Tag: M and A

Friday Morning Auto News, Apr 05, 2019

Today’s issue of the Morning Auto News brought to you from Hong Kong ….

Fiat Chrysler settles 2016 suit over claims of phony US sales – Automotive News: Fiat Chrysler’s U.S. unit settled an antitrust lawsuit claiming the company pushed dealers to submit fraudulent sales numbers to prop up its share price.
Tokyo court rejects Ghosn appeal against 10-day detention – Reuters: The Tokyo District Court on Friday said it had rejected an appeal by Carlos Ghosn’s lawyers against the detention of the ousted Nissan Motor Co chairman for 10 days to question him regarding their latest accusations of financial misconduct.
Tilson: ‘This is the beginning of the end for Tesla’ – Yahoo: Tesla on Wednesday morning announced that it had only delivered 63000 vehicles to customers that quarter – a 31% drop from the previous quarter.
Here’s how Lyft is doing one week after its IPO – CNBC: Lyft’s first week as a publicly traded company had some twists and turns after positives sessions the last few days. The stock is now trading right at its …

Arrested, again: Why Ghosn has been detained, what is different now? – Reuters: Ousted Nissan boss Carlos Ghosn is back in the Tokyo detention center where he previously spent 108 days, after being released just last month on a $9 million …
What to expect after Elon Musk’s day in court – CNBC: Former SEC prosecutor Elliot Lutzker believes the agency won’t remove Musk as CEO, but he’ll face a fine significantly larger than $20 million.
London’s Ultra Low Emission Zone: what you need to know – Autocar: The first ULEZ is coming, and more cities will follow. If you drive in London, you need to know whether your car is affected London’s Ultra Low Emission Zone (ULEZ) will come into force on Monday 8 April, affecting hundreds of thousands of vehicles…
Ghosn’s Fate May Hang on Complex Financial Web in Middle East – Bloomberg: He built one of the industry’s biggest car alliances, which includes Renault and Mitsubishi Motors Corp. Until last year, he was a Davos Man business …
EU charges German carmakers with blocking emissions cleaning technology – Reuters: European Union antitrust regulators on Friday charged BMW, Daimler and Volkswagen with colluding to block the rollout of emissions cleaning technology in a move that could lead to hefty fines.
Volkswagen is testing level 4 autonomous driving in city center traffic – Yahoo: This is the first time that Volkswagen has conducted tests of such magnitude, using cars equipped with level 4 self-driving technology in urban areas.
2020 Karma Revero plug-in hybrid to use BMW engine – Autocar: Preview image shows the hybrid saloon will bear a close resemblance to the current model Re-engineered hybrid saloon will be fully unveiled in Shanghai and arrive in Europe next year The 2020 Karma Revero plug-in hybrid saloon will make use of a…
Ghosn faces 10 days in detention; lawyer to appeal – Automotive News: A Tokyo court approved a request by prosecutors to detain Carlos Ghosn for 10 days for further questioning, a move the ousted Nissan chief’s lawyer said he would appeal.
Uber adds one pound on journeys in London’s congestion charge zone – Reuters: Uber will add an additional pound to the cost of journeys in central London from next week after the city’s transport authority said private hire taxi operators will no longer be exempt from the congestion charge.
Fiat Chrysler’s retooling of Mack Engine would mean 700 temporary layoffs – Freep: If city and state officials greenlight Fiat Chrysler Automobiles’ plan to convert its Mack Avenue Engine factory in Detroit to an assembly plant, about 700 …
BMW, Daimler, Volkswagen charged by EU regulators with emissions collusion – Automotive News: EU antitrust regulators charged BMW, Daimler and Volkswagen Group on Friday for hindering competition on emissions-cleaning technology between 2006 and …
EU regulators charge BMW, Daimler, Volkswagen with emissions collusion – Reuters: EU antitrust regulators charged BMW, Daimler and Volkswagen on Friday for hindering competition on emission cleaning technology between 2006 to 2014.
Supercar brands using female advisory boards to tap the potential of women buyers – Yahoo: From Aston Martin to Lamborghini, top luxury car makers are investing in getting more women to buy their cars.
Russia sales rise nearly 2% in March on by gov’t subsidies – Automotive News: Russia car sales rose 1.8 percent last month to 160180, helped by the introduction of government subsidies in March for lower-priced vehicles, the Association …
Trump to Cap Week of Border Threats by Visiting Calexico Wall – Bloomberg: Supply chains are closely integrated between the two countries, particularly in the auto industry. Car makers and farmers, who have already been hit …
Brexit depresses car demand in UK as sales drop 3% in March – Automotive News: 3 Vauxhall saw volume rise 2.1 percent, ahead of sister brand Peugeot, which rose 1 percent, but behind sibling Citroen, which jumped 22 percent.
Western European car registrations down 3.7% in March – Automotive News: Western European car sales fell 3.7 percent in March as a recovery from emissions-test bottlenecks proved short-lived, LMC Automotive data showed.
Tokyo court approves 10-day detention of Ghosn that his lawyer will appeal – Reuters: A Tokyo court approved on Friday a request by prosecutors to detain Carlos Ghosn for 10 days for further questioning, a move the ousted Nissan boss’ lawyer said he would appeal.
Coalition modelling not far off Labor’s electric vehicle target – despite criticising it – Guardian: Government modelling for climate policy cuts assumes an electric vehicle uptake of 25-50% of new car sales by 2030. Lisa Cox. Fri 5 Apr 2019 01.43 …
Carlos Ghosn to Stay Behind Bars for at Least 10 Days – WSJ: TOKYO-Carlos Ghosn will be held in jail until at least April 14 without possibility of bail, a Tokyo court said Friday. The former chairman of Nissan …
Court Approves Request to Keep Ghosn Detained Until April 14 – Bloomberg: Carlos Ghosn will remain in jail until at least April 14 after a Japanese court granted prosecutors’ request to keep the former chairman of Nissan Motor Co. longer …
Canadian AI company shapes supply chain – Automotive News: As automakers race to develop self-driving vehicles, they look to companies such as … are spending a lot of their AI resources on autonomous driving.
Austria’s AI Brain Has a Plan to Take Down Waymo and Tesla – Bloomberg: Silicon Valley has an early lead in driverless cars, but a collaborative effort across Europe wants to close the gap.
Detroit partners with Maven in first step to support car-sharing – Detroitnews: Patty Fedewa hasn’t owned her own car since January 2009, but she typically needs one to pick up her 11-year-old daughter from a private …
Morgan Stanley Wins Stabilization Role for Uber IPO – Bloomberg: Morgan Stanley will take on the profitable job of overseeing Uber Technologies Inc.’s stock in the early hours of trading after the global ride-hailing …
Elon Musk says he’s ‘very happy’ after judge orders settlement negotiations with SEC – Yahoo: Tesla (TSLA) CEO Elon Musk emerged from a Manhattan federal district courtroom Thursday afternoon with a renewed opportunity to resolve a …
Google to pull plug on AI ethics council – Reuters: Alphabet Inc’s Google said on Thursday it was dissolving a council it had formed a week earlier to consider ethical issues around artificial intelligence and other emerging technologies.
Google Scraps New AI Ethics Council After Outcry – Bloomberg: The Alphabet Inc. company introduced the group, called the Advanced Technology External Advisory Council (ATEAC), on March 26. Google asked …

Related

Lucid Motors gets real as Saudi funding comes through

Lucid AIr
Things just got real for Tesla competitor Lucid Motors.

The company, which announced a $1 billion deal with the Saudi Arabian Public Investment Fund last September, confirmed on Thursday that the investment is complete. That could make Lucid the most realistic competitor to Tesla yet, as it plans to bring its nearly fully developed Lucid Air to production next year and now has the funding to do so.

READ THIS: Saudi investment fund takes $1 billion stake in Lucid Motors

Lucid is privately held, so terms of the deal have not been revealed, but the Saudi fund is thought to have acquired a majority stake in Lucid. The Saudi investment fund also owns a 5 percent stake in Tesla.

The Lucid Air is an electric luxury sedan starting with a 240-mile range and 400 horsepower. It could start at around $60,000, while a higher-end version will have 1,000 horsepower, 400 miles of range, executive reclining rear seats, and has been clocked at 217 mph at the Transportation Research Center test track in Ohio.

CHECK OUT: Lucid Air electric luxury sedan: a Tesla Model S owner's take

Lucid says the car will be “self-driving ready.”

Based in Newark, California, the company has also broken ground on a factory to build the cars in Casa Grande, Arizona, and is working on an SUV to follow up the Air.

DON'T MISS: Lucid owners will get access to Electrify America's chargers, another jab at Tesla

The company also announced a deal to provide Air buyers with access to Electrify America's network of fast chargers to, eventually, rival Tesla's Supercharger network.

The new funding looks set to move Lucid ahead of other startup electric-car competitors such as Faraday Future, SF Motors, and possibly even Chinese startups such as Byton and Nio, in bringing Tesla some new electric luxury competition.

Faraday Future joint venture to create electric MPV based on FF91

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MPV designed by Faraday Future, for joint venture with The9
Last month the troubled electric car hopeful Faraday Future was given (another) new lease on life, via a new joint venture with The9, a Chinese online game company, that will produce a new model for the Chinese market based on Faraday’s nearly mothballed FF91.

It’s now a lot clearer what that vehicle, to be produced as soon as next year, is. It isn’t a version of the FF91 but a van-like MPV—that Faraday Future teased in a photo released yesterday.

DON’T MISS: Faraday Future gets new money from gaming company to build in China, and the US

Faraday Future’s design team is creating the new vehicle, according to the California company, which is to be produced in China at up to 300,000 units annually.

Faraday Future FF 91

The vehicle will share its skateboard-layout Variable Platform Architecture with the FF 91. Based on the released teaser photo above, the vehicle is modern and van-like, with a steep rake to the windshield but a flat, extended roofline that should extend enough headroom and interior space to a second and third row (or perhaps more). As with the FF91, the wheels are pushed out to the corners, with very little overhang.

CHECK OUT: Faraday Future loses final founding executive

Faraday Future CEO Jia Yueting added to the description, tweeting (via an unverified account): “The V9 concept: a new mobility luxury intelligent space that blends design, AI and seamless cabin connectivity.”

Faraday Future FF 91 first pre-production prototype in Hanford, California factory

The company confirmed to Green Car Reports that there is no plan to offer the V9 in North America. Chinese suppliers and scale are also vastly different, so it may not have a significant impact on the economics of producing the FF91.

READ MORE: Faraday Future factory completes its first full car

The initial investment from The9 to Faraday Future, of $5 million for the U.S., is primarily for the design operations of the vehicle, according to the company. But additional tranches of funding will arrive provided milestones are met—with the completion of this design and Faraday Future turning over land to be used by the Chinese joint venture.

With the first sign of new vehicle and design work in many months, and the drama of Faraday’s past year of funding woes in the rearview mirror, the company could, potentially, get to why it exists—producing electric cars—by the end of the year.

Telekom partners with specialist from Israel in car cyber security

Continental and Telekom protect cars from attackers Argus Cyber Security is Israeli security specialist Bodyguard planned for networked vehicles T-Systems and Argus Cyber Security, a subsidiary of the technology company Continental, will work together on cyber defence for cars. This was announced by the companies at the Hanover Industrial Trade Fair. T-Systems is planning a Security Operations Center… Continue reading Telekom partners with specialist from Israel in car cyber security

Volkswagen Group secures lithium supplies

Volkswagen Group and Chinese manufacturer Ganfeng sign memorandum of understanding for long-term lithium supplies Group Board Member for Procurement, Dr. Sommer: “Crucial strategic significance for implementing Volkswagen’s electric offensive” The Volkswagen Group and Ganfeng Lithium Co., Ltd. registered in Jiangxi (China) have signed a memorandum of understanding on long-term lithium supplies for battery cells. Under… Continue reading Volkswagen Group secures lithium supplies

Press: ZF Increases Sales for the Year under Review and Invests in Next Generation Mobility Solutions

“We are shaping the rapidly advancing transformation of the mobility industry to provide our customers with convincing system solutions for next generation mobility. Our results show that we are well positioned for the challenges of the future,” said Wolf-Henning Scheider, CEO of ZF Friedrichshafen AG, at the presentation of the annual results in Friedrichshafen this… Continue reading Press: ZF Increases Sales for the Year under Review and Invests in Next Generation Mobility Solutions

Faraday Future pins hopes on China-exclusive EV

Faraday Future Faraday Future’s first car, the FF91, has yet to hit the market, but that hasn’t kept the company from looking ahead. A new teaser poster for the V9 — a car it’s developing as a joint venture with Chinese gaming company The9Limited — reveals few details other than a silhouette that looks similar… Continue reading Faraday Future pins hopes on China-exclusive EV

Old Opel love does not rust

*/ ]]> Armin Rauschenberger in front of some models from his classic car collection. Armin Rauschenberger’s great-grandfather next to his captain (besides the father of Armin Rauschenberger as a child). Armin Rauschenberger owns about 15 Opel classic cars; predominantly models with six-cylinder engines. His fondness is no coincidence: when – a few days after his… Continue reading Old Opel love does not rust

Thursday Morning Auto News, Apr 04, 2019

This edition of the Morning Auto News brought to you from Hong Kong.

Ford watches from the top as Chevy Silverado, Ram pickups brawl for No. 2 – Freep: A few questions with Kumar Galhotra. Kumar Galhotra, president of Ford North America answers a few questions at Ford World Headquarters in Dearborn, MI on …
Tesla”s output slowed to 77,100 vehicles in Q1 – Detroitnews: The Palo Alto company churned out 77,100 vehicles from January to March, well behind the pace it must sustain
Tesla’s junk bond slammed on car deliveries miss; CDS cost surges – Reuters: Tesla Inc’s $1.8 billion junk bond price fell by the most in seven months and the cost to insure its debt against default surged on Thursday after a bigger-than-expected drop in first-quarter deliveries.
The Renault-Nissan Alliance Against Carlos Ghosn – Bloomberg: The Renault-Nissan Alliance Against Carlos Ghosn … The downfall of Carlos Ghosn, once idolized as the globe-trotting genius who turned France’s …
Auto parts maker ZF Friedrichshafen wins biggest order in firm’s history – Reuters: * CEO sees autonomous driving as too expensive for private cars

Citroen C5 Aircross will be PSA ‘flagship’ in India – Automotive News: The C5 Aircross compact SUV will lead Citroen’s entry into the Indian market, followed by three vehicles from a new range developed specifically for …
Model 3 Tracker Misses Tesla’s Production Shortfall – Bloomberg: Bloomberg’s experimental tool overestimated production amid Tesla’s international rollout.
IPWhoa: What to know before joining this year’s IPO wave – Washington Post: The ride-hailing company’s stock surged more than 20% from its IPO price on Friday. But by the first hour of Lyft’s second day of trading, the stock had …
Former Hyundai, Nissan exec Rushforth joins auto data specialist – Automotive News: Rushforth’s automotive career includes stints at Rover Group, BMW Group, Jaguar Land Rover, Audi and UK dealer group Lookers. He was vice …
Tesla shares skid after first-quarter deliveries disappoint – Reuters: Tesla Inc shares fell more than 8 percent on Thursday after a bigger-than-expected drop in first-quarter deliveries, led by waning demand for its luxury Model S …
How Daimler got into a fight with Detroit – Automotive News: Mercedes-Benz USA filed four lawsuits against Detroit mural artists after a dispute over Instagram photos posted in January 2018.
Tesla delivery numbers indicate 2019 will be a rough year – CNBC: Tesla’s first-quarter delivery numbers indicate the company has some tough … questions surrounding demand for its Model 3 sedan and CEO Elon Musk’s legal … Tesla did reiterate its annual delivery guidance of 360,000 to 400,000 …
Skoda’s new components chief is powertrain expert – Automotive News: Volkswagen Group veteran Christian Bleiel will head component production at Skoda. Bleiel succeeds Frank Engel, who moves to …
The Data German Stocks Care Most About Is China’s Data – Bloomberg: Important German car exports show some bottom-building, Ifo Institute business expectations gained last month for the first time since August 2018, …
For Carlos Ghosn, an Early Morning Knock Increases the Pressure, Again – New York Times: The authorities knocked on Carlos Ghosn’s door just before 6 a.m. He and his wife, Carole Ghosn, were still in their pajamas.
Stock futures stall | Tesla shares tanks | Dimon defends capitalism – CNBC: It’s not clear that the stock market’s recent rally will end today, but it’s also unclear that it will continue, with futures trading close to the flat line.
JP Morgan says Tesla just undermined Elon Musk’s defense against the SEC – CNBC: Tesla may have just hurt Elon Musk’s own case in his battle with the SEC, according to J.P. Morgan. “The now clear incongruence of CEO outlook …
Brexit Turns Off UK Car Buyers With Worst March Since 2013 – Bloomberg: Car sales dropped 3.4 percent year-on-year to 458,054 passenger vehicles as consumers stayed away from showrooms during what’s usually a …
Elon Musk’s Plan to Boost Tesla Sales Is Dealt a Setback – Fortune: The shortfall is a setback for Chief Executive Officer Elon Musk’s plan to accelerate sales with lower prices and target more markets worldwide.
Wall Street analysts say Tesla’s first-quarter deliveries were ‘substantially worse’ than expected – CNBC: Wall Street analysts were very disappointed in Tesla’s first-quarter delivery and production figures.
Opinion: Why safety tech and speed limiters can’t save us all – Autocar: The motor industry and global legislators want our roads to be fatality-free in future, but that could present a conundrum that technology can”t solve To recap, then, Volvo recently announced that it”s limiting all of its cars to 112mph from 2021. It…
Ghosn’s lawyer slams Japan’s ‘hostage justice’ after Ghosn rearrested – Automotive News: … escalating the legal jeopardy facing the former chairman of the Renault, Nissan, Mitsubishi alliance and potentially stymying plans to tell his side of …
Elon Musk Tweet to Get Review From Judge as SEC Seeks Sanctions – Bloomberg: A federal judge in Manhattan will spend the afternoon Thursday considering Elon Musk’s February Twitter post that the SEC claims is beyond the pale.
Elon Musk to square off with SEC in court at contempt hearing – Reuters: Lawyers for Tesla Inc Chief Executive Elon Musk will argue on Thursday that he did not violate a fraud settlement with the U.S. Securities and Exchange Commission and should not be held in contempt, the latest twist in a high-profile battle between the…
Self-driving cars could provide £62bn boost to UK economy by 2030 – Guardian: But such potential would be threatened by a no-deal Brexit, says SMMT.
Uber but for Xi Jinping – New York Times: If there’s one thing we know for certain about China in 2019, it’s that people there love their apps. They use WeChat to talk with friends; they spend …
Tesla’s Elon Musk to square off with SEC in court at contempt hearing – Reuters: … could lead to restrictions on his activities or even his removal from Tesla, while distracting him at a pivotal point in the electric car maker’s expansion.
Tesla, Volvo, Audi make gains as German market slips 0.5% in March – Automotive News: Registrations in Germany fell 0.5 percent to 345,523 in March, according to data published by the KBA Motor Transport Authority on …
Ready For a Fast Charge? – Bloomberg: Electric car chargers are evolving at lightning speed– trouble is, batteries are having a tough time keeping up More via @business: …
Uber Beefs Up Lobbying in Pre-IPO Makeover: The Influence Game – Bloomberg: A relative newcomer to Washington, Uber Technologies Inc. has revved up its Washington influence machine as the ride-sharing company expands …
Lyft Is Luring Investors, Just Not the Kind It Wants – New York Times: The percentage of shares on loan at Lyft is roughly equal to the level at Tesla, the electric-car maker, whose chief executive has waged a very public …
Energy group Total’s Saft arm strikes China batteries deal – Reuters: The Saft subsidiary of French energy group Total has struck a new deal to expand its presence in China in the fast growing market for batteries, energy storage and electric vehicles.
Tesla’s dire deliveries – FT: The electric car company reported total deliveries of 63,000, a 31 per cent drop … and far below analyst’s consensus of 71,350, according to Bloomberg data. … This led to 10,600 cars being in transit to customers at quarter end, the …
Aston boss: cost of autonomy will force mass car firm mergers – Autocar: Andy Palmer predicts major industry consolidation due to heavy spending required to develop new technology The investment needed to develop connected and autonomous vehicles will likely lead to mass consolidation of car companies globally, according…
Volkswagen tests self-driving tech in Hamburg – Automotive News: Volkswagen Group has started testing Level 4 self-driving technology on the streets of Hamburg in Germany. The tests involve five e-Golfs …
China flags support for parallel car imports, used car markets – Reuters: China’s commerce ministry said on Thursday that it will roll out measures to support the country’s parallel car imports and used automobile markets to boost car sales.
Total Teams With Chinese Battery Maker in Latest Shift for Big Oil – Bloomberg: Total bought battery maker Saft for 950 million euros ($1.07 billion) in 2016, while Royal Dutch Shell Plc acquired car-charging operator NewMotion a …
Italy sales slump 10% in March as consumer confidence declines – Automotive News: Within the Volkswagen Group, VW brand registrations slipped 3.5 percent and Skoda 1.8 percent, while Seat sales rose 14 percent. The T-Roc small …
Spain sales fall 4% in March as diesel share falls to new low – Automotive News: Within the Volkswagen Group, the VW brand suffered a 14 percent decline in March and Skoda dropped 20 percent. The Spanish brand Seat saw …
Nikkei edges up to 1-month high on trade optimism – Reuters: Japan’s Nikkei edged up to a one-month high on Thursday as investors bought carmakers and other cyclical shares on growing hopes that a trade deal can be reached between Washington and Beijing.
Prosecutors confiscate Ghosn’s wife’s passport, mobile – Ghosn’s lawyer – Reuters: Tokyo prosecutors confiscated the passport and mobile phone of Carlos Ghosn’s wife, Carole, when they arrested the former Nissan boss on Thursday morning, his lawyer said, adding that the defence team would “strongly appeal” the latest arrest.
Ghosn getting French consular protection -finance minister – Reuters: Ousted Renault-Nissan boss Carlos Ghosn, who was re-arrested in Japan on Thursday, is getting French consular protection, French finance minister Bruno Le Maire told BFM TV.
Ghosn reiterates innocence, asks French government to defend him – Reuters: Carlos Ghosn called on the French government to defend him and reiterated that he was innocent in an interview aired on Thursday with French TV stations TF1 and LCI.
New Renault Zoe EV to be ..