DIE AUTO-WOCHE – these were the most important topics

DIE AUTO-WOCHE – these were the most important topics

DJ DIE AUTO-WOCHE – these were the most important topics

Volkswagen is selling its car-sharing subsidiary Miles Mobility in Berlin

Volkswagen is withdrawing its WeShare car-sharing business. The site will be sold to Berlin-based Miles Mobility, as announced by the Wolfsburg DAX group. It was agreed not to disclose the purchase price. As part of the partnership with VW, Miles Mobility has ordered more than 10,000 fully electric vehicles from the group’s brands Audi, Seat, Cupra and VW passenger cars.

Volkswagen maintains its China strategy

Volkswagen maintains its China strategy and also quotes Chancellor Olaf Scholz (SPD). Scholz has “repeatedly emphasized that decoupling or reducing globalization is the wrong response to recent crises (the pandemic, supply chains, the climate crisis, Russia’s war of aggression in Ukraine),” a VW Group spokesman told the newspaper Bayern’s press group. “Instead, the Chancellor advocated more diversification to strengthen independence and stability. We support the Chancellor’s approach.”

Volkswagen’s finance department records a drop in new business

Limited availability of new vehicles is having a negative impact on new business at Volkswagen Financial Services. As reported by sales sponsor Volkswagen Group, the number of new contracts worldwide fell by 5.4 percent to around 5.75 million in the first nine months. The number of contracts decreased slightly by 1.2 percent to almost 22 million contracts. As is known since the presentation of VW group figures last week, VW Financial Service increased its operating profit by 19 percent to 4.4 billion euros by the end of September.

ANALYSIS/Porsche IPO has little support for all of Volkswagen

Volkswagen risks drawing the wrong conclusion from Porsche’s successful IPO. In the first conference call with investors since taking office at VW, CEO Oliver Blume said Friday that the “huge success” of the Porsche IPO in September was “an example” for all the group’s brands. Although there are currently no plans for further IPOs, VW intends to present “real equity stories” for its other brands at next year’s stock market day. Blume expressed the hope that this “will lead to a complete equity story for the Volkswagen Group”.

BMW more profitable in the 3rd quarter – view just confirmed

Despite the decline in car sales, BMW increased sales and profits significantly in the third quarter due to continued high sales prices of premium cars. In three months, sales rose 35 percent to 37.176 billion euros. EBIT increased by 28 percent to 3.682 billion euros. In the automotive segment, BMW achieved an EBIT margin of 8.9 percent after 7.8 percent in the previous year. However, the DAX group only confirmed a marginal outlook for the full year, while rivals Audi and Mercedes-Benz had raised their forecasts last week.

BMW confirms: The top end of the forecast margin is achievable

BMW still expects to hit the high end of its auto margin forecast of 7 to 9 percent this year, despite higher consumption. “We will also see an increase in investment in electricity in the fourth quarter,” CFO Nicolas Peter said. In addition, the DAX group expects a higher pre-tax payment due to the development of the business.

Stellantis confirms the annual forecast after strong growth

After a significant increase in sales in the third quarter, Stellantis has confirmed its annual targets. The automaker reported sales of 42.10 billion euros for the July to September period – compared to 32.55 billion euros in the same period last year. The 29.3 percent growth is the result of higher sales figures, higher sales prices and favorable exchange rate effects. For the full year, the company is targeting a double-digit adjusted operating income margin and positive free cash flow from the industrial business.

Electric vehicles continue to gain ground in Europe

Sales of battery-powered vehicles in Europe have continued to gain momentum. Including the EFTA free trade area and the UK, 355,336 vehicles with clean batteries were sold in the third quarter, according to Acea, an increase of 16.3 percent compared to the same period last year. In contrast, plug-in hybrids saw a 9.5 percent decline to 216,041 vehicles.

Ferrari raises the forecast for 2022 again after a good third quarter

Ferrari increased sales and profits in the third quarter and raised its full-year targets for the second time. The Italian sports car maker benefited from higher shipments and a positive currency effect in the reporting period, with research and development costs, for example, rising. Net income was 226 million euros compared to 206 million euros in the same quarter last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased from 371 million euros to 435 million euros, while earnings before interest and taxes (EBIT) increased from 270 million euros to 299 million euros.

Negotiations between Renault and Nissan are closed – round

Renault and Nissan appear to be making no progress with talks on restructuring their alliance. The sticking point is an intellectual property dispute, people familiar with the talks said. The deal so far allows Renault to reduce its stake in the Japanese partner from the current 43 percent to 15 percent, said people at both companies. The shares to be sold will be contributed on an arm’s length basis and sold at a later date at a predetermined price. In turn, Nissan would invest in Renault’s new electric car business, which the French plan to list next year.

Aston Martin accepted forecasts after heavy losses in the 3rd quarter

Aston Martin Lagonda posted a sharp increase in losses in the third quarter on higher costs and supply chain issues. The sports car maker cut its forecast for sales and margins. According to the announcement, Aston Martin Lagonda Global Holdings plc now expects to deliver between 6,200 and 6,600 units in 2022. So far, the company had purchased 6,600 vehicles. Adjusted EBITDA margin should now increase by around 1 to 3 percent compared to last year. Until now, an increase of 3.5 to 4.5 percent was expected.

ANALYSIS/Pricey Aston Martins don’t have Ferrari’s advantage

The super rich are spending more than ever on luxury cars. However, this does not always make their production profitable, as can be seen from the quarterly figures from Ferrari and Aston Martin. Ferrari reported “good order numbers” along with third quarter results. The luxury carmaker is not announcing any reservations, but the styling instructions for the Purosangue – its long-discussed answer to sports utility vehicles, which was launched in Italy in September with a starting price of €390,000 – “far exceed our expectations of hope,” Chief Executive Officer Benedetto Vigna told analysts.

Volvo Car extends $800 million loan to Polestar

Volvo has extended an $800 million 18-month loan to Polestar Automotive Holding UK plc. Another major shareholder of Polestar PSD Investment pledged a loan of the same amount. Volvo Car AB, which owns 48.3 percent of Polestar, said the loan from Volvo includes an option to convert it into equity in a possible future capital increase by Polestar.

Ford Offers Compensation to “Bad Performers” – Doc

Ford Motor is offering severance packages to some employees deemed “underperforming” by the company. The company said the move is part of a broader change in talent management policies for employees in the United States, according to an internal email seen by the Wall Street Journal. The effort has focused on employees with eight or more years of service, where the company has noticed a trend of declining performance.

Stellantis and Guangzhou Automobile file for JV bankruptcy

Stellantis and China’s Guangzhou Automobile Company are filing for bankruptcy. Stellantis will continue to provide services to existing and prospective customers of the Jeep brand in China. The plan to file for bankruptcy of the partnership has been approved by the shareholders of the partnership. Sellantis had already written down the value of its investment in joint ventures and other related assets in its first half results.

IPO/Geely wants to spin off electric car maker Zeekr and take it public

China’s Geely Automobile Holdings wants to spin off its electric car division and list on the stock market. The reason given by the group was the huge growth in the area. The Hong Kong Stock Exchange, where Geely Automobile is listed, has approved the listing of Zeekr Intelligent Technology Holding. According to Geely Automobile, the details, such as the terms of the upgrade or the scope of the offer, as well as the price range, have not yet been finalized. Geely holds shares in Volvo Cars or Mercedes-Benz.

Toyota weighed down by high hardware costs and ongoing chip shortages

Toyota posted lower earnings in its second fiscal quarter despite higher revenue. As announced by Toyota Motor Corp, sales in the reporting quarter ended September 30 rose due to higher sales by 22 percent to 9.218 trillion yen (equivalent to about 6.263 billion euros). Net income, on the other hand, fell 31 percent to 434.26 billion yen, missing the analyst consensus of 712.38 billion yen. According to Toyota, the reasons for the drop in profits are the ongoing supply constraints for semiconductors and higher material prices.

Contact the author: unternehmen.de@dowjones.com


(END) Dow Jones Newswires

November 04, 2022 11:00 ET (15:00 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.