers overall.
As quoted above, that “82% of customers bought their Model 3 without ever having taken a test drive” shows that test drives are not needed for most prospective buyers to pull the trigger on a purchase — at least, they haven’t been. Tesla’s tweaked sales contract now allows customers who have not previously test driven the vehicle to return it within 7 days (or 1,000 miles) for a fast, full refund if they are not happy with the purchase. (This was also was part of the reasoning given in the employee email). Since driving a Tesla for the 1st time is invariably a revelation, the percentage of returns will likely be negligible. And there will likely still be some opportunities for test drives in key locations, even if that’s arranged via a service centre location (or even a mobile service/test drive) rather than a sales location per se. Our own Kyle Field got a home test drive from Tesla before purchasing his Model 3.

Finally, there are additional demand levers that Tesla can still pull if necessary. The company could readily re-introduce a referral program (albeit a more cost efficient and capped one). And leasing is not even offered yet on the Model 3. That’s a huge demand lever right there.
In short, with three Model 3 choices at price points between $35,000 and $40,000 — themselves to a large extent enabled by the move to an online sales focus — Tesla calculates that this reconfigured approach to sales and costs will generate more than enough demand going forwards, and further the company’s mission.
Whilst we can all agree that the loss of store sales jobs is sad, do you agree or disagree with Tesla’s reconfigured sales approach from the point of view of the business case? Please provide your own thoughts in the comments.
Here’s Elon Musk’s email to employees (Thursday, February 28):
Last month, I noted in my email that the fundamental issue Tesla must overcome is that our products remain too expensive for most people. We know there are many people who want to buy Model 3, but simply can’t afford to do so.
That is why we’re excited to announce today that we are now offering the standard Model 3 at $35,000. This is a significant milestone for Tesla, the culmination of years of hard work by employees across the company, and something of which you should all be very proud. You can read the details of the announcement on our blog: https://www.tesla.com/blog/35000-tesla-model-3-available-now
In addition, we are also making the decision to shift all sales worldwide to online only.
Last year, 78% of all Model 3 orders were placed online, rather than in a store, and 82% of customers bought their Model 3 without ever having taken a test drive. Customers can now buy a Tesla in North America via their phone in about 1 minute, and that capability will soon be extended worldwide. We are also making it much easier to try out and return a Tesla without a test drive. You can now return a car within 7 days or 1,000 miles for a full refund. Customers are becoming increasingly comfortable making purchases online, and that is especially true for Tesla — which is a testament to the products we make.
As a result, over the next few months, we will be winding down many of our stores and significantly reducing our spend on sales and marketing, which will help make the price changes we’ve announced today possible. Shifting all sales online combined with other ongoing cost efficiency will enable us to lower all vehicle prices by about 6% on average, allowing us to achieve the $35,000 Model 3 price point.
A small number of stores in high-traffic locations will remain as galleries, showcases and Tesla information centers. At the same time, we will be increasing our investment in the Tesla service system and manufacturing, and I expect that headcount to grow next year.
Unfortunately, this means that some jobs will be impacted or transitioned to other areas of the business. This is a hard decision, but it necessary to make our cars more affordable. Our sales team has fought on the front lines of advancing our mission and has been our connection to hundreds of thousands of customers along the way. I want to express my sincere gratitude for all that you’ve done.
In the coming weeks, we will be evaluating all of our sales and marketing organization to understand where there are operational efficiencies, and how best to support the transition to online sales while also continuing to deliver a truly awesome and educational Tesla buying experience.
We’ll be sharing more information on this transition soon.
Thank you,
Elon

About the ..

Lyft Delivers a Few Punches to Rivals in its IPO Filing

In the race to go public this year, Lyft has a head start on rival Uber — at least when it comes to unveiling the details about its planned initial public offering. And though Lyft is gaining market share and revenue, its losses continue to rise while the growth of its ridership slows—both factors that… Continue reading Lyft Delivers a Few Punches to Rivals in its IPO Filing

Tesla Offers Owners 50% Off Autopilot & Full Self-Driving 

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Autonomous Vehicles Published on March 2nd, 2019 | by Kyle Field
Tesla Offers Owners 50% Off Autopilot & Full Self-Driving TwitterLinkedInFacebookMarch 2nd, 2019 by Kyle Field

Tesla stirred up quite a controversy amongst buyers of its vehicles over the last few months when it slashed prices across its fleet from a few thousand dollars up to more than $50,000 on some configurations. That’s great news for new buyers, but puts existing owners in a quandary since their resale values drop instantaneously.

The backlash was rather severe, with owners understandably complaining about the loss in value. For Tesla Model 3 owners who had already purchased in 2019, Tesla rather quickly started telling them today that they would get AP for free, a $3,000 upgrade. A line was seemingly drawn at the end of the year in 2018, presumably because 2018 buyers were able to take advantage of the full federal tax credit on their purchases.
Elon Musk responded a few minutes ago on twitter with an offer to all owners who purchased their vehicles prior to the sweeping price reductions. Tesla followed the news up with a post on its blog, detailing how the upgrades will work. Tesla will be offering Autopilot ($4,000 after purchase) or Full Self-Driving ($7,000 after purchase) at half of the normal price. That represents a healthy discount of $2,000 to $3,500 for existing owners.
Owners who had purchased EAP and FSD will get enrolled in the Tesla Early Access Program. This program is supposed to grant members priority access to software updates as they are released to the public, but the reaction to the program in the past makes it clear that the program offers little to no priority in the queue for updates as they come out.
Elon jumped in to clarify that, for owners who had already sprung for Enhanced Autopilot, Full-Self Driving is now available for purchase for $2,000.
The discount clearly does not offset the lost value for many Tesla owners, but seeing as how there was really no reason for Tesla to do anything for prior owners, it is a nice gesture and surely will not go unnoticed. At the same time, Tesla does not have to give owners anything for free and has a chance to make some extra cash in a quarter when they really, really need extra cash for an upgrade that essentially costs them nothing.
At the core, these offers for significant discounts are wins for the customers and wins for Tesla. They offer driving technologies that will make driving significantly safer for not only vehicle occupants, but for all the vehicles driving in proximity to the Tesla while adding convenience to boot. Tesla’s latest safety report showed that its vehicles were 4 times safer than the average vehicle in the US, based on NHTSA data, and 7 times safer than the average vehicle in the US when Autopilot was engaged. That’s impressive, and now comes with a significantly reduced price tag.
As a Long Range, Rear-Wheel Drive Model 3 owner myself (2018.07 delivery), I’m thankful for the opportunity for a discount — though I won’t be able to take advantage of it for quite some time.

About the AuthorKyle Field I'm a tech geek passionately in search of actionable ways to reduce the negative impact my life has on the planet, save money and reduce stress. Live intentionally, make conscious decisions, love more, act responsibly, play. The more you know, the less you need. TSLA investor.

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Equity Shot: Lyft files to go public and we’re stoked

Hello and welcome to an Equity Shot, a short-form episode of the show where we dive into a single breaking news story. Guess what we’re talking about today?! It’s Lyft. You guessed correctly. The Lyft S-1 is the very first major S-1 event of 2019. As you might recall, the government shutdown gummed the IPO… Continue reading Equity Shot: Lyft files to go public and we’re stoked

Tower Completes Value Creating Sale of its European Operations

Tower Completes Value Creating Sale of its European Operations

LIVONIA, Mich., March 1, 2019 /PRNewswire/ — Tower International, Inc. (NYSE: TOWR), a leading manufacturer of engineered automotive structural metal components and assemblies, today announced it has completed the sale of all of its European Operations to Financière SNOP Dunois S.A.(FSD), a privately owned French automotive supplier.

The purchase price represents an Enterprise Value of €255 million which represents an EV / Adjusted EBITDA multiple of 5.4x 2018 full year earnings.

“We are pleased to have completed the divestiture of Tower's European operations at a valuation well above our current trading multiple. The divestiture reduces Tower's net leverage to less than 1 times Adjusted EBITDA, giving Tower the flexibility to continue to profitably grow our business, maintain a conservative balance sheet and continue to return of capital to our shareholders,” said CEO Jim Gouin. “I would like to thank all of the colleagues from Tower Europe for their great contributions to Tower International over the years and wish them continued success as they become part of FSD.”

The divestiture resulted in net cash proceeds of approximately $250 million after payment of transaction costs and fees and the unwinding of the Euro denominated swaps related to
Tower's Term Loan. Following the closure of the transaction, Tower repaid $50 million of outstanding Term Loan B indebtedness. This repayment, coupled with Tower's voluntary reduction to the Term Loan in July 2018 represent repayments totaling $100 million.

Gouin continued, “Since 2014, Tower's North American business has grown by more than 40 percent in a relatively flat production environment as we have benefitted from the industry's shift from passenger cars to trucks and SUVs as well as OEM outsourcing. Tower is well positioned to continue to benefit from these trends and current projections for full-year 2020 represent continued above market revenue growth, improved Adjusted EBITDA margins and significant free cash flow.”

Forward-Looking Statements and Risk Factors

This press release contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the completion of the sale transaction and debt repayment described in this press release, the timing and consequences of those transactions, projected enterprise value, positioning, projected truck revenues and the outlook for revenue, Adjusted EBITDA Margin, and net leverage. The forward-looking statements can be identified by words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “project,” “target,” and other similar expressions. Forward-looking statements are made as of the date of this presentation and are based upon management's current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. The following important factors, as well as risk factors described in our reports filed with the SEC, could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements:

global automobile production volumes;

the financial condition of our customers and suppliers;

our ability to make scheduled payments of principal or interest on our indebtedness and comply with the covenants and restrictions contained in the instruments governing our indebtedness;

our ability to refinance our indebtedness;

risks associated with our non-U.S. operations, including foreign exchange risks and economic uncertainty in some regions;

any increase in the expense and funding requirements of our pension and other postretirement benefits;

our customers' ability to obtain equity and debt financing for their businesses;

our dependence on our largest customers;

pricing pressure from our customers;

changes to U.S. trade and tariff policies and the reaction of other countries thereto;

work stoppages or other labor issues affecting us or our customers or suppliers;

our ability to integrate acquired businesses;

our ability to take advantage of emerging secular trends,

risks associated with business divestitures; and

costs or liabilities relating to environmental and safety regulations.

We do not assume any obligation to update or revise the forward-looking statements contained in this press release.

Contact:
Derek Fiebig
Executive Director, Investor & External Relations
(248) 675-6457
fiebig.derek@towerinternational.com

View original content:http://www.prnewswire.com/news-releases/tower-completes-value-creating-sale-of-its-european-operations-300804627.html

SOURCE Tower International

UPDATE 1-Tesla’s store-shuttering strategy may pull the rug out of solar

SAN FRANCISCO (Reuters) – Tesla Inc’s sudden decision to shutter the bulk of its stores around the world raises a red flag over the future of its solar branch, a declining business it paid $2.6 billion for in a controversial 2016 deal. FILE PHOTO: A SolarCity vehicle is shown in San Diego, California, U.S., November… Continue reading UPDATE 1-Tesla’s store-shuttering strategy may pull the rug out of solar