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☆ Explainer: What's behind China's failed 'truce' in EV price war?
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

[1/2] A Tesla Model 3 electric vehicle (EV) is displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. Toyota (7203.T) offered a discount on its bZ4X EV, and Nissan (7201.T) offered an incentive on its Ariya EV. Volkswagen's (VOWG_p.DE) joint ventures with SAIC and FAW also announced price cuts in China on their ID-series EVs on Friday. AlixPartners said while China's EV market will continue to grow rapidly, intensifying competition and excess capacity will also drive a shakeout. In one example, Chinese automakers have invested $1.4 billion in Thailand since 2020, now dominating the Thai EV market after taking share from the Japanese brands that have long operated there.

Persons: Florence Lo, Tesla, CAAM, Li Auto, Liu Xu, furloughs, AlixPartners, Zhang Yan, Kevin Krolicki, Tom Hogue Organizations: Tesla, Fair for Trade, Services, REUTERS, China Association of Auto Manufacturers, stoke, HK, Volvo, Chery Automobile, Global, Ford, Toyota, Nissan, EV, General Motors, Honda, Consultancy, Consumers, SAIC, GAC, Dongfeng, FAW Group, China's Ministry of Industry, Information Technology, FAW, National Strategy Institute of Tsinghua University, International, Hyundai, Thai EV, Thomson Locations: Beijing, China, Shanghai, Europe, Southeast Asia, Thailand, Singapore

On Thursday, regulators orchestrated an agreement between Tesla (TSLA.O) and 15 Chinese rivals to avoid “abnormal pricing”, sealing the deal at a signing ceremony in Shanghai, Bloomberg reported. Perhaps as a result, sellers of internal combustion engines frequently offered steeper discounts compared to battery-powered rivals, Citi’s data show. In this case, at least, it appears to be trying to keep competition healthy, targeting only “abnormal pricing”. If nothing else, Beijing’s intervention offers a welcome pause in hostilities. Over 30 brands in China announced discounts in the first three months of the year, according to industry consultancy Automobility.

Persons: It’s, Bill Russo, AlixPartners, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Tesla, Bloomberg, FAW Audi, BAIC Hyundai, Citi, HK, country’s Ministry of Industry, Information Technology, China Association of Automobile Manufacturers, Thomson Locations: HONG KONG, Beijing, Shanghai, Xpeng, China

☆ Chinese automakers are winning in a key area that will make it even harder for American competitors to catch up
▼ + stars: | 2023-07-06 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Chinese automakers have a better handle on what their customers want than other car companies. Chinese automakers know what their customers want better than others — and that's why they're likely to beat out rival car companies, especially those from the US. Chinese auto players are already growing rapidly: They're expected to outsell foreign brands in China for the first time this year. "This freshness is a really critical buying factor for Chinese brands," Dyer said. "They will become bigger and stronger competitors and players — potentially, a source of disruption for some of the mature market automakers," Dyer added.

Persons: AlixPartners, That's, Stephen Dyer, Dyer, Li Organizations: US, Asia Automotive, Ford, GM, Volkswagen Locations: China, AlixPartners, Japan, Germany, Korea

☆ Chinese automakers to take majority of home market for first time - forecast
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +3 min

It would represent the first time Chinese automakers have controlled a majority share of China's car market - the world's largest. For the past four decades, China's auto market has been dominated by established global brands such as VW and Toyota operating in joint ventures with Chinese partners. AlixPartners forecast China's overall auto sales would grow 3% this year to 24.9 million vehicles, recovering to the level of sales before COVID-19. Dyer forecast annual sales of Chinese-branded cars in overseas markets would grow to 9 million vehicles by 2030. China's market also faces massive overcapacity, and Dyer forecast a wave of consolidation.

Persons: Jason Lee, AlixPartners, Tesla, Stephen Dyer, Dyer, haven't, Zhang Yan, Kevin Krolicki, Devika Organizations: REUTERS, VW, Toyota, HK, Xpeng Motors, Thomson Locations: Beijing, China, Japan, U.S, Asia, Europe, South America, South East Asia, South Asia, Shanghai, Singapore

☆ Automakers' contract negotiations will decide potential EV future for idled Illinois plant
▼ + stars: | 2023-07-05 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +6 min

The real question is how long will UAW workers stay off the job, said Mark Wakefield, co-head of AlixPartners' automotive practice. Around 1,680 union workers company-wide agreed to take the buyout, according to a union representative. He opted for a voluntary transfer to a Stellantis plant in Toledo, Ohio. Illinois Governor J.B. Pritzker has also stepped up efforts to salvage the 58-year-old Belvidere plant that once employed 4,500 union workers. Reporting by Bianca Flowers in Belvidere, Illinois Additonal reporting by Joseph White in Detroit Editing by Ben Klayman and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Matt Frantzen, Tesla, Shawn Fain, Fain, Mark Wakefield, Wakefield, Mary Barra, Jim Farley, Barra, Farley, Carlos Tavares, Stellantis, Robert Stacy, Auston Gore, Joe Biden, J.B, Pritzker, Brandon Campbell, Bianca Flowers, Joseph White, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, automakers, UAW, General Motors, Ford, Detroit, CNBC, Detroit Free Press, Stellantis, U.S, Illinois, EVs, Thomson Locations: BELVIDERE , Illinois, Illinois, Belvidere, idled, U.S, Washington, EVs, Toledo , Ohio, Chicago, Belvidere ., Michigan, Indiana, Belvidere , Illinois, Detroit

☆ Car prices aren't going down. Automakers are just finally building something other than expensive trucks.
▼ + stars: | 2023-06-26 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Individual vehicle prices aren't going down, but the average car price is overall. Combined with incentives improving, average transaction prices could fall 7% by 2025. Car prices could fall by about 7% by 2025, providing some much-needed relief for car shoppers after years of jacked-up prices, according to consultancy AlixPartners. There might also be more options than simply luxury or higher-end vehicles, resulting in a blanket drop in average auto-buying prices. Car companies learned they could sell more expensive vehicles and vehicles at higher prices overall, especially during the vehicle supply-and-demand scare brought on by the pandemic.

Persons: Mark Wakefield, they've, aren't, AlixPartners, carmakers Organizations: AlixPartners, Morning Locations: AlixPartners ., AlixPartners

☆ Why are other automakers chasing Tesla's 'Gigacasting'?
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +4 min

Here's a look at Gigacasting and how the innovation is forcing automakers to scramble to match Tesla:WHAT IS GIGACASTING? The Giga Press is an aluminium die-casting machine adopted by Tesla at its factories in the U.S., China and Germany. The house-sized machines are able to produce aluminium parts far bigger than anything used before in auto manufacturing. Toyota said it expected that using aluminium die-casting would eliminate dozens of sheet metal parts from assembly and reduce waste. The global aluminium die-casting market was worth almost $73 billion last year and is projected to top $126 billion by 2032, showed an AlixPartners analysis.

Persons: Matthew Childs, Tesla, Elon Musk, Zeekr, Kevin Krolicki, Christopher Cushing Organizations: REUTERS, Toyota, Giga Press, EVs, WHO, Industries, Buhler Group, HK, General Motors, Hyundai Motor, Volvo, EV, Thomson Locations: London, Britain, U.S, China, Germany, Italy, Europe, Japan, Gothenburg, Sweden

☆ Auto execs still aren't convinced about electric cars
▼ + stars: | 2023-06-13 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Auto execs are nervous about transitioning to EVs, consulting firm KPMG found in a new survey. Auto executive confidence in high EV sales in the US by 2030 dropped from last year. In a survey of more than 900 auto industry execs published in December, KPMG found that respondents think only 37% of new vehicle sales in the US will be electric by 2030. The survey results come two days after Toyota's CEO came under fire for comments that indicate he's not all that sold on EVs just yet. The KPMG survey also reported that 76% of respondents said inflation and high-interest rates will impact their business in 2023.

Persons: That's, Biden, EVs, Kelley, Akia Toyoda, — that's Organizations: KPMG, Auto, Toyota's, Wall Street Locations: China

☆ Pyrex kitchenware maker files for Chapter 11 bankruptcy
▼ + stars: | 2023-06-12 | by ( Jonathan Stempel | ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Instant Brands, the maker of Pyrex kitchenware, filed for bankruptcy on Monday, saying it had too much debt to withstand rising interest rates and tighter credit conditions. Instant Brands said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. "Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable," Chief Executive Ben Gadbois said in s statement. Instant Brands' portfolio also includes products such as Instant Pot pressure cookers and Corningware. The case is In re: Instant Brands Acquisition Holdings Inc, U.S. Bankruptcy Court, Southern District of Texas, No.

Persons: Pyrex kitchenware, Ben Gadbois, Davis Polk, Jonathan Stempel, Bill Berkrot Organizations: Brands, Cornell Capital LLC, Instant Brands, Federal Trade Commission, Holdings Inc, Bankruptcy, Southern District of, bk, Thomson Locations: Texas, United States, Canada, Downers Grove , Illinois, USA, China, Southern District, Southern District of Texas, New York

☆ Telegraph’s $750 million price implies vanity contest
▼ + stars: | 2023-06-08 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

That’s the only way to explain a possible 600 million pound ($748 million) price tag for the Britain’s Telegraph Media Group (TMG). EBITDA hit 40 million pounds, up 5%, based on UK filings, while borrowings were minimal. Lloyds reckons the price tag could be as high as 600 million pounds, according to media reports. On that basis, TMG’s value including debt would be just over 100 million pounds. Japanese media group Nikkei bought the Financial Times in 2015 for 2.5 times the previous year’s revenue.

Persons: Liz Truss, Hannah McKay, Nick Hugh, EBITDA, Barclay, Sir Frederick Barclay, David, TMG, AlixPartners, Italy’s Agnelli, B.UK, Liam Proud, Oliver Taslic Organizations: Sunday Telegraph, British, Conservative Party, REUTERS, Reuters, Britain’s Telegraph Media, Spectator, Lloyds Banking Group, Lloyds, Daily, Nikkei, Financial Times, Economist Group, Telegraph Media, Telegraph, Sky News, Thomson Locations: Birmingham, Britain, Bermuda

☆ Telegraph’s $750 mln price implies vanity contest
▼ + stars: | 2023-06-08 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +3 min

That’s the only way to explain a possible 600 million pound ($748 million) price tag for the Britain’s Telegraph Media Group (TMG). EBITDA hit 40 million pounds, up 5%, based on UK filings, while borrowings were minimal. Lloyds reckons the price tag could be as high as 600 million pounds, according to media reports. Japanese media group Nikkei bought the Financial Times in 2015 for 2.5 times the previous year’s revenue. Follow @pamela_msg on TwitterCONTEXT NEWSReceivers chosen by Lloyds Banking Group could put the Telegraph Media Group up for sale after its Bermuda-based parent company B.UK failed to repay bank loans.

Persons: Nick Hugh, EBITDA, Barclay, Sir Frederick Barclay, David, TMG, AlixPartners, Italy’s Agnelli, B.UK, Liam Proud, Oliver Taslic Organizations: Reuters, Britain’s Telegraph Media, Sunday Telegraph, Spectator, Lloyds Banking Group, Lloyds, Daily, Nikkei, Financial Times, Economist Group, Conservative Party, Telegraph Media, Telegraph, Sky News, Thomson Locations: Bermuda

☆ Telegraph faces sale after UK lender takes control of owners
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - The Telegraph group of newspapers could be sold after the Bank of Scotland appointed receivers for shares of the publisher's owners who failed to repay loans by the bank, restructuring group AlixPartners said on Wednesday. No operational changes are expected for the media businesses or their employees, and "neither the Telegraph Media Group (TMG) nor The Spectator are entering administration," AlixPartners added. The Barclay family owns shares of B.UK Ltd, a holding company within the Penultimate Investment Holdings Limited (PIHL) Group that indirectly owns Telegraph Media Group Limited (TMG) and The Spectator magazine. AlixPartners said the receivers may reach a resolution which could involve the Telegraph and Spectator businesses being sold. Sky News reported on Tuesday that Lloyds was set to launch a 600 million pound ($745.4 million) auction of the Telegraph newspapers and The Spectator magazine.

Persons: AlixPartners, Alastair Beveridge, Ben Browne, Barclay, Aidan Barclay, Howard Barclay, Philip Peters, Rigel Mowatt, Gokul Pisharody, Bharat Govind Gautam, Chiara Ellsei, Chris Reese, Richard Chang Organizations: Telegraph, Bank of Scotland, Lloyds Banking Group, Telegraph Media, B.UK Ltd, Investment Holdings, Group, Telegraph Media Group, Spectator, The Spectator, Sky News, Lloyds, Thomson Locations: Bengaluru

☆ Consumers are more likely to cut back on restaurant visits than trade down to fight inflation, report says
▼ + stars: | 2023-06-02 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

People sit outdoors at the Petite Crevette Restaurant on June 05, 2021 in the Brooklyn borough of New York City. During the Great Recession, consumers hunted for bargains, trading down to cheaper restaurants or picking the least expensive menu options. But today, as inflation puts pressure on their wallets, consumers are more likely to cut back on their restaurant visits instead to preserve their budgets, according to a report from AlixPartners. In April, prices for food away from home rose 8.6% compared with the year-earlier period, according to the Bureau of Labor Statistics. Back in January 2009, just 12% of respondents said they would eliminate or reduce visits to cut back on their restaurant spending.

Persons: Andrew Sharpee Organizations: Bureau of Labor Statistics, Intelligence, AlixPartners Locations: Brooklyn, New York City, AlixPartners

☆ Rome Fiumicino seen as Lufthansa's new southern hub after ITA deal
▼ + stars: | 2023-05-26 | by ( Angelo Amante | ) www.reuters.com time to read: +3 min

Shares in Lufthansa were down 0.2% on Friday, a day after the airline and the Italian Treasury announced the ITA deal. A report from TRA consulting firm says some 43 million people travelled through Rome Fiumicino in 2019, before the COVID-19 outbreak, and the airport has potential to become an even stronger hub for the Mediterranean area. His report said this is due to the weakness of the national airline, and the integration of ITA into the Lufthansa group might help Fiumicino become an hub for travellers heading to the Americas. Lufthansa, which already operates the brands Swiss, Austrian Airlines and Brussels Airlines, said it would look to feed more passengers into Fiumicino airport. Analysts believe Lufthansa has good chances to boost Fiumicino, after fostering development of other airports it entered after its previous takeovers.

☆ Vice Media's bankruptcy has 'killed the ad pipeline' for the company, sources say, as questions about its future roil staffers
▼ + stars: | 2023-05-18 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

Vice Media filed for Chapter 11 bankruptcy on May 15, leaving current and laid-off staffers anxious over what's next. One advertising source told Insider, "The bankruptcy has killed the ad pipeline." Employees who were laid off in recent weeks are demanding answers about how the company's bankruptcy will affect the terms of their departure. One of the former execs told Insider they were just keeping their fingers crossed that payments come through. A person close to the company said Vice Media intends to pay severance and COBRA, subject to court approval.

☆ Premarket stocks: The earnings recession is here. There could be worse to come
▼ + stars: | 2023-04-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Earnings reports are coming thick and fast, showing how companies fared in the first few months of the year. But even as earnings are forecast to slump to their lowest level in three years, investors fear the worst is yet to come. This left significant gaps in the forensic search for Nazi-linked records, the Senate Committee stated. AlixPartners, according to the Senate committee, has indicated it will conduct a “supplementary review” of Credit Suisse’s connections to ratlines amongst other allegations. Credit Suisse is Switzerland’s second-largest bank by assets and has spent the past few years plagued by scandals and large losses.

☆ Credit Suisse hampered internal probe into Nazi-linked accounts, U.S. senators say
▼ + stars: | 2023-04-18 | by ( Chris Prentice | ) www.reuters.com time to read: +2 min

NEW YORK, April 18 (Reuters) - A committee of U.S. lawmakers on Tuesday said troubled Swiss bank Credit Suisse Group (CSGN.S) hampered a multiyear investigation into the servicing of Nazi clients and Nazi-linked accounts. Credit Suisse commissioned an investigation into allegations levied by a human rights organization that the bank held potential Nazi-linked accounts and failed to disclose them, even during Holocaust-related probes decades earlier. Credit Suisse defended its internal review in a statement, saying that the probe turned up no evidence to support key claims from the Simon Wiesenthal Center that dormant accounts serviced by Credit Suisse held assets from Holocaust victims. A representative for AlixPartners, the consulting firm Credit Suisse hired for the probe, did not respond immediately to a request for comment. His report, which the committee obtained via a subpoena, found many questions were left "unanswered" after Credit Suisse decided to halt the review.

☆ Credit Suisse limited investigations into Nazi-linked accounts, Senate Committee alleges
▼ + stars: | 2023-04-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

This left significant gaps in the forensic search for Nazi-linked records, the Senate Committee stated. The bipartisan Senate investigation follows a March 2020 report by the Simon Wiesenthal Center (SWC) that linked Credit Suisse accounts to a list of 12,000 Nazis in Argentina. Credit Suisse has thus far failed to meet that standard,” said Sen. Grassley in a statement. AlixPartners, according to the Senate committee, has indicated it will conduct a “supplementary review” of Credit Suisse’s connections to ratlines amongst other allegations. Credit Suisse is Switzerland’s second-largest bank by assets and has spent the past few years plagued by scandals and large losses.

☆ Vice Media Hires Interim Finance Chief as It Seeks a Buyer
▼ + stars: | 2023-04-14 | by ( Alexander Saeedy | ) www.wsj.com time to read: 1 min

Vice Media has hired an executive from turnaround specialist AlixPartners as its interim finance chief as the struggling media company looks for a buyer, according to people familiar with the matter. AlixPartners Director Mark Del Priore fills a vacancy left by Bruce Dixon, who is now the media company’s co-chief executive, according to an internal memo seen by The Wall Street Journal. Mr. Del Priore will work with Vice Media management in “making decisions for company finances and overseeing strategic plans to improve the company’s financial health,” according to the memo.

☆ FTX's lawyers and advisers cost $38 million for a month of work - and the bankrupt crypto exchange's new CEO charged $305,000 for February
▼ + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The army of professionals working with FTX billed $38 million in expenses for January. FTX CEO John Ray III submitted a bill for $305,565 for the month of February. Those three firms have over 180 lawyers and over 50 other staffers working on the FTX case, per the CoinDesk report. Sullivan & Cromwell billed 14,569 hours of work in January for a total of $16.8 million. Meanwhile, FTX's trading arm sued Grayscale this week in a bid to claw back $250 million to repay customers.

☆ Gigapresses - the giant die casts reshaping car manufacturing
▼ + stars: | 2023-02-10 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +5 min

GIGAPRESS 9,000Metal and plastic die casting has been largely used in manufacturing, but its application to large aluminium underbodies in carmaking is relatively new. The global aluminium die casting market was worth almost $73 billion last year and is projected to top $126 billion by 2032, according to an AlixPartners analysis based on Apollo Reports data. Ralf Bechmann of manufacturing consultant EFESO said the benefits of die casting would push it "to be applied to an increasing number of new models of BEV vehicles, also by other manufacturers". Yet not all automakers are convinced, and EFESO's Bechmann cautioned that large module die casting required product design to be "super solid". After initially considering die casting for its upcoming Trinity model, Volkswagen (VOWG_p.DE) has backtracked, while BMW (BMWG.DE) has never expressed an interest.

The law firms that billed FTX are Sullivan & Cromwell, Landis Rath & Cobb, and Quinn Emanuel Urquhart & Sullivan. Landis Rath & Cobb and Sullivan & Cromwell, FTX's primary legal firms, billed the company a combined $10.7 million for over 8,400 hours of work. Landis Rath & Cobb billed $1.16 million for work done between Nov. 11 and Nov. 30. Full compensation for legal and advisor fees will not occur until a final fee application is filed, whenever FTX's bankruptcy saga concludes. Lawyers for Sullivan & Cromwell did $40,000 worth of work just to appear in FTX's first bankruptcy hearing on Nov. 22, based on court filings of hours billed and hourly rates.

☆ 2 firms helping with FTX's bankruptcy are seeking $13 million of payment for under 3 weeks of work, including nearly $20,000 for food
▼ + stars: | 2023-02-08 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Two of those deal with less than three weeks of work, and seek a total of $13 million. Law firm Sullivan & Cromwell charges $2,165 an hour for the time of its partners, who did 2,267 hours of work. Partners did a total of 2,267 hours work on the case in the 19 days between November 12 and 30. Alvarez and Marshal, a management consulting firm, is also charging for its first 20 days of work, seeking $5.2 million for a total of 7,925 hours work. Landis Rath & Cobb and AlixPartners are both asking for over $900,000, and Quinn Emanuel Urquhart & Sullivan is seeking $1.2 million.

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☆ Bed Bath & Beyond's efforts to find buyer stalled - Bloomberg News
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Bed Bath & Beyond Inc's (BBBY.O) efforts to find a buyer ahead of a likely bankruptcy filing have stalled, Bloomberg News reported on Friday, citing people with knowledge of the matter. Bed Bath & Beyond did not immediately respond to a Reuters request for comment. The Union, New Jersey-based company earlier this month said it was considering a range of options, including declaring bankruptcy, after struggling with plunging sales and widening losses. Bed Bath & Beyond said on Thursday it received a loan default notice from JPMorgan Chase Bank N.A. The company will consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code, it said on Thursday.

☆ Bed Bath beefs up legal team ahead of possible bankruptcy filing in New Jersey
▼ + stars: | 2023-01-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

A "Store Closing" banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023. Bed Bath has been in discussions to nail down financing that would keep it afloat if it were to file for bankruptcy, CNBC previously reported. Bed Bath also recently hired consulting firm AlixPartners as one of its advisors, replacing Berkeley Research Group, CNBC previously reported. Despite efforts to stave off landing in bankruptcy protection, a filing will likely occur in the weeks ahead, the people said. Earlier this month, Bed Bath warned of a looming bankruptcy as its turnaround plans failed to improve the business and its balance sheet deteriorated.

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