Hints and tips:
...Tesla shareholders were even more carried away, adding $46bn to the EV maker’s market cap — more than General Motors was then worth — when it announced a stock split in August 2020....
...Cruise, the self-driving car subsidiary of General Motors, targeted annual revenues of $1bn by 2025. Last year, the business reported sales of just $102mn amid a $3.4bn loss....
...Apollo and Bird’s second-lien lenders have agreed to provide $25mn in financing to keep the motor running while it restructures in court....
...But unlike regular investment banks, groups such as KKR — which has diversified to include a $200bn credit investment business and its Global Atlantic life insurance affiliate — can do it all in-house, Lex...
...That is almost 10 times more than carmakers such as General Motors and Mercedes-Benz and twice as much as Big Tech companies Apple and Alphabet. It is even higher than Chinese rival BYD....
...There are no logical reasons to why a stock split would add the value equivalent of General Motors to Tesla’s market value....
...Tesla was responsible for more of those sales than Volkswagen, General Motors, Toyota and the rest. Extra capacity is coming. New facilities in Texas and Berlin are due to open soon....
...Driverless car unit Waymo is testing its vehicles but General Motors’ Cruise beat the company to the punch by announcing a wait-list for fully driverless rides in San Francisco....
...Lex has been looking at Solana, the blockchain tech favoured for NFTs. 3....
...Delivering roughly 210,000 cars a quarter in 2021 trails that of General Motors by more than half after its badly dented third quarter....
...Lex says the pandemic has helped Relx, with debates over vaccine efficacy underlining the need for strong, peer-reviewed journals. 4....
...The Lex team is interested in hearing more from readers. Please tell us what you think of “autonomous” cars in the comments section below....
...Following his departure, the firm was dropped by client General Motors and Kelly’s name removed from the website of Integrum, the investment firm he launched with former Xerox boss Ursula Burns....
...Lex expects asset sales will be needed to achieve a decent investment return. Supermarkets have not deserved premium ratings lately....
...Related Links:Toyota: record profits presage a downhill path -- FT Lex...
...CD&R’s portfolio includes Motor Fuel Group, a forecourt operator of 900-plus sites....
...Nissan might try a similar gambit with Mitsubishi Motors, in which it has a one-third stake. Though struggling, Mitsubishi has the popular Outlander plug-in hybrid SUV....
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...Lex says the biggest winner is Lucid’s largest current shareholder, Saudi Arabia’s Public Investment Fund. 2....
...Moreover, the breakdown of talks between Apple and Hyundai Motors and Nissan to produce the self-driving electric Apple car highlights an opportunity....
...As Lex points out, the Tesla stake was valued at $730m in its annual report for the year to March 2020, but shares rose more than fivefold the following fiscal year....
...Hyundai Motors has confirmed early stage discussions with the US devices giant to produce self-driving electric cars. The tie-up with the South Korean carmaker is at a very early stage....
...Stop Lex if you’ve heard this one before. Tesla promised a million robotaxis on the road by 2019. General Motors said it would have self-driving taxis by 2020....
...That is six times greater than General Motors and Ford Motor combined, even though Tesla’s production is just a fraction of theirs....
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