Friday, January 22

Tag: Carmaker

Elon Musk Is Now The Richest Person In The World
Business

Elon Musk Is Now The Richest Person In The World

Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet. A 4.8% rally in the electric carmaker’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. The South Africa-born engineer’s net worth was $188.5 billion at 10:15 a.m. in New York, $1.5 billion more than Bezos, who has held the top spot since October 2017. As chief executive officer of Space Exploration Technologies Corp., or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race. The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout ...
Fiat Chrysler And Peugeot Agree To Merge In Giant Auto Deal
Business

Fiat Chrysler And Peugeot Agree To Merge In Giant Auto Deal

Fiat Chrysler and France’s PSA, the owner of Peugeot, have struck a merger pact to create the world’s fourth-largest carmaker by output with combined revenues of €170bn. The two companies said they had signed a binding “combination agreement” that would result in an “industry leader” with greater scale and ability to invest in new technologies. Shareholders of each group would hold 50 per cent in the new entity. The deal will reshape the car sector as it undergoes a period of transformation, with significant expenditure required to develop electric vehicles and self-driving systems. It will form a group with recurring operating profit of more than €11bn, a 400,000-strong workforce and total vehicle sales of 8.7m, putting the manufacturer ahead of General Motors and Hyundai-Kia. In...
Volkswagen Earnings Rise In Stronger European Economy
News

Volkswagen Earnings Rise In Stronger European Economy

FRANKFURT, Germany (AP) — Volkswagen's profits rose in the first half of the year as the German Carmaker benefited from increased sales in a growing European economy and it moved past one-time costs for its diesel emissions scandal in the U.S. After-tax profit rose to 6.6 billion euros ($7.7 billion) from 3.6 billion euros in the same period in 2016, when the company had more than 2 billion euros in charges related to its diesel troubles. Chief Financial Officer Frank Witter said Thursday that the results were boosted by increased sales "above all in Europe, and also in North and South America, which is particularly encouraging." Witter said that the strong earnings would position the company for the investments it would need to make in the new technologies and business models exp...
VW Confirms $A5.8 Billion US Settlement
News

VW Confirms $A5.8 Billion US Settlement

Volkswagen says it has negotiated a $US4.3 billion ($A5.8 billion) draft settlement with US regulators to resolve its diesel emissions troubles and plans to plead guilty to criminal misconduct. The guilty plea is part of the civil and criminal deal as the German carmaker looks to restore its tarnished global brand. Volkswagen said with the addition of the fine, its diesel costs will exceed the nearly 18.2 billion euros ($A26.08 billion) it has set aside to handle the problem. VW also said it will face oversight by an independent monitor over the next three years. Reuters reported earlier the company's supervisory board is set to meet on Wednesday to approve a civil and criminal settlement with the US Justice Department over the automaker's diesel emissions. VW said the supervisory board...