COMPANY NEWS IN BRIEF
Tesla Q4 registrations in California jump 63%
Tesla Inc's vehicle registrations in the US state of California jumped nearly 63% during the fourth quarter compared with last year, largely due to the success of the company's Model Y, according to data from Cross-Sell.
The automaker reported better than expected 2020 vehicle deliveries earlier this month, driven by a steady rise in electric vehicle adoption, even though it narrowly missed its ambitious full-year goal of half a million deliveries during a punishing year for the global auto industry.
The report released on Wednesday showed registrations in California, a bellwether for the electric carmaker and its largest US market, recovered from a third-quarter low of about 16 200 vehicles to around 22 117 vehicles in the three months ended December.
At about 11 417, registrations in the state for Tesla's Model Y compact crossover utility vehicle surpassed those for the Model 3. California registrations for Tesla's Model 3 mass-market sedan fell 34% on a yearly basis to 7 044.
Total fourth-quarter vehicle registrations in the 23 states, where data was collected, stood at 44 749, with Model Y accounting for nearly half the registrations. - Nampa/Reuters
United Airlines pledges more cost cuts
United Airlines Holdings Inc said on Wednesday it aims to cut about US$2 billion of annual costs through 2023 as it charts a recovery from the coronavirus pandemic that drove its fourth straight quarterly loss.
Airlines are counting on Covid-19 vaccines to boost travel demand later this year but warn that the strength of a rebound will largely depend on the pace of vaccine rollouts, particularly as coronavirus cases keep rising.
Chicago-based United said 2021 would be a "transition year that's focused on preparing for a recovery." Its shares fell 2% in after-hours trading.
The company burned an average of US$33 million per day in the fourth quarter, including about US$10 million of severance and debt payments, even as it continued to slash costs.
United furloughed thousands of employees last October when an initial round of payroll aid for airlines expired. It brought back those workers following a fresh US$15 billion in payroll aid for the sector but warned the recall could be "temporary" as travel demand remains depressed. - Nampa/Reuters
McKesson to replace some Moderna vaccines
McKesson Corp will replace some Moderna Inc Covid-19 vaccines in the United States after they arrived colder than the low end of the required temperature range, the company said on Wednesday.
The company, which is the US distributor of Moderna's Covid-19 vaccines, said some of the gel packs used to maintain appropriate temperatures during shipping on Sunday were too cold and it also impacted some shipments slated for Monday.
McKesson coordinated with the Centres for Disease Control and Prevention to notify each state expecting the shipments of the delay, the company said in an emailed statement.
The company, which did not provide the number of doses affected, said it did not ship the vaccines and would replace them within the next 24 hours. - Nampa/Reuters
British Airways owner IAG buys Air Europa
British Airways and Iberia owner International Airlines Group has agreed to buy Spain's Air Europa for 500 million euros (US$606.7 million), after the pandemic cut the price in half and IAG struck a deal to defer payment for six years.
Under the amended deal, Iberia, which is buying Air Europa on behalf of IAG, will not pay the 500 million euros until the sixth anniversary of the acquisition's completion, the companies said in a statement.
The Covid-19 pandemic has upended the airline industry since the deal was originally struck in November 2019, bringing most international travel to a halt. Air Europa been supported by loans from Spain's state-owned industrial holding company SEPI during the crisis.
Over the last year, IAG has said it still wanted to buy Air Europa, but its finances have also been squeezed, and it was forced to tap investors for 2.74 billion euros while also shedding thousands of staff to survive. It has been pushing for a price cut on Air Europa from sellers Globalia.
The new deal is conditional on the satisfactory negotiation between Iberia and SEPI regarding non-financial terms associated with loans provided by SEPI. A Spanish newspaper said in December that the deferral would give Air Europa time to repay the state aid package. - Nampa/Reuters
Mercedes unveils electric compact SUV
Daimler AG’s Mercedes-Benz on Wednesday unveiled the EQA, a new electric compact SUV as part of plans to take on rival Tesla Inc and offer more emission-free vehicles to consumers to meet targets in Europe and China.
The EQA, the first of several electric models Mercedes-Benz plans to launch this year, will initially have a range of 426 kilometres, with a 500km model coming later, the premium brand carmaker said in a video presentation.
The SUV will go on sale in Europe on Feb 4 at what board of management Britta Seeger described as “very attractive price points”.
Electric vehicle (EV) sales took off in Europe last year as carmakers scrambled to meet European Union CO2 emissions targets. Sales received a boost from subsidies included in economic stimulus measures rolled out in France and Germany, in particular.
Sales of fully electric and plug-in hybrid models rose 122% across the EU through the first three quarters of 2020.
Mercedes-Benz describes the EQA as an “urban entry model” and board member Seeger touted its “sustainability, versatility and fresh look”. - Nampa/Reuters
Tesla Inc's vehicle registrations in the US state of California jumped nearly 63% during the fourth quarter compared with last year, largely due to the success of the company's Model Y, according to data from Cross-Sell.
The automaker reported better than expected 2020 vehicle deliveries earlier this month, driven by a steady rise in electric vehicle adoption, even though it narrowly missed its ambitious full-year goal of half a million deliveries during a punishing year for the global auto industry.
The report released on Wednesday showed registrations in California, a bellwether for the electric carmaker and its largest US market, recovered from a third-quarter low of about 16 200 vehicles to around 22 117 vehicles in the three months ended December.
At about 11 417, registrations in the state for Tesla's Model Y compact crossover utility vehicle surpassed those for the Model 3. California registrations for Tesla's Model 3 mass-market sedan fell 34% on a yearly basis to 7 044.
Total fourth-quarter vehicle registrations in the 23 states, where data was collected, stood at 44 749, with Model Y accounting for nearly half the registrations. - Nampa/Reuters
United Airlines pledges more cost cuts
United Airlines Holdings Inc said on Wednesday it aims to cut about US$2 billion of annual costs through 2023 as it charts a recovery from the coronavirus pandemic that drove its fourth straight quarterly loss.
Airlines are counting on Covid-19 vaccines to boost travel demand later this year but warn that the strength of a rebound will largely depend on the pace of vaccine rollouts, particularly as coronavirus cases keep rising.
Chicago-based United said 2021 would be a "transition year that's focused on preparing for a recovery." Its shares fell 2% in after-hours trading.
The company burned an average of US$33 million per day in the fourth quarter, including about US$10 million of severance and debt payments, even as it continued to slash costs.
United furloughed thousands of employees last October when an initial round of payroll aid for airlines expired. It brought back those workers following a fresh US$15 billion in payroll aid for the sector but warned the recall could be "temporary" as travel demand remains depressed. - Nampa/Reuters
McKesson to replace some Moderna vaccines
McKesson Corp will replace some Moderna Inc Covid-19 vaccines in the United States after they arrived colder than the low end of the required temperature range, the company said on Wednesday.
The company, which is the US distributor of Moderna's Covid-19 vaccines, said some of the gel packs used to maintain appropriate temperatures during shipping on Sunday were too cold and it also impacted some shipments slated for Monday.
McKesson coordinated with the Centres for Disease Control and Prevention to notify each state expecting the shipments of the delay, the company said in an emailed statement.
The company, which did not provide the number of doses affected, said it did not ship the vaccines and would replace them within the next 24 hours. - Nampa/Reuters
British Airways owner IAG buys Air Europa
British Airways and Iberia owner International Airlines Group has agreed to buy Spain's Air Europa for 500 million euros (US$606.7 million), after the pandemic cut the price in half and IAG struck a deal to defer payment for six years.
Under the amended deal, Iberia, which is buying Air Europa on behalf of IAG, will not pay the 500 million euros until the sixth anniversary of the acquisition's completion, the companies said in a statement.
The Covid-19 pandemic has upended the airline industry since the deal was originally struck in November 2019, bringing most international travel to a halt. Air Europa been supported by loans from Spain's state-owned industrial holding company SEPI during the crisis.
Over the last year, IAG has said it still wanted to buy Air Europa, but its finances have also been squeezed, and it was forced to tap investors for 2.74 billion euros while also shedding thousands of staff to survive. It has been pushing for a price cut on Air Europa from sellers Globalia.
The new deal is conditional on the satisfactory negotiation between Iberia and SEPI regarding non-financial terms associated with loans provided by SEPI. A Spanish newspaper said in December that the deferral would give Air Europa time to repay the state aid package. - Nampa/Reuters
Mercedes unveils electric compact SUV
Daimler AG’s Mercedes-Benz on Wednesday unveiled the EQA, a new electric compact SUV as part of plans to take on rival Tesla Inc and offer more emission-free vehicles to consumers to meet targets in Europe and China.
The EQA, the first of several electric models Mercedes-Benz plans to launch this year, will initially have a range of 426 kilometres, with a 500km model coming later, the premium brand carmaker said in a video presentation.
The SUV will go on sale in Europe on Feb 4 at what board of management Britta Seeger described as “very attractive price points”.
Electric vehicle (EV) sales took off in Europe last year as carmakers scrambled to meet European Union CO2 emissions targets. Sales received a boost from subsidies included in economic stimulus measures rolled out in France and Germany, in particular.
Sales of fully electric and plug-in hybrid models rose 122% across the EU through the first three quarters of 2020.
Mercedes-Benz describes the EQA as an “urban entry model” and board member Seeger touted its “sustainability, versatility and fresh look”. - Nampa/Reuters
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