Autos

GM reinvents itself as a moonshot on wheels

8 Oct 2021

Perhaps tired of watching newcomers like Tesla race ahead of its valuation, the $82 bln automaker plans to double revenue, mostly through new businesses like self-driving cars. Beneath boss Mary Barra’s big bets, though, the projected car company of 2030 looks little changed.

Tesla’s move to Texas further mars ESG credentials

8 Oct 2021

Elon Musk is relocating the electric-vehicle champion’s home base after a Covid-19 spat with California. It will put it in a state building a weak record on green energy and women’s rights. A company already hit by bad governance is giving investors more reasons to think twice.

Viewsroom: Electric-car global roundup; Facebook

7 Oct 2021

Rivian drops its IPO prospectus, Volvo readies its public market return, Hertz brings on a car guy and GM gets a thumbs up from Engine No. 1. Antony Currie puts it all together. And what does Facebook’s outage mean for shareholders? Gina Chon and Richard Beales weigh in.

Capital Calls: Pandora, Facebook files pack punch

4 Oct 2021

Concise views on global finance: A leak with rich people’s offshore activities and a Facebook exposé reinforce perceptions with facts; GitLab’s float shows Microsoft’s wise 2018 buy; Volvo IPO aims to supercharge EV plans; BT’s bid to rule UK broadband may face U.S. competition.

Polestar SPAC offers sober detour on EV hype road

27 Sep 2021

The Swedish electric-car maker is merging with Guggenheim Partners’ blank-cheque vehicle at a $20 bln valuation. A suitably racy revenue multiple needs turbocharged growth to avoid future potholes. But unlike rival Lucid, Chinese-owned Polestar at least has existing production.

UK trucker shortage tows inflation in its wake

27 Sep 2021

The government is recruiting foreign drivers, suspending competition rules and may use the army to ease a fuel crunch which triggered panic buying. That should limit the hit to Britain’s road-dependent economy. But sharply higher wages will accelerate annual inflation towards 4%.

Capital Calls: OCC, China crypto ban

23 Sep 2021

Concise views on global finance: Biden’s pick for the U.S. bank regulator would be a square peg in a round hole; Beijing regulators declared all cryptocurrency activity to be illegal underlining the cons and a pro of the digital assets.

Fiat offspring are racy hedge against anti-rich Xi

23 Sep 2021

BMW, Mercedes and others would be hit hard if China’s “common prosperity” drive extends to premium vehicles. Ferrari can power through, while Stellantis’ low sales in the world’s top car market would offer investors cover, if rivals don’t offload vehicles on the cheap elsewhere.

Tesla crash-tests India’s industrial focus

16 Sep 2021

Elon Musk wants the country to cut sky-high import tariffs. Speeding his luxury vehicles onto roads might give New Delhi’s electrification goals a flashy endorsement. But there would be little real impact. India’s push for a clean mobility revolution can charge up without Tesla.

Road to COP: Hydrogen comes faster than you think

14 Sep 2021

At this fall’s United Nations climate summit, world leaders will seek to take concrete steps to fight global warming. Green hydrogen could help, but it’s still too expensive. Snam CEO Marco Alvera tells Lisa Jucca why the hydrogen energy revolution is likely to surprise us all.

Capital Calls: AMC, German pet retailer

8 Sep 2021

Concise views on global finance: The movie theater chain enjoyed bumper Labor Day attendance; a trio of private equity suitors are circling Zooplus.

Nio share sale copies one of Tesla’s better tricks

8 Sep 2021

The electric-car maker plans to boost its balance sheet by raising $2 bln, despite rising sales and a chunky cash pile. Like Elon Musk last year, CEO William Li is raising funds while he can, not when he needs to. That’s wise: Rich valuations make both vulnerable to setbacks.

Electric vehicles will short-circuit car dealers

7 Sep 2021

Booming auto sales have buoyed shares in middlemen like $7.6 bln U.S.-based AutoNation and $357 mln UK-listed Pendragon. Battery rides need fewer parts and rely on over-the-air software updates. That’s great for carmakers but means dealerships risk becoming glorified garages.

VW-style tech hype calls for defensive driving

6 Sep 2021

CEO Herbert Diess says the “gamechanger” for his industry will be software and autonomous cars, with the former a $1.4 trln global market by 2030. Such a Panglossian take relies on fleets of robo-taxis and driver-downloads galore, plus manoeuvring past tech leaders like Alphabet.

Viewsroom: Scoring Ronaldo’s return to Man Utd

2 Sep 2021

Shareholders cheered the prolific Portuguese striker’s surprise decision to rejoin his former club in England. His three-year stint at Juventus, though, was hardly a clear financial victory. Plus: An $80 bln IPO valuation for electric-truck maker Rivian would be too racy.

Capital Calls: Geely’s employee stock awards

1 Sep 2021

Concise views on global finance: The Chinese automaker shifts the idea of granting workers share options into gear.

Electric-car crash is double pain for Evergrande

30 Aug 2021

The Chinese property developer’s unit saw its equity value fall 90% in four months to just $8 bln. Founder Hui Ka Yan is adept at finding money when the going gets bumpy, but EV makers rely on high values to lure fresh funds. It represents a dead end for its indebted parent too.

Capital Calls: Forbes catches SPAC wave

27 Aug 2021

Concise views on global finance: The business brand and magazine has agreed to merge with a blank-check firm in a $630 million deal, upping its value since last time it changed hands.

Faurecia’s German car-parts deal has firm chassis

16 Aug 2021

The French automotive supplier edged out its rivals with a 6.7 bln euro bid for Lippstadt-based Hella. Annual savings worth 15% of its target’s R&D and marketing costs justify the outlay on their own. Any sort of sales boost would amount to go-faster stripes and alloy wheels.

Jakarta’s battery drive is on a bumpy road

11 Aug 2021

Hyundai and LG are among those investing to make electric vehicle batteries in Indonesia. The nickel producer is limiting exports as it claws up the resource value chain but its long timeline to electrification means technologies may be disrupted before there is enough demand.