Tue, Jul. 21, 11:32 AM
- The WSJ and Germany's Manager Magazin report Nokia (NOK -0.7%) has reached a deal with a consortium featuring Daimler (OTCPK:DDAIY), BMW (OTCPK:BAMXY), and Audi (OTCPK:AUDVF) to sell its HERE mapping/navigation software unit for about €2.5B ($2.72B).
- The deal will reportedly be finalized by month's end, with the automakers subsequently running HERE, the top player in the automotive navigation software space, as an open platform. The reported sale price is less than the ~$4B Nokia was believed to be seeking.
- With HERE having 2014 revenue of €969M (+6% Y/Y), Nokia appears to be selling the unit for roughly 2.6x trailing sales. Bloomberg reported overnight Nokia and the automakers were close to a deal.
- Update: More details from the WSJ. Sources state the automakers "intend to purchase all of Nokia Here and then invite other global auto makers to take stakes in the company."
- Update 2: Reuters reports a deal worth between €2.5B-€3B is close, while adding the issue of patent ownership still needs to be worked out. The automakers want full ownership of Nokia's mapping patents; Nokia wants to keep control of some of the patents related to "how mobile devices connect to networks."
Thu, Jul. 9, 4:10 AM
- With rival offers unraveling, Germany's big car makers have reached a stand-off with Nokia (NYSE:NOK) in their joint bid to buy the latter's maps business HERE, Reuters reports.
- BMW (OTCPK:BAMXY), Daimler (OTCPK:DDAIY) and Volkswagen (OTCQX:VLKAY) are feeling less pressure to pay a high price for HERE, amid signs that rival bidders such as Uber (Pending:UBER) have dropped out of the race.
- Analysts estimate the value of the mapping unit at €2B-€4B.
- Previously: Bloomberg: Nokia wants to sell HERE to German automakers for ~$4B (Jun. 18 2015)
Thu, Jun. 25, 1:55 AM
- Ford (NYSE:F) is not the only one jumping into the car-sharing space. General Motors (NYSE:GM) and BMW (OTCPK:BAMXY) have now announced Airbnb-style schemes, which will allow car owners to earn money by renting out their new vehicles to other drivers.
- "Society and the automotive industry are undergoing radical change," said Peter Schwarzenbauer, member of the BMW board for the British brands Mini and Rolls-Royce.
- Previously: Ford joins car-sharing business (Jun. 24 2015)
Sun, Apr. 19, 7:04 AM
Thu, Apr. 2, 1:30 PM
- A running scorecard of U.S. plug-in electric vehicle sales is being tracked by InsideEVs.com.
- A final tally is expected tomorrow.
- Sales by model as reported: Tesla Model S 2,450 (estimated), Nissan Leaf 1,850, BMW i3 950, Chevrolet Volt 639, Toyota Prius PHV 473, Volkswagen e-Golf 195, Mercedes-Benz B-Class ED 145, BMW i8 143, Cadillac ELR 92.
- Related stocks: TSLA, OTCPK:NSANY, OTCPK:BAMXY, OTCPK:BAMXF, GM, TM, OTCPK:DDAIF.
- EV sales were reported at 12,998 units through February compared to 13,021 a year ago after two months.
Mon, Mar. 30, 8:59 AM
Tue, Mar. 24, 9:03 AM
- BMW (OTCPK:BAMXY, OTCPK:BAMXF) Chairman Dr. Norbert Reithofer gave a speech in Munich in which he stated that sales of electric vehicles are clearly connected to political initiatives.
- "Wherever governments offer tangible incentives for e-mobility, the registration figures for the BMW i3 soar," noted Reithofer.
- A statistic which supports the claim is that the automaker sold more i3s in California last year than in all of Germany.
- A company target to keep EBIT margin in a range of 8% to 10% was reiterated during the presentation.
Fri, Jan. 9, 4:38 AM
- German automakers had a great year in 2014 despite stiff competition in the growing market for luxury cars and SUVs.
- BMW's (OTCPK:BAMXY) vehicle sales soared past the 2M mark for the first time last year, as deliveries of its BMW, Mini and Rolls-Royce brands rose 7.9% to 2.12M cars.
- Volkswagen’s (OTCQX:VLKAY) Porsche brand also sold more cars than ever in 2014, delivering 190K vehicles to customers, and reporting a 17% rise in annual sales.
Tue, Jan. 6, 4:37 AM
- The Consumer Electronics Show that kicked off in Las Vegas yesterday is showing off some future technologies that could hit the auto industry.
- Likened to a luxury lounge that chauffeurs passengers autonomously, Mercedes Benz (OTCPK:DDAIF) showed off a prototype for its new concept car on Monday, called the F 015 Luxury in Motion.
- BMW (OTCPK:BAMXY) will unveil its wirelessly charging i8 hybrid sports car later this week, which uses a magnetic field to transmit electricity between a base pad on a garage floor and a coil on the underside of the vehicle.
Mon, Jan. 5, 3:04 AM
- BMW (OTCPK:BAMXY) has agreed to pay 5.1B yuan ($820M) to its distributors in China to help cover their losses after the retailers stopped ordering cars from the manufacturer, Bloomberg reports.
- Slowing sales growth means a "new normal" is emerging in the country’s auto market, BMW said in an e-mailed statement.
- The carmaker and dealer group "reached consensus on the structure of optimized business measures and financial allocation for the dealers."
Dec. 23, 2014, 2:53 AM
- BMW (OTCPK:BAMXY) is next to expand a Takata (OTCPK:TKTDY) recall nationwide, following the lead of four rival automakers.
- The NHTSA has been pushing carmakers to broaden the recall beyond a limited area with high humidity and they have gradually followed suit.
- At least five deaths have been linked to the Takata inflaters, although none of them have been in BMW vehicles.
Nov. 24, 2014, 1:42 AM
- Tesla (NASDAQ:TSLA) is in talks with BMW (OTCPK:BAMXY) over a possible partnership in battery technology, charging stations and light-weight components, Elon Musk told German weekly Der Spiegel.
- In an interview published on Sunday, Musk called BMW's carbon fiber reinforced car body parts "interesting" and "relatively cost efficient," and expects Tesla to have a battery production plant in Germany in five to six years.
Nov. 18, 2014, 6:19 PM
- The National Highway Traffic Safety Administration is seeking the recall of "millions of vehicles" containing Takata (OTCPK:TKTDY) airbags, and the DoT agency will "use the full extent of its statutory powers" to force action if Takata and auto manufacturers fail to "quickly agree" to a recall.
- Cars had been recalled only in areas along the Gulf coast with high humidity, but the NHTSA says it is basing the decision on a recent incident that happened outside of those areas.
- NHTSA also orders Takata and all 10 auto companies that use Takata's air bag inflators - BMW (OTCPK:BAMXY, OTCPK:BAMXF), Chrysler (NYSE:FCAU), Ford (NYSE:F), GM, Honda (NYSE:HMC), Mazda (OTCPK:MZDAY), Mitsubishi (OTCPK:MMTOF), Nissan (OTCPK:NSANY, OTCPK:NSANF), Subaru (OTCPK:FUJHY), and Toyota (NYSE:TM) - to provide detailed reports about ongoing testing of the products outside of the high-humidity regions that already had recalls in place.
May 26, 2014, 9:52 AM
- Ford (F) CEO Alan Mulally has warned about overproduction in Europe, saying that factory closures over the past year have not lowered capacity enough.
- "European carmakers need to cut back further...as excess capacity on the continent remains at dangerous levels," Mulally says.
- His warning comes despite sales on the continent starting to recover this year after falling by about 4M cars from 2007-2013.
- Relevant tickers: TM, RNSDF, VLKAF, GM, DDAIF, BAMXF, FIATY, HMC, PEUGF, F
Apr. 18, 2014, 6:03 AM
- Car makers have been gearing up for two major shows this weekend: the New York International Auto Show, which starts today, and the Beijing International Automotive Exhibition, or Auto China 2014, which starts on Sunday.
- Ford's (F) Lincoln, which plans to formally enter China’s luxury market later this year, will unveil a new model in Beijing, the first time it has introduced a car outside of the U.S.
- New York show preview
- Tickers: F, GM, TM, HMC, CARZ, FIATY, PEUGF, BAMXF, DDAIF, HYMLF, NSANF, VLKAF, RNSDF, FIATY
Feb. 15, 2014, 12:05 AM
- In one of the most closely watched union votes in the U.S. in decades, workers at the Volkswagen (VLKAY, VLKAF) plant in Chattanooga, Tenn., voted against joining the United Auto Workers union.
- A win would have marked the first time the UAW had been able to organize a foreign-owned auto plant in the U.S., as well as a turnaround in sentiment in the traditionally anti-union South.
- The UAW’s loss likely will hurt plans to organize other auto plants in the South; two other German-owned plants, Mercedes-Benz (DDAIF) in Alabama and BMW (BAMXY, BAMXF) in South Carolina, as well as a Nissan (NSANY, NSANF) plant in Mississippi, have been among its top targets.
- The UAW enjoyed some unusual help - the cooperation of Volkswagen management and the aid of Germany's IG Metall union - yet it still lost; "If the union can't win [in Chattanooga], it can't win anywhere."
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