Carvana Co. (NYSE: CVNA), an e-commerce company for buying and selling used cars, yesterday offered 4,200,000 shares of its Class A common stock at a price of $65 per share. The SEC does not yet have a filing confirming the results of the proposed transaction, but lately the market has been wary of such offerings from companies that are not solidly profitable. Carvana’s negative net “profit” is more than -3%. In addition, Carvana wanted to grant the underwriters the right to purchase up to 630,000 additional shares of Class A common stock at the offering price. The offering was increased from the previously announced offering size of 3,500,000 shares of Class A common stock.
The offering is subject to customary closing conditions. Wells Fargo Securities, Citigroup and Deutsche Bank Securities acted as book-running managers for the proposed offering. Continue reading
Simon Pagenaud took the pole for the 2019 Indianapolis 500.
Simon Pagenaud driving for Penske – who has 17 Indy 500 wins – took the pole for the 2019 Indianapolis 500 at 2:36.5271 seconds for a 229.992 mph average speed. With positions 10-33 already set for the 103rd running of the Indianapolis 500, the drivers comprising the Firestone Fast Nine took to the track on last Sunday afternoon to see who would win the pole position.
Team Penske placed Josef Newgarden, Will Power and Simon Pagenaud in the grouping, with Pagenaud besting them all to win his first career Indianapolis 500 pole position and the 18th for team owner Roger Penske. He’s the odds-on favorite to win, continuing a strong month of May that has also seen the Frenchman win the INDYCAR Grand Prix on the Indianapolis Motor Speedway road course. Continue reading
A new study funded by Nissan Claims that 8 in 10 younger American car buyers are putting sedans high on their consideration list. Nissan, of course, is in the process of renewing its cars so is it a surprise that it claims the youngest generations of car buyers – millennials and Generation Z – may have their sights set on sedans?
According to a survey, respondents who don’t currently own a sedan,would consider buying one (78%), and younger respondents reported an even higher like for the body style. Nissan recently unveiled its latest sedan, the all-new Versa, which is new inside and with technology not generally seen in the sub-compact class. It’s a large investment in what is a fading segment. Continue reading
The Aston Martin DBS Superleggera is about to become the newest James Bond inspired car, thanks to the most recent collaboration between Aston Martin and EON Productions to make On Her Majesty’s Secret Service.
To celebrate the 50th anniversary of Bond films, 50 On Her Majesty’s Secret Service DBS Superleggera special edition cars will be sold. Painted Olive Green to match the original 1969 Aston Martin DBS driven by James Bond in the movie, DBS Superleggera has (marketing babble alert) “a new level of brutish elegance.” Continue reading
Chrysler (FCA US) is recalling 410,351 model year 2015-2017 Ram 1500, 2500 and 3500 pickup trucks equipped with an 8-foot truck bed and a power locking tailgate. Chrysler is also recalling all 2018 Ram 1500, 2500 and 3500 pickup trucks built before April 1, 2018 that are equipped with a power locking tailgate.
An impressive sales history of Ram pickups and Jeeps could be a huge liability.
The tailgate actuator limiter tab may fracture and cause the tailgate to unlatch and open while driving. If the tailgate opens while the vehicle is being driven, cargo may fall out the vehicle and create a road hazard, increasing the risk of crash. Continue reading
Honda announced today that reservations for its new urban electric vehicle – Honda e – are now open in the UK, Germany, France and Norway. A dedicated online reservation website allows customers to reserve a priority status to order the Honda e with a refundable reservation fee of £800. Customers will then be able to place an order from later this year with first deliveries of the vehicle from Spring 2020. Continue reading
BMW of North America is recalling some model year 2016-2017 X1 sDrive28i, X1 xDrive28i, MINI Hardtop 4 Door Cooper, Mini Hardtop 4 Door Cooper S, MINI Cooper Clubman, and Cooper S Clubman, 2017 Rolls-Royce Ghost, and 2016 528i vehicles. Dealers have been told to stop sales and leasing of the recalled models, new or used.
The vehicle-sensitive locking mechanism of the seat belt Emergency Locking Retractor (ELR) for the driver’s seat may not lock as designed. As such, these vehicles fail to comply with the requirements of the Federal Motor Vehicle Safety Standard (FMVSS) number 209, “Seat Belt Assemblies.” Continue reading
Talking up a undervalued stock or just a smart buy?
Speedway Motorsports, Inc. (“SMI” or NYSE: TRK) today announced that the Special Committee of its Board of Directors has retained Morgan Stanley & Co. as financial advisor to assist the Special Committee in the review of the previously disclosed in April non-binding proposal from Sonic Financial Corporation.
Sonic is a company owned and controlled by O. Bruton Smith and his family. They want to acquire all the outstanding shares of common stock of the Company, other than the shares held by Sonic Financial, O. Bruton Smith, his family and entities controlled by Mr. Smith and his family, for cash consideration of $18.00 per share. The stock is currently trading in the $18.40 range.
Whether this is simply a legal ploy that allows the Smith family to take over Speedway at a bargain price by demonstrating due diligence, or just exhaust noise designed to talk the stock up remains to be seen. Continue reading
Julian Biggs and Rachel Portman, one of Britain’s most celebrated composers of film music. We surmise the Germans are done bombing England.
The Home of Rolls-Royce recently played host to an evening of music and conversation, in support of the Chichester Cathedral Roof Restoration Appeal. Attended by 150 patrons and supporters, the ticket-only event began with Champagne and canapés, followed by an interview with Rachel Portman OBE, one of Britain’s most celebrated and prolific composers of film music.
Portman’s numerous credits include Emma, starring Gwyneth Paltrow, for which she won an Oscar in 1996, and her Academy Award nominated scores for Chocolat and The Cider House Rules. In 2015, she received an Emmy for her work on HBO’s record-breaking TV movie Bessie, a biography of blues singer Bessie Smith. Continue reading
The new architecture also provides more rapid communications within the vehicle itself and to outside sources thanks to Ethernet connections of 100Mbs, 1Gpbs and 10Gbps.
General Motors President Mark Reuss today debuted the its all-new electronic platform for its next generation of vehicles, EVs, active safety, infotainment and connectivity features, as well as the evolution of the Super Cruise driver assistance hardware*.
The technology powers an electronic system, capable of managing up to 4.5 terabytes of data processing power per hour, a five-fold increase in capability over GM’s current electrical architecture. The electronic platform was developed at GM facilities across the globe by a team of electrical, hardware and software engineers. Continue reading
Posted in autonomous vehicles, distracted driving, electric vehicles, mobility company
Tagged 2020 Cadillac CT5, auto industry commentary, autoinformed.com, automotive blog, Automotive Information Sharing & Analysis Center, cybersecurity, Ken Zino, zero congestion, zero crashes, zero emissions
Click to Enlarge.
Electric drive systems and automated driving are key technologies for the mobility of the future claims Mercedes-Benz and every other automaker. In preparation, the German luxury car and truck maker is showing much more flexible seating positions in the interior of such vehicles, but they need a different types of occupant protection.
Even farther out this untested road by real customers in this brave new world is trust. The acceptance of self-driving vehicles will require initially holding an untested belief that they will be safer than conventional vehicles. Moreover, other road users must be able to recognize what an automated vehicle intends to do, because there will be no driver to communicate this. Continue reading
To encourage sharing at work, the studio uses an open format.
Nissan has opened its all-new Latin America design studio, known as The Box, in Sao Paulo. The new studio is meant to be a creative lab for designing – what else _ “future mobility solutions.”
With the motto “Disruption through Fusion,” its mission is to merge and translate Latin American and Japanese cultures as it develops new Nissan projects targeting both Latin American and global markets. Continue reading
Simon Pagenaud, driver of the #22 Team Penske IndyCar Chevrolet V6, qualifies fastest on Sunday 19, taking the pole position. The 103rd running of the Indianapolis 500 take place on Sunday 26 May.
Simon Pagenaud driving for Penske – who has 17 Indy 500 wins – took the pole for the 2019 Indianapolis 500 at 2:36.5271 seconds for a 229.992 mph average speed. With positions 10-33 already set for the 103rd running of the Indianapolis 500, the drivers comprising the Firestone Fast Nine took to the track on Sunday afternoon to see who would win the pole position.
Team Penske placed Josef Newgarden, Will Power and Simon Pagenaud in the grouping, with Pagenaud besting them all to win his first career Indianapolis 500 pole position and the 18th for team owner Roger Penske. Continue reading
An optimistic scenario would see Thai LV sales hit a high of 1.10 mn units this year, overtaking the Indonesian market in the process. Click to Enlarge.
During Q1 2019, ASEAN Light Vehicle (LV) sales increased by 3% year-on-year (YoY), with every market except Indonesia posting some growth in the period, according to consultancy LMC. Strong sales allowed Thailand to overtake Indonesia to become the largest LV market in the ASEAN region in Q1 2019. Number One was held by Indonesia between 2014 and 2018.
The Indonesian LV market closed the quarter with 233,000 units sold, marking a sharp 13% drop from Q1 2018, with almost every automaker declining. The best performance was recorded by Isuzu (+776 units), led by the new TRAGA Truck, which launched in Q2 last year. Continue reading
Mercedes-Benz Cars appoints new sales management in China, USA and Russia.
- Nicholas Speeks will become new CEO of Mercedes-Benz USA and Head of Sales NAFTA Mercedes-Benz Cars.
- Jan Madeja will be Head of the Chinese sales company for passenger cars, Beijing Mercedes-Benz Sales Service.
- Holger Suffel will become CEO of Mercedes-Benz Russia and Head of Sales Mercedes-Benz Cars Russia.