Autos

Corona Capital: Indian banks, LBOs, Stellantis

18 January 2021

Concise views on the pandemic’s corporate and financial fallout: Indian banking guru Aditya Puri gives reasons to be bullish about New Delhi’s lenders at a Breakingviews predictions event; the ECB cracks down on risky loans; carmaker Stellantis gets a boost from passive funds.

Corona Capital: Inflation, Poshmark

14 January 2021

Concise views on the pandemic’s corporate and financial fallout: Breakingviews panel predicts the end of the free-money era; and Poshmark’s IPO looks overdressed.

German used-car IPO tests investor haggling skills

13 January 2021

SoftBank-backed Auto1 is dragging the backstreet business into cyberspace. The question is whether CEO Christian Bertermann deserves a technology-style valuation for selling second-hand rides online. Thin margins suggest a mooted valuation of up to 8 billion euros is ambitious.

Renault overhaul requires Nissan governance grease

12 January 2021

CEO Luca de Meo will on Thursday launch an awkwardly named “Renaulution” to jump-start the French carmaker’s earnings. But his plan suffers from a lack of integration with its Japanese partner. Selling a stake in the Yokohama group can smooth uneven relations and rev up savings.

Corona Capital: Bond bonanza, Albertsons

12 January 2021

Concise views on the pandemic’s corporate and financial fallout: U.S. companies' bond issuance in 2020 hits records across the board; and America’s No. 3 grocer continues to take advantage of the shopping habits created by Covid-19 lockdowns.

Nio helps justify a little bit of the hype

12 January 2021

The Chinese electric-car maker unveiled a new sedan and plans for a battery pack with over 1,000 km range. That should smooth its fourth capital hike in seven months. So much needs to go right, though, to merit a $100 bln valuation that exceeds those of Ford, GM and Daimler.

Tech and auto bosses form an awkward carpool

11 January 2021

Shares of South Korea’s Hyundai are up 30% on reports of a tie-up with Apple for self-driving vehicles. Selling software could ramp up margins for carmakers and alleviate technology headaches. But joining forces is a shortcut that could prove hazardous down the road.

Corona Capital: U.S. college football

6 January 2021

Concise views on the pandemic’s corporate and financial fallout: U.S. college football programs are in a talent arms race for coaches, a bit like companies' quest for top-ranked CEOs, despite the pandemic's impact on revenue.

Brexit throws down electric gauntlet to UK cars

4 January 2021

Britain’s motor industry has escaped European Union tariffs that would have hobbled half its output. But to meet export rules on low-carbon vehicles by 2024, Prime Minister Boris Johnson needs to ramp up battery output. Convincing groups like Nissan and BMW to stay will be tough.

Viewsroom: Predictions and prescriptions (Part 2)

31 December 2020

A Joe Biden-Xi Jinping reset will be unsatisfying; China’s economic revival will frustrate critics; Southeast Asia will be the next tech hot spot; HSBC will retreat from America; and Hong Kong’s exchange will rethink deals. Pete Sweeney, Jennifer Hughes and Robyn Mak discuss.

China’s WM Motor will overtake Tesla wannabes

24 December 2020

The electric-car maker is set to list on Shanghai’s Star Board. It’s late to market and underhyped compared to Elon Musk’s operation and local rivals like Nio or Xpeng. But having targeted the mass market, a gross profit will already be in sight when it lists.

Viewsroom: Predictions and prescriptions (Part 1)

23 December 2020

Governments will become activist investors; U.S. airlines will merge; data centres will be the new ESG target; energy giants to consider renewable spinoffs; Tesla will buy Daimler; European soccer gets more American and more. Rob Cox, Peter Thal Larsen and Lauren Silva weigh in.

Corona Capital: Tesla’s Apple snub

23 December 2020

Concise views on the pandemic’s corporate and financial fallout: Tesla boss Elon Musk asked to meet with Apple back in the day, and got rebuffed. Musk’s company has been the better investment recently, especially during the Covid-19 period. That doesn’t mean Tim Cook missed out.

Volkswagen pact helps CEO more than returns

15 December 2020

The German carmaker has made a statement in support of boss Herbert Diess, allowing him to appoint key allies and cut some costs as it moves to electric cars. The agreement should end a long-running dispute with unions. Investors hoping for higher returns face a lengthier wait.

Ferrari’s next boss will need luxury credentials

14 December 2020

The race is on to replace CEO Louis Camilleri, who suddenly quit. Fiat boss Mike Manley ticks many boxes, but John Elkann, chair of both groups, needs him to smooth a merger with Peugeot. Leading $42 bln Ferrari will be as much about enhancing its bling status as engine parts.

Corona Capital: NFL’s ad fumble

14 December 2020

Concise views on the pandemic’s corporate and financial fallout: This year fewer people are watching the National Football League, and that means broadcasters like Comcast’s NBC are lowering prices for commercials or offering free ad space.

Corona Capital: Supercars, Cooking, Home working

10 December 2020

Concise views on the pandemic’s corporate and financial fallout: Debt-laden carmaker McLaren tries to hitch a ride on the SPAC bandwagon; meal-kit deliverer HelloFresh’s virus feast only goes so far; and America’s working-from-home boom survives the crisis.

Uber’s ambitions shrink faster than its losses

8 December 2020

The ride-hailing service is selling its self-driving unit and will take a stake in the autonomous vehicle start-up that is buying the division. Lower aspirations will mean reduced costs but CEO Dara Khosrowshahi’s company is only valued at $95 billion because of its dreams.

Daimler could be Elon Musk’s Time Warner

3 December 2020

AOL merged with the media group back in 2000, parlaying its bubblicious share price into an old-line business. Electric-car maker Tesla, worth an eye-popping $540 billion despite a puny 0.8% global market share, could do something similar. The Mercedes owner is the best fit.

VW boss dilemma is about more than Herbert Diess

1 December 2020

The $90 bln carmaker’s CEO wants a contract extension beyond 2023. Diess is gaffe-prone but has the right strategy for moving to electric vehicles and extracting efficiencies. His contract debate is a proxy for whether VW’s board can face down unions trying to muddle that shift.