De Chinese winst voor Geely Automobile in het eerste halfjaar daalde; stelt vooruitzichten voor het hele jaar bij – Reuters

De Chinese winst voor Geely Automobile in het eerste halfjaar daalde; stelt vooruitzichten voor het hele jaar bij – Reuters

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SHANGHAI (Reuters) – Geely Automobile Holdings Ltd on Monday booked a 43% drop in half-year profit and trimmed its full-year sales goal, sending its shares down 4%, as the coronavirus outbreak continues to trouble the world’s biggest auto market.

The results come as China’s overall auto sales slowly recovers from a virus-blighted start to the year. Sales climbed for the fourth consecutive month in July yet are still down 12.7% for the year to date.

China’s highest-profile automaker – due to group investments in Volvo Cars and Daimler AG – posted January-June net profit of 2.3 billion yuan ($331.37 million).

It sold 530,446 vehicles, down 19% on year, leaving revenue down 23% at 36.82 billion yuan, meeting analyst estimates.

“Geely’s 1H20 earnings are largely in line with our expectation, thanks to its significant cost cut efforts, especially in wages and investments in fixed assets,” said Haitong International analyst Shi Ji.

However, the automaker knocked 6% from its full-year sales goal to 1.32 million vehicles – down 3% on year – just two weeks after maintaining a target set shortly before China’s virus lockdown in January.

Geely’s share price fell as much as 4%, versus a 1.5% rise in the benchmark Hang Seng Index.

PLANNED MERGER

Geely has a market capitalisation of about $21.2 billion, eclipsing international peers better known outside of China such as Fiat Chrysler Automobiles NV and Nissan Motor Co Ltd.

Its parent, Zhejiang Geely Holding Group Co Ltd, plans to merge the automaker with affiliate Volvo Cars and list the successor in Hong Kong and possibly Stockholm.

Merger talks were suspended in June, however, while the Hong Kong-listed automaker worked on listing shares on mainland China’s Nasdaq-like STAR board.

Geely plans to revamp factories at home and abroad using manufacturing platforms developed with Volvo Cars since 2013. It also aims to start European exports this year of sport-utility vehicle 01 under its premium brand Lynk & Co.

Reporting by Yilei Sun and Brenda Goh; Editing by Sayantani Ghosh and Christopher Cushing

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UPDATE 1-Geely Auto zoekt Shanghai STAR Market-lijst -filing – Reuters

UPDATE 1-Geely Auto zoekt Shanghai STAR Market-lijst -filing – Reuters

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SHANGHAI (Reuters) – Geely Automobile Holdings0175.HKplans to raise 20 billion yuan ($2.93 billion) from a public share sale on Shanghai’s Nasdaq-style STAR Market to invest in new car models and technologies, exchange filings showed on Tuesday.

FILE PHOTO: The logo of Chinese carmaker Geely Auto is pictured at the second media day for the Shanghai auto show in Shanghai, China, April 17, 2019. REUTERS/Aly Song

China’s highest-profile automaker, thanks to parent group investments in Daimler AGDAIGn.DEand Volvo Cars, has set its sights on bolstering its global credentials with plans to revamp factories at home and abroad using manufacturing platforms developed with Volvo Cars.

It also aims to start European exports this year of sport-utility vehicle 01 under its premium Lynk & Co brand.

The Hangzhou-based automaker, controlled by billionaire chairman Li Shufu, posted first-half net profit down 43% at 2.3 billion yuan as sales slumped by 19% to 530,446 vehicles, hit by the COVID-19 pandemic.

Geely is targeting full-year sales of about 1.32 million vehicles, down 3% from 2019, helped by a second-half recovery in demand after the easing of coronavirus lockdowns.

Under merger talks that were suspended in July, Geely’s parent group had planned to merge the automaker with affiliate Volvo Cars and list the combined business in Hong Kong and possibly Stockholm.

Geely’s Hong Kong-listed shares trade at 22 times trailing earnings, compared with STAR Market’s average earnings multiple of 96.

Its Shanghai listing plan could also boost the company’s Hong Kong-traded shares.

Semiconductor Manufacturing International Corp’s (SMIC)0981.HK688981.SSHong Kong-listed shares more than doubled in the six months ahead of its Shanghai listing on July 16.

Geely’s planned listing would make it the first automaker on STAR Market. The market, with its streamlined listing process, dwarfed Shanghai’s 30-year-old main bourse in the first half of 2020 to become the world’s second-biggest IPO venue behind Nasdaq.

Geely has hired China International Capital Corp and Huatai United Securities as underwriters for the listing.

($1=6.8239 Chinese yuan renminbi)

Reporting by Samuel Shen and Brenda Goh in Shanghai and Yilei Sun in Beijing; Editing by Jason Neely and David Goodman

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Stop de pers: dit is een Volvo P1800 restomod met 414 pk – Top Gea

Stop de pers: dit is een Volvo P1800 restomod met 414 pk – Top Gea

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Goodness, where to begin. This is a Volvo P1800 from the 1960s, refined, restored and upgraded by touring car outfit Cyan Racing. It is a car built to commemorate Cyan’s first ever world touring car championship win in a Volvo.

It is also eye-wateringly desirable. Of this, there can be no argument. Cyan imagined what they would have done had they been operating as a race team in the Sixties, turning a racing P1800 into a road car.

“The Volvo P1800 Cyan is our interpretation of what could have been,” explains Cyan Racing boss Christian Dahl.

It started life as a 1964 P1800, with modifications to the body to allow a wider track, bigger wheels, and a “repositioned greenhouse”, among many other things of course. The body itself was reinforced using high-strength steel and carbon fibre – strengthening up weak points in the chassis.

Ah, the chassis. Out goes the live rear axle, and in comes a Cyan-designed independent setup. The front gets double wishbones, aluminium uprights and two-way adjustable dampers with Cyan hydraulics all round.

Good thing too, because a racer lurks within. The team evaluated all sorts of options for the power unit – the original B18 engine, a ‘Red Block’ B230, a five-cylinder unit, and even a straight-six. There was even talk of sticking a fully-electric drivetrain in there, but Dahl saidnej. “That was not what we wanted,” he explained. “We decided to slow down time and freeze a part of it in our own time capsule. To take the best from the golden Sixties and combine it with our capabilities of today.”

In the end, Cyan plumped for a 2.0-litre turbo four-cylinder engine; the same one that powered the team’s S60 TC1 race car to the 2017 WTCC title. The headlines are thus: 414bhp and 336lb ft of torque, a redline of 7,700rpm, and a “linear power and torque curve with the characteristics of a normally-aspirated engine”.

That unit is matched up to a five-speed manual Holinger gearbox, a limited-slip differential, and the car is, of course, rear-wheel-drive. “You can be brutal going into a corner and still find your apex and exit within millimetres,” explains a chap called Thed. Thed – Björk – was the 2017 WTCC champion, and that’s his approximation of how the P1800 feels to drive. “I feel my smile widening each time that I control the drift angle of the car through a long turn.” That’s right, he said DRIFT ANGLE.

Stopping the P1800 are a set of big steel discs with four-piston calipers, though there’s no ABS, brake booster or even traction control. Just you, your right foot, and 416 championship-winning horsies. Best be careful, as it’s light, too: Cyan tells us the whole car weighs just 990kg.

“We claimed our first world title with Volvo in 2017,” Dahl said, “and have since then won two further world titles with other manufacturers. The first title was a milestone for us, and we felt it was a good time to reconnect with the past and to those before us racing Volvos.

“The Volvo P1800 Cyan carries our blue and yellow racing colours to mark our heritage,” he added.

It’s being marketed solely by Cyan Racing – indeed, the company notes there was no collaboration between itself and Volvo on this project. On a scale of one to 10, which organ will you sell in order to purchase one of these wondrous things?

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Lidar startup Luminar gaat naar de beurs via SPAC-fusie van $ 3,4 miljard

Lidar startup Luminar gaat naar de beurs via SPAC-fusie van $ 3,4 miljard

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Volvo Cars, Waymo-partner om zelfrijdende voertuigen te bouwen – Reuters

Volvo Cars, Waymo-partner om zelfrijdende voertuigen te bouwen – Reuters

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DETROIT (Reuters) – Waymo and the Volvo Cars Group have agreed to develop a self-driving electric vehicle designed for ride hailing use, as part of a new global partnership, the companies said on Thursday.

FILE PHOTO: A Waymo autonomous vehicle (formerly the Google self-driving car project) is displayed at the Fiat Chrysler Automobiles booth during the 2019 CES in Las Vegas, Nevada, U.S. January 8, 2019. REUTERS/Steve Marcus/File Photo

Waymo, a unit of Silicon Valley’s Alphabet Inc, said it will be the exclusive global partner for Volvo Cars for developing self-driving vehicles capable of operating safely without routine driver intervention.

Waymo will focus on the artificial intelligence and certain hardware, including cameras, lidar and radar, for the automated “driver.” Volvo will design and manufacture the vehicles. The companies said Waymo will work with Volvo’s global brands, including Polestar and Lynk & Co.

Waymo and Volvo did not say when or where they expect to launch their new ride-hailing vehicle.

Volvo, owned by China’s Zhejiang Geely Holding Group Co, has a separate agreement to deliver vehicles to ride hailing company Uber Technologies Inc that Uber will equip to operate as self-driving vehicles. Volvo Cars is continuing to deliver vehicles to Uber.

Uber’s development of self-driving vehicle technology was disrupted after a self-driving Volvo SUV operated by Uber struck and killed a pedestrian in Arizona in 2018. More recently, Uber has been slashing costs and staff to offset revenue lost to the coronavirus pandemic. Chief Executive Dara Khosrowshahi has said Uber is open to using competitors’ technology..

The Waymo-Volvo deal marks a return by Waymo to its early goal of rethinking how cars that can pilot themselves should look. Since retiring its Firefly self-driving car in 2017, Waymo has retrofitted its software and sensors into conventional vehicles such as Chrysler Pacifica minivans. Waymo also is developing technology for self-driving commercial trucks.

Waymo earlier this year raised $3 billion in its first external investment round.

Rival Cruise, majority-owned by General Motors Co, last year unveiled a prototype for an electric, self-driving people carrier called the Cruise Origin. (link:reut.rs/31mTjiG)

Waymo said it will continue working with Fiat Chrysler, Jaguar Land Rover [TAMOJL.UL] and the Renault Nissan Mitsubishi Alliance. 

Reporting By Joe White; Editing by Alistair Bell

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Volvo Cars, Waymo-partner om zelfrijdende voertuigen te bouwen – Reuters India

Volvo Cars, Waymo-partner om zelfrijdende voertuigen te bouwen – Reuters India

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The Waymo logo is displayed during the company’s unveil of a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid/Files

DETROIT (Reuters) – Waymo and the Volvo Cars Group have agreed to develop a self-driving electric vehicle designed for ride hailing use, as part of a new global partnership, the companies said on Thursday.

Waymo, a unit of Silicon Valley’s Alphabet Inc, said it will be the exclusive global partner for Volvo Cars for developing self-driving vehicles capable of operating safely without routine driver intervention. Waymo will focus on the artificial intelligence for the software “driver.” Volvo will design and manufacture the vehicles. The companies said Waymo will work with Volvo’s global brands, including Polestar and Lynk & Co.

Volvo, owned by China’s Zhejiang Geely Holding Group Co, has a separate agreement to deliver vehicles to ride hailing company Uber Technologies Inc that Uber will equip to operate as self-driving vehicles. Volvo Cars is continuing to deliver vehicles to Uber.

Uber’s development of self-driving vehicle technology was disrupted after a self-driving Volvo SUV operated by Uber struck and killed a pedestrian in Arizona in 2018. More recently, Uber has been slashing costs and staff to offset revenue lost to the coronavirus pandemic. Chief Executive Dara Khosrowshahi has said Uber is open to using competitors’ technology..

The Waymo-Volvo deal marks a return by Waymo to its early goal of rethinking how cars that can pilot themselves should look. Since retiring its Firefly self-driving car in 2017, Waymo has retrofitted its software and sensors into conventional vehicles such as Chrysler Pacifica minivans.

Rival Cruise, majority-owned by General Motors Co, last year unveiled a prototype for an electric, self-driving people carrier called the Cruise Origin. (link:reut.rs/31mTjiG)

Waymo and Volvo did not say when or where they expect to launch their new ride-hailing vehicle.

Waymo said it will continue working with Fiat Chrysler, Jaguar Land Rover and the Renault Nissan Mitsubishi Alliance. 

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Waymo, Volvo-partner voor de ontwikkeling van elektrische robotassen

Waymo, Volvo-partner voor de ontwikkeling van elektrische robotassen

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Een overzicht van nieuwe auto's vindt meer technologie betekent meer problemen

Een overzicht van nieuwe auto's vindt meer technologie betekent meer problemen

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More tech, moreproblems. That could describe many situations in which the universe finds itself these days. In this case, it’s the takeaway from this year’s edition of the vehicle quality survey from the market analytics company JD Power, the first to rank the quality of Tesla’svehicles.

The report, based on more than 87,000 surveys from owners of 2020 model vehicles in the first three months of ownership, found many more problems thanlast year’s edition—an average of 166 per 100 vehicles, compared with 93 per 100 vehicles in 2019. Doug Betts, the president of JD Power’s automotive division and a former Apple executive, says the figures aren’t comparable, because JD Power changed the questions to ask car owners about newer features like touch-free trunk sensors and specific aspects of their infotainment systems. The more features and tech packed into a vehicle, “the more opportunities for problems, certainly,” Betts says.

Betts points to that dynamic to explain why premium car brands have done relatively poorly on JD Power’s initial quality survey in recent years. Genesis, Hyundai’s luxury brand, took the number two spot in the brand rankings with 142 problems per 100 vehicles. After that, only Lexus (159 problems per 100 vehicles) and Cadillac (162 problems per 100 vehicles) beat the industry average of 166 problems per 100 vehicles. Luxury vehicles aren’t less safe than their mass market brethren. In fact, all of today’s cars have fewer scary defects than they did a few decades ago. But because premium car owners pay more money for more stuff, they may be more likely to report problems when that stuff doesn’t work.

Owners are having issues with glitchy and hard-to-use infotainment systems, an area in which automotive companies have not always excelled. People find navigating the menus mysterious; they complain about the poor quality of built-in voice recognition systems; they can’t connect their phones viaBluetooth. They even have trouble connecting withAppleCarplay andAndroidAuto, which integrate users’ phone operating systems with their vehicle display and are meant to bring intuitive, Silicon Valley-level user interfaces into your car.

Overall, Fiat-Chrysler’s Dodge brand tied with Korea’s Kia for the quality gold, with 136 problems per 100 vehicles. Chevrolet, Ram, Buick, GMC, Jeep, and Cadillac also ranked above the industry average, making for Detroit automakers’ best performance since JD Power started its quality survey 34 years ago. Mercedes-Benz, Volvo, Audi, and Land Rover did the worst.

Another poor performer wasTesla, which made its first appearance in the quality survey with 250 problems per 100 vehicles. But the number comes with heavy asterisks. In 15 states, vehicle manufacturers have to give companies like JD Power permission to collect info on their customers. Most other carmakers grant this permission—but not Tesla. As a result, the survey doesn’t include info from some of the electric carmaker’s biggest markets, like California and New York. Still, JD Power says it was able to gather enough responses from other states to extrapolate a quality rating for Tesla, while trying to take into account that some states’ car owners tend to be more positive about their vehicles than others.

Tesla owners—who tend to be superfans of the electric-car maker’s mission and approach to tech—have sometimes been critical of the company’sapproach to quality. The JD Power survey picked up on some of those issues, with owners reporting defects related to body parts fitting together, rattling noises, and vehicle paint. “The interesting thing is that Tesla’s number is high in what I would call the ‘blocking and tackling’ of making cars,” Betts says. Tesla didn’t respond to a request for comment.


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Breakingviews – The Exchange: Pehr Gyllenhammar – Reuters

Breakingviews – The Exchange: Pehr Gyllenhammar – Reuters

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LONDON (Reuters Breakingviews) – Long-time Volvo CEO Pehr Gyllenhammar was pushing radical environmental and social changes at the carmaker long before they became fashionable. One of Sweden’s most admired businessmen argues why CEOs should be paid less and how it felt to become a father again at 81.  

Breakingviews

Reuters Breakingviews is the world’s leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.

Sign up for a free trial of our full service athttps://www.breakingviews.com/trialand follow us on Twitter@Breakingviewsand atwww.breakingviews.com. All opinions expressed are those of the authors.

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Volvo S60 lange termijn video 2020 Geniet van Scandinavisch design

Volvo S60 lange termijn video 2020 Geniet van Scandinavisch design

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