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Daimler to cut fixed costs by more than 20% by 2025 By Reuters

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© Reuters. The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin

FRANKFURT (Reuters) – Daimler (DE:) on Tuesday said it will cut fixed costs, capex and research and development expenditure by more than 20% by 2025 compared with 2019 levels as part of a strategy overhaul to reposition Mercedes-Benz as a luxury brand.

By 2025, Mercedes-Benz AG is aiming for a return on sales within a mid to high single-digit range, even under unfavourable market conditions, the carmaker said.

The company’s ambition is to achieve a double-digit margin in a strong market environment, Daimler said.

Earlier this year, Mercedes-Benz stopped building sedans in the United States to focus on more profitable SUV’s, combined its fuel cell development with Volvo Trucks, and halted an automated development alliance with BMW (DE:).

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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China’s carmakers seek more government support for smart car supply chain By Reuters

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© Reuters.

By Yilei Sun and Brenda Goh

XIAN, China/SHANGHAI (Reuters) – China’s auto industry has called for more government support and tie-ups between auto and tech companies on technologies, such as software and semiconductors, to make the country’s smart car supply chain more self-sufficient.

Government officials and industry executives at the 2020 China Auto Supply Chain Conference, held in the northwestern city of Xian this week, said the supply chain of in-car operating systems and other core technologies lagged behind international levels, a situation they want to change.

China, the world’s biggest auto market, wants sales of vehicles with intelligent functions like internet connectivity and autonomous driving to make up 30% of overall new vehicle sales by 2025.

Beijing has been trying to boost domestic tech capability by pouring billions of dollars into sectors such as semiconductors, after trade tensions between China and other countries, including the United States, exposed the country’s reliance on foreign know-how.

“China’s supply chain of in-car operating system, software and other key core technologies are still far behind the international advanced level,” Ma Chunsheng, an official at the Ministry of Industry and Information Technology, said.

Ma said the government will encourage companies from different industries to work together on key technology breakthroughs like car operation systems.

“Technology startups face financial difficulties and urgently need the government to issue strategic support measures,” said Luo Junmin, senior executive at the China Association of Automobile Manufacturers. Jumin said the government should offer better fundraising platforms to those companies to “support the transformation and upgrading of the automobile industry.”

In-car software and semiconductor products are expected to make up the majority of cars costs by 2030, a recent research report by consultancy Roland Berger and industry think tank China EV 100 estimated.

Chinese internet companies, including Alibaba (HK:) and Baidu (O:), have launched partnerships with automakers, while Huawei Technologies, BYD (SZ:) and startup Horizon Robotics are developing semiconductor products.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Earnings nudge European stocks higher, virus concerns limit gains By Reuters

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© Reuters. FILE PHOTO: The German share price index DAX graph at the stock exchange in Frankfurt

(Reuters) – European stocks inched higher on Friday, boosted by positive earnings updates from Barclays and carmakers, while nagging concerns about the economic impact of surging COVID-19 cases put markets on course for weekly losses.

The pan-European STOXX 600 index () rose 0.2% by 0711 GMT, with Asian markets stuck in a trading range as investors treaded with caution with less than two weeks to go before the U.S. presidential election.

London’s FTSE 100 () was supported by a 2.8% jump in Barclays (L:) after it reported much better than expected quarterly earnings.

Carmaker Daimler (DE:) rose 1.9% after it raised its 2020 profit outlook, while Renault (PA:) was up 1.5% after saying it should have positive cash flow from cars by the end of 2020 as sales recovered.

However, gains were limited as France looked set to widen a curfew to more than two thirds of its population after the country set an all-time daily high of new coronavirus cases on Thursday.

IHS Markit’s early reading of euro zone and UK business activity for October is due later in the day.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Australia stocks lower at close of trade; S&P/ASX 200 down 0.11% By Investing.com

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© Reuters. Australia stocks lower at close of trade; S&P/ASX 200 down 0.11%

Investing.com – Australia stocks were lower after the close on Friday, as losses in the , and sectors led shares lower.

At the close in Sydney, the fell 0.11%.

The best performers of the session on the were Bluescope Steel Ltd (ASX:), which rose 10.86% or 1.560 points to trade at 15.920 at the close. Meanwhile, Cooper Energy Ltd (ASX:) added 4.35% or 0.015 points to end at 0.360 and Santos Ltd (ASX:) was up 3.94% or 0.200 points to 5.280 in late trade.

The worst performers of the session were Iluka Resources Ltd (ASX:), which fell 48.28% or 4.780 points to trade at 5.120 at the close. Regis Resources Ltd (ASX:) declined 4.32% or 0.210 points to end at 4.650 and United Malt Group Ltd (ASX:) was down 3.49% or 0.15 points to 4.15.

Rising stocks outnumbered declining ones on the Sydney Stock Exchange by 648 to 640 and 340 ended unchanged.

Shares in Iluka Resources Ltd (ASX:) fell to 3-years lows; losing 48.28% or 4.780 to 5.120.

The , which measures the implied volatility of S&P/ASX 200 options, was down 1.95% to 19.015.

Gold Futures for December delivery was up 0.11% or 2.10 to $1906.70 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December fell 0.74% or 0.30 to hit $40.34 a barrel, while the December Brent oil contract fell 0.64% or 0.27 to trade at $42.19 a barrel.

AUD/USD was down 0.08% to 0.7109, while AUD/JPY fell 0.20% to 74.45.

The US Dollar Index Futures was up 0.11% at 93.067.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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