Financial
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Legendary manufacturer of Formula One engines, Britain-based Cosworth, has plans to go public in 2019 in New York. Reuters reported on Thursday that the company is looking to launch an initial public offering (IPO) after the first quarter of 2019. Today, Cosworth does much more than build engines. The British engineering company, which Ford owned until 2004, makes powertrain and electronics technology such as vehicle software and even sensors for self-driving cars. It also provides data analytics. Cosworth Chairman Kevin Kalkhoven told Reuters that the company currently has a backlog of $440...
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Tesla reveals 2017 financial results, records near $2B lossInvestors have rallied around Tesla, riding high on a wave of future promises from the electric car company. Tesla's 2017 financial results released on Wednesday still show the company has a long way to go, however. Tesla lost a total of $1.96 billion in 2017 and posted its worst financial quarter...
Sean Szymkowski -
After eclipsing Ford and GM, Tesla's market value briefly surpasses BMW
The market value of Tesla [NSDQ: TSLA] rallied once again last week and the automaker briefly surpassed BMW in market capitalization. According to Bloomberg, Tesla's stock climbed following CEO Elon Musk's announcement that the Model 3 would begin production in July and be followed in two to three...
Sean Szymkowski -
Ford confirms large-scale job cuts for North America, Asia
Amid pressure from shareholders over its underperforming stock price, Ford has confirmed it will shed 10 percent of its salaried workforce in North America and Asia. The automaker said it plans to accomplish the cuts through voluntary buyouts and early retirement packages. In all, the 10 percent...
Sean Szymkowski -
Ferrari continues to print money as demand rises
Things are swell over at the brand with the prancing horse. Ferrari profit skyrocketed 36 percent during the first quarter of 2017, according to a financial report published by Bloomberg (via Automotive News, subscription required). Demand substantially increased for Ferrari's V-12 powered...
Sean Szymkowski -
Tesla’s Third Quarter Results Mix Bad With Good
For Tesla Motors fans, owners and investors, this morning’s third-quarter earnings call was a mixture of bad news and good news. First, the bad news: the start-up automaker lost $110.8 million in the third quarter, compared to losses of $65.1 million in the third quarter of 2011. While the...
Kurt Ernst -
Some carmakers would have you believe that it's no longer enough to simply drive around in their product, that driving is now a connected experience and one to share with a wider audience than just your passengers. To this end, BMW's new mobile app, "The Ultimate Drive" lets you discover the best driving roads in over 50 countries, and also rank, comment on and share those roads via social network sites like Facebook, or by email and GPS devices. BMW calls it a social navigation mobile app and it's the product of BMW Financial Services, which also aims to integrate the ability for customers...
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GM pulls back LA Show plans even further, cancels press conference
General Motors had already announced it wouldn't be showing the Cadillac CTS Coupe and new Buick LaCrosse at the 2008 Los Angeles Auto Show as it had previously planned, and now the company has announced it won't be doing anything significant at the show at all, canceling its press conference and...
Ralph Hanson
