The AP [via Google] reports that Tesla has revised its IPO offering to $14 to $16 per share, for a total capital raising of up to $185m. The WSJ [sub] estimates the IPO’s take at $178m. Previously Tesla had valued its offering at $100m. This revision is not inconsequential: the offering is now valued higher than Tesla’s cumulative revenue since 2003, which now stands at $147.6m. The company has lost nearly $300m since 2003, and will continue to lose money until the Model S sedan starts selling. Especially with $100m-$125m in capital expenditures planned for this year. GM’ it seems, won’t be the only auto firm sweating an IPO this year.
Five years ago ‘financing’ was like a cuss word to me. I had spent the prior two years traveling around the country for an auto finance company liquidating 10,000+ repos annually. Seeing repossessed Ford Rangers with $600+ monthly payments and Kias given to anyone with a pulse made me very wary of that world. I stuck with cash cars and made a great worry free living doing that. That was until October 2008 when the cash customer literally disappeared from my landscape.
A bipartisan effort to overturn a controversial Ohio Supreme Court ruling garnered the support of twelve of the state Senate’s thirty-three members in just four days. Senators Tim Grendell (R-Chesterland) and Capri S. Cafaro (D-Hubbard) jointly introduced legislation on Thursday that would forbid police from issuing speeding tickets based solely on the officer’s best speed guess.
Batten hatches! Europe is on an emergency dive. According to data just released by the ACEA, sales in May dropped by 9.3 percent compared to May 2009. Our Ford canary in the EU coal mine was right again: May numbers were worse than April numbers. In April, the EU market had been down 7.4 percent. But that’s not the worst part. (Read More…)
Japan appears to be serious about EVs. Evidence: Japan’s increased focus on chargers. The hard part of EVs is not to build them. The tough issue is where to charge them. And how quickly. Whether you live in Manhattan or Tokyo: As a city dweller, you hardly can put a charging station on the street or into the underground parking garage. The average suburbanite in Tokyo already has a hard time just finding a parking space (proof required if you want to buy a car). A charging station? What charging station? So the Japanese are busy building them. No wonder: 67 percent of the Japanese live in cities. (In the U.S.A. it’s even more: 82 percent.) Who’s leading the charge for chargers? (Read More…)
OSB. “Other Sports Beckon”. It’s what Skip Barber instructors reportedly used to write on the report cards of utterly feckless driving students. While the phrase may be long gone, the attitude persists among the instructing community that some people just shouldn’t be in the car. I often hear instructors at various events talking about just how horrible/dangerous/contemptible their students are. That’s not right. We are supposed to be coaching the driver to his or her best possible performance, not humiliating them by listing their flaws.
With that said, some drivers present an active danger to themselves, and to their instructors, on the racetrack. I’ve come up with a few guidelines to keep you, the reader, from becoming one of those people, should you decide to give this open-track business a whirl.
So, Nissan has released video of its production Leaf making “forward” (above) and “backward” noises, but it seems that there may still be some details to work out. For one thing, the Leaf’s official battery range stretches from 138 miles to 47 miles, according to gm-volt.com. Your mileage may vary, etcetera. But wait, there’s more! One blogger recently tried to insure a Leaf… actually, he tried to get an insurance quote for a Leaf. Can you tell where this is going? (Read More…)
Ed does things that are bolder and bigger rather than small and timid. All things being equal, Ed would like it bigger versus small. But all things aren’t equal. He needs to get the government the best value for its stake, too.
Former AT&T exec James Kahan tells BusinessWeek what kind of IPO GM’s Chairman would prefer. Unfortunately for “Big Ed,” that’s not up to him. GM’s value must be determined by the market, and due to political pressure on the government to end its ownership of GM and Chrysler, it will have to happen as soon as possible. A fourth-quarter IPO with “about half of the government stake [being sold] to the 20 top institutional investors” is in the cards. So we know the government won’t get out of GM entirely in the IPO… but how much will the market give the Treasury for half of its 61 percent stake?
Apparently these press images were embargoed until tomorrow… and yet here they are. But who, you might ask, would risk being boarded by Volkswagen commandos in order to deliver these images to the huddled masses, yearning for a a glimpse of the new blandness? Oh right, it says Auto Express on the picture. According to the embargo-running Brits, this is the first Jetta to be more than a Golf with a trunk: thanks to VW’s new modular architecture, the wheelbase has been extended for more rear-seat legroom. More details when Volkswagen is good and ready, likely sometime tomorrow.
We’re still taking email requests for Chart Of The Day [editors@ttac.com], but today’s chart isn’t one of them. This little data nuglet, of May volume by manufacturer, was requested by popular acclaim in the comments section of the last COTD… and was bound to be posted eventually anyway. After all, brand volumes are all well and good for armchair junior execs to wrangle over… but the armchair CEO demands volume by manufacturer. Let the harumphing begin!
Most employers have vigorously opposed unions with every means at their disposal. These pro-employer, anti-union forces continually attack unions and workers that want to form a union…
…Let’s be clear, the contempt for the UAW was so deep that some of them were willing to let the industry collapse in the hopes that they could destroy us. Even the former president recognized the insanity of what they were willing to do.
Ron Gettelfinger fires up the troops in his final address as UAW President, as quoted in the Detroit Free Press. It might have been a moment for reflection and self-examination, but Gettelfinger served up some old-school, union-hall fire-and-brimstone instead. Only Ron didn’t look in the mirror before giving out his enemies’ description. Gettelfinger’s paranoid take on the auto bailout is actually eerily similar to that of the far right wing, in that they both place the UAW at the center of the bailout.
A lawsuit brought in California against Toyota led to the disclosure of allegedly damning documents that could cost Toyota another huge fine if the documents contain what the lawyers say. Unless lawyers (or the media) were asleep at the wheel. According to USA Today, these documents “point to possible delays involving an earlier safety issue, one that could result in loss of steering control.” USA Today says records that are part of the lawsuit show that Toyota was dealing with cracking and breaking steering relay rods in the U.S. for at least 11 years before it recalled 330,000 pickups and SUVs in Japan to replace the rods — and 12 years before its 2005 recall of nearly a million similar trucks in the U.S.
Sounds kind of familiar. I’m not suffering from Alzheimer yet, so let’s go on a fact-finding mission to the TTAC archives … (Read More…)
Polo players don’t drive German superminis, in the same way Dustin Hoffman never pulled over near a Hollywood studio in a Chevy Celebrity. So, who does drive a Polo? The same people who drive a Golf – only ten years younger, with a bank account ten grand shorter. And until last year, these people have […]
With UAW members and leadership meeting to debate the union’s future, it’s the perfect time to look back at the conditions from which the UAW emerged. Here is 1936 film titled “Master Hands” which portrays the men and machines that built Chevrolets on the eve of the UAW’s recognition. According to the excellent Youtube channel USAutoindustry, “Master Hands” was
filmed in Flint, Michigan, just months before the United Auto Workers won union recognition with their famous sitdown strikes.
Clearly a lot has changed since then. But has the UAW?
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