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Found 10 results

  1. On the surface, Faraday Future appears to been having a run of good luck. It had gotten a major investment from healthcare division of Chinese real estate group Evergrande; testing is continuing on their first EV, the FF 91; and the company has started building pre-production vehicles at its US plant. But trouble always seems to be looming and it has struck once again for the start-up automaker. Yesterday, Reuters reported on a filing made by Evergrande Health for the Hong Kong stock exchange accusing Faraday Future of trying to cancel a deal to sell a 45 percent stake to Evergrande. Back in June, Evergrande Health agreed to buy the 45 percent stake into FF from previous owner Season Smart for $2 billion. It would begin with an $860 million initial payment, followed by installments of $600 million for 2019 and 2020. But Evergrande was notified a month later that FF had spent the $800 million it received from Season Smart back in December and was short on cash. It had agreed to pay $700 million ahead of schedule provided FF met certain undisclosed payment conditions. But FF and CEO Jia Yueting has opened arbitration to nullify the deal as it said Evergrande did not fulfill its end of the bargain - providing the cash. Evergrande sees it very differently, accusing Yueting of manipulating board members to move forward with arbitration. The company also claims that FF wants to revoke Evergrande's ability to approve plans to raise more money. That isn't the only money trouble FF is having. The Verge has learned from sources that a number of vendors and suppliers have not been paid in weeks. Emails that date back to August reveal Faraday Future representatives trying to explain the delay in payments is due to issues in payment processing. There are other excuses, Emphasis mine. One vendor told The Verge that an FF rep suggested they should hire a collection agency. Three other vendors have filed liens with the California Secretary of State - one of those totaling $400,000 for equipment sold to FF. If that wasn't enough trouble for the company, FF's sole preproduction version of the FF91 caught on fire last month. The fire took place a few hours after the vehicle debuted at a “Futurist Day” event for its employees and families. The extent of damage is not clear as FF "made employees sign non-disclosure agreements specifically related to the fire," according to former employees. This is a major setback to the company's plan to begin production later this year. Source: Reuters, The Verge
  2. Tesla is asking suppliers to refund some of the cash on past work as a way to make the automaker profitable. The Wall Street Journal obtained a memo that was sent to a Tesla supplier last week. The company requested that the supplier return " a meaningful amount of money of its payments since 2016." The memo goes onto say that the request is essential to Tesla's "continued operation" and would "continue the long-term growth between both players." Its unclear how many suppliers received this memo. Tesla's list of suppliers include Magna, Panasonic, and Robert Bosch GmbH. Tesla declined to comment on the memo, but did confirm that it is seeking price cuts from suppliers on various projects, some which date back to 2016. The company said such requests are a standard part of negotiations with suppliers. Supply-chain consultants say this is normal for automakers to request price reductions on current projects. Asking for money back on a completed one is very unusual. “It’s simply ludicrous and it just shows that Tesla is desperate right now. They’re worried about their profitability but they don’t care about their suppliers’ profitability,” said Dennis Virag, a manufacturing consultant. This report casts serious questions as to Tesla's money situation. The company has been burning through a billion dollars per quarter, and finished the first quarter with $2.7 billion cash on hand. Source: Wall Street Journal (Subscription Required)
  3. The Geneva Motor Show saw Mercedes introduce their new AMG GT 4-Door and BMW revealing their M8 Gran Coupe concept. We still find ourselves scratching our heads as to why these vehicles exist in the first place, but a new Bloomberg report explains an interesting reason as to why automakers are building them. These high-performance models with high price-tags will help generate the cash needed to develop electric vehicles. BMW for example is in the midst of its largest rollout of new models and variants. Most of them will be higher-margin to help get more cash into their coffers. "The market for high-end, high-performance four-door coupes will get significantly more crowded," said Tim Urquhart, an automotive analyst with market researcher IHS Markit. "They are high-value models aimed at boosting margins and brand prestige" and have proved "popular with sports- and supercar owners who need a four-door when they start a family." It doesn't hurt that four-door coupes are easy to develop since they share platforms and engines with regular sedans. All that's needed is a sleek body. Source: Bloomberg via Automotive News (Subscription Required)
  4. Tesla is known for building quick vehicles, but they're also known for burning through a lot of cash. Bloomberg recently crunched some numbers on how fast Tesla goes through money and the amount is quite shocking. According to their data, Tesla has been burning through $8,000 per minute (about $480,000 in an hour) for the past 12 months. At this rate, Bloomberg predicts that Tesla could run out of money by next August. Tesla spending money like it is going out of style is not all that surprising. The automaker is trying to ramp up production of the Model 3 along with dealing with various issues. Still, the $8,000 per minute figure gives us an idea of how far Tesla still has to go before exiting what it calls 'production hell'. Investors still are bullish on the electric car builder, with a share price of $317.81 at the close of trading yesterday. Tesla also has a market capitalization of more than $53 billion, beating the likes of Ford ($48 billion). The difference being is that Ford is able to consistently make a profit. Tesla says they have enough cash to meet its target of building 5,000 Model 3 sedans per week by the end of March, and expects to “generate significant cash flows from operating activities” afterward. The company is also reservations on their Roadster due in 2020* to help raise funds. Buyers will need to plop down $50,000 for the standard model or $250,000 for the Founders Edition. Tesla will only produce 1,000 models of the Founders Edition, meaning they could possibly produce $250 million in income. “Whether they can last another 10 months or a year, he needs money, and quickly,” said Kevin Tynan, senior analyst with Bloomberg Intelligence. Tynan estimates that Tesla needs to raise $2 billion or more in capital by mid-2018 to stay afloat. Source: Bloomberg
  5. Nearly 20 years ago, GMC decided to create a luxury version of its Yukon SUV called the Denali by putting on some chrome wheels and leather upholstery. Today, Denali is available on most of GMC's lineup and makes up 25 percent of total sales. It also makes GMC a lot of money. Motor Authority reports that the Denali trim gives GMC highest transaction price of any non-luxury brand in the industry. To put it another way, if GMC was its own automaker, it would be ranked 150th in the Fortune 500 list. How is this possible? You only need to look at GMC's top vehicles. Close to three out of four Yukons sold are Denali with price tags beginning at $65,000 and climbing. 50 percent of Sierra HDs are Denalis with average transaction prices ranging from $60,000 to $75,000. Source: Motor Authority
  6. Tesla is known for building quick vehicles, but they're also known for burning through a lot of cash. Bloomberg recently crunched some numbers on how fast Tesla goes through money and the amount is quite shocking. According to their data, Tesla has been burning through $8,000 per minute (about $480,000 in an hour) for the past 12 months. At this rate, Bloomberg predicts that Tesla could run out of money by next August. Tesla spending money like it is going out of style is not all that surprising. The automaker is trying to ramp up production of the Model 3 along with dealing with various issues. Still, the $8,000 per minute figure gives us an idea of how far Tesla still has to go before exiting what it calls 'production hell'. Investors still are bullish on the electric car builder, with a share price of $317.81 at the close of trading yesterday. Tesla also has a market capitalization of more than $53 billion, beating the likes of Ford ($48 billion). The difference being is that Ford is able to consistently make a profit. Tesla says they have enough cash to meet its target of building 5,000 Model 3 sedans per week by the end of March, and expects to “generate significant cash flows from operating activities” afterward. The company is also reservations on their Roadster due in 2020* to help raise funds. Buyers will need to plop down $50,000 for the standard model or $250,000 for the Founders Edition. Tesla will only produce 1,000 models of the Founders Edition, meaning they could possibly produce $250 million in income. “Whether they can last another 10 months or a year, he needs money, and quickly,” said Kevin Tynan, senior analyst with Bloomberg Intelligence. Tynan estimates that Tesla needs to raise $2 billion or more in capital by mid-2018 to stay afloat. Source: Bloomberg View full article
  7. The Geneva Motor Show saw Mercedes introduce their new AMG GT 4-Door and BMW revealing their M8 Gran Coupe concept. We still find ourselves scratching our heads as to why these vehicles exist in the first place, but a new Bloomberg report explains an interesting reason as to why automakers are building them. These high-performance models with high price-tags will help generate the cash needed to develop electric vehicles. BMW for example is in the midst of its largest rollout of new models and variants. Most of them will be higher-margin to help get more cash into their coffers. "The market for high-end, high-performance four-door coupes will get significantly more crowded," said Tim Urquhart, an automotive analyst with market researcher IHS Markit. "They are high-value models aimed at boosting margins and brand prestige" and have proved "popular with sports- and supercar owners who need a four-door when they start a family." It doesn't hurt that four-door coupes are easy to develop since they share platforms and engines with regular sedans. All that's needed is a sleek body. Source: Bloomberg via Automotive News (Subscription Required) View full article
  8. Tesla is asking suppliers to refund some of the cash on past work as a way to make the automaker profitable. The Wall Street Journal obtained a memo that was sent to a Tesla supplier last week. The company requested that the supplier return " a meaningful amount of money of its payments since 2016." The memo goes onto say that the request is essential to Tesla's "continued operation" and would "continue the long-term growth between both players." Its unclear how many suppliers received this memo. Tesla's list of suppliers include Magna, Panasonic, and Robert Bosch GmbH. Tesla declined to comment on the memo, but did confirm that it is seeking price cuts from suppliers on various projects, some which date back to 2016. The company said such requests are a standard part of negotiations with suppliers. Supply-chain consultants say this is normal for automakers to request price reductions on current projects. Asking for money back on a completed one is very unusual. “It’s simply ludicrous and it just shows that Tesla is desperate right now. They’re worried about their profitability but they don’t care about their suppliers’ profitability,” said Dennis Virag, a manufacturing consultant. This report casts serious questions as to Tesla's money situation. The company has been burning through a billion dollars per quarter, and finished the first quarter with $2.7 billion cash on hand. Source: Wall Street Journal (Subscription Required) View full article
  9. Nearly 20 years ago, GMC decided to create a luxury version of its Yukon SUV called the Denali by putting on some chrome wheels and leather upholstery. Today, Denali is available on most of GMC's lineup and makes up 25 percent of total sales. It also makes GMC a lot of money. Motor Authority reports that the Denali trim gives GMC highest transaction price of any non-luxury brand in the industry. To put it another way, if GMC was its own automaker, it would be ranked 150th in the Fortune 500 list. How is this possible? You only need to look at GMC's top vehicles. Close to three out of four Yukons sold are Denali with price tags beginning at $65,000 and climbing. 50 percent of Sierra HDs are Denalis with average transaction prices ranging from $60,000 to $75,000. Source: Motor Authority View full article
  10. On the surface, Faraday Future appears to been having a run of good luck. It had gotten a major investment from healthcare division of Chinese real estate group Evergrande; testing is continuing on their first EV, the FF 91; and the company has started building pre-production vehicles at its US plant. But trouble always seems to be looming and it has struck once again for the start-up automaker. Yesterday, Reuters reported on a filing made by Evergrande Health for the Hong Kong stock exchange accusing Faraday Future of trying to cancel a deal to sell a 45 percent stake to Evergrande. Back in June, Evergrande Health agreed to buy the 45 percent stake into FF from previous owner Season Smart for $2 billion. It would begin with an $860 million initial payment, followed by installments of $600 million for 2019 and 2020. But Evergrande was notified a month later that FF had spent the $800 million it received from Season Smart back in December and was short on cash. It had agreed to pay $700 million ahead of schedule provided FF met certain undisclosed payment conditions. But FF and CEO Jia Yueting has opened arbitration to nullify the deal as it said Evergrande did not fulfill its end of the bargain - providing the cash. Evergrande sees it very differently, accusing Yueting of manipulating board members to move forward with arbitration. The company also claims that FF wants to revoke Evergrande's ability to approve plans to raise more money. That isn't the only money trouble FF is having. The Verge has learned from sources that a number of vendors and suppliers have not been paid in weeks. Emails that date back to August reveal Faraday Future representatives trying to explain the delay in payments is due to issues in payment processing. There are other excuses, Emphasis mine. One vendor told The Verge that an FF rep suggested they should hire a collection agency. Three other vendors have filed liens with the California Secretary of State - one of those totaling $400,000 for equipment sold to FF. If that wasn't enough trouble for the company, FF's sole preproduction version of the FF91 caught on fire last month. The fire took place a few hours after the vehicle debuted at a “Futurist Day” event for its employees and families. The extent of damage is not clear as FF "made employees sign non-disclosure agreements specifically related to the fire," according to former employees. This is a major setback to the company's plan to begin production later this year. Source: Reuters, The Verge View full article

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