Capital Calls: Darktrace’s stock wobble 1 Nov 2021 Concise views on global finance: The UK cybersecurity group’s share plunge reflects both short- and longer-term problems.
Stellantis has chance to close in on Volkswagen 28 Oct 2021 Hit by a chip shortage, quarterly sales at the Jeep maker fell harder than at the $140 bln German giant. But its operating margin is better, and boss Carlos Tavares is tackling a weakness in battery electric cars. That should help Stellantis narrow a valuation gap with its rival.
Capital Calls: Fantasy-sports group M&A flop 26 Oct 2021 Concise views on global finance: DraftKings has walked away from Entain but the UK target may still attract interest.
Capital Calls: Zooplus frenzy, Volvo 25 Oct 2021 Concise views on global finance: Buyout barons EQT and Hellman & Friedman are going halves in their pursuit of the $4.3 bln petfood supplier; the $19 bln Swedish carmaker priced its IPO at the bottom of the range.
Volvo Cars’ IPO valuation is suitably smoggy 19 Oct 2021 The marque owned by China’s Geely could be listed at around $21 bln. Hiving off the combustion engine unit was meant to boost its green bona fides. Yet a reliance on gas guzzlers and optimistic battery targets mean the Swedish group will struggle to stand out from dirty rivals.
Foxconn cars powered by both hype and substance 19 Oct 2021 The $53 bln iPhone-maker showcased its first electric-vehicle prototypes as part of an ambitious pivot into autos. Founder Terry Gou's track record of overpromising is enough to warrant doubt. Look past the fanfare, though, and there's much to like about Foxconn's EV progress.
Tata’s new backseat drivers charge electric course 14 Oct 2021 The Indian carmaker added $4 bln in market cap after buyout firm TPG and others backed its battery-powered passenger-vehicle unit at a $9 bln valuation. Extra funding is welcome in the capital-intensive business. It should help Jaguar’s owner race ahead in a fast-growing market.
GM reinvents itself as a moonshot on wheels 8 Oct 2021 Perhaps tired of watching newcomers like Tesla race ahead of its valuation, the $82 bln automaker plans to double revenue, mostly through new businesses like self-driving cars. Beneath boss Mary Barra’s big bets, though, the projected car company of 2030 looks little changed.
Tesla’s move to Texas further mars ESG credentials 8 Oct 2021 Elon Musk is relocating the electric-vehicle champion’s home base after a Covid-19 spat with California. It will put it in a state building a weak record on green energy and women’s rights. A company already hit by bad governance is giving investors more reasons to think twice.
Viewsroom: Electric-car global roundup; Facebook 7 Oct 2021 Rivian drops its IPO prospectus, Volvo readies its public market return, Hertz brings on a car guy and GM gets a thumbs up from Engine No. 1. Antony Currie puts it all together. And what does Facebook’s outage mean for shareholders? Gina Chon and Richard Beales weigh in.
Capital Calls: Pandora, Facebook files pack punch 4 Oct 2021 Concise views on global finance: A leak with rich people’s offshore activities and a Facebook exposé reinforce perceptions with facts; GitLab’s float shows Microsoft’s wise 2018 buy; Volvo IPO aims to supercharge EV plans; BT’s bid to rule UK broadband may face U.S. competition.
Polestar SPAC offers sober detour on EV hype road 27 Sep 2021 The Swedish electric-car maker is merging with Guggenheim Partners’ blank-cheque vehicle at a $20 bln valuation. A suitably racy revenue multiple needs turbocharged growth to avoid future potholes. But unlike rival Lucid, Chinese-owned Polestar at least has existing production.
Tesla crash-tests India’s industrial focus 16 Sep 2021 Elon Musk wants the country to cut sky-high import tariffs. Speeding his luxury vehicles onto roads might give New Delhi’s electrification goals a flashy endorsement. But there would be little real impact. India’s push for a clean mobility revolution can charge up without Tesla.
Capital Calls: AMC, German pet retailer 8 Sep 2021 Concise views on global finance: The movie theater chain enjoyed bumper Labor Day attendance; a trio of private equity suitors are circling Zooplus.
Electric vehicles will short-circuit car dealers 7 Sep 2021 Booming auto sales have buoyed shares in middlemen like $7.6 bln U.S.-based AutoNation and $357 mln UK-listed Pendragon. Battery rides need fewer parts and rely on over-the-air software updates. That’s great for carmakers but means dealerships risk becoming glorified garages.
VW-style tech hype calls for defensive driving 6 Sep 2021 CEO Herbert Diess says the “gamechanger” for his industry will be software and autonomous cars, with the former a $1.4 trln global market by 2030. Such a Panglossian take relies on fleets of robo-taxis and driver-downloads galore, plus manoeuvring past tech leaders like Alphabet.
Viewsroom: Scoring Ronaldo’s return to Man Utd 2 Sep 2021 Shareholders cheered the prolific Portuguese striker’s surprise decision to rejoin his former club in England. His three-year stint at Juventus, though, was hardly a clear financial victory. Plus: An $80 bln IPO valuation for electric-truck maker Rivian would be too racy.
Rivian $80 bln IPO valuation risks electric shock 30 Aug 2021 The 12-year-old electric-truck maker is well funded and has credible backers like Ford and BlackRock. Another, Amazon, will buy 100,000 of its vans. Still, a price tag that high allows no room for error for a nascent manufacturer driving into a competitive market.
Electric-car crash is double pain for Evergrande 30 Aug 2021 The Chinese property developer’s unit saw its equity value fall 90% in four months to just $8 bln. Founder Hui Ka Yan is adept at finding money when the going gets bumpy, but EV makers rely on high values to lure fresh funds. It represents a dead end for its indebted parent too.
Capital Calls: Forbes catches SPAC wave 27 Aug 2021 Concise views on global finance: The business brand and magazine has agreed to merge with a blank-check firm in a $630 million deal, upping its value since last time it changed hands.