Autonomous delivery startup Nuro raises $600 million; valuation set at $8.6 billion
Tiger Global Management led the latest funding round. Toyota’s Woven Capital, SoftBank Group Corp’s Vision Fund 1 and Kroger were among other investors.
Ganley, Tasca and Corwin auto groups acquire dealerships
Ganley Auto Group, Tasca Automotive Group and Corwin Automotive Group buy dealerships in three deals.
Former Ford, GM sales and marketing executive Mark LaNeve named Charge president
Charge supplies engineering, design, equipment and software specifications for planning and installing charging stations.
Lear reports Q3 loss amid supply chain struggles, sees hope past ‘short-term issues'
Lear Corp. took a $27 million net income loss on declined sales in the third quarter as supply chain issues and slowed auto production continue to hurt the Southfield-based seating supplier.
Lear’s sales decreased 13 percent year-over-year to $4.3 billion, the company said in its earnings report Tuesday. Adjusted net income was $32 million, compared with adjusted net income of $225 million and net income of $174 million in the same period last year.
The company lowered its full-year outlook to a sales range of $18.8 billion-$19.2 billion, compared with $19.7 billion-$20.5 billion projected in August. It had revenue of $17.05 billion in 2020 and $19.81 billion in 2019. It reported net income of $175 million last quarter.
Despite the financial hits, Lear reported sales growth over market of 9 percentage points. President and CEO Ray Scott assured investors the company is well-positioned to recover.
“We’re moving in the right direction,” Scott said on a call with investors. “We have the right strategy. We have the right plan. Short-term issues will be behind us at some point, and we’ve positioned this company for long-term success.”
Ferrari raises 2021 earnings guidance, cautious on revenue under new CEO Vigna
The automaker is seeing a “record order intake” worldwide, particularly in the U.S. and China, new CEO Bendetto Vigna said.