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Joint mobility company to be established with BMW next year

Vlad Poptamas

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  • Completion of transaction expected in 2019
  • Anticipated earnings effect at Daimler Financial Services to be recognized in 2019

The planned joint mobility company with the BMW Group is expected to be established at the beginning of next year. This has been agreed by Daimler AG and BMW Group. Following the approval of the project by the EU Commission, the two partners are continuing talks with the US antitrust authorities. Completion of the transaction, which was originally planned for 2018 and continues to be pursued by both partners, can no longer be achieved in the remaining weeks of this year.

In this context, the expected significant positive valuation and earnings effects at Daimler Financial Services will be realized in 2019. Accordingly, the earnings forecast for the Daimler Financial Services division has been reduced for 2018. The division now expects EBIT to be significantly lower than in the previous year. The forecast for the Daimler Group’s EBIT in the 2018 financial year remains unaffected and unchanged. As previously announced, the transaction will not have any cash-flow impact on the industrial business.

With their joint venture, Daimler AG and BMW Group plan to combine their mobility services in the fields of car sharing, ride hailing, parking, charging and multimodality, and to create one of the leading providers of innovative mobility services. Both automobile manufacturers want to shape the future of mobility in order to offer their customers unique experiences and to support partners such as cities and municipalities along the way to achieving sustainable urban mobility. In the future, customers will have a holistic, intelligent and seamlessly linked ecosystem of mobility services at their disposal at the touch of a button. In this way, the two partners are addressing the challenges of urban mobility as well as customers’ requirements and, together with cities, municipalities and other interest groups, are helping to improve the quality of life in metropolises.

This document contains forward-looking statements that reflect our current views about future events. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” “may,” “can,” “could,” “plan,” “project,” “should” and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates and tariff regulations; a shift in consumer preferences towards smaller, lower-margin vehicles; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending government investigations or of investigations requested by governments and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe under the heading “Risk and Opportunity Report” in the current Annual Report.
If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication.

Daimler at a Glance
Daimler AG is one of the world’s most successful automotive companies. With its divisions Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services, the Daimler Group is one of the biggest producers of premium cars and the world’s biggest manufacturer of commercial vehicles with a global reach. Daimler Financial Services provides financing, leasing, fleet management, insurance, financial investments, credit cards, and innovative mobility services. The company’s founders, Gottlieb Daimler and Carl Benz, made history with the invention of the automobile in the year 1886. As a pioneer of automotive engineering, it is a motivation and commitment of Daimler to shape safely and sustainably the future of mobility: The Group’s focus is on innovative and green technologies as well as on safe and superior automobiles that appeal and fascinate. Daimler consequently invests in the development of efficient drive trains with the long-term goal of locally emission-free driving: from hightech combustion engines about hybrid vehicles to electric drive trains powered by battery or fuel cell. Furthermore, the company follows a consistent path towards intelligent connectivity of its vehicles, autonomous driving and new mobility concepts. This is just one example of how Daimler willingly accepts the challenge of meeting its responsibility towards society and the environment. Daimler sells its vehicles and services in nearly all the countries of the world and has production facilities in Europe, North and South America, Asia, and Africa. Its current brand portfolio includes, in addition to the world’s most valuable premium automotive brand, Mercedes-Benz (Source: Interbrand-Study, 10/4/2018), as well as Mercedes-AMG, Mercedes-Maybach and Mercedes me, the brands smart, EQ, Freightliner, Western Star, BharatBenz, FUSO, Setra and Thomas Built Buses, and Daimler Financial Services’ brands: Mercedes-Benz Bank, Mercedes-Benz Financial Services, Daimler Truck Financial, moovel, car2go and mytaxi.
The company is listed on the stock exchanges of Frankfurt and Stuttgart (stock exchange symbol DAI). In 2017, the Group sold around 3.3 million vehicles and employed a workforce of more than 289,300 people. With application of IFRS 15 and IFRS 9 in financial year 2017, Group revenue would have amounted to €164.2 billion and Group EBIT would have amounted to €14.3 billion. Before application of IFRS 15 and 9, Group revenue in 2017 amounted to €164.3 billion and Group EBIT amounted to €14.7 billion, as previously reported.

SOURCE Daimler North America – Corporate Communications

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Automotive

Jeep® Cherokee Named ‘Most American’ Vehicle on Cars.com’s American-Made Index for Second Consecutive Year

Vlad Poptamas

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Photo source: jeep.com
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  • Jeep® Cherokee earns top spot on Cars.com’s annual American-Made Index
  • Cherokee boasts a new-for-2019 premium design, along with a new turbocharged 2.0-liter engine that enhances performance and fuel efficiency

For the second consecutive year, Jeep® Cherokee – the most capable midsize sport-utility vehicle – is ranked first on Cars.com’s annual American-Made Index (AMI).

“The Jeep Cherokee tops Cars.com’s American-Made Index for the second year in a row, taking the number-one position, thanks to high scores across the five major factors analyzed in the index,” said Kelsey Mays, Senior Consumer Affairs Editor, Cars.com.

Now in the second year of its revised methodology, the AMI considers five major factors to zero in on the economic impact of a given model: assembly location, domestic-parts content as determined by the American Automobile Labeling Act, engine sourcing, transmission sourcing and factory jobs provided by each automaker’s U.S. plants.

“As we approach the Fourth of July holiday, we are especially pleased to celebrate Cherokee’s place as the most American vehicle on Cars.com’s American-Made Index for the second consecutive year,” said Jim Morrison, Head of Jeep Brand – North America. “We salute the dedicated employees who build the Cherokee, the most capable midsize SUV on the planet, as well as all the loyal Jeep owners who drive it.”

Jeep Cherokee boasts an authentic and more premium design for 2019, along with the addition of an advanced 2.0-liter direct-injection inline four-cylinder engine that enhances performance and fuel efficiency up to 31 mpg.

Complete with a refreshed fascia, lightweight hood, LED headlamps, daytime running lamps (DRL), fog lamps and liftgate, the Jeep Cherokee is a vehicle that offers a fresh look, and maintains its unmatched capability in all weather conditions, on the road or trail.

Jeep Cherokee is manufactured at the Belvidere Assembly Plant in Belvidere, Illinois. It competes in the largest SUV segment in the United States, with more than 2 million sales annually.

 

SOURCE FCA US LLC

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Artificial Intelligence

GAC Motor Collaborates With Tata Elxsi to Develop Smart Gateway Module

Vlad Poptamas

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Photo source: hindustantimes.com
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Tata Elxsi announced today that it is developing an AUTOSAR-compliant Smart Gateway module for GAC Motors R&D Center. This module will feature in their new range of Electric Vehicles expected to launch in the second half of 2020.

The Smart Gateway module consists of multiple CAN, Ethernet and LIN channels and will act as the communication centre to control the inter-bus communications between various other ECUs like ADAS, IVI, BMS, HUD cluster.

“Tata Elxsi has rich experience in the development of automotive electronics software. We are very happy to leverage Tata Elxsi’s experience on the central gateway product and jointly go for development. This will accelerate our software technology development in the intelligent connected vehicle,” said Zhang Ying, Project Director of Ethernet Gateway, GAC R&D Center.

“We are delighted to partner with GAC R&D Center in the development of the smart gateway to help better manage the increasing complexity of automotive electronic architecture and network, with enhanced safety and security. This win also enables us to leverage our expertise and contribute to the development of intelligent connected vehicles inChina, one of the world’s leading hubs for next-generation mobility systems,” said Nitin Pai, SVP and Global Head of Marketing, Tata Elxsi.

Tata Elxsi works with leading global automotive OEMs, suppliers and chip vendors in system and software development for the next generation of intelligent, autonomous and electric vehicles. This is complemented by a proven suite of software for classic and adaptive Autosar, ADAS and autonomous software and tools for automated testing and validation.

 

SOURCE Tata Elxsi

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Artificial Intelligence

Ideanomics signs MoU with Beijing Foton Motor Company; Definitive Agreement to Follow

Vlad Poptamas

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Photo source: ideanomics.com
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Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global Fintech and AI catalyst for transformative industries, today announced the signing of a MoU with Beijing Foton Motor Company(“Foton”), which will serve as a pre-cursor to a definitive agreement, to allow the two parties to begin working immediately.

The agreement for China-based activities is a 2-year deal, at 5 Billion RMB (approximately $750 Million) per year, making the overall deal valued at 10 Billion RMB (approximately US $1.5 Billion). Ideanomics will provide ABS lease financing of 10 Billion RMB over two years, and fulfill with for Foton on orders of 60,000 EV buses, broken down as follows: 1) not less than 20,000 vehicles from state-owned large-scale tourism groups and referred to as “Tourist bus orders”; 2) no less than 20,000 bus orders from local governments or local bus transportation systems; 3) no less than 20,000 Tourist bus orders from major domestic tourism associations and/or their members. Furthermore, for bus orders introduced by Ideanomics, a commission will be paid for each bus unit sold, at an amount to be determined according to each respective order.

For Malaysia-based activities, including cooperation for the extended ASEAN region, the supply of bus parts and systems, including EV batteries, and a cooperation on the implementation of a charging network, for which Ideanomics shall source no less than 6,000 vehicles from the Malaysian central government and its departmental agencies including EV buses and Police passenger vehicles (cars and motorcycles). For orders within Malaysia and the ASEAN region, Ideanomics shall be entitled to commission per unit sold, at an amount to be determined according to each respective order.

For Vietnam-based activities, Ideanomics shall source no less than 20,000 vehicles, both EV Bus and passenger car for e-taxi conversion, with Foton making available its 30,000-part bus system and technology for assembly in Vietnam. The agreement allows for negotiations with the Vietnam state electrical grid, to introduce a national charging network.

The agreement also allows for projects in other geographical areas, including Europe and the Americas, on a project-by-project basis.

“We are very grateful for the efforts of Dr. Wu, Avis Zhu and the entire China-based Ideanomics team, with support from our colleagues at Treeletrik in Malaysia, for successfully delivering on this deal. Foton is arguably the premier EV bus manufacturer globally, and this agreement positions us to further consolidate our position as a global EV advisory services company, as well as enable us to expand our footprint beyond China with the leading EV bus product available today. The fact Foton promoted signing a MoU, to allow the parties to begin activities immediately while the broader definitive agreement is signed, is testament to our growing reputation as the advisory partner of choice for large-scale EV initiatives in Asia,” said Alf Poor, CEO of Ideanomics.

Beijing Foton’s commercial division is focused on building a future of efficient and environmentally friendly EV Buses and other commercial vehicles, as a vehicle manufacturer. Ideanomics is leading the way for the future of ABS financing, technology enablement with the application of blockchain and artificial intelligence technologies as part of the next-generation of financial services,” said Mr. Liang Shaowen, of Beijing Auto Foton Commercial Vehicle. “Together, Foton and Ideanomics will seize upon the opportunity of large-scale EV and Hydrogen replacement of public and private transportation infrastructure in major markets and the same time raise the standard for technologically advanced vehicles which offer dependability, reliability and improved customer satisfaction. This, coupled with compelling, economically viable, financing programs for the cities and bus operators that manage these fleets will serve a much-needed gap in the market.”

 

SOURCE Ideanomics

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