Raja M.’s Post

Polestar raises $950 million from 12 international banks - expects to break-even on cash flow basis in 2025 and improve profit margin to double digits this year. https://lnkd.in/dwdwmh2p #polestar #investing #electicvehicles #automakers #stockmarketnews #unitedstates #cars #businessnews

Tesla Resets the Game ⚡ Tesla introduces zero-interest loans for up to 5 years, aiming to supercharge Model 3/Y sales in China. This is not just about boosting sales; it's about making sustainable mobility accessible, ensuring Tesla's leadership in the EV race continues. Check out all the details on our full report here ➡ https://lnkd.in/gkR-U6Ex What are your thoughts on Tesla's zero-interest loan strategy in China? Do you think it will significantly impact Tesla's sales and market share in the competitive EV landscape? Share your insights below! #Tesla #ElectricVehicles #Innovation #MarketStrategy #SustainableMobility

Throwing in the towel. It wasn't going to easy after the recall. At some point in the future, the EV story will get the necessary demand. For now, more subsidies will be required to keep it afloat. Hold on tight, it's rough! #ev #cars #hybrid #battery #transport https://lnkd.in/dYBMcK7s

Fisker's Distressed Sale of Ocean SUVs to Impact Creditors Fisker, a troubled electric vehicle company, is in the process of obtaining approval from the Delaware Bankruptcy Court to sell its remaining inventory of all-electric Ocean SUVs to a New York-based leasing company, American Lease. The deal, valued at $46.25 million, involves selling 3,231 vehicles at a significant discount of approximately $14,000 per vehicle, compared to their original prices of about $70,000. This move is critical for Fisker as it aims to generate funds swiftly to cover essential expenses such as payroll. However, the sale has raised concerns among unsecured lenders who fear that they may not receive any proceeds from the sale, considering Fisker's existing debt of around $1 billion to its unsecured creditors. The leasing company, American Lease, primarily serves ride-hail drivers in New York City, aligning with the city’s regulatory requirement for zero-emission fleets by 2030. Fisker's largest secured creditor, Heights Capital Management, has supported the sale, despite it only partially repaying the nearly $190 million owed by Fisker. The deal with American Lease also includes a provision that the vehicles cannot be resold for 12 months and will be sold "as is" without any warranties. Additionally, Fisker's CEO and co-founder, Henrik Fisker, and other top executives are still on the payroll, with their salaries undergoing modifications. The company is also wrestling with unresolved issues like open recalls and a problem with the water pumps on the Ocean models. A new hearing is scheduled for July 11 to address the concerns of the unsecured creditors and the U.S. Trustee’s office, which is apprehensive about the pace of the sale process. The outcome of this sale could significantly impact Fisker's future, potentially leading to a Chapter 7 liquidation if not managed properly. # Thank you Elena Petrovski for your submission!

Luca de Meo Secures Four More Years at Renault Helm Follow me for more technical data :https://lnkd.in/evN3jc94 The recent Renault Group shareholders' assembly, held last Friday, reaffirmed its support for Luca de Meo by renewing his mandate as Chief Executive Officer for another four years, extending until 2028. This decision comes in recognition of his pivotal role in the company's transformation, debt reduction, and ensuring profitability. Over the past four years, Luca de Meo has spearheaded Renault's remarkable turnaround. His Renaulution plan has proven highly successful, significantly reducing the company's debt while reclaiming its leadership position in the French market. During Renault's recent shareholders' assembly, Luca de Meo was confirmed for a second four-year term as head of the French automaker. The company's board of directors unanimously renewed de Meo's mandate until May 2028, as announced by Chairman Jean-Dominique Senard the day before. Shareholders also approved an increase in Luca de Meo's remuneration, potentially reaching €5.53 million annually, with over 70% of voters supporting the decision. Renaulution and Horse/Ampere Separation In his first four years, Luca de Meo successfully orchestrated Renault's remarkable turnaround, transitioning from heavy debt to profitability. Among his notable achievements are the success of new hybrid thermal models, reinvigorating Renault's presence in the strategic C segment. Additionally, the company has effectively expanded its sales profitably by strengthening its retail strategy. Another significant transformation under de Meo's leadership is the electric strategy, marked by the introduction of the first Mégane e-Tech model. Moreover, de Meo made the strategic decision to separate thermal and electric activities by establishing two distinct subsidiaries: Ampere for electric and Horse, a joint venture with Chinese automaker Geely based in Spain. Next Step: Acquiring Chinese Technology Notably, in the first quarter of 2024, Renault stands as one of the few Western automakers to record positive results. While others faced setbacks due to electrification-related cost increases, Renault's revenue reached €11.7 billion, up 1.8%. However, adverse exchange rates limited growth to 5.9% at constant exchange rates. Following the trend of Western automakers aligning with Chinese manufacturers to enhance profitability and offer affordable electric vehicles, Luca de Meo embarks on a new phase of development for Renault. His prominent presence at the recent Beijing Auto Show provided an opportunity for strategic discussions with industry leaders, including partners Geely and Dongfeng, key suppliers, and new players like the founders of Li Auto and Xiaomi Technology, as noted by François Provost, Renault's Head of Purchasing and Partnerships. #Renault  #AutomotiveIndustry  #LucaDeMeo  #Renaulution  #ElectricVehicles  #Partnerships

BMW X3M FINANCED! We recently secured the finance of this brand new BMW X3M for a valued client of ours. What went into this deal? The client approached out Head of motor Krish Appiah looking for a new car. Krish then assisted the client in sourcing the perfect motor car for them, as well as the necessary finance. This client was able to get their hands on a brand new BMW X3M offsetting the cost over a fixed and manageable term. If you want to find out how you could finance your own vehicle, get in contact with a member of our team at Info@approved-finance or on 01908 429888 #BMWX3M #CarFinancing #AutoLoans #LuxuryCars #BusinessFinancing #BMW #X3M #FinancedWithUs #CarPurchase #VehicleFinancing #DriveInStyle #LuxuryOnTheRoad #BusinessSuccess #AutomotiveFinancing #CarDeal #DriveBMW #NewCarFeeling #FinancialSolutions #TailoredFinancing #YourCarYourWay #BusinessGrowth #FinanceYourDreams

Although EVs are the likely future of automobiles, the transition from traditional gas burning vehicles to electric ones is not the proverbial smooth ride particularly now that the early adapters have already made the switch. Getting the marginal driver to take the plunge is a much greater challenge. #bankruptcy #restructuring #chapter11

US electric carmaker #Lucid Group secures $1.5bn from #PIF! "#US #automaker #LucidGroup has secured $1.5 billion in new #funding from its #majority #shareholder, #AyarThirdInvestment Co., an affiliate of #SaudiArabia’s #PublicInvestmentFund. The deal includes $750 million in #convertible #preferred #stock via private placement and a $750 million #unsecured #delayed #drawterm #loan facility, subject to #certain #terms and #conditions, according to a statement. This is in line with #PIF’s aim to be a #global #investment #powerhouse and the world’s #most #impactful #investor, enabling the creation of new sectors and opportunities to #shape the #future global #economy while driving #Saudi #Arabia’s #economic #transformation. It also aligns well with #Lucid’s mission to expedite the #global #shift toward #sustainable #transportation and #energy by crafting the most #advanced #electric #vehicles available. The #EVmaker also #announced its #financial #results for the second quarter, which ended June 30. Lucid reported #revenue of $200.6 million on #deliveries of 2,394 vehicles during this period, according to a statement. The #carmaker expects to #manufacture approximately 9,000 vehicles in 2024." #autonews #automotivenews #news #auto #mobility #electricvehicles #electriccars #sustainability #sustainable #evmanufacturing #evmarket

In January/February of 2003, recovery values plummeted for auto lenders largely due to rental car companies dumping fleets. While this is certainly not on the same scale, this will give lenders pause who already have concerns about recoveries on EVs. https://lnkd.in/gwqWpuuN #fintech #autolending #autofinance #subprime #banking #creditunions #creditunionsrock #trudecision #afsa

Discover the refined elegance of the Genesis G80 in stunning Makalu Grey. With £8,500 towards your deposit and ready for immediate delivery, your journey to luxury begins here. Book a test drive today for refined performance. https://lnkd.in/eYzPCQ_B T&Cs apply. Subject to status. 18s and over. Guarantee may be required. Hyundai Motor UK Ltd (trading as Genesis Motor UK) is a credit broker and not a lender, and will only make introductions to Genesis Finance RH2 9AQ. Hyundai Motor UK Limited is an appointed representative of Product Partnerships Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 626349). At the end of the agreement there are three options: part exchange the vehicle; (ii) pay the optional final payment to own the vehicle, or (iii) return the vehicle. Further charges may be made subject to the condition or mileage of the vehicle. #GenesisG80 #GenesisLondonSouthEast