VW Pumps the Brakes On Porsche Going Public, Eyeballs Job Cuts
Back in February, there was some buzz that Volkswagen Group was seriously considering spinning off the Porsche brand or at the very least listing it on the stock exchange. While the rumors technically go back further than that, it wasn’t until early 2021 that outlets started citing anonymous sources claiming VW felt it had become too bloated with brands and wanted to shake loose some money whilst streamlining the organization.
Not so, says Volkswagen CEO Herbert Diess. It always seemed suspect that the manufacturer would offload what has consistently become one of its most profitable brands, though an IPO didn’t seem out of the question considering how ridiculously well it has worked for other entities underpinned by hype (valid or otherwise). Diess has indicated that neither scenario looks plausible anymore, stating that VW isn’t all that interested in surrendering any amount of control right now.
Used Car Retailer Shift Goes Public Wednesday, Ready for Quarantine Shoppers
Used car retailer Shift is going public today, and continues its promise to make car shopping a breeze during these here Quarantine Times. But will their not-so-unique (and now public) model make a dent in the market?
Prepare Yourself for Another Huge Electric Vehicle IPO
Chinese electric vehicle manufacturer Xpeng announced Thursday a decision to increase the size of its U.S initial public offering (IPO) by more than a third after realizing Wall Street can swallow anything so long as it promises a greener tomorrow.
Co-founded in 2014 by two former executives from China’s GAC Group, the EV startup has already managed to produce around 20,000 vehicles for the Asian market. It also became engaged in an intellectual property dispute with Tesla (which claimed Xpeng stole its Autopilot source code) in 2019 and ran afoul with California’s Department of Motor Vehicles after failing to submit disengagement reports on its self-driving test vehicles in 2018.
Such hurdles don’t seem to have slowed the company’s rise to prominence, however. Xpeng is adept at fundraising, amassing well over a billion dollars through strategic partnerships in just the last two years. Meanwhile, the adjusted IPO filed on the New York Stock Exchange this August now targets a cool $1.5 billion USD.
Market Magic: Fisker Considers Going Public While the Getting Is Good
Fisker Inc. is reportedly in talks to go public after seeing how well other electric vehicle manufacturers (prospective or otherwise) have performed on Wall Street this year. In case you missed it, Tesla became the most valuable automaker on the planet this summer, while startup Nikola saw its shares explode through the ceiling — despite having never manufactured a single product for purchase.
It seems like complete madness, so it aligns perfectly with just about everything else that’s happened in 2020.
TrueCar IPO Pricing, Valuation Revealed
Automotive pricing site TrueCar has revealed its IPO price will be set between $12 and $14, bringing the company a valuation of around $1 billion should the price-per-share lean closer toward the top end.
Former Hyundai NA CEO Krafcik Now TrueCar President
TrueCar founder Scott Painter and former Hyundai North America CEO John Krafcik both announced that Krafcik is now president of the online automotive shopping company.
Ally IPO Brings New Subprime Lending Options To The Table
With Ally Financial’s IPO now making the rounds on the New York Stock Exchange, the former financing arm of General Motors has its eyes on taking more of the subprime market, a move benefiting dealers once the last ties to the U.S. federal government have been severed and sold to the stock market.
GM Seeks Aid From NASA, Issues New Ignition-Related Recall
Autoblog reports 2.19 million of the same vehicles under the current General Motors ignition recall are under a new ignition-related recall, as well. The new recall warns of a problem where the key can be removed without the switch moved to the “off” position. According to GM, the automaker is aware of “several hundred” complaints and at least one roll-away accident resulting in injury, and is instructing affected consumers to place their vehicles in park or, in manuals, engage the emergency brake before removing the key from the ignition until repairs are made.
GM Fined $28k By NHTSA, Places 2 Engineers On Paid Leave
Associated Press reports General Motors has placed two engineers on paid leave as “an interim step” in the investigation conducted by former U.S. attorney Anton Valukas. Spokesman Greg Martin declined to name the two engineers in question.
Ally Financial Files IPO, US Treasury Sells More Shares
Three years in the making, Ally Financial — formerly GMAC — has filed for an IPO that could net as much as $2.7 billion for the United States Treasury.
General Motors to Divest Remaining Ownership of Ally Financial
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.