Bloomberg News

Wells Fargo hires new COO from Santander

Scott Powell, the head of Banco Santander SA’s U.S. business, is joining Wells Fargo & Co. to be a top deputy to new Chief Executive Officer Charlie Scharf. He will take Wells Fargo’s chief operating officer role on Dec. 9, the bank said in a statement Monday. He will be based in New York and […]

• Bloomberg News
• December 3, 2019
• People

Automakers dangle record $4,500 discounts to clear old inventory

Automakers struggling to clear inventory of older models from U.S. dealerships probably will offer richer discounts to consumers this month than ever before, according to J.D. Power. Incentive spending likely will rise 12% to $4,538 per vehicle in November, the market researcher estimated Wednesday, exceeding $4,500 for the first time. The growth in automakers’ outlays to entice […]

• Bloomberg News
• November 27, 2019
• Bloomberg

Tesla aims to deliver made-in-China cars before late January

Tesla Inc. said it’s planning to start delivering made-in-China Model 3 cars before late January, another sign that the company is nearing mass production in the world’s largest auto market. “We are making an effort to gradually deliver before the Spring Festival to let our customers drive our China-built Model 3 sedans back home for […]

• Bloomberg News
• November 22, 2019
• Bloomberg

GM’s lawsuit against Fiat Chrysler raises risks for PSA deal

General Motors Co.’s surprise racketeering lawsuit against Fiat Chrysler Automobiles NV has raised the risks for the Italian-American company’s plan to combine with Peugeot-maker PSA Group of France. The suit filed in federal court in the U.S. alleges Fiat Chrysler inflicted billions of dollars in damages by bribing United Auto Workers’ brass for competitive advantages […]

• Bloomberg News
• November 21, 2019
• Archives, Bloomberg, Risk Management

Fiat Chrysler clashes with union spoiling for another strike

Fiat Chrysler Automobiles NV, the Italian-American automaker in the midst of merger talks, has little room to maneuver in negotiations with the United Auto Workers union that’s turned its attention to the company after securing new contracts with its U.S. rivals. The UAW won’t want to hear pleas of poverty from a company that just […]

• Bloomberg News
• November 19, 2019
• Bloomberg, Operations

Ford unveils electric Mustang SUV to challenge Tesla dominance

Ford Motor Co. is reinventing one of its marquee models — the Mustang muscle car — as a battery-powered crossover to become a player in the electric-vehicle market that is expected to take off in the coming decade. In a splashy ceremony Sunday ahead of the Los Angeles Auto Show, the carmaker unveiled the Mustang Mach-E, a […]

• Bloomberg News
• November 18, 2019
• Bloomberg, Innovation & Technology, Sales & Marketing

Daimler’s new CEO warns electric-car shift will be painful

Daimler AG’s new chief executive officer warned there will be no quick fix for the automaker’s struggle to revive squeezed profit margins during a costly shift to electric and self-driving cars. After two rapid-fire profit warnings earlier this year, Ola Kallenius said on Thursday that the German icon’s earnings would remain under pressure for the […]

• Bloomberg News
• November 15, 2019
• Bloomberg, Innovation & Technology, People, Sales & Marketing

Jaguar Land Rover parent approaches BMW, Geely in hunt for partners

Tata Group, the owner of Jaguar Land Rover, has approached carmakers including China’s Zhejiang Geely Holding Group Co. and BMW AG as it seeks partnerships for the beleaguered British automotive business, people with knowledge of the matter said. India’s largest conglomerate has said it’s open to finding partners for JLR to save on costs and share the […]

• Bloomberg News
• November 13, 2019
• Bloomberg, Operations, Sales & Marketing