2020 Honda Accord Touring 2.0T A (former) Honda owner in the Toronto area is expressing frustration with the automaker after it allegedly told him it knew where his stolen vehicle was but couldnt let him know since he hadnt paid for the companys optional tracking service.Layth Ablhd of Vaughan, Ontario has his 2019 Accord swiped from his driveway in the middle of the night, according to a Global News report.According to a neighbours security camera, it was taken around 5 a.m. Ablhd phoned the police, who contacted Honda Canada to see if the vehicle could be tracked. The representative said it could but not for free.Ablhd alleges the Honda rep on the other end of the phone said the companys tracking tech was showing him exactly where the car was during the call, but he could not disclose the location to Ablhd or the police officer, who had jumped on the call as well via speakerphone, because Ablhd was not subscribed to HondaLink, the companys emergency response system.The investigating officer asked to speak with the reps manager, who said the police would need to present a warrant if they wanted to know the location of the vehicle. Ablhd said he had not been informed of the optional service when he purchased his Accord, and that he would have bought it if hed known of it. Ablhd immediately signed up for the $148 subscription, and a few minutes later called the rep back, but they then said it was too late Honda was no longer getting a signal from the car.This customer did not have an active HondaLink subscription, which is required to locate the vehicle, clarified John Bordignon, a Honda Canada brand spokesperson. Without an active subscription, the police would have to present a warrant to activate the location services on the vehicle and no such warrant was provided.Contrary to what Ablhd and the officer were told on the phone, however, Bordignon says At no time was Honda or its HondaLink provider aware of the location of this vehicle.Honda Canada said it would reimburse Ablhd for the cost of the HondaLink
Origin: Honda owner says company withheld stolen car’s location over subscription fee
company
FCA and Peugeot-maker PSA confirm a 50-50 merger, forming new company
PSA Peugeot Citroen Chief Executive Carlos Tavares delivers a speech during the presentation of the companys 2018 full year results, in Rueil Malmaison, west of Paris, Tuesday, February 26, 2019.Thibault Camus / Getty The rumours are true: FCA (Fiat Chrysler Automobiles) is merging with PSA, the European maker of Peugeot, Citroen, Opel and Vauxhall vehicles, both corporations confirmed in a press release October 31.According to The Detroit Free Press, the two companies struck a deal that will see a 50-50 joint shareholder-owned entity. There would be no plant closures, and the combined entity would save 3.7 billion Euro annually.The two companies will have combined revenues of 170 billion Euro, with profits of more than 11 billion Euro based on 2018 figures. The new corporation will become the fourth-largest automotive group in the world. The hope is the partnership will see more automakers come together and develop self-driving technology and electrification. Under the umbrella of a Dutch parent company, the FCA and PSA will combine with a board made up of 11 members, of which each company will nominate five. Carlos Tavares of PSA will be the CEO of the new company, while John Elkmann will retain his role as FCA Chairman.The decision is still to be finalized in a memorandum of understanding in the coming weeks, but both brands have agreed to proceed.Before his death, it was FCA CEO Sergio Marchionnes vision to create a more consolidated automotive industry, and it seems like this is helping fulfill that vision.The new company will be listed on the New York, Paris and Milan stock exchanges. It isnt clear what the group will be called
Origin: FCA and Peugeot-maker PSA confirm a 50-50 merger, forming new company
Volvo and Geely to merge engine production efforts into new company
The 2019 Volvo XC60Volvo Volvo Cars and Chinas Geely plan to merge their engine operations into a standalone company, a step the Swedish automaker says will cut costs as it shifts to a fully electrified lineup.The combined unit would supply two million diesel and gasoline-powered engines, compared with the 600,000 Volvo produces today, giving the two companies more scale to reduce material costs.It could also supply other car manufacturers, though none have expressed interest yet, Volvo CEO Hakan Samuelsson said, save for Geely-owned Lotus sports cars.Global automakers are walking a financial tightrope as they spend billions to develop electric vehicles that IHS Markit forecasts will grow from 2 per cent to 12 per cent of new-car production by 2030. At the same time, slowing sales, trade wars and tightening emissions regulations in China and Europe are pinching profits. Forming a standalone supplier will free up Volvo to focus on electric powertrains and platforms in-house without starving its internal combustion engine business of resources, Samuelsson said.Its not like the combustion engine is going to be a growing business, he said in a phone interview. The right thing to do is to consolidate and seek synergies. And the earlier you do that, the stronger you will be.Volvo said no jobs will be eliminated in forming the new supplier, which will employ about 3,000 Volvo workers and 5,000 from Geely, including people in engineering, procurement, manufacturing, information technology and
Origin: Volvo and Geely to merge engine production efforts into new company
Nissan CEO ousted over pay scandal as turmoil at company deepens
Nissan Motors CEO Hiroto Saikawa speaks as he attends a press conference at the companys headquarters in Yokohama, Kanagawa prefecture on November 19, 2018. – Nissan chairman Carlos Ghosn, one of the worlds best-known businessmen, was reportedly under arrest in Japan on November 19 in a shocking fall from grace linked to allegations of financial misconduct. (Photo by Behrouz MEHRI / AFP) (Photo credit should read BEHROUZ MEHRI/AFP/Getty Images) Nissan Chief Executive Officer Hiroto Saikawa will step down over a scandal involving inflated stock-linked bonuses, deepening the crises at the Japanese automaker that have come to light since the arrest of former Chairman Carlos Ghosn.Saikawa, Ghosns handpicked successor as CEO, will resign as of September 16 and be replaced on an acting basis by Chief Operating Officer Yasuhiro Yamauchi.A new CEO will be named by the end of October, the automaker said in a late-night news conference in Yokohama, near Tokyo, on Monday.Saikawa has been facing mounting pressure following reports last week that he and other executives were paid more than they were entitled to. That was the final blow to the exiting CEO, who has spent the period since Ghosns shock arrest last November for financial crimes trying to right the carmaker as it grapples with decade-low profits, job cuts and the destabilization of losing a leader who loomed large over Nissan for two decades.An internal investigation by the automaker found Saikawa had been overpaid by 90 million yen (US$841,000) via stock appreciation rights, including tax adjustments. Other executives also received excess pay. Although Saikawas leadership has come under scrutiny since Ghosns arrest, he was reappointed as CEO by Nissans shareholders earlier this year.In June, Saikawa said he should be held responsible for the turmoil at the Japanese automaker since Ghosns arrest, and he wanted the company to accelerate the search for his
Origin: Nissan CEO ousted over pay scandal as turmoil at company deepens
Trump to meet with GM’s Mary Barra after criticizing company
President Donald Trump tours the American Center of Mobility with GM CEO Mary Barra. U.S. President Donald Trump will meet on Thursday with Mary Barra, the chief executive officer of General Motors days after he castigated the company for shrinking its U.S. workforce.The White House meeting, scheduled for the afternoon, will take place as four other auto industry giants have defied his administration by reaching a compromise with California to bolster fuel efficiency.A person familiar with the matter said Barra hoped to use the get-together, which was reported earlier by Reuters, to talk about jobs, trade and fuel economy rules. The person requested anonymity to discuss the meeting, which was announced by the White House on Wednesday night.General Motors, which was once the Giant of Detroit, is now one of the smallest auto manufacturers there, Trump tweeted on August 30, a day after Bloomberg reported GM employed fewer United Auto Workers-represented employees than Ford or Fiat Chrysler. The president called for GM to start moving back to America again.GM has about 46,000 UAW workers, about 2,000 fewer than it had in 2009, when the company emerged from a bankruptcy reorganization backed by the U.S. government.Trump has criticized GM’s plans to close plants in Michigan and Ohio, states that are crucial to his re-election bid. That has put him at odds with Barra, who has said the closings were necessary for the business to thrive. GM is also embroiled in contract talks with the UAW. The joint agreement involving California with Honda, Ford, Volkswagen and BMW had already been rejected by Trumps Environmental Protection Agency. The deal announced on July 25 alongside the California Air Resources Board eases the pace of annual efficiency improvements required under current Obama administration rules but is tougher than the Trump administrations proposal to cap mileage requirements at 2020 levels.GM was not part of that accord, and is seeking what it calls a 50-state solution.In California, they have a standard where the cars are going to have to be much more expensive and wont be as good, Trump said earlier Wednesday. If we can build a less expensive car thats better, we like
Origin: Trump to meet with GM’s Mary Barra after criticizing company
Former Jaguar styling boss Ian Callum launches his own company
Ian Callum, Jaguar head designer. Ian Callum, the man behind a bevy of beautiful designs for British car companies Jaguar and Aston Martin, has started up his own design house.Callum stepped down from the top styling role at Jaguar a few weeks ago, leaving behind a massive body of work, but also some pretty big shoes to fill.Now it looks like those shoes were never taken off in the first place. His new venture will focus on art, audio, automotive, fashion, lifestyle and motorsport, and will simply be called CALLUM. View this post on Instagram Our new Design business starts today. CALLUM A post shared by Ian Callum (@iscallum) on Jul 17, 2019 at 12:42am PDTI wanted to get back to the essence of creativity; the challenge of producing something wonderful and personal. To design the alternative has always been my mantra, but always the beautiful alternative and something to enjoy, Callum said in a statement.In todays modern world, collaboration is the catalyst for new ideas, and this is our ethos and inspiration, both within our team and as we look to work with partners in the future. CALLUM is an exciting new chapter that will focus on Journeys to Destinations, and all that encompasses.At Jaguar, Callum was responsible for such iconic modern designs as the Jaguar F-Type, the XJ, the F-Pace and the C-X75, which was featured in the 007 movie Spectre. Previously, Callum also designed the Aston Martin DB7, the Vanquish and the DB9, as well as the Ford RS200 and the Nissan R390.Joining Callum will be a few other prominent designers including David Fairbairn, who styled the lightweight E-Type; Adam Donfrancesco, who gave Noble its modern design language, and penned the Aston Martin GT8 and GT12; and Tom Bird, who put the C-X75 into the latest Bond film.CALLUM has just 18 employees so far, and a 20,000-square-foot facility in Warwick,
Origin: Former Jaguar styling boss Ian Callum launches his own company
Bugatti’s wild one-offs aren’t commissioned—they’re dreamt up by the company
The one-off Bugatti La Voiture NoirBugatti Lamborghini’s SC18 Aventador is a one-of-a-kind supercar created from a blank sheet of paper, hand-in-hand between Lamborghini chief designer Mitja Borkert and its anonymous buyer. Unveiled late last year, it was the first of what will be a growing number of multimillion-dollar commissions from the Bologna, Italy-based brand, according to chief technical officer Maurizio Reggiani. Bugatti, another Volkswagen-owned brand, is also making multi-million-dollar one-off cars for the world’s most supremely wealthy collectors. Witness the Bugatti La Voiture Noire, a US$12.5 million beast that debuted at the Geneva Motor Show earlier this year and which retains the title of the most expensive new car ever sold. It will be delivered to its (also secret) owner by the end of 2021. But while both cars are unique, they embody opposing design philosophies. Lamborghini starts from a blue-sky “whatever you want” approach for those who can cough up the funds, while Bugatti develops the car first, and then asks a prospective buyer, “Do you want it?” I spoke with Frank Heyl, the head of exterior design for Bugatti, in Lake Como, Italy. We were there for the annual Concours d’Elegance Villa d’Este and he had brought Bugatti’s big black beauty to show off on the lawn. As Bugatti chief Stephan Winkelmann milled around chatting with European collectors and vintage driving enthusiasts, Heyl discussed the burgeoning market for custom-body a.k.a. coachbuilt cars—and why Bugatti will never give a customer a pen and say, “Have at it.” Hannah Elliott: The La Voiture Noire has seemed like a great success, at least in terms of media hype and, of course, the fact that it has a buyer. Now you’ve got the task of putting it into production, and it won’t be delivered until late 2021—but in the meantime, do you have the sense that there is room for more cars like this from Bugatti? What is the world appetite for the coachbuilt car? Could we say there are hundreds of people globally who would want to purchase a similar vehicle? Frank Heyl: Easily. The market for this is really growing, and the brand is so strong that we have come to see now that the sky is the limit. HE: This reminds me of the statistic Bloomberg reported that many Bugatti owners actually own two or more of them. FH: Yes. There are a lot of multi-owners, which is significant when you consider that our base product is US$3.2 million. There are people that actually bought a Chiron to get a Divo. (Only people who owned one of the 500 Chiron cars made were invited to purchase a Divo.) That shows how strong the brand is and how the brand is perceived. HE: So, on a higher echelon than the “mainstream” Bugatti owner, what type of people are the ones buying one-off cars like La Voiture Noire? FH: Well, obviously collectors and enthusiasts. It wouldn’t be so easy if the brand didn’t have the heritage had have already been built up now so many years. HE: The La Voiture Noire car is the spiritual successor to Jean Bugatti’s personal Type 57 SC Atlantic that got lost during the Second World War. I know the idea for it has been percolating at Bugatti for more than a decade, but I imagine the timing had to be right before you finally produced it—the market had to be able to support it. FH: Yes. Back when I started (11 years ago) it cost a million dollars to buy a Veyron. Then we started the special (Veyron) Super Sport, which broke the world record. Initially, we thought we could sell a dozen or so. But it was actually more. We felt like, Okay there is more room here, let’s keep pushing. And by talking to the customers, it became very clear that there is so much more room for more ideas. HE: What about doing what Lamborghini does, allowing customers to create their very own cars. Would Bugatti do that type of ultra-hyper-bespoke one-off work where the customer calls the shots? FH: To have a customer coming to say, “I have this or that car in my mind,” that’s not how we work. When you talk about coachbuilt cars, it goes the other way around: It has to come from us. We have an idea for something, and we say to the customer, “Would you be interested?” Some say yes, some say no. HE: Why not do it? FH: When it is the other way around—I have also been involved in similar one-off projects, not for Bugatti—it gets very very difficult. You have to be very, very disciplined in your process. Otherwise your process will explode, and your time will run out. If you are not very disciplined in that process it will not make a business as well. After all, in the end we have to make it work financially. It doesn’t mean the customer cannot say, “Hey can you do this?” For example, the six tailpipes on La Voiture Noire. That was a specific dream from the customer request. But even that requires a little bit of discipline, too. The one-off Bugatti La Voiture Noir Bugatti HE: Coachbuilding is Bugatti’s heritage, even though the brand had largely
Origin: Bugatti’s wild one-offs aren’t commissioned—they’re dreamt up by the company
Uber shares steadily falling, marking the company another Wall Street flop
A person holds a mobile phone with the Uber app showing on it.Ryan Remiorz / The Canadian Press It was to usher in nothing less than a new era for Wall Street: UFAANG.’ That ungainly acronym meant to put ride-hailing company Uber in the same league as the titans of tech: Facebook, Amazon, Apple, Netflix and Google. But by Friday’s closing bell, the most talked-about start-up of the decade and the biggest initial public offering (IPO) of the year qualified for a different club—of losers. Done in by a broad stock market selloff and a weak earnings report posted by its primary rival, Uber plunged immediately at the opening of trading May 10, falling as much as 8.8 per cent from its IPO price of US$45 per share, a level that was already at the low end of bankers’ expectations. The stock closed at US$41.57, and Uber joined a small group of major IPOs that ended their first day down. Day One doesn’t necessarily determine the fate of a stock, of course. But Uber’s rough opening startled investors counting on a more jubilant debut from Silicon Valley’s quintessential unicorn. Many venture capitalists who had piled into the company were saddled with losses as the market capitalization shrank to US$69.7 billion. It all cast a pall on 2019’s prospects as the hottest year for tech listings this decade—and potentially on the future of the ride-hailing industry. Lyft Inc. followed its bigger competitor to end Friday down 7.5 per cent, almost US$21 below where it sold the stock just six weeks ago. Uber could certainly still join the celebrated group of popular tech stocks, even with a tough ride out of the gate. Dara Khosrowshahi, Uber’s chief executive officer, said in an interview on the floor of the New York Stock Exchange that trade tensions between the U.S. and China played a role in the weak performance. President Donald Trump had moved overnight to slap fresh tariffs on Chinese goods. “You can’t pick when you go public,” Khosrowshahi said. Still, Uber shares extended losses into Monday, sinking below US$38 per share, even as U.S. equities stabilized on renewed optimism that an all-out trade war can be averted. Khosrowshahi said in the interview that while profitability was a priority for the company, public market investors should be judging Uber by a different measure once it starts reporting quarterly earnings. “The most important sort of statistic to look at is bookings, because that reflects essentially what people are paying for the service,” he said. Uber sold 180 million shares for US$45 each Thursday, after marketing them for US$44 to US$50 apiece. Even at the low end of the price range, Uber’s listing was the ninth-largest U.S. IPO of all time and the biggest on a U.S. exchange since Alibaba Group Holding Ltd.’s US$25 billion global record-holder in 2014, according to data compiled by Bloomberg. A market value of less than US$70 billion is a considerable climb down from earlier projections: Last year, bankers jockeying to lead the offering told Uber it could be valued at as much as US$120 billion in an IPO. The San Francisco-based company last raised private capital from Toyota in August at a valuation of about US$76
Origin: Uber shares steadily falling, marking the company another Wall Street flop
Ford invests $500 million in EV company Rivian
Ford has agreed a deal with Rivian to develop a new model on the fast-rising electric vehicle (EV) maker’s platform and take a minority stake in the firm. Rivian is currently developing its R1T pick-up truck and R1S seat-seat SUV, which will both be built on a bespoke ’skateboard’ chassis that was designed to be modular, so it can be used for a wide range of machines. The new strategic partnership, in which Ford has taken around $500 million (£386 million) equity investment in Rivian, will result in engineers from the two American companies working together to develop a battery EV for Ford. There are no details yet on the type of vehicle the firms will work on, although it will be “all-new”. In the US, Ford has shifted its focus to pick-ups and SUVs, and it’s currently developing an electric version of its hugely popular F-150. Ford boss Jim Hackett said the partnership with Rivian “brings a fresh approach” to Ford’s development of EVs and that the fledgling firm “can benefit from Ford’s industrial expertise and resources”. Rivian founder RJ Scaringe called the deal a “key milestone in our drive to accelerate the transition to sustainable mobility”. Rivian will remain an independent company. Ford is just the latest major investor the firm has secured; it had already raised £894.5m, including £544 million from online retailing giant Amazon, announced at the Los Angeles motor show. The deal is also the latest in a number of partnerships that Ford has secured as part of its global restructuring. It recently agreed a deal to work with Volkswagen to develop a range of vehicles, including vans and mid-size pick-ups, and has talked about building vehicles using the German conglomerate’s MEB platform for
Origin: Ford invests $500 million in EV company Rivian
This Dutch company will electrify your vintage Porsche
A Dutch firm called Voitures Extravert wants to convert your vintage 911 into a fully electric vehicle. The company’s Quintessenza conversions were introduced last year, with the goal of a five-build run, with maybe another 12 for 2019. However, now the company is announcing it’s going to increase the number of cars converted to three per month, a total of 36 per year. The conversion involves much more than just an engine swap: Voitures Extravert is also a restoration expert and can customize your vehicle to any taste that you want. It has explicitly stated it won’t convert models from the 1960s, but it will take your ’70s and ’80s machines and backdate them to look like older models. Modern conveniences can be added to the rest of the drivetrain as well, to boost safety. Powering the conversion is an electric motor in the same place as the original engine; the running gear now makes 672 lb.-ft. of torque, which puts the car’s performance specs closer to those of a 1970s race car. The weight distribution has also been improved by way of the front-mounted batteries. Range for the electric Porsche isn’t too horrible either; the 58-kilowatt-hour battery can power the car for up to 200 miles (321 km), and fast-charging allows 100 km of range to be added in just 15 minutes. The conversions obviously aren’t cheap: they cost about US$338,000, or about $450,000 Canadian. But at least you can say you’re trying to save the planet, one classic at a
Origin: This Dutch company will electrify your vintage Porsche