Let’s hope the cutlery was plastic and the sandwiches didn’t come with toothpicks.
Amid an investigation into the emissions scandal that recently ensnared the company’s ex-CEO and current brand chief, Volkswagen shareholders big and small gathered today to calmly discuss the company’s actions and finances.
By all accounts, the calm didn’t last. (Read More…)
Founded with the intent of finding energy solutions (and profit) in the power of the sun, SolarCity’s photovoltaic energy business has grown in leaps and bounds since 2006. Now, as the company poises itself for bigger profits, a very familiar man wants to acquire the operation.
Tesla Motors published a note on its website yesterday stating its intention to acquire SolarCity. The offer, made by Tesla, would see the electric automaker trade shares with the San Mateo, California-based company, bringing the business into its fold.
Tesla founder and CEO Elon Musk is no stranger to SolarCity’s operation — he co-founded it with cousins Lyndon and Peter Rive (CEO and CTO of Solar City), and serves as the company’s chairman. (Read More…)
It’s billed as the affordable electric car of the future, but 12,200 reservations have dropped off the Tesla order list since the company’s Model 3 came on the scene.
The new tally was revealed when Tesla announced plans to raise $1.4 billion through a share offering to boost its financial standing, Bloomberg reports.
Since orders opened, 4,200 duplicate reservations have been erased by the company, and 8,000 customers have backed out of their purchase. That leaves 373,000 reservations on the books, each backed by a $1,000 check. (Read More…)
Sometimes, stereotypes exist for a reason.
Things got heated yesterday at a Daimler AG shareholders meeting in Germany, where a fight broke out over lengthy, plump sausages, Bloomberg has reported.
This, despite the fact the lucky shareholders were told they’d be receiving the biggest dividend in the company’s history — 3.25 euros ($3.70) per share. You’d think the windfall would have tempered flare-ups, but you’d be wrong.
The numbers are big — 278 investors seeking $3.61 billion — but the latest lawsuit leveled at Volkswagen is merely another drop in the penalty bucket for the embattled automaker.
As has been expected for some time, a group of institutional investors from numerous countries is seeking compensation for financial damage caused by Volkswagen’s diesel emissions scandal, Reuters is reporting.
The lawsuit was filed Monday in a Lower Saxony court — the same jurisdiction as Volkswagen’s headquarters — and alleges the automaker breached its duty under capital markets law between the time the “defeat device” was first installed in diesel models and when the scandal went public last September. (Read More…)
Billionaire businessman and activist investor Carl Icahn wants to snatch up the last bits of Federal-Mogul Holdings Corporation he doesn’t already own, Automotive News reports.
The 80-year-old tycoon already owns an 82 percent share in the Southfield, Michigan-based global auto parts supplier, where he serves as chairman, but his recent offer of $7 a share could net him full ownership.
Investors aren’t necessarily drinking automakers’ Kool-Aid that 2016 will be full of beer and Skittles.
That, the China-made Cadillac CT6 that’ll eventually get here, El Chapo’s cheapo getaway car and General Motors’ questions get down and dirty … after the break!
Suzuki, while at Frankfurt showing off its new Baleno hatchback and next-generation Vitara, is dealing with a financial problem of sorts.
In order to buy itself back from Volkswagen, the Japanese automaker will have to shell out 471.74 billion yen — or $3.9 billion USD. Suzuki plans to purchase as many of those shares back as possible during off-hours trading, before the bell rings Thursday morning.
Tesla filed Thursday to sell nearly $500 million in shares of its company to raise capital and cover investments the electric carmaker plans to make in the future.
According to the filing with the U.S. Securities and Exchange Commission, the proceeds will go toward the company’s planned investments in the Model 3, Supercharger network and its Gigafactory battery plant in Nevada.
By the book, the stock sale is a short-term pain for long-term gain. Exposing Tesla further to the market carries certain risk, especially considering Tesla’s price growth and relative upside-down balance sheet, but if historical stock prices are any indication, it’ll be a cash cow. Elon Musk asking to buy $20 million in his own stock has pumped up the prices too beyond any distillation worries.
But don’t be mistaken: the second stock sale isn’t really about the cars.
Ally Financial, the bank holding company formerly known as GMAC, is still a major part of the United States federal government investment portfolio in the five years since it was bailed out at the start of the Great Recession. Yet, it may be able to soon divest its ownership in part due to General Motors selling their remaining shares.