AXA to Buy Majority in Italian Insurer Prima for €500 Million
Under the terms of the deal, Axa will take a 51% stake in Prima for about €500 million ($572 million), according to a statement Friday that confirmed an earlier Bloomberg report. The purchase is expected to almost double the size of Axa's motor business in the country, and bolster its direct distribution.
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Yahoo
8 minutes ago
- Yahoo
European automakers face profitability squeeze in 2025: Fitch
European carmakers are expected to face a decline in profitability in 2025 due to the combined impact of global trade tensions, weakening demand in China, and the accelerating transition to electric vehicles (EVs), according to Fitch Ratings. Fitch said recently announced U.S. tariffs will have negative consequences for automotive production and sales, prompting manufacturers to reassess their global manufacturing strategies and cut fixed costs. Rising raw material prices and ongoing cost pressures from suppliers are expected to further strain margins. These developments add to Fitch's prior expectation of a low-single-digit decline in European vehicle sales. The credit rating agency warned that tariff risks are especially significant for companies exporting vehicles from Japan, Korea, and Germany to the U.S. Volkswagen is expected to be particularly affected, with its high-margin luxury brands — Audi and Porsche — likely to face pressure on free cash flow and rating headroom. Mercedes-Benz also faces downside risk, as its U.S. production hub for sport utility vehicles could be exposed to retaliatory Chinese tariffs. Fitch noted that while the burden of higher tariffs is likely to be shared between suppliers and automakers, the latter are expected to shoulder the larger share. Disruptions in production may also hit suppliers' cash flows, particularly those highly dependent on automaker volumes. Although a recently announced EU-U.S. trade agreement appears consistent with Fitch's expectations, details remain unclear and require approval from EU member states. Structural challenges also persist. European auto production remains 15%–20% below pre-pandemic levels and is unlikely to recover soon. Fitch attributes this to a slower-than-expected EV transition, growing foreign competition, and shifting consumer preferences. Carmakers like Volkswagen and Stellantis have begun rationalising operations through plant closures and layoffs, which will weigh on short-term cash generation. One-off restructuring costs are expected to amount to roughly 1% of median free cash flow. In China, German premium brands continue to lose market share to domestic players and are experiencing intensifying price competition — even in the typically more resilient premium segment. While some European automakers are partnering with Chinese firms in areas like autonomous driving and software to stem further losses, Fitch does not expect significant improvement in competitive positioning in the near term. On the EV front, Fitch expects European automakers to rebound from a sluggish 2024 with increased battery EV sales in 2025, driven by new model launches and competitive gains against non-EU rivals. However, this growth will come with tighter margins as Chinese brands expand their market presence and infrastructure in Europe. As a result of these pressures, Fitch said profitability and free cash flow generation declined in 2024 and will likely deteriorate further in 2025. The agency has issued Negative Outlooks and taken negative rating actions across the sector. Nevertheless, most investment-grade manufacturers retain solid balance sheets, supported by strong capital structures and net cash positions, which provide some buffer against ongoing challenges. "European automakers face profitability squeeze in 2025: Fitch" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
8 minutes ago
- Yahoo
Como ready to release Morata with extra 3m to Galatasaray
The Alvaro Morata saga might finally be coming to an end with reports Como intervened to offer €3m to Galatasaray, helping to break the Milan loan impasse. The striker agreed personal terms almost two months ago and has been increasingly frustrated by the lack of progress for this return to Serie A. The problem is that he joined Galatasaray on loan in January for €6m with an obligation to buy in January 2026 for a further €8m. Galatasaray want Morata golden handshake payment MURCIA, SPAIN – OCTOBER 12: Alvaro Morata of Spain is challenged by Victor Nelsson of Denmark during the UEFA Nations League 2024/25 League A Group A4 match between Spain and Denmark at Nueva Condomina on October 12, 2024 in Murcia, Spain. (Photo by Mateo) Now the Turkish team is demanding a big payment to interrupt that agreement, release him back to Milan so that he can then join Como. According to the breakthrough can be achieved if Como help Milan to pay that penalty, so President Mirwan Suwarso is stepping in to propose €3m. That can reduce Milan's payment to just €5-6m so that everyone can be satisfied with the outcome. Como coach Cesc Fabregas is eager to work with Morata, who turns 33 in October and brings valuable experience to what is otherwise a largely young team. Milan had only purchased the Spaniard from Atletico Madrid for €13m in July 2024.
TechCrunch
10 minutes ago
- TechCrunch
Lyft and China's Baidu look to bring robotaxis to Europe next year
Lyft's European expansion will include Chinese-made robotaxis. The U.S. ride-hailing company announced Monday it has made a strategic partnership with Baidu to deploy the Chinese tech giant's Apollo Go autonomous vehicles across several European markets. The companies want to launch robotaxi services in Germany and the United Kingdom in 2026, pending regulatory approval. If approved, Baidu's RT6 vehicles, which are equipped with its Apollo Go self-driving system, will be integrated into Lyft's ride-hailing app. Lyft CEO David Risher said the robotaxi service is an example of its 'hybrid network approach, where AVs and human drivers work together to provide customer-obsessed options for riders.' Lyft has historically centered its ride-hailing business on the United States, while rival Uber has expanded globally and into other areas, like food delivery. But earlier this year, Lyft bought its way into the European market when it agreed to acquire the German multi-mobility app FREENOW from BMW and Mercedes-Benz Mobility for about $197 million in cash. The acquisition opened up the European market to Lyft, which has only operated in the U.S. and Canada since it launched in 2012. Lyft and Uber, both of which sunsetted their own internal autonomous vehicle programs, are in a race to lock up partnerships with companies like Baidu, which have developed the technology. Uber has partnered with more than 18 companies, covering the spectrum of how self-driving systems can be applied to the physical world, including ride-hailing, delivery, and trucking. In this year alone, it has announced deals with Ann Arbor, Michigan-based May Mobility and Volkswagen, as well as Chinese self-driving firms Momenta, WeRide, and Baidu. Last month, Uber invested hundreds of millions of dollars into EV maker Lucid and autonomous vehicle technology startup Nuro in a bid to launch its own premium robotaxi service. Lyft hasn't had the same pace of deals as Uber, but has made a few partnerships in the past year, including a plan to add autonomous shuttles made by Austrian manufacturer Benteler Group to its network in late 2026. Lyft has also said it plans to put AVs from May Mobility on its network in Atlanta later this year. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW
