Latest news with #Acea
Yahoo
6 hours ago
- Business
- Yahoo
Acea to divest Acea Energia to Eni's Plenitude for €588m
Italian utility Acea's board of directors has approved a binding offer from Eni' renewables subsidiary Plenitude for the purchase of 100% equity in Acea Energia for €588.5m ($677.88m). The deal includes a 50% stake in Umbria Energy but excludes business lines such as energy efficiency, electric mobility, circular economy and energy management. Eni Plenitude has proposed an enterprise value of €460m for Acea Energia as of December 2024, utilising a locked box mechanism. The overall basic consideration of €588.5m accounts for normalised net cash positions and potential adjustments common in such transactions. The offer also includes up to an extra €100m ($116m) payment based on performance targets set for mid-2027. Completion of the transaction is contingent on regulatory approvals and final agreement negotiations, with expectations set for June 2026. Acea CEO Fabrizio Palermo stated: 'This transaction, consistent with Acea's strategy outlined in the 2024-2028 Business Plan, will enhance the group's position as infrastructure operator, offering the opportunity to reinvest the proceeds of the sale for further development in the businesses that have a strong connotation with infrastructure, with special reference to the enhancement of investments aimed at improving the safety of Roma Capitale's electricity distribution network.' The sale does not affect Acea's guidance regarding earnings before interest, taxation, depreciation and amortisiation (EBITDA) or its NFP/EBITDA ratio post-adjustments related to this transaction. The company plans to update its five-year (2024-2028) strategy to reflect the asset rotations initiated by selling high-voltage grids, including the current deal, and considering other growth ventures such as new water sector bids and increased investments in electricity distribution networks. Investment company Ares recently acquired a 20% stake in Plenitude for €2bn. This transaction is based on an equity valuation of €10bn, suggesting an enterprise value above €12bn. "Acea to divest Acea Energia to Eni's Plenitude for €588m" was originally created and published by Power Technology, 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.
TimesLIVE
10 hours ago
- Automotive
- TimesLIVE
Tesla sales decline in Europe for fifth straight month as rivals gain ground
Tesla's new car sales in Europe fell 27.9% in May from a year earlier as fully-electric vehicle sales in the region jumped 27.2%, with the US EV maker's revised Model Y yet to show signs of reviving the brand's fortunes. Overall car sales in Europe rose 1.9%, with the strongest growth coming from plug-in hybrids and cars powered by alternative fuels, data from the European Automobile Manufacturers Association (Acea) showed. Tesla's European sales have fallen for five straight months as customers switch to cheaper Chinese EVs and, in some cases, protest against CEO Elon Musk's politics. Tesla's European market share dropped to 1.2% in May from 1.8% a year ago. The revised Model Y is meant to revamp the company's ageing model range as traditional automakers and Chinese rivals launch EVs at a rapid pace amid trade tensions. May new car sales in the EU, Britain and the European Free Trade Association rose to 1.11-million vehicles after a 0.3% dip in April, Acea data showed. Registrations at Chinese state-owned SAIC Motor and Germany's BMW rose 22.5% and 5.6% respectively, while they fell 23% at Japan's Mazda. In the EU alone, total car sales have fallen 0.6% so far this year. That comes despite growing demand for EVs, with registrations of battery-electric (BEV), plug-in hybrid (PHEV) and hybrid-electric (HEV) cars rising 26.1%, 15% and 19.8% respectively. EU sales of BEVs, HEVs and PHEVs combined accounted for 58.9% of passenger car registrations in May, up from 48.9% in May 2024. Among the largest EU markets, new car sales in Spain and Germany rose 18.6% and 1.2% respectively, while in France and Italy they dropped by 12.3% and 0.1%. In Britain, registrations were up 1.6%.
Business Times
11 hours ago
- Automotive
- Business Times
Tesla sales skid in Europe in May despite EV rebound
[PARIS] Tesla missed out on Europe's rebounding electric vehicle (EV) sales last month as the political activities of its CEO Elon Musk appear to continue to repel customers, industry data showed on Wednesday (Jun 25). Tesla sold 40.2 per cent fewer cars in Europe in May than in the same month last year, according to data from the Acea, the trade association of European car manufacturers. Overall, sales of battery-electric vehicles jumped by 25 per cent that same month in Europe. During the first five months of 2025, Tesla sales fell 45.2 per cent from the same period last year, as European consumers have been turned off by Musk's close ties to US President Donald Trump. European consumers also increasingly have more battery-electric vehicles to choose from, including from Chinese car firms. Tesla's market share of Europe's total automobile market has fallen to 1.1 per cent from 2 per cent last year. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Tesla's slump comes as EV sales in Europe rebounded by 26.1 per cent in the first five months of the year, accounting for 15.4 per cent of all cars sold. That's 'a share still far from where it needs and was expected to be', said Acea chief Sigrid de Vries. The EU aims to end sales of new internal combustion engine cars in 2035, but high prices and a perceived lack of charging infrastructure have given consumers pause. 'Consumer reluctance is by no means a myth, and we need to incentivise a supportive ecosystem – from charging infrastructure to fiscal incentives – to ensure the uptake of battery-electric models can meaningfully accelerate,' added de Vries. Overall, car sales rose by 1.6 per cent in Europe last month, but were down by 0.6 per cent in the first five months of the year. AFP
TimesLIVE
27-05-2025
- Automotive
- TimesLIVE
EV growth cools in Europe as Tesla sales fall 49%
Tesla's sales in Europe fell 49% in April from a year earlier, even as battery-electric sales rose by 27.8%, as the US EV maker's upgrade of its Model Y shows little sign of improving the brand's tarnished image in the region. Overall car sales in the region remained roughly consistent with last year, falling only 0.3%, with the strongest sales growth coming from electric and plug-in hybrid cars, data by the European Automobile Manufacturers Association (Acea) showed. Tesla's sales in Europe continue to drop, reflecting a shift away from the brand as Chinese competition strengthens and some protest against CEO Elon Musk's political views. European carmakers are striving to cut domestic costs and tackle competition amid US tariffs on car imports and a slowing global economy, with uncertainty overshadowing the industry's outlook despite eased US-China trade tensions. April sales in the EU, Britain and the European Free Trade Association (EFTA) fell to 1.07-million cars after 2.8% growth a month before, the Acea data showed. Registrations at Chinese state-owned carmaker SAIC Motor and Mitsubishi grew by 24.5% and 22.1% respectively, while they fell by 24.5% at Mazda. Tesla's sales fell for a fourth month in a row, down 49% year-on-year, and its share of the total market nearly halved to 0.7% from 1.3% a year ago. In the EU, not including Britain and the EFTA, total car sales fell 1.2% year-on-year, declining for a fourth consecutive month, as the registrations of battery electric (BEV), plug-in hybrid (PHEV) and hybrid electric (HEV) cars grew by 26.4%, 7.8% and 20.8% respectively. Electrified vehicles - either BEV, HEV or PHEV - sold in the bloc accounted for 59.2% of passenger car registrations in April, up from 47.7% in the year before. Among the largest EU markets, total car sales in Spain and Italy increased by 7.1% and 2.7% respectively, while in France and Germany they dropped by 5.6% and 0.2%. In Britain, registrations were down 10.4%.
The National
25-02-2025
- Automotive
- The National
Tesla shares dip on slumping Europe sales as valuation falls below $1tn
Tesla shares tumbled on Tuesday after a sharp drop in sales in Europe, while US consumer confidence dragged Wall Street lower. The electric vehicle maker's sales in Europe and the UK fell by 45.2 per cent year on year in January, according to the European Automobile Manufacturers' Association (Acea). Tesla 's drop bucked a wider trend in Europe, where new battery-electric car sales rose by 34 per cent in January and captured a 15 per cent market share, according to Acea. Tesla closed 8.39 per cent lower when trading ended in the US on Tuesday at $302.80 a share. The company's valuation also fell below $1 trillion, to $973.96 billion. Tesla reported a drop in sales for the first time in 2024, as the company faces increased competition from China's BYD and other car makers. It also comes as Tesla chief executive Elon Musk intrudes more into European politics. Mr Musk threw his support behind Germany's far-right AfD party and called to congratulate its co-leader on increasing its support from the last election. Mr Musk is also a close associate of US President Donald Trump after pouring billions of dollars into his 2024 electoral campaign. Since taking charge of the so-called Department of Government Efficiency (Doge) on January 20, he has sought to drastically reduce the size of the US federal government and cut off foreign aid. US consumer confidence dips US markets remained on edge before Nvidia earnings on Wednesday, as weak consumer confidence dragged stocks lower. Analysts estimate a quarterly revenue of $38.16 billion for 2025's fourth quarter and an earnings per estimate forecast of 0.85, according to data compiled by Yahoo Finance. Nvidia fell by 2.8 per cent to $126.63 a share, dragging the Nasdaq Composite down 1.35 per cent. The S&P 500 fell 0.47 per cent while the Dow Jones Industrial Averaged climbed 159.95 points, or 0.37 per cent. Markets dipped after a new report showed US consumer confidence dipped sharply in February over growing concerns of how Mr Trump's policies will affect the economy. The Consumer Board's Consumer Confidence Index fell by seven points to 98.3, its largest drop since August 2021. 'There was a sharp increase in the mentions of trade and tariffs, back to a level unseen since 2019. Most notably, comments on the current administration and its policies dominated the responses," said Stephanie Guichard, senior economist of global indicators at the Conference Board. Average 12-month inflation expectations also surged from 5.2 per cent to 5.6 per cent. 'Tariff worries are rattling consumers' cages in a way that they perhaps did not in the current President's first term,' Wells Fargo economists Tim Quinlan and Jeremiah Kohl wrote in a note. Federal Reserve officials say it is still too soon to know how Mr Trump's policies will affect the inflation battle, although they have indicated in recent weeks they are willing to hold interest rates steady for several months amid policy uncertainty and a lack of progress in bringing down inflation. 'All this uncertainty argues for caution as we look to wrap up the inflation fight. If headwinds persist, we may well need to use policy to lean against that wind,' Richmond Fed president Tom Barkin said earlier on Tuesday.
