GM names Paul Jacobson CFO » 16:1610/3010/30/20
General Motors (GM)…
Delta Air Lines CFO Jacobson to depart on November 15 to join General Motors » 16:1210/3010/30/20
Ed Bastian, CEO, said in…
Ed Bastian, CEO, said in a regulatory filing, "This week, E.V.P. and Chief Financial Officer Paul Jacobson shared with me that he will move forward with his plans from earlier this year and will be departing Delta effective Nov. 15 to join General Motors as CFO. Earlier this year, Paul delayed his decision to retire from Delta to help address the financial impact of the pandemic. Since then he has led the team that has, among other things, raised nearly $30 billion in liquidity - a cushion that is essential to weathering the storm and positioning Delta to lead the industry in the recovery from the pandemic. He has worked tirelessly throughout this year to save costs and protect our future, and I appreciate his leadership through some of the darkest days of Delta's history. Paul joined Delta in 1997 and was named Chief Financial Officer in 2012. In his time here, he has built a world-class financial team, which will be focused on restoring our investment-grade balance sheet and keeping Delta strong in the months and years to come. We will be conducting a global search for a replacement as well as considering internal candidates. In the interim, Gary Chase, S.V.P. - Business Development & Financial Planning, and Bill Carroll, S.V.P. - Finance & Controller, will serve as Co-Chief Financial Officers, jointly leading the Finance team. Please join me in wishing Paul the very best in the next chapter of his career and thanking him for the great contributions he has made to establish Delta as the leading airline in our industry."
Fisker says 'really only two electric car companies in the U.S. that are public' » 09:5410/3010/30/20
FSR, SPAQ, TSLA
Fisker (FSR) executive…
Fly Intel: What to watch in Twitter earnings report » 13:1110/2910/29/20
AMZN, TWTR, BTC, TSLA, MSFT, SQ, AAPL, UBER
Twitter (TWTR) is…
General Motors could be major player in EV market with Tesla, says Wedbush » 09:3010/2910/29/20
GM, TSLA, NKLA
Wedbush analyst Daniel…
Wedbush analyst Daniel Ives notes that General Motors (GM) is officially entering the electric pickup race and throwing its hat in the ring with GMC Hummer EV with more details released over the past week. The GMC Hummer EV is slated to go on sale with an initial launch slated for next Fall 2021 with a high sticker price of roughly $113k, he notes. While reservations are initially sold out, the analyst believes broadly this vehicle could see relatively strong demand out of the gates given the initial specs and the massive market opportunity ahead on the EV front. Competition wise, GM - as well as Nikola (NKLA) with the Badger - are going after Tesla (TSLA) and its Cybertruck, which Ives believe is on a path to 700k pre-orders.
Fly Intel: What to watch in auto sector earnings reports » 13:5610/2810/28/20
Ford (F) is scheduled to…
GM Defense subsidiary announces first delivery of Infantry Squad Vehicle » 10:3110/2710/27/20
GM Defense, a subsidiary…
GM Defense, a subsidiary of General Motors, announced the first delivery of the Infantry Squad Vehicle, or ISV - a light and agile all-terrain troop carrier intended to transport a nine-Soldier infantry squad and their equipment - to the U.S. Army as part of a $214.3M contract awarded in June. "GM Defense will manufacture 649 ISVs and will support the production of up to 2,065 vehicles with additional authorization over eight years. This is the first major award and delivery for GM Defense since the subsidiary was reestablished by its parent company in 2017," the company stated. Reference Link
Tesla price target raised to $137 from $117 at Citi » 07:1510/2710/27/20
Citi analyst Itay…
Citi analyst Itay Michaeli raised the firm's price target on Tesla to $137 from $117 and keeps a Sell rating on the shares. The analyst increased 2022 through 2022 earnings estimates on back of the company's "stronger" Q3. The target bump reflects higher long-term margin assumptions and greater confidence in gross margin execution, Michaeli tells investors in a research note. The analyst, however, still believes Tesla shares reflect a "significantly more robust growth/margin outcome" than what is most likely.
Tesla paid CEO Musk $3M for 90 days worth of indemnity coverage » 17:4810/2610/26/20
According to a regulatory…
According to a regulatory filing, Tesla said that, in June 2020, CEO Elon Musk entered into an indemnification agreement with the company for an interim of 90 days following Musk's purchase of common stock in February in a public offering. During the interim term, the company resumed its annual evaluation of all available options for providing directors' and officers' indemnity coverage, which it had suspended during the height of shelter-in-place requirements related to the COVID-19 pandemic. As part of such process, Tesla obtained a binding market quote for a directors' and officers' liability insurance policy with an aggregate coverage limit of $100M. Pursuant to the indemnification agreement, Musk provided, from his personal funds, directors' and officers' indemnity coverage to Tesla during the interim term in the event such coverage is not indemnifiable by the company, up to a total of $100M, the company said. In return, Tesla agreed to pay its CEO a total of $3M, which represents the market-based premium for the market quote, as prorated for 90 days and further discounted by 50%. Following the lapse of the 90-day period, Tesla said it did not extend the term of the indemnification agreement with its CEO and instead bound a customary directors' and officers' liability insurance policy with third-party carriers.
General Motors to upgrade design capability in China » 11:2410/2610/26/20
General Motors announced…
General Motors announced that it will upgrade the GM China Advanced Design Center in Shanghai, more than doubling current studio space and milling capacity. The GM China Advanced Design Center, which is adjacent to GM China's headquarters, will grow to more than 5,000 square meters. The expansion will allow it to attract more local design talent. The upgrade is scheduled to begin this month, with completion set for the second quarter of 2021. "Shanghai has become home to some of the world's top automotive design talent," said Julian Blissett, GM executive vice president and president of GM China. "We have been seeing many stunning car designs. With our improved capability and world-class resources, the Advanced Design Center will attract more of these outstanding local designers." The upgraded Advanced Design Center will include a new color and material studio, paint shop, VR lab and second clay modeling studio, while the current VR Room, viewing patio, clay modeling studio and other facilities will receive comprehensive enhancements and upgrades.