Aston replaces its ousted CEO with a Ferrari man

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Aston has a new CEO, Ferrari has minted some coin, and Volvo. All that and much more in today morning shift For 4 May 2022.

1st Gear: Aston’s New Guy

Aston got rid of its CEO Tobias Morse, it was reported yesterday, or, Rather, he left instead After a disagreement with Aston Chair Lawrence Strow. Quit, fired, shut down, crap-canned, whatever you want to call it, they’re all mostly the same, at least in the end result. It was rumored that Amedeo Felisa, who was Ferrari’s CEO between 2008 and 2016, would replace Moors, and this morning, so sure,

Felisa is 76 years old, which may make some wonder if she’s still up for running an automaker. or i wonder, because when I turn 76 I will especially be prepared to sit on my ass. yet, Stroll says Felisa is “young at heart” according to the financial times,

The shake-up comes as Aston reports a pre-tax loss of £111mn for the first quarter, widening a loss of £42mn a year earlier, on a 4 per cent increase in sales to £233mn due to higher depreciation charges .

Moers would leave after presiding over a decline in morale in the business as he oversaw a turnaround of the luxury carmaker.

Stroll, who led the company’s bailout in 2020, brought him into the business as chief executive and chief technical officer.

He was forensic in detail and engineering knowledge, but was known for a strong management style.

Dozens of senior employees have left the company during Moers’ two-year tenure, according to people close to and inside the group, though many have been replaced.

Stroll said Wednesday that Moers had brought “significant discipline to its operations” but that the company needed “more collaboration and a more cohesive way of working” in the future, as well as a dedicated chief technical officer, Moers said in his Played with the lead. executive position.

Not two months ago when I was in Sardinia, Italy DBX 707 . drive And the Moors were there too, and everyone at Aston was like, “Thanks to Lawrence and his money stuff in Aston is the best they’ve been in a while, we’re so focused, everything’s great.” Moers was also in good spirits, and was actually talking about the DBX 707, a car he was really proud of. How fast does time change?

Aston also said that Roberto Fedelli, who is credited with being the man behind the hybrid LaFerrari, will be its chief technical officer. If you can’t beat them, hire them, I guess.

2nd Gear: Speaking of Ferrari…

It continues to make money, which isn’t the most amazing thing in the world. It said Wednesday that it made about $445 million in the first three months of 2022, according to ReutersBecause rich people are doing well and still like to buy Ferraris.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 423 million euros ($445 million) in the January-March period, helped by the collection of advances on the Daytona SP3, one of Ferrari’s latest models.

According to a Reuters poll, the results match analyst expectations of 425 million euros.

Chief Executive Benedetto Vigna said, “These results were created by a strong net order intake, which continued strongly in the first three months of the year: today the order book already covers well into 2023 and most of our models are sold out.” have gone.” Statement.

Vigna said 2022 was marked by “uncertainties in the geopolitical landscape”, but added that he remained “optimistic about the company’s future prospects”.

After all these years, congratulations to Ferrari, I guess, for continuing to be the envy of the industry.

3rd gear: Volvo sales are down

Volvo sales were down about 25 percent in April compared to last year, the company on Wednesday attributed to various supply chain problems and the lockdown in China.

from Reuters,

The Gothenburg-based company said that although demand remained strong, the share of fully electric cars rose to 10% from 9% in March. It aims to have 50% of its sales in pure electric cars by the middle of this decade.

“In April, the COVID-19 lockdown in eastern China impacted retail distribution in China and added more challenges to already weak global supply chains, resulting in additional loss of production,” Volvo said in a statement. “

Sales in China at the company, which is owned by Geely Holding of China (GEELY.UL), declined 47.8% in April, while they fell 9.2% in the United States and 23.2% in Europe.

Volvo, I suspect, will be fine.

4th Gear: Porsche Invests in a New Battery Supply

It’s worth $400 million in a company called Group14 Technologies, which They say It is “established to enable the electrification of everything.” Group14 makes silicon-carbon, which is used in batteries. It is a bet, in other words, over a long period of time.

from Automotive News,

According to a Wednesday statement, Porsche led the Series C round and is joined by other financial and strategic investors, including Canada’s OMERS Capital Markets and BlackRock-backed Decarbonization Partners.

Group14 said it plans to open a second commercial-scale factory in the US to meet customer demand, such as the Salesforce Group, a Porsche-backed joint venture.

[…]

“Battery cells are the combustion chamber of the future,” Porsche deputy chairman Lutz Meshke said in a statement. “We are investing with Cellforce in the development of new high-performance cells and in the production of battery modules. As a result, Porsche has decided to partner with Group 14 Technologies.”

5th Gear: Volkswagen Is Out Of EVs In The US And Europe

he is according to FT, which says that supply chain disruptions are again to blame. If you’re one of the dozens who want to buy the ID4 this year, you’ll have to wait, I guess.

The Wolfsburg-based conglomerate, which includes brands such as Porsche, Audi and Skoda, sold more than 99,000 electric models worldwide in the first three months of 2022, as it was hit by a shortage of semiconductors and wiring harnesses made in Ukraine.

Market leader Tesla delivered more than triple that in the same quarter.

However, VW boss Herbert Diess said that, as demand remained strong, the company had an order backlog of 300,000 electric cars in Western Europe. Now customers placing orders in Europe and the US will no longer have their electric models delivered before 2023, he said.

“We have a very high order books and . . . an intake of orders on electric vehicles,” Dice said. “It accounts for all our models from ID.3, ID.4, Audi models – [all] Very well received in the markets, Skoda models are also very well received in Europe.”

He added: “We’re basically sold on electric vehicles in Europe and the United States. And in China, it’s really growing.”

I’m sure VW would love to have more EVs on hand to sell, but saying your products are going fast is one of the oldest tricks in marketing. Pro Tip: If you’re ever selling anything on Craigslist or whoever else sends a message to inquire, mention that there’s a lot of interest and they may have to act fast, whether it’s true or not. No. It works a surprising amount of time.

Reverse: Kent State

Of course, this has nothing to do with cars or transportation, but it does have some personal significance, because I grew up in Kent, Ohio, and every May 4th it’s a big deal.

Crosby, Stills, and Nasho played a free show In commemoration of the 1997 shootings in Kent State, And my dad and I left. I really didn’t know anything at the time. Years later, having been involved in some of the protests myself, I more fully appreciated how absurd the shootings were.

Neutral: How are you?

I ate a box of Kraft Macaroni and Cheese for breakfast, so that’s how my morning goes.

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