United States

Tesla’s Disappointing Model Y Reveal Renews Fears About Its Cash Balance

Zero Hedge | Mar 15, 2019 at 5:20 PM
  • If Thursday night’s underwhelming Tesla Model Y reveal was in any way supposed to distract analysts and the company’s critics from its cash balances, it failed.
  • Worse, the fact that the car won’t be delivered to customers for another year and a half had analysts and some in the media, like Bloomberg’s Dana Hull, noting “rekindled concerns about the company’s cash position.”
  • As we noted during Telsa’s most recent earnings call, customer deposits at Tesla are dwindling.

United States

U.S. regulators want public’s view on cars with no steering wheel, brakes

Reuters | Mar 15, 2019 at 5:04 PM
  • U.S. regulators will ask the public if robotic cars should be allowed on streets without steering wheels or brake pedals as they try to set the first legal boundaries for their design in the world’s second vehicle largest market.
  • The U.S. National Highway Traffic Safety Administration has delayed action for 15 months on General Motors Co’s request to deploy a limited number vehicles on U.S. roads without steering wheels or other human controls such as a brake pedal.
  • NHTSA is also seeking public comment on a separate petition by Softbank Corp-backed driverless delivery startup Nuro to deploy a limited number of low-speed, highly automated delivery vehicles without human occupants.

Belgium

Climate strikes sweep Europe

Politico (EU) | Mar 15, 2019 at 4:35 PM
  • Thousands of protesters took to the streets of European cities on Friday — part of global demonstrations aimed at spurring politicians to be more aggressive in tackling global warming.
  • Brussels, which has seen weekly protests by students skipping school to berate both national and EU politicians, had about 30,000 taking part.
  • The European Parliament on Thursday backed a Commission proposal to achieve climate neutrality “as early as possible” and no later than 2050, and also called for upping the bloc’s 2030 emissions reduction target from 40 percent to 55 percent.

United States

Ford is cutting 5,000 jobs in Germany with more cuts coming for the UK

CNBC | Mar 15, 2019 at 4:30 PM
  • Ford is cutting 5,000 jobs in Germany and more in the U.K. as part of an effort to reduce costs in Europe, the company said Friday.
  • Ford is reshaping its European business into three different business groups that focus on commercial vehicles, passenger vehicles, and imports.
  • Europe has also been difficult for Ford’s Detroit rival General Motors sold off its European business entirely in 2017, to French automaker Groupe PSA and French banking groun BNP Paribas.

United States

BMW applies for funds for battery cell research: spokesman

Reuters | Mar 15, 2019 at 4:26 PM
  • German luxury carmaker BMW has applied for state funding of research and development in the field of battery cells, a spokesman said on Friday.
  • Germany has earmarked 1 billion euros ($1.13 billion) to support a consortium looking to produce electric car battery cells and plans to fund a research facility to develop next-generation solid-state batteries.

United States

Racing icon Janet Guthrie dropped as NASCAR Landmark Award nominee

Fox News | Mar 15, 2019 at 4:21 PM
  • After three years on the list, racing legend Janet Guthrie has been dropped as one of the five nominees for NASCAR’s 2020 Landmark Award.
  • The 24-person nominating committee meets during Speedweeks of the Daytona 500 to select the Hall of Fame and Landmark Award nominees and includes four women.
  • An inaugural member of the International Women’s Sports Hall of Fame in 1980, Guthrie was inducted to the International Motorsports Hall of Fame in 2006 and her helmet and racing suit are a part of the collection at the Smithsonian Institution in Washington, D.C.

United States

Ford slashes more than 5,000 jobs in Germany, cuts to come across Europe

Fox Business | Mar 15, 2019 at 4:20 PM
  • Ford Motor is to cut more than 5,000 jobs in Germany and an undetermined number of jobs in the U.K., a company spokeswoman said Friday, after the company launched plans to redefine its struggling European business earlier this year.
  • The move is part of an overhaul, aimed at transforming the company’s European business, announced in January.
  • Last October, Ford had informed employees of a global restructuring.

United States

Electric vehicles could cost the auto industry millions of jobs, a top analyst says

CNBC | Mar 15, 2019 at 3:40 PM
  • The electric car has become so popular that it could cost 3 million auto industry jobs in the next three to five years.
  • Morgan Stanley estimates that the global auto supply chain employs “in the range of 11 million people.”
  • Even at just a 30 percent cut, Jonas estimates the labor force reduction would cost automakers “collectively and over time upwards of” $60 billion.