Showing posts with label billion. Show all posts
Showing posts with label billion. Show all posts

Monday, 8 July 2019

Volkswagen Invests $2 Billion In Charger Network

VW's EV charging stations will be open to all vehicles.

Replacing conventional fossil-fuel-powered automobiles with electric vehicles will take more than just developing and producing the cars themselves – and convincing people to buy them. It'll also require building an infrastructure of charging stations as robust as the network of gas stations that have sprung up across the country and around the world over the past century. And Volkswagen knows that better than most.

According to Automotive News, the German automaker is investing a massive $2 million in Electrify America – its initiative for building fast-chargers across the United States. But it's not doing so entirely of its own volition, and it won't happen overnight.

As part of the settlement with federal authorities over the Dieselgate scandal, VW will dole out the billions in four 30-month cycles. The first stage will see half a billion spent on a network of 484 rapid chargers in 17 urban areas and along highways by the middle of next year. To date only 24 such sites have opened.

It'll take ten years to complete the investment. But once it's finished, the network stands to rival (or even overshadow) the network of Superchargers that Tesla has installed across the country. There's a key difference, however, between VW's network and Tesla's.

The Electrify America chargers will be open to all plug-in electrified vehicles – not just the ones that the Volkswagen Group makes, like the VW e-Golf, the new Audi e-tron, and the E-Hybrid versions of the Porsche Cayenne and Panamera. The group plans to build 27 models across four brands on its new electric-vehicle architecture. Tesla's network, meanwhile, is only open to Tesla vehicles.

That's given Tesla a leg-up on the competition, offering key access to its chargers to combat “range anxiety” – the concern of running out of juice before reaching your destination or a charging station.

In that sense, VW's investment could stand to be the great equalizer among all electric vehicle manufacturers. But it won't get there without a degree of difficulty – not the least of which will be navigating government bureaucracy to get the charging stations approved. In the meantime, though, it's brokered deals with rival networks like EV Connect, SemaConnect, and Greenlots to provide Electrify America customers with access to further charging stations outside its own network. So by the middle of next year, its customers will have access to some 12,500 chargers – more than the 11,200 or so that Tesla currently has installed.

Tuesday, 5 February 2019

Aston Martin Seeks $6.8 Billion Valuation Before Going Public

Anyone interested in buying a piece?

Ever since Ferrari filed for an initial public offering back in 2015, other premium sports car companies have considered doing something similar. Aston Martin is one of them, as we learned not long ago. Today, Bloomberg has provided on update on that. Reportedly, Aston Martin is seeking a valuation for as much as $6.8 billion for its own IPO. The company has been having “preliminary talks” with advisers regarding the valuation including debt. But why aim for this IPO now and not earlier?

Because investors are more interested in Aston Martin now thanks to new models, specifically the DB11 and Vantage, and upcoming new product like the DBX SUV. But perhaps what’s most important is that Aston Martin is now also profitable thanks to strong 2017 sales. The company broke the 5,000-unit mark for the first time in almost a decade. Despite the talk, Aston Martin supposedly has yet to make a final decision regarding the IPO. It’s not a done deal just yet. Not surprisingly, no-one at Aston Martin is even willing to discuss the matter. “As a matter of policy, Aston Martin does not comment about speculation concerning future ownership or capital restructuring,” said company spokesman Simon Sproule.

Ever since Bloomberg broke the IPO news, Aston Martin 2022 bonds have risen as much as 0.2% in London, clearly a good sign. A final decision will probably be made ahead of the UK’s break with the European Union in March 2019, the same year when the production-spec DBX SUV crossover is due to arrive.