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Search resuls for: "Wilmot"


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☆ What Ford Might Learn From Renault
  + stars: | 2022-11-09 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
Renault ’s plan for an electric-vehicle spinoff tends to get more attention, but the French auto maker’s internal-combustion-engine carve-out might generate more shareholder value in the foreseeable future. It is a case study in corporate transition worth watching as Ford moves tentatively down a similar road. On Tuesday, Renault gave a full account of a radical restructuring it has had in the works for months. And it is creating a new ICE powertrain company in partnership with Chinese automotive investor Geely. Between these two extremes lie Renault’s core businesses of manufacturing and financing traditional vehicles in Europe and emerging markets, which it will wholly own within a new reporting structure.
☆ Twitter’s Free Speech Problem Is Tesla’s, Too
  + stars: | 2022-11-07 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
Tesla already had a treacherous line to walk between China and the U.S. Chief Executive Elon Musk has made it worse by buying Twitter. The world’s largest EV market accounted for about 24% of Tesla’s revenues in the first three-quarters of this year, but the company’s bigger dependence is in production. The Shanghai plant is its largest manufacturing and export hub, with room to make more than 750,000 Model 3s or Model Ys—roughly two-fifths of its global capacity. Not coincidentally, the rise of this factory has mirrored the increase in Tesla’s margins over the past couple of years. The company also needs China’s battery materials: It gets lithium compounds from Chinese suppliers Ganfeng and Yahua, for example.
☆ Twitter’s Free Speech Problem Is Tesla’s Too
  + stars: | 2022-11-07 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
Tesla already had a treacherous line to walk between China and the U.S. Chief Executive Elon Musk has made it worse by buying Twitter. The world’s largest EV market accounted for about 24% of Tesla’s revenues in the first three-quarters of this year, but the company’s bigger dependence is in production. The Shanghai plant is its largest manufacturing and export hub, with room to make more than 750,000 Model 3s or Model Ys—roughly two-fifths of its global capacity. Not coincidentally, the rise of this factory has mirrored the increase in Tesla’s margins over the past couple of years. The company also needs China’s battery materials: It gets lithium compounds from Chinese suppliers Ganfeng and Yahua, for example.
☆ Ferraris and Aston Martins Are Still Selling Well—When They Can Be Built
  + stars: | 2022-11-02 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
The superrich are throwing more money than ever at fancy cars. That doesn’t always make them super-profitable to manufacture. Ferrari reported “remarkable order intake” alongside third-quarter earnings on Wednesday. The luxury-car maker doesn’t disclose reservations, yet orders for its Purosangue model—its long-discussed answer to sport-utility vehicles, launched in September with a starting price of €390,000 in Italy, equivalent to $385,000—are running “way above our most promising expectations,” said Chief Executive Officer Benedetto Vigna on a call with analysts.
☆ Porsche’s IPO Hasn’t Helped Volkswagen Much
  + stars: | 2022-10-28 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
Volkswagen risks learning the wrong lessons from taking Porsche public. In his first quarterly-results call with investors since taking the top job at VW, Chief Executive Officer Oliver Blume on Friday said the “big success” of last month’s Porsche initial public offering would be a “role model” for all of the group’s brands, which include the likes of Audi as well as VW itself. The company has no immediate plans for any more IPOs, but it will host a capital-markets day next spring to lay out “virtual equity stories” for its other badges. Mr. Blume hopes this will “lead to a complete equity story for the Volkswagen group.”
☆ Ford Can’t Afford Other Bets Like Driverless Cars
  + stars: | 2022-10-27 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
Ford, which unveiled its new Mustang lineup last month, swung to a loss in the third quarter. Ford decision to reverse out of the driverless-taxi business shows a laudable focus on delivering tangible products—but also the company’s financial weakness relative to crosstown rival General Motors . Alongside third-quarter results published late Wednesday, Ford said it was shutting down Argo, the automated-driving business it controls jointly with Volkswagen . The U.S. auto maker will take a write-down of $2.7 billion and recruit several hundred Argo employees to its own driver-assistance and software teams, where it sees nearer-term prospects for developing services that might actually make money.
☆ GM Had a Good Quarter, but It’s Next Year That Counts
  + stars: | 2022-10-25 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
General Motors Tuesday reported better-than-expected profits for the third quarter and confirmed its prior outlook for the full year. Detroit’s profit engine is still humming, but investors are waiting for the great reset. General Motors on Tuesday reported better-than-expected profits for the third quarter and, more importantly, confirmed its prior outlook for the full year. This came as a relief after a poor second quarter, when the company left more than 90,000 vehicles unfinished in inventories for want of semiconductors and other components. Also, Ford warned last month that it was experiencing similar problems in the third quarter.
☆ Tesla’s Valuation Doesn’t Add Up Today, Never Mind $4.4 Trillion Tomorrow
  + stars: | 2022-10-20 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
Tesla had a good third quarter, but this is a stock for which nothing other than spectacular is good enough. Case in point: Chief Executive Elon Musk’s new stretch valuation target is “ Apple and Saudi Aramco combined”—about $4.4 trillion. After the bell Wednesday, the electric-vehicle pioneer reported $3.7 billion of operating profit on $21.5 billion of revenue. While both were new records, both also came in shy of consensus estimates that had already been cut following a disappointing quarterly sales report earlier in the month. Shares fell in after-hours trading.
☆ A Downturn Could Hit Luxury Cars Too
  + stars: | 2022-10-10 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
Luxury car brands should be better long-term investments than mass-market ones. That doesn’t mean they are recession-proof. Less than two weeks after its initial public offering, Porsche has already overtaken its majority shareholder Volkswagen in terms of market value. The comparison is simplistic, given differences in capital structure, but it does underline, among other things, investors’ preference for expensive vehicles over cheaper ones as the risk of weakening demand becomes harder to ignore. While most auto-maker stocks trade at mid-single-digit multiples, Porsche is now at almost 17 times this year’s earnings, extrapolating from its guidance.
☆ Porsche IPO Blazes Trail for Other Auto Makers
  + stars: | 2022-09-29 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
Investors don’t always hate traditional car makers, it turns out. From Germany to Detroit, the whole auto industry needs to learn from the success of Porsche’s initial public offering. Shares in the sports car brand rose less than 1% on their first trading day Thursday, giving it a market value of about €75 billion, equivalent to roughly $73.5 billion. Parent company Volkswagen and its advisers were trying to pull off a balancing act with the IPO price. Price it too low and they would confirm investors’ worst fears that VW is incurably in thrall to its controlling shareholder, the Porsche and Piëch family investment vehicle, which got half of the Porsche shares VW just sold.
☆ China’s EV Brands Could Hit Speed Bumps in Europe
  + stars: | 2022-09-28 | by ( Stephen Wilmot | ) www.wsj.com   time to read: 1 min
A wave of Chinese car brands is about to wash up in Europe in one of the first big tests of Western appetite for advanced technology from the country. Getting buy-in from both consumers and politicians could take a while. On Wednesday, China’s electric-vehicle star BYD gave crucial details of the full-scale European launch it has planned for this fall, notably pricing: Its new compact sport-utility vehicle, the Atto 3, will have a base price of €38,000, equivalent to roughly $36,000, before any country-specific subsidies. This will make it among the most affordable products in a benchmark EV category that also includes Volkswagen ’s ID4 and Tesla ’s Model Y.
☆ Heard on the Street
  + stars: | 2022-09-19 | by ( Megha Mandavia | Jacky Wong | Jon Sindreu | ) www.wsj.com   time to read: 1 min
Heard on the StreetThe software maker’s $20 billion acquisition of Figma comes as its own growth is slowing, but the deal could still fly under the radar of regulators.
☆ Daylight Saving Time Might Boost Your Mood
  + stars: | 2016-03-11 | by ( ) www.wsj.com   time to read: 1 min
Why Tesla’s China Ties Could Be a Problem for TwitterElon Musk’s new ownership of Twitter could be affected by the ties one of his other companies has to China. Tesla sources materials and builds and sells its electric cars there. But Beijing is often sensitive about what is said about it on social media. WSJ Heard on the Street Europe Editor Stephen Wilmot joins host Zoe Thomas to discuss. Photo: Constanza Hevia/Agence France-Presse/Getty Images
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