|Day's Range||6.65 - 6.65|
A rare 1948 Tucker is just one of the thousands of cars up for sale at the several Auctions underway this weekend in Scottsdale Arizona.
Great Wall Motor has agreed to buy General Motors' (GM) car plant in India, the companies said on Friday, as the Chinese automaker expands overseas amid slowing domestic demand. The deal, which is expected to be completed by the second half of 2020, will jumpstart Great Wall's plans to build and sell cars in India and bring to an end GM's manufacturing operations in the country. People aware of the deal told Reuters earlier on Friday that the two companies had agreed on the sale, with one of the sources adding that Great Wall is likely to pay around $250 million to $300 million to acquire the plant.
Chinese automaker Great Wall Motor has agreed to buy General Motors' (GM) car plant in the Indian state of Maharashtra, two sources aware of the matter said, setting in motion its plan to build cars in the country. Great Wall, one of the biggest sellers of sports-utility vehicles (SUV) in China, is expected to pay about $250 million to $300 million to acquire the plant, one of the sources said. The deal, which the sources said could be announced as early as Friday, will give a jumpstart to Great Wall's plans to build and sell cars in India and is likely to pave the way for GM's exit from manufacturing cars in the country.
An auto dealer is building a $4.2 million dealership in the Triad to separate two brands it currently sells and services under one roof. Construction is under way on a 31,436-square-foot-facility for Capital Subaru in an open lot adjacent to the facility it shares with Capital Hyundai at 801 E. Bessemer St. in Greensboro. Ken Fanelli, the general manager of the two dealerships, said Capital hopes to have the Subaru facility completed by June.
Losing IPO Companies Match Dot Com Bubble Record The Wall Street Journal reports that the initial public offering market is showing serious signs of bubble territory. Over three quarters of all companies that conducted an IPO over the last two years are money-losing companies. That is a record high matched in 1999 at the peak […]The post Market Morning: IPO Losers, Impeachment Begins, Yamaha Warning, Southwest Cancels More 737 Flights appeared first on Market Exclusive.
A Morgan Stanley analyst, one of the more bearish people tracking the stock, made the move. He raised his target for the share price.
Tesla Inc. shares have surged 36% in the past month amid positive delivery numbers and increasing optimism from some analysts, but Morgan Stanley threw cold water on the Tesla bull case Thursday. Analyst Adam Jonas downgraded the stock to underweight from equal weight, writing of his concerns around valuation and underappreciated risks to the company's China business. The stock is off about 4% in premarket trading. "Near-term momentum and sentiment around the stock is admittedly very strong but we ultimately question the sustainability of the momentum," he wrote. Jonas argued that the bull case in China is already priced into Tesla's stock, which has doubled on a three-month basis as the S&P 500 has added 10%. "We continue to harbor concerns about whether an auto business commercializing advanced, dual-purpose technology in economically sensitive industries could be a long-term winner in the Chinese market," he wrote. This is a risk not just to Tesla, but also to other automakers in his coverage universe, including Ford Motor Co. and General Motors Co. . Jonas upped his price target to $360 from $250 in conjunction with the downgrade, reflecting the stock's big run up in recent weeks.
While General Motors (GM) plans to revive Hummer brand as an electric pickup, Ford's (F) China sales dip for the third straight year in 2019.
The move means the workers will receive improved health benefits, company retirement contributions, life insurance and profit-sharing benefits.
The firm that once predicted Tesla shares would cross the $4,000 mark delivered a new, even more bullish price target for the electric-vehicle maker.
Automotive retail sales were down in 2019, but GMC grew as a brand. The company is seeing much of its strength come from Denali model sales.
GM will move 1,350 part-timers into full-time posts. They work in 14 auto plants in eight states: Indiana, Kansas, Kentucky, Michigan, Missouri, New York, Texas and Tennessee.
(Bloomberg Opinion) -- Profits aren’t the be-all and end-all of business, according to the chief executives of JPMorgan Chase & Co., the Coca-Cola Company, General Motors Co. and other members of the Business Roundtable group of American bosses.Their statement last year disavowing the primacy of shareholders and emphasizing that businesses should be run for the benefit of all stakeholders — including customers, employees, communities and suppliers — left at least one big question unanswered: If the purpose of business is more than just creating value for shareholders, don’t executives need to be incentivized to do more than just increase profit and the share price?So-called “environmental, social and governance” issues — known by the acronym ESG — have become a prime concern for investors who manage trillions of dollars of capital. “Over time, companies and countries that do not respond to stakeholders and address sustainability risks will encounter growing skepticism from the markets, and in turn, a higher cost of capital,” BlackRock Inc.’s boss Larry Fink wrote in his annual letter to CEOs this week.Perhaps it’s time, then, that these topics are given greater emphasis in executive compensation plans. If you think that sounds borderline Marxist, I’ll remind you that Klaus Schwab, founder of the World Economic Forum — a mountainside schmooze-fest for the 1% that takes place next week — has proposed something very similar.Two recent examples — one from each side of the Atlantic — illustrate why executive pay is ripe for reform.In the U.K. the former boss of homebuilder Persimmon Plc was awarded 85 million pounds ($110 million) for two years work, mainly because generous government home-purchase subsidies helped inflate his company’s sales, dividends and stock price. A damning independent review subsequently exposed the company’s shoddy construction practices.(2)Meanwhile, Boeing Co. executives were richly rewarded for increasing earnings, cash flow and the share price, but that appears to have come at the cost of a rotten corporate culture that browbeat regulators, squeezed suppliers, devalued engineering and hurried an unsafe aircraft into production without adequate pilot training.Plenty of companies already set non-financial strategic targets to align executive compensation with important corporate initiatives and customer satisfaction. Some airline bosses get paid less if planes are consistently late or too much baggage goes missing, for example. In the mining and oil industries it’s common to cut rewards if there are fatal accidents or serious injuries.Elsewhere, though, it’s pretty rare for executives to be offered incentives to achieve ESG targets, such as cutting carbon emissions. About one-fifth of the Stoxx Europe 600 and about one-quarter of S&P500 companies link director compensation to ESG achievements. For the natural resource-heavy FTSE 100 the proportion is about one-third, according to Bloomberg data.Even these pioneers tend to link only a small portion of total pay to ESG goals — typically a chunk of the annual bonus.Instead, the vast majority of more lucrative long-term incentive plans are still based on profit and stock performance, according to a recent FTI Consulting and CGLytics analysis of U.K. and Irish compensation practices. “We anticipate greater pressure from investors on companies to align management incentives with ESG-related metrics,” the authors concluded.Some companies are getting ahead of the curve. At life sciences and material sciences company Royal DSM N.V., 50% of long-term pay incentives are linked to energy efficiency and greenhouse gas emissions improvements. Oil major Royal Dutch Shell Plc, mining group BHP Group Ltd. and German engineering company Siemens AG have all announced plans to bolster the link between pay and cutting emissions.For some observers, rewarding executives simply for doing the right thing can seem perverse and unnecessary. They argue there's no contradiction between pursuing long-term financial success and being a good corporate citizen, although there are plenty of industries that last pretty well without being virtuous.I’m more sympathetic to the argument that compensation plans are already too complex and opaque. Unless ESG-related pay metrics are clear and quantifiable, it might be difficult to hold executives to account. “Accountability to everyone means accountability to no one,” the Council of Institutional Investors complained last year.Sometimes, though, trade-offs between profits, people and the planet are unavoidable. The climate crisis demands that a company makes investments now that might impair short-term profitability but which will position the business to thrive in the difficult decades ahead. The same goes for paying workers a decent wage, which will enable a thriving middle class. Executives shouldn’t be penalized for doing the right thing, just as they shouldn’t reap rewards for neglecting their non-investor stakeholders such as customers, staff and the public (as was the case with Boeing, Persimmon and Volkswagen AG’s diesel scandal).One way to satisfy those purists who say shareholder value trumps all might be to maintain the financial emphasis of executive incentive plans but apply a sustainability adjustment, as German utility RWE AG, ThyssenKrupp AG and others do. The formula works something like this: So you achieved your profit targets? Good. But did you do it without screwing up the planet or screwing over suppliers? If not, you’re only getting a fraction of your bonus.Of course, if the Business Roundtable’s conversion to stakeholder capitalism is to be more than just good PR, the quantum of executive pay might need rethinking too. Would an executive who treats shareholders, employees and communities equally accept pay that’s more than 100 times the typical worker? Or would they settle for less?(1) In fairness, Persimmon's annual bonus system includes "customer care" and health and safety elements. However, the long term incentive plan which produced this massive payout was based on dividends paid.To contact the author of this story: Chris Bryant at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Musk's reward for a job well done is actually the first of 12 tranches that will unlock additional Tesla stock options based on whether the company can hit certain milestones.
According to CAAM projections, China auto sales are likely to fall 2% in 2020, which would mark the third straight year of sales decline.
Though higher manufacturing costs have been straining American Axle's (AXL) financials, new program launches will prove beneficial in the days to come.
China signaled subsidies for electric cars will stabilize this year after cuts took a toll on sales. BYD stock jumped; Kandi stock and Nio stock rose.
Oscar Williams-Grut joins the On The Move panel from London to discuss Volkswagen’s push into electric vehicles and its new partnership with Chinese battery maker Guoxuan.
Trade negotiators will meet January 15th to sign a phase one trade deal between the U.S. and China. Yahoo Finance’s Jessica Smith joins On The Move to discuss the details.