FRANKFURT (Reuters) – Volkswagen (VOWG_p.DE) will overhaul its dealership and sales organization by April 2020 to enable online sales and over-the-air software updates for its new electric cars, the German automaker said on Tuesday. FILE PHOTO: The logo of Volkswagen is seen at their plant in Wolfsburg, Germany, April 12, 2018. REUTERS/Fabian Bimmer/File Photo “Online… Continue reading VW targets online sales, over-the-air updates in new contract with European dealers
Tag: M and A
Geely-backed flying-car developer Terrafugia starts taking orders
The Terrafugia Transition is pictured at at the New York auto show in April 2012. Photo credit: BLOOMBERG Terrafugia, a U.S. flying-car developer owned by Chinese automaker Zhejiang Geely Holding Group, has begun taking orders for its first product. Deliveries of the Transition, a two-seat aircraft that can switch between driving and flying modes in… Continue reading Geely-backed flying-car developer Terrafugia starts taking orders
Shares of Chinese electric car maker Nio rally after Tesla investor takes stake
Top Tesla investor takes stake in Chinese electric carmaker Nio
4:46 PM ET Tue, 9 Oct 2018 | 03:02
Shares of Chinese electric car maker Nio surged more than 13 percent in Wednesday's premarket following reports that Tesla investor Baillie Gifford has acquired an 11.4 percent stake in the company.
Reports of the investment had send shares up 22 percent on Tuesday.
The U.K. investment management firm owns 85.3 million Nio shares, the company said Tuesday in a filing with the Securities and Exchange Commission.
The Baillie Gifford management firm is Tesla's largest outside shareholder, with a 9 percent stake. Tesla's largest investor is CEO Elon Musk, who owns about 20 percent of shares.
Nio's stock closed up 22 percent Tuesday at $7.39. Since Nio shares began trading on Sept. 12, the stock has traded as high as $13.80 and as low as $5.35. When it listed its shares on the New York Stock Exchange last month, the company said it plans to make cars for the Chinese market initially, but it also has ambitions to expand into Europe and the U.S.
Chinese electric car company Nio makes its Wall Street debut
12:44 PM ET Wed, 12 Sept 2018 | 03:40
No-deal Brexit disastrous, says Ford boss
Media playback is unsupported on your device Ford’s European boss has said a no-deal Brexit “would be pretty disastrous” for British industry and could affect the company’s future in the UK. Steven Armstrong said he was “still confident” a tariff-free frictionless trade deal would be done. But he told the BBC that a no-deal outcome… Continue reading No-deal Brexit disastrous, says Ford boss
Porsche IPO Could Value Carmaker as High as $81 Billion, CFO Says
Porsche IPO Could Value Carmaker as High as $81 Billion, CFO Says BloombergPorsche CFO floated idea of IPO, could be valued at $81B, automaker says no way Motor AuthorityPorsche CFO Thinks Potential Super-Premium-Group Could Be Worth A Fortune CarscoopsFull coverage Go to Source
Careem Muscat launches new service in partnership with Marhaba Taxi
From today, Careem Muscat customers will be able to book the “GO+” car type on the Careem app to order an on-demand taxi.
Careem will handle all elements of the service, from matching the customer to their ride, to dispatching taxis, to customer service, payment and marketing. The new service offers on-demand rides that are priced in line with the regular local taxis
The launch of this new service completes Careem’s footprint across the GCC and we are now the only ride-hailing operator to offer a service across all six GCC countries. It’s now the 15th country overall in which Careem operates.
This new service will be priced in line with general Marhaba Taxi rates in Oman and no additional fees will be applied, with OMR1.25 as the starting rate for fares. Careem’s platform provides transparent pricing for customers and Captains, helping to bring about a new standardisation of taxi fares in Muscat.
Having briefly launched a service in May 2017, Careem was asked by the Government of O..
UPDATE 2-Sweden’s Northvolt lands BMW deal in boost before fund raising
STOCKHOLM (Reuters) – Sweden’s Northvolt has secured a partnership with German carmaker BMW (BMWG.DE) and is seeking more funds from the European Investment Bank (EIB) to help its plans to build Europe’s largest battery factory. The BMW logo is seen on the second press day of the Paris auto show, in Paris, France, October 3,… Continue reading UPDATE 2-Sweden’s Northvolt lands BMW deal in boost before fund raising
Aston Barclay buys £39m-turnover The Car Buying Group
Aston Barclay has acquired the £39.1m turnover The Car Buying Group (TCBG) for an undisclosed sum. Aston Barclay already has a strong relationship with TCBG, selling used cars on its behalf at Donington and Chelmsford. TCBG claims to sell over 10,000 cars a year on behalf of car owners. The 10,000 cars will now be… Continue reading Aston Barclay buys £39m-turnover The Car Buying Group
Porsche denies speculation that it’s planning to go public
Getty Images
Porsche 918 Spyder
The German luxury carmaker Porsche has denied speculation that it's planning to pursue an initial public offering (IPO).
On Friday, the company's chief financial officer suggested to reporters gathered at the firm's development center that such a listing could easily top the success of Ferrari's foray into public ownership. The Italian supercar maker has an estimated value of around $22 billion.
In comments not denied by Porsche to CNBC, Lutz Meschke said a listed car company led by Porsche and including Bentley, Bugatti and Lamborghini could merit a valuation worth more than three times that of Ferrari. Bentley, Bugatti and Lamborghini form part of the Volkswagen Group, alongside Porsche.
“A valuation of 60 billion to 70 billion euros certainly doesn't sound like a stretch,” he was reported as saying, before adding that analysts would value such a firm on the same metrics as a luxury stock.
Meschke is further quoted as saying: “Every company needs to think about whether it makes sense to create competitive divisions.”
In an emailed response to CNBC on Monday, Porsche flatly denied any suggestion it was moving toward public ownership.
“Porsche does not currently have any plans to pursue a (partial) initial public offering (IPO). The Stuttgart-based sports car manufacturer denies all reports to the contrary that claim an IPO is in progress,” it said.
Porsche also said Meschke's comments simply reflected on how the Ferrari listing was “a positive example of how an IPO can be a beneficial move during the automotive sector's current period of transformation.”
The German car maker further highlighted that during his presentation Meschke had said he had no authority on any Porsche IPO, with that decision ultimately resting with executives at the company's parent owner, Volkswagen.
What is an IPO?
8:24 AM ET Thu, 3 May 2018 | 03:58
UPDATE 1-BMW teams up with Sweden’s Northvolt, Umicore for electric car batteries
STOCKHOLM (Reuters) – German carmaker BMW (BMWG.DE) has created a vehicle battery recycling venture with Belgian materials and recycling firm Umicore (UMI.BR) and Northvolt, which is building a battery factory in Sweden. The BMW logo is seen on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau… Continue reading UPDATE 1-BMW teams up with Sweden’s Northvolt, Umicore for electric car batteries