BMW to spend more on autonomous driving, electric cars

Businessam StaffMarch 21, 2018

Automaker BMW said this year’s profits will at least equal last year’s results as the company sinks billions into developing electric and autonomous car technology to meet expected changes in people’s mobility. Nicolas Peter, the chief financial officer told an annual news conference Wednesday that it expects group profit before tax to be “at least […]

Uber selling off auto-leasing business

Businessam StaffDecember 27, 2017

After confirming the closure of its auto-leasing business, Xchange Leasing, Uber is now reportedly selling it, according to The Wall Street Journal. The buyer? Car ownership startup Fair.com. Uber announced in September that it would be shutting down Xchange Leasing, its Delaware-based subsidiary which partners with auto dealerships to offer vehicle leases to U.S. Uber […]

New Ford dealership unveiled in Johannesburg

Businessam StaffNovember 23, 2017

Ford is pioneering a new era for its dealer network in South Africa with the launch of the new Joburg City Ford dealership in Newtown, in the heart of Johannesburg’s bustling economic hub. Besides being the latest addition to the Ford dealer family, the launch of Joburg City Ford represents the dawn of an entirely […]

Ferrari raises 2017 earnings target on limited-edition supercars

Businessam StaffNovember 2, 2017

Ferrari NV raised its 2017 profit target as rollouts of limited-edition supercars, including the FXX K Evo racing model unveiled last week, help the Italian automaker achieve a long-held goal two years early. Adjusted earnings before interest, taxes, depreciation, and amortization will total about 1 billion euros ($1.63 billion), the Maranello-based manufacturer said Thursday in […]

Daimler steps up electric-truck rollout as Tesla rivalry looms

Businessam StaffOctober 30, 2017

Daimler AG is stepping up plans to roll out electric-powered trucks as the world’s largest maker of commercial vehicles seeks to fend off newcomers like Tesla Inc. and Deutsche Post AG. The German automaker has started initial production runs of the Fuso eCanter urban delivery truck and expects such models to vie with traditional diesel […]

GM $33.6bn Q3 earnings surpass Wall Street analysts’ expectations

Businessam StaffOctober 24, 2017

North American largest carmaker, General Motors, Tuesday performed above Wall Street analysts’ expectations, with earnings of $33.6 billion, a pre-tax profit of 2.77 billion in the Q3, as against forecast earnings of $32.72 billion. However, the automaker posted a loss of $2.98 billion on a net income basis, but that reflected $5.4 billion in unrealized […]

Mitsubishi Motors announces first business plan since mileage scandal

Businessam StaffOctober 19, 2017

Mitsubishi Motors Corp. said Wednesday it plans to boost its annual global sales and revenues by more than 30 percent over three years and introduce 11 new models, aiming to restore public trust following a fuel economy data manipulation scandal. Under its medium-term business plan through fiscal 2019, the automaker said it plans to boost […]

Uber set to pull out of Canada’s Quebec province

Businessam StaffSeptember 27, 2017

Ride-hailing service Uber Technologies Inc. said on Tuesday it will stop operating in the Canadian province of Quebec next month, pulling out to avoid following tough new regulations announced last week. Uber is withdrawing from Canada’s second-most populous province as it also battles a decision to strip the company of its license to operate in […]