|Bid||12.37 x 4000|
|Ask||12.36 x 3100|
|Day's Range||12.11 - 12.40|
|52 Week Range||12.11 - 18.50|
|Beta (3Y Monthly)||1.67|
|PE Ratio (TTM)||5.33|
|Forward Dividend & Yield||0.73 (5.92%)|
|1y Target Est||19.25|
Yahoo Finance's Myles Udland and Brian Cheung speak with Dave Magers, CEO of Mecum Auctions, to discuss what will be up on this year's auction block.
Italian premium sports car maker Ferrari NV will expand sales of easier-driving grand touring cars, but will not try to chase rival Porsche's annual sales volume, Ferrari Chairman John Elkann told an audience of classic car enthusiasts gathered at this storied golf resort on the Pacific coast. Elkann also reiterated that Fiat Chrysler Automobiles NV, of which he is chairman, remains open to opportunities to combine with other automakers, but is positioned to remain independent. Fiat Chrysler in May proposed a merger with French automaker Renault SA, but the deal fell apart after the French government intervened and Elkann withdrew the proposed merger.
AUBURN HILLS, Mich. , Aug. 16, 2019 /PRNewswire/ -- 2020 Ram 1500 EcoDiesel pricing starts at $36,890 , plus $1,695 destination New Ram 1500 EcoDiesel produces the highest half-ton diesel torque at 480 ...
(Bloomberg) -- Apple Inc.’s 13 billion-euro ($14.4 billion) battle with the European Union reaches the bloc’s courts next month in a hearing set to throw the spotlight on antitrust commissioner Margrethe Vestager’s crackdown on tax deals doled out to big companies.The EU’s General Court, its second-highest tribunal, will hear arguments in the challenges by the iPhone maker and Ireland over two days set for Sept. 17-18. The U.S. last year lost a bid to intervene in the case in support of Apple.The European Commission in August 2016 ordered Ireland to recoup the record sum plus interest, saying the world’s richest company was handed an unfair advantage. The EU decision reverberated across the Atlantic, triggering criticism from the U.S. Treasury that the EU was making itself a "supra-national tax authority" that could threaten global tax reform efforts.The Irish government said in an email it “profoundly disagrees” with the EU’s decision and “is engaging fully with the process and ensuring the best presentation of the state’s position.” The commission in Brussels declined to comment.Apple didn’t immediately respond to requests for comment.Appeals over tax cases have been piling up at the EU’s courts since 2015, when the commission issued its first orders against Luxembourg and the Netherlands to recoup unpaid taxes from a Fiat Chrysler Automobiles NV unit and Starbucks Corp. respectively.The court heard arguments in both cases last year with rulings yet to come. A first ruling in the series of decisions by EU antitrust chief Vestager ended in a setback in February for the EU when Belgium won a bid to overturn an order to recoup about 800 million euros from 35 companies, including Anheuser-Busch InBev NV.(Updates with EU response in fourth paragraph.)\--With assistance from Peter Flanagan.To contact the reporter on this story: Stephanie Bodoni in Luxembourg at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Aarons at email@example.com, Peter Chapman, Christopher ElserFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
In the news release, Ram Truck Kicks Off Second Annual 'Ram Ag Season' and Commitment to Support the Agriculture Community With New Video 'Done Right', issued 15-Aug-2019 by FCA US LLC over PR Newswire, ...
Ram 1500, Jeep® Grand Cherokee, Dodge Challenger, Chrysler Pacifica lead their categories AUBURN HILLS, Mich. , Aug. 15, 2019 /PRNewswire/ -- Ram Truck tops rankings as Highest Satisfaction Popular Brand ...
New Dodge Charger Daytona 50th Anniversary Edition Makes Its First Public Appearance in Dodge Display at the Modern Street HEMI® Shootout (MSHS) Lot in Pontiac, Michigan, on Aug. 17 During Annual Woodward ...
In Tesla’s (TSLA) ongoing battle with short-sellers, the latter seem to be winning this year thanks to stock’s year-to-date decline of 30%.
AUBURN HILLS, Mich. , Aug. 12, 2019 /PRNewswire/ -- Bigger than ever, MotorTrend Group's "Roadkill Nights Powered by Dodge" attracts more than 47,000 enthusiasts over two days, celebrating performance ...
The company hopes the reacquired brand's name recognition will reposition it as a global leader in engine powertrain research and development.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Aseguradora Patrimonial Danos, S.A. New York, August 08, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Aseguradora Patrimonial Danos, S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
(Bloomberg Opinion) -- France SA’s romance with the Chinese car industry could be nearing its end.Dongfeng Motor Corp., a state-owned giant that runs joint ventures with PSA Group, Nissan Motor Co. and Honda Motor Co., is looking at options for its 12.2% stake in PSA including a sale or bond issuance backed by the stock, people familiar with the matter told Bloomberg News on Thursday.On purely financial terms, such a move makes a great deal of sense. Dongfeng bought the shares as part of a 2014 bailout of the maker of Peugeot and Citroen cars, brokered by the French government. That investment has done rather well: PSA has seen the third-best share performance in Bloomberg’s Global Automobile Valuation peer group over the past five years, after Geely Automobile Holdings Ltd. and Fiat Chrysler Automobiles NV. The 800 million euros ($897 million) Dongfeng spent at the time is now worth around 2.2 billion euros. On top of that, the operational ventures that underpinned the shareholding have seen better days. Listed subsidiary Dongfeng Motor Group Co.’s sales of Peugeot- and Citroen-branded cars fell by about half in the first six months from a year earlier and are running at less than a quarter of their level in 2015. In the key crossover SUV market, models like Citroen’s C5 Aircross and Peugeot’s 4008 have simply failed to catch fire against competition from Asian and domestic rivals.Unless there’s a serious pick-up in the second half, Dongfeng’s PSA production lines, dedicated to turning out as many as 600,000 vehicles a year, will be running at little better than 25% utilization – levels at which it should be hard for the business to make money. Losses at Dongfeng’s PSA venture were already running at the equivalent of $251 million in 2018; it would hardly be surprising if they were worse this year.Management in China clearly see little sign that sales are about to pick up. Dongfeng’s dealer network for PSA-branded cars shrank by almost 80% between 2015 and 2018, and now stands at just 666 outlets compared with 1,186 for Renault-Nissan marques. The showrooms that remain suffer low productivity, shifting an average of 400 PSA vehicles each in 2018 compared with 1,431 at Nissan outlets and 761 at Honda-branded locations. (For what it’s worth, Renault does even worse, on just 204 vehicles).There’s a more proximate issue, too. Cash has been looking a little tight for Dongfeng’s listed subsidiary of late, owing largely to a huge increase in working capital, two years of negative Ebit, and net debt of 2.15 billion euros that was running at 8.1 times Ebitda at the end of December. In the 2018 fiscal year, operating cash flows actually turned negative to the tune of about 1.25 billion euros, a relatively rare event for carmakers that aren’t in the grip of a financial crisis or corporate scandal.Dongfeng still has ample liquidity. Its ratio of short-term assets to short-term liabilities was 1.36 at the end of December, above the industry average. But China’s auto market is grim, with sales declining from a year earlier for 12 straight months even as the government ratchets up pressure to spend money on the switch to electric vehicles. Faced with such headwinds, 2.2 billion euros could come in handy.At present there’s no word that Dongfeng is planning to unwind the JV to manufacture PSA cars in China – but it would probably welcome such an outcome, especially if it could persuade its European affiliate to pay to take more control of the partnership in the manner of the deal last year between BMW AG and Brilliance China Automotive Holdings Ltd.Dongfeng’s partnerships with Nissan and Honda are clearly the better performers, and PSA may feel it needs more of a free hand to turn around its Chinese operation. If a sale of a strategic stake can help ease the path toward that happier outcome, both sides stand to benefit.To contact the author of this story: David Fickling at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The autonomous driving industry is still in its infancy, but the technology is advancing rapidly. Multiple companies already have pilot and early-stage programs.
As an American, I’ve lived and worked in Japan for a global company, with a HQ in Paris, and experienced the cultural mismatch. Renault and Nissan have proved to be a barely manageable unstable combination. ...
FT premium subscribers can click here to receive Due Diligence every day by email. HSBC, Europe’s largest bank by market value, reported a solid set of results on Monday that beat analyst expectations and announced a share buyback of $1bn. Then the bank sacked John Flint, its chief executive and a company lifer, after 18 months on the job.
Supply constraints limited GM's pickup sales last quarter, but the General still posted solid earnings results. As pickup availability improves, General Motors could achieve strong EPS growth.
(Bloomberg Opinion) -- Even after a relationship is dead, couples often go through the motions of remaining in a marriage. That’s the best way to characterize what’s left of the alliance between Renault SA and Nissan Motor Co. Renault must sell down its 43.4% stake in its Japanese partner to 5%-10% and both sides should “invest in new ventures,” Nissan’s Senior Vice President Hari Nada wrote in an e-mail to colleagues, saying this was the view of independent director Masakazu Toyoda, the Wall Street Journal reported at the weekend. In Toyoda’s view, the two sides should come up with some sort of joint venture in order to show that the alliance isn’t dead, giving Renault Chairman Jean-Dominique Senard the room to unwind the cross-shareholdings that underpin the relationship, the Journal reported.To judge by the picture this paints of internal discussions within Nissan, the Japanese company is only interested in maintaining the appearance of an alliance with Renault and its 15% shareholder, the French government. Making a joint commitment to reaffirm a bond isn’t uncommon for people in a failing relationship, but it’s no way to run a business.If Nissan is sincerely committed to a joint venture, the first thing it should do is identify a strategic opportunity, work out what synergies it would bring, and find a way to operate it. Forming a JV just to get your partner to agree to the terms of a divorce puts your employees’ careers at the mercy of these corporate maneuverings.For those at Renault most committed to the logic of the merger with Fiat Chrysler Automobiles NV that was declared dead in June, this might count as good news. Senard has publicly talked down the prospect of the tie-up being renewed, but this suggests that Renault has been looking for ways to revive the alliance behind the scenes.A tie-up between European giants, in the manner of the mergers that created Airbus SE, Air France-KLM, and IAG SA, seems a far more congenial outcome than the bitter remains of the Renault-Nissan marriage. Fiat Chrysler’s strong business in SUVs and North America would also complement one of the most obvious shortcomings that Renault would suffer if it lost its alliance with Nissan.At the same time, the writing is on the wall for any further integration between France and Japan. Nissan seems committed to preventing any further convergence. Whether or not a Potemkin village JV is agreed to, the sort of ambitious activities pushed in the Carlos Ghosn era – development of modular designs shared between Renault and Nissan vehicles, or moving the manufacturing of the Nissan Micra from the Japanese company’s Chennai plant to a Renault factory north of Paris – are unlikely to see the light of day again. The more likely outcome would be something eventually resembling the far more limited cooperation between Daimler AG and the alliance.Does it matter whether Renault and Nissan are married, or merely cohabiting? In many ways, the alliance has been dead since Ghosn and his deputy Greg Kelly were arrested by Japanese authorities last November. As my colleague Anjani Trivedi has written, Nissan in particular may be better off resolving its substantial problems on its own rather than getting involved in the complexity of another multi-billion dollar cross-border merger.Still, the risk for Nissan is that by turning away from its European partnership it will leave itself too small to manage the vast capital expenditures and research and development costs necessary as the global car industry seeks to reverse slumping sales and manage the transition to electric vehicles and greater automation. Ghosn’s pursuit of volume growth at any cost is one reason why Nissan is now plagued with overcapacity and facing drastic job cuts. But the vision he was pursuing before his arrest – of a company as transnational as he is, headquartered in the Netherlands and with operations all over the world, and not especially beholden to either the Japanese or French governments – is now unlikely ever to materialize.That’s a tragedy. A Renault-Nissan alliance free to pursue profitable growth in the interests of the business as a whole, rather than being turned into the plaything of nationalist interests, is the likeliest way for the two companies and their workforces to prosper. If management in Paris and Yokohama are quietly giving up on that future, both companies may live to regret it.A marriage where neither partner is committed is the worst of all worlds. If separation is out of the question, Nissan and Renault need to find a way to make this relationship work.To contact the author of this story: David Fickling at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
A federal judge in Detroit on Monday sentenced the former United Auto Workers union vice president in charge of relations with Fiat Chrysler to 15 months in federal prison for misusing funds intended for worker training to pay for luxury travel, golf, liquor and parties for himself and other union officials. Norwood Jewell, 61, who led the UAW's national contract negotiations with Fiat Chrysler in 2015, is the highest ranking UAW official to be sentenced in connection with a wide-ranging federal investigation of corruption within the union that represents U.S. factory workers at Fiat Chrysler Automobiles NV , General Motors Co and Ford Motor Co. Jewell is the eighth former UAW or Fiat Chrysler official sentenced as part of the federal criminal investigation of UAW finances.
beyond Rmb7 per US dollar for the first time since the 2008 global financial crisis, breaching a floor that China’s central bank has previously defended as the prospects of a trade deal between Beijing and Washington fade again. In a statement, the People’s Bank of China blamed trade protectionism and tariffs on Chinese goods for the currency’s weakening, without specifically mentioning the US, but added that it “has the experience, confidence and capacity to keep the renminbi exchange rate fundamentally stable at a reasonable and balanced level”.
(Bloomberg) -- Semiconductor companies are wincing as consumers around the globe are buying fewer cars amid continuing trade tensions between the U.S. and China.China has been a pain point for the sector as the two countries continue to spar on trade, and chipmakers had braced for slumping demand in the country to dent performance. The automotive sector has emerged as one of the biggest sources of weakness and is now threatening to dampen the chances of a recovery in the latter half of the year.It has so far been an unfortunate year for automakers, as global sales shrank 6.5% from a year earlier in the first quarter of 2019, and 7% in the next three months, according to Bloomberg Intelligence. China led the decline with car sales in the country falling for 12 consecutive months through June, amid slowing economic growth, trade-related turmoil, and a weak consumer demand, exacerbated by newer and stricter emissions rules. With the U.S. and China ratcheting the turmoil up a notch this week, some say the risks of tariffs on auto imports is now higher.Many auto parts suppliers, as well as Ford Motor Co., have reported disappointing results and issued weak forecasts for the year, citing the China slowdown. And now the effect is rippling through the rest of the supply chain, hurting chipmakers and other industrial manufacturers.“China weakness was expected, but in all honesty, we were expecting a trade deal by now,” Piper Jaffray & Co. analyst Harsh Kumar said in an interview. Kumar, who covers semiconductor stocks, said the companies supplying the automotive market were still seeing growth in radar and electrification-related products, while the traditional, gas engine segment is getting hit hard.Most of the automotive chip manufacturers have a larger piece of their business associated with traditional auto, and “that is not doing so well because there isn’t any market share or penetration to be gained; it is simply a units game,” Kumar said, referring to the fewer number of cars being sold.Maxim Integrated Products Inc., which makes chips that are used in various parts of a car including lighting, infotainment and driver assistance systems, said it expected the calendar third quarter to be slow, due to a “soft environment” for automotive production. The company’s battery management systems used in electric vehicles will also have fewer shipments, given the market uncertainty in China, the company said.The concerns were echoed by NXP Semiconductors NV, which makes components that help a car to sense its environment and process that data. Maxim and NXP’s customers include auto suppliers such as Aptiv Plc, Lear Corp. and Visteon Corp. as well as Fiat Chrysler Automobiles NV. Other chipmakers with substantial auto market exposure include Infineon Technologies AG, Analog Devices Inc., Texas Instruments Inc., and Microchip Technology Inc.Meanwhile, Rockwell Automation Inc., which counts both automotive and semiconductor sectors among its customers, saw both markets decline in the quarter ending June 30.“Overall, the combination of production cuts and reductions in component inventory is having an significant impact,” Morgan Stanley’s Craig Hettenbach, who covers semiconductors, said in an email interview. The analyst said that while the weakness is most pronounced in China, Europe has also been below expectations from the beginning of the year. “There is a lot of focus on when China will provide incentives to stimulate demand, but company and investor expectations for stimulus are pretty low right now,” Hettenbach said.A respite is not expected anytime soon. According to Moody’s, global vehicle sales are expected to fall 3.8% in 2019, amid further weakening demand in China and Western Europe. The latest round of trade war-related tarriffs could make matters even worse.To contact the reporter on this story: Esha Dey in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Jennifer Bissell-Linsk, Morwenna ConiamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Fiat Chrysler Automobiles Chief Executive has a message for Renault SA and other would-be partners: We are happy to talk, but we can go it alone. "Strategically, we have a solid future and clear plans that are being invested in and are underway now," Mike Manley said during a session with reporters the day after the company released better than expected second-quarter results. Fiat Chrysler is open to re-starting merger negotiations with French automaker Renault, Manley said, but added the French car maker is not the only potential partner to gain scale or plug gaps in Fiat Chrysler's technology or vehicle lineup.
The Sierra AT4 is for those pickup owners who want off-road capability, as well as a daily driver you can take out for a night on the town. It also happens to be GM's best pickup in quite a long time.