News

Ford is delaying the 12 billion dollar investment

Ford has announced that it is delaying a $12 billion investment due to huge losses in the production of electric vehicles, and predictions are that by the end of the year the loss will be almost $4.5 billion. This is due to large investments in next-generation electric vehicles and difficult market conditions.

According to the company’s report, in the last three months, Ford sold 20,962 electric vehicles, which is not bad, and the best seller was the Mustang Mach-E (14,824 units). However, the report shows an operating loss of US$1.3 billion, which means that each electric car sold generates a loss of around US$36,000. That’s definitely something to worry about.

Ford will slow down with electric vehicles, and keep the main focus on the classic range of vehicles powered by fossil fuels, because customers interested in electric vehicles are reluctant to pay a premium compared to gasoline or hybrid alternatives.

“A great product is no longer enough in the electric vehicle business. We have to be completely cost competitive. “Tesla has actually given us a tremendous gift, with a precise focus on the price and scale of the Model Y. They set the standard, and now we’re really moving forward in our second and third cycle of electric vehicle development,” said Ford CEO Jim Farley.

Ford won’t give up on electric cars entirely, but the demand from the UAW, who are seeking a 25 percent wage increase, definitely puts additional pressure on the company and will make business more difficult in the future.

Source: Ford

News

Škoda achieved an operating profit of 47.2 percent in 2023

After Porsche announced an increase in car sales in the first nine months of 2023, another European manufacturer is recording positive results. According to data for this year, the Czech car manufacturer Škoda achieved a production growth of 14.6 percent (777,500 cars), but also an operating profit of 47.2 percent to 1.26 billion euros.

“The solid trend in the first nine months of 2023 is the result of dedicated and persistent work by our team at Škoda, including our dealer organization that is the face of our brand to customers. Thanks to this performance and our robust business model, Škoda Auto continues to steer a successful course,” said Škoda Auto CEO Klaus Zellmer.

Škoda also increased sales of electric cars by 29.5 percent to 19.6 billion euros, and the highest demand was for Škoda Enyaq (+47.6%). Škoda’s expectations were much higher, but the result was significantly affected by the suspension of operations in Russia. It was primarily necessary for the company to stabilize its supply chain, after which return on sales rose 0.8 percent each year to 6.4 percent.

“By investing over 500 million euros in tangible assets like periodic IT infrastructure upgrades, we have laid the groundwork for our upcoming digital offerings. Additionally, our focus has been on enhancing our BEV portfolio to meet customer needs and intensify our sustainability initiatives. Nevertheless, as we approach the year-end, we anticipate challenges and remain committed to ensuring 2023 concludes successfully,” said Škoda Auto member of the Board of Management for Finance, IT and Legal Affairs Holger Peters.

Since January, Škoda has delivered 642,200 cars worldwide, which is 17.9 percent more than in the same period last year. The best-selling model was Škoda Octavia with 145,000 vehicles (+35.8%). “Sales of the Kodiaq and Superb also increased, and the upcoming generation of these models will add yet another chapter to their success story. With dynamic design, modern technology and even more interior space, they are sure to impress existing and new customers alike, ” said Martin Jahn, Škoda Auto Board Member for Sales and Marketing.

Currently, Škoda is working on expanding to other markets around the world, and in September it expanded its presence in the Vietnamese market, which is strategically important for the company to enter the market of the ASEAN region.

Source: Škoda

Auctions

1965 Porsche 356C ‘Karmann’ for sale

In 1964, the last version of Porsche‘s first production model, the 356, arrived on the market. It was only produced for one year, but the demand for this model was very strong in North America, so the company decided to sell it the following year as well. One example, a 1965 Porsche 356C ‘Karmann’ is up for auction.

This Porsche 356C is powered by a rebuilt 1.6-liter flat-four engine paired with a four-speed manual transmission that sends power to the rear wheels. It is mounted on black 15″ steel wheels wrapped in 175/60 Yokohama Avid Envigor tires.

The car is finished in Slate Grey, has been properly maintained and is in good condition. It should also be noted that it was owned by the first owner for 46 years. It is equipped with a Karmann body, Koni shocks, four-wheel disc brakes, amber headlight lenses, a twin-grille deck lid, and replacement exhaust components. The bumpers and rocker panel trim have been removed.

Inside, the seats are upholstered in Bordeaux leather (Autobahn Interiors of San Diego) that also covers the door panels and dash. In front of the driver is a rebuilt three-spoke steering wheel (Mo-Ma Manufacturing of Albuquerque) behind which is a five-digit odometer showing 90,310 miles. Additional equipment includes a Blaupunkt push-button radio, a ceiling covered with a perforated white headliner, and gray square-weave carpets covered with black coco mats.

The car comes with an owner’s manual, a Porsche Certificate of Authenticity, and a South Carolina title in the seller’s name.

The auction ends on November 3 and the highest bid at the time of writing was USD $55,555.

Source: Bring a Trailer

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1965 Porsche 356C 'Karmann' for sale

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