|Bid||47.47 x 0|
|Ask||47.47 x 0|
|Day's Range||47.40 - 48.15|
|52 Week Range||44.65 - 60.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Today on Autocomplete: Jaguar's XJ is dead starting in July, Daimler is making it rain on Level 4 autonomous truck development and Google added speed limits and camera locations to Maps. Get the latest news at www.TheRoadshow.com ? Subscribe & hit the Bell for more Roadshow videos Visit us online at http://www.TheRoadshow.com Twitter @roadshow : https://www.twitter.com/Roadshow IG @RoadshowAutos : https://www.instagram.com/RoadshowAutos Facebook: https://www.facebook.com/RoadshowAutos/ ? Don’t miss our next video! Hit the Bell #Jaguar, #Daimler, #GoogleMaps, #AutonomousTechnologyGroup, _____ AC19STACK
U.S. stock futures were higher on Monday, following a third consecutive weekly gain for the three major Wall Street benchmarks, as investors looked to the upcoming G-20 summit in Osaka, Japan, for a breakthrough in U.S.-China trade talks. China's state-run Xinhua news agency confirmed for the first time Sunday that President Xi Jinping will attend the two-day summit, which begins Friday, and is expected to meet with his counterpart Donald Trump for the first time since trade talks broke down in early May and after the U.S. increased tariffs on China-made imports.
(Bloomberg) -- Just a month into the job, Daimler AG’s new executive duo is back to unearthing skeletons from the diesel-scandal era, highlighting how a crisis that erupted almost four years ago continues to plague the German car industry trying to reinvent itself for an electric future.Operating profit this year will fail to grow, Daimler said late Sunday in its third downgrade in a year, after previously promising a slight earnings gain for 2019. The company blamed proceedings around allegations of emissions tampering in diesel cars for the more muted outlook, which required higher provisions to account for recalls. The stock fell as much as 5.1%, almost erasing the gain that Daimler had built up since the start of the year.The more pessimistic outlook heaps pressure on Chief Executive Officer Ola Kallenius and Chief Financial Officer Harald Wilhelm to implement their proposal to rein in costs and restore profitability, having taken over only recently from long-term CEO Dieter Zetsche. But investors say the duo’s future strategy remains light on details, while lamenting the rapidly recurring revisions that are without precedent in the German car industry.“It all comes back to the same old fact: Daimler needs to execute better,” said Arndt Ellinghorst, an analyst in London at Evercore. “The endless array of so called “one-time” effects raises questions regarding process, management information systems and ultimately accountability of management.”Ups and DownsZetsche’s own tenure of more than a dozen years had known its ups and downs, skewed towards the latter in the period before his departure. After managing to return Daimler to the top of the luxury-car pack, his last year at the helm was marked by two profit warnings and a falling stock, which ended the year down by more than a third, a considerably poorer return than its two big German rivals, BMW AG and Volkswagen AG.The German car industry is facing a litany of issues, from the costly switch to electric and self-driving cars, to the trade war between the U.S. and China that has complicated sales, because some of the biggest production sites sit in the U.S. and ship their cars to Asia.And while the diesel crisis first erupted at VW in late 2015, it has engulfed the entire industry. Days before the latest warning, Daimler suffered a fresh setback when German regulators issued a mandatory recall for about 40,000 Mercedes GLK SUVs over potentially illegal software to skirt emissions rules. A spokesman declined to comment on a connection to the profit warning.German authorities already slapped Daimler with a recall of 774,000 diesel cars in Europe last June over the use of prohibited devices regulating their emissions. The company continues to claim a clean-engine record.Corporate Culture“Clearly both the near term operational challenges and possible questions around Daimler’s corporate culture are issues that must be addressed with urgency by Daimler’s new CEO,” Dorothee Cresswell, an analyst at Barclays Equity Research, said in a June 24 note.The German manufacturer is facing investigations in Europe and the U.S. over allegedly excessive pollution from its diesel vehicles. Daimler has agreed to software upgrades for millions of cars in Europe, while so far escaping fines. That’s in contrast to VW, where the scandal has so far cost the world’s biggest carmaker 30 billion euros ($34 billion) in fines and provisions.Regulatory ScrutinyHighlighting the breadth of issues, Daimler on Sunday also warned that its struggling van unit will be unprofitable this year, with a return of sales of minus 2% to minus 4%. The division slumped to a surprise loss in the first quarter as plans to produce a Mercedes-Benz pickup truck in South America fell through.For Kallenius and Wilhelm, the latest revision offers a chance to clean house ahead of a more comprehensive overhaul. Last month, shareholders approved a new corporate structure that will give its divisions for cars, trucks and mobility services more independence. While Daimler’s woes at the Mercedes-Benz cars division underscores the urgency behind the move, it could rally criticism from some investors to implement deeper changes, including a separate listing for the sprawling trucks division, a step that would mimic a move by VW.Kallenius may be new in his job, but he’s no stranger to Daimler, having worked for the company his entire professional life. Wilhelm, too, is familiar with the company, having worked at the carmaker prior to his years spent as finance chief for Airbus SE. Still, the duo may find that they’ve not reached the bottom yet in terms of financial expectations for the year, said said Marc-Rene Tonn, an analyst at Warburg Research, citing a “less favorable” sales mix and supply chain constraints.“We fear that Sunday’s profit warning may not be the last for the current year,” he said.To contact the reporter on this story: Christoph Rauwald in Frankfurt at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, Benedikt Kammel, Elisabeth BehrmannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
shares traded sharply lower in Frankfurt Monday after the luxury automaker issued a surprise 2019 profit warning linked to the increased cost of meeting European and global emissions standards. Daimler said it now sees second quarter earnings coming in around the same levels as last year, down from a previous forecast of a modest advance, and expects profits for the full 2019 year to be "in the magnitude of the previous year". The profit warning followed a Sunday announcement that Daimler will need to recall 60,000 diesel-powered Mercedes vehicles after German regulators found them to be fitted with software that could distort emissions tests.
A profit warning from Mercedes-Benz maker Daimler dampened European stock markets early on Monday, as investors looked for direction to a G20 summit this week that brings U.S. and Chinese leaders together after a long lull in talks. Daimler AG's shares dropped 3% after it cut its 2019 earnings outlook on Sunday and lifted provisions for issues related to its diesel vehicles by hundreds of millions of euros.
In the third profit warning since 2018, Daimler warned shareholders that it now expects earnings before interest and taxes to be similar to last year’s level of €11.1bn, compared with the previous guidance of a “slightly higher” ebit. Last year, operating profits suffered a 22 per cent drop from €14.3bn in 2017. Shares in Daimler opened down 3.5 per cent on Monday morning.
A profit warning from Mercedes-Benz maker Daimler dampened European stock markets early on Monday, as investors looked for direction to a keenly awaited G20 summit this week that brings U.S. and Chinese leaders together after a long lull in talks. Daimler AG's shares dropped 3% after it cut its 2019 earnings outlook on Sunday and lifted provisions for issues related to its diesel vehicles by hundreds of millions of euros. The pan-European STOXX 600 index was down around 0.2% by 0706 GMT.
Daimler shares fell as much as 5% on Monday after the German automaker cut its profit forecast for the third time in 12 months, saying it was setting aside hundreds of millions of euros to cover a regulatory crackdown on diesel emissions. The warning - that group operating profit would be flat this year compared with previous expectations for a slight increase - was the first under new chief executive Ola Kaellenius and led some analysts to call for a fresh approach from his team. Carmakers have been grappling with a crackdown on diesel emissions since 2015, when German rival Volkswagen admitted to cheating U.S. pollution tests on diesel engines.
Daimler must recall 60,000 Mercedes diesel cars in Germany after regulators found that they were fitted with software aimed at distorting emissions tests, the Transportation Ministry said on Saturday. Daimler confirmed that the recall was ordered on Friday but said that it would appeal against the decision while continuing to cooperate with regulators. Daimler has ordered the recall of 3 million vehicles to fix excess emissions coming from their diesel engines.
is proving why it's one of the leaders in the autonomous driving movement. As Nvidia CEO Jensen Huang explained on a media conference call on Tuesday, the deal is the company's first end-to-end A.I. development, simulation and in-car partnership.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Volkswagen AG’s plan to list its truck division later this month will test whether it can pull off a feat that was once unthinkable for the German automotive giant: get smaller.For decades, the world’s biggest carmaker only knew how to expand -- adding Bentley luxury cruisers, Ducati racing bikes and Scania heavy trucks while taking its network of factories well past the 100 mark and its headcount over 640,000.Even in the face of the debilitating diesel-cheating scandal in 2015, the manufacturer didn’t trim its portfolio, bolstering investment in electric cars instead and even creating a new division for mobility services.Now with the pace of change in the auto industry quickening, Volkswagen is trying its hand at trimming the empire.If the listing of a minority stake in Traton SE -- a truck and bus maker with three vehicle brands and valued at as much as 16.5 billion euros ($18.5 billion)-- goes well, it would give Chief Executive Officer Herbert Diess more sway to balance the often diverging interests of VW shareholders including the Porsche and Piech owner family, Lower Saxony and powerful labor unions.Healthy Valuation“Traton’s IPO pricing suggests a healthy valuation which puts a spotlight on VW’s significant sum-of-its-parts disconnect,” RBC Capital Markets analyst Tom Narayan said in a note. Concerns over the company’s ability to switch to electric vehicles is “unfairly” weighing on its share price, the analyst said.Volkswagen rose 0.2% to 141.42 euros at 11:46 a.m. in Frankfurt trading, taking gains this year to 1.8%.For now, Diess is seeking deeper technology partnerships and the possible sale of assets like transmission maker Renk AG and MAN Energy Solutions, which develops engines. A successful Traton listing, targeted for June 28, could even spark rival Daimler AG to follow suit with a carve-out of its own truck business.The truck group comprises three main assets, Scania, MAN and Volkswagen-branded budget trucks sold in South America and Africa, as well as a unit offering digital services to fleet operators. With 29 production and assembly sites globally, the business last year sold 223,000 vehicles. While that’s 14% more than a year earlier, it’s less than half of Daimler’s truck division, the world’s biggest.Volkswagen is offering 50 million Traton shares at 27 euros to 33 euros apiece, plus a possible over-allotment of 7.5 million shares, meaning at the top end of the price range, the sale would raise as much as 1.9 billion euros. Here are the key points in one of the biggest initial public offerings in Europe this year:Sales PitchTraton is looking to woo investors by combining the best-in-class technology and strong margins of the Scania unit with the prospect of a turnaround at MAN and growth potential in key markets, according to company presentations and research from advising banks seen by Bloomberg.The plan includes the following four pillars:StrengthsChief Executive Officer Andreas Renschler, 61, is the mastermind behind Traton. After helping to establish Daimler’s commercial vehicles business as the world’s largest, he was lured to Volkswagen in 2014. Despite the partly overlapping operations, he’s improved earnings over the past four years, mainly by enforcing closer cooperation between long-standing rivals Scania and MAN. Investor interest in Traton will largely be a bet on Renschler’s veteran skills to deliver in the cyclical truck market.The timing of the listing, which was delayed earlier this year, is complicated by global volatility. The window may be as good as it gets. Rival Volvo Group -- the main pure-play competitor -- has gained 26% this year.“It’s no secret that the market environment is very volatile,” VW Chief Financial Officer Frank Witter told reporters on Monday. “It’s not ideal, but it’s not bad either.”VW remains open to sell more Traton stock at a later stage, up to a maximum stake of 24.9%, if market conditions are supportive, he said.WeaknessesTraton has only small bridgeheads in the key North American and Chinese markets, and the prospects for expanding those positions face obstacles.In North America -- the truck industry’s largest profit pool -- Traton merely owns a 16.8% shareholding in Navistar International Corp., which doesn’t it allow it to do much. Lifting the stake will cost money and add complexity. Meanwhile, Navistar still faces fierce competition from market leaders -- Daimler’s Freightliner, Volvo’s Mack and Paccar Inc.While Daimler and Volvo have functioning production joint ventures in China, the world’s biggest truck market, Traton’s cooperation with Sinotruk Hong Kong Ltd., where its holds a 25% stake through MAN, has yet to deliver the hoped-for results.Alliances can fall short of aspirations to create economies of scale, with the recent tensions at the Renault-Nissan Alliance a fresh reminder of the difficulties in uniting separate cultures. Traton also has a cooperation with Hino Motors Ltd., a Toyota Group company, on electric technology, product development and purchasing.MAN has long attempted a turnaround, but improvements have been tepid compared to an aggressive restructuring at Volvo that doubled margins within roughly three years. MAN’s production footprint in high-cost Germany and a lineup that includes less-profitable medium-duty trucks limits the potential for improvement.(Updates with CFO comment in 14th paragraph.)To contact the reporter on this story: Christoph Rauwald in Frankfurt at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, Chris Reiter, Elisabeth BehrmannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Rival proposals for European patent guidelines covering technology vital for building self-driving cars and internet-linked vehicles have set tech firms and carmakers on a collision course. The differences between firms such as Qualcomm and Nokia and vehicle manufacturers like BMW and Daimler over patent terms raises the prospect of legal challenges and antitrust suits, which have emerged in other industries that depend on access to technology. In May, a U.S. court told Qualcomm to overhaul its business practices for illegally suppressing competition in the smartphone chip market by threatening to cut off supplies and extracting excessive licensing fees.
Investors afraid the trade war could bring on the next recession, and that bond prices are already signaling a downturn, may find safety in an odd place: the trucking industry.
FRANKFURT/DETROIT (Reuters) - Fiat Chrysler Automobiles NV and Renault SA promise huge savings from a mega-merger, but such combinations face tall odds because of the industry’s long product cycles and problems translating deal blueprints into real world success, industry veterans told Reuters. Renault and Nissan Motor Co, which have been in an alliance since 1999 designed to share vehicle components, have only managed to use common vehicle platforms in 35% of Nissan's products despite an original target of 70%, according to Morgan Stanley.
Daimler Trucks is creating a global organization focused on putting automated trucks on the road over the next decade. The Autonomous Technology Group will be in charge of building an automated roadmap for the trucks, as well as setting up the appropriate operations infrastructure and network. The new initiative comes right after Daimler announced a $570 million investment into automated trucks at CES in Las Vegas back in January.
FRANKFURT (Reuters) - Italian-American carmaker Fiat Chrysler on Monday proposed a merger of equals with France's Renault in a deal that could create the world's third-biggest carmaker and trigger a fresh ...
Including Nissan, which has an existing partnership with Renault, the alliance could become the world's No.1 carmaker with 13.8 million in annual sales. It would also maintain a foothold in China, where both Fiat Chrysler and Renault are marginal players. A deal would be the fourth time in 20 years that the former Chrysler Corp of Detroit would have transferred to new owners, and the fifth time since 1987 that the Jeep sport utility vehicle brand would have changed hands.
The Chevy Cruze and Ford Taurus, for instance, were far from our favorite cars in their respective classes. Same with the Smart ForTwo, a car that never quite caught on. Unfortunately, the ForTwo was uncomfortable around town, more expensive than bigger cars and not particularly fuel efficient.
Politics are also a central focus as voting in the EU elections begins and Brexit uncertainty continues to dampen investor sentiiment.