Latest news with #PrasSubramanian
Yahoo
5 days ago
- Automotive
- Yahoo
Rivian stock under pressure on mixed Q2 earnings results
Rivian (RIVN) stock is under pressure after the company reported mixed second quarter results in Tuesday after-hours trading. Revenue was $1.3 billion, stronger than the $1.28 billion expected, while adjusted earnings per share sat at a loss of $0.80, compared to estimates of a $0.64 loss. The company also increased its full-year adjusted EBITDA loss range to $2 billion to $2.25 billion, up from the original range of $1.7 billion to $1.9 billion. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime. Rivian second quarter earnings just crossed the wire moments ago and here to help us break it all down, got Yahoo! Finance senior auto reporter, Pras Subramanian. Pras. Yeah, Josh, mixed results here, but you're seeing the stock kind of fall here in after hours trading. So, uh, basically they reported a revenue beat of 1.303 billion versus the 1.28 billion, uh, per bloomberg consensus estimates. Adjusted EPS loss though, 80 cents versus 64 cents as as as what expected in for my regular EPS loss, 97 cents versus 77 cents, 77 cents, wider there as well. Um, the forecast is really sort of the interesting here, interesting issue here because they're said that they said because a continued impact on its results and cash flows of its business and because of the some of the recent changes associated with the regulatory credits and its second quarter performance, company is increasing its adjusted 2025 full-year EBITDA loss range to 2 billion to 2.25 billion from 1.7 to 1.9 billion previously. So there's that kind of that wider loss there on adjusted EBITDA basis. Um, on the positive front, the R2, their new smaller SUV, uh, development is progressing there at their factory, and they still anticipate a 2026, uh, release of that vehicle. But you see the stock here falling here, uh, because the adjusted, uh, a loss projection because of Trump tariffs, right, the tariffs, but also the loss of the EV tax credits is going to hurt them in the second half of the year. Uh, Pras, I'm also just curious to hear more about the the R2 mid-size crossover, Pras. What do we know about that in terms of production, when it hits, and who are they taking on with that product? I mean, to they're basically taking on anyone like the Tesla Model Y, uh, Volkswagen ID2, which both companies is a partner of Rivian now these days. Uh, this is those mid-size SUVs, uh, EV SUVs, uh, maybe the Cadillac lyric. Uh, but yes, they said the R2 was progressing development-wise. The the for the they're calling the test mules are out. Uh, they're driving around town, driving around different plants, different uh, parts of the country. Uh, they anticipate that the factory will be shut down for about three weeks in September because of the fact that they're going to have to sort of build out that production line and also increase total production of the plant, but they still anticipate first half 2026 production of the vehicle. And because of the fact the vehicle should be, uh, more efficient to make, easier to make, cost lower cost of goods, it'll be it'll hit profitability sooner than the current R1 vehicles. Related Videos Opendoor, Super Micro, Toast: After-hours trending stocks Snap reports 'better-than-feared' Q2: Why the stock is sinking AMD bull and bear react to Q2 earnings AMD Q2 results: Sales beat, earnings miss, strong outlook Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Blade CEO talks Joby deal, helicopter business, eVTOL adoption
Blade (BLDE) is spinning off its passenger business as part of a deal with Joby Aviation (JOBY). Blade CEO Robert Wiesenthal joins speaks with Yahoo Finance Senior Autos Reporter Pras Subramanian and Market Domination host Josh Lipton to explain how the move accelerates eVTOL adoption and why he'll stay on to lead Blade under Joby. To watch more expert insights and analysis on the latest market action, check out more Market Domination. Blade announcing on Monday the sale of its passenger division to Joby Aviation for up to $125 million. And joining us now is Blade CEO Rob Wiesenthal, and Yahoo Finance's Senior Auto Reporter, that would be Pras Subramanian. Rob, it is great to see you on the show. So let's get into this big news, uh Rob. Joby Aviation acquiring Blade's passenger division. Walk us through this deal, Rob, how did it come about? Sure. Uh I've known uh Joeben, the founder of um uh Joby for probably about four years now. And uh, you know, when I started Blade uh I guess in 2014, the whole mission of the company uh was to expedite the transition from conventional rotorcrafts to electric vertical aircraft. We were confident that the battle on the ground was going to move to the air. And uh we didn't name the company uh Blade helicopters, it was always Blade urban air mobility. And early on it was clear that the leader in this space was Joeben with his aircraft, that he was in the advanced certification, that he'd be faster in terms of commercialization, and uh this really was a perfect marriage from my perspective. And along the way we built one of the largest air transporters of human organs in the United States, a company that now represents about 88% of the cash flow of Blade. And so what we're doing is we're separating the passenger business, which will go to Joby, and we're keeping our medical business and it'll be renamed Stratus critical medical. And it'll be publicly traded. I will, uh as the largest individual shareholder, I'll be chairman of uh Stratus, but I'll be working full-time as the CEO of Blade, uh under Joby, which is now a $15 billion company, uh with a lot of firepower that'll grow this. And I really think we can do here is accelerate that transition for Joby so they'll be first to market uh with a great brand, great routes, great infrastructure. It's just a terrific business. And Rob, talk about just a bit more about the Blade, the passenger service, Rob. How popular is that service now? How many passengers? How many cities? Break it down for us. We flew over 100,000 people in 2024. Uh it is the largest uh helicopter company in the world in terms of moving passengers. We moved more people by helicopter than some any other company. We are uh, our biggest regions are in the Northeast to the airports, JFK, Newark. Uh we have three uh lounges in Manhattan: Blade Lounge East, Blade Lounge West, Blade Lounge Wall Street. We have terminals at Newark Airport. In Europe, we have uh we have lounges in Terminal 1, Terminal 2 in Nice International Airport. And we're uh the largest um um company in terms of uh number of passengers in Europe flying between Monaco and Nice. We have exclusive franchise that we're flying on a by-the-seat basis between Monaco and Nice, flying Cannes, Saint-Tropez, Courchevel, and Geneva in season. So it really has turned into an international business uh with about $95 million worth of of of revenues. And it's a brand that resonates. It's it's kind of like, it's the Kleenex of helicopters at this point. And I think that that opportunity to transition the people that have been flying Blade from conventional rotorcraft to quiet aircraft is big because because they're quiet, you'll have more landing zones. That is the only thing that has been stopping Blade's growth. Uh uh with quiet, we'll be much more, there'll be much more of an appetite by people in cities, legislators, to allow these landing zones, and any pair of landing zones is a brand new business. Hey Rob, so you know, in addition to the routes and the and the customer data you're going to provide to to Joby there, what do you think also operationally you can you can provide for for for Joby as it sort of ramps up its its customer service? And also how much how how far are we to seeing eVTOL technology like in our neighborhoods? That's that's a that's a really good question. So um we're we obviously have customer data and relationships, and people that, you know, credit card data, these are active fliers who fly multiple times to the airport, multiple times to leisure destinations. Uh we have a consumer to cockpit technology stack. Obviously a terrific brands and infrastructure. This infrastructure is critical. So when you go to a Blade lounge like across street where we are at Hudson Yards and Blade Lounge West, we have the ability to process a lot of passengers and move helicopters every five minutes: both security, baggage, you know, baggage check-in, uh weighing weighing passengers' bags, seating them, making sure they're safe in their environment. That's the kind of know-how that you only get over a decade in this business. And it really isn't going to be that much different when you have eVTOL. It's going to be pretty much that same five-minute flight to the airport, probably close to or over black and price, but coming down quickly after that. And uh again, it's kind of an asset swap. We'll have that trust of that helicopter flier to go into this new form of transportation, uh a new form of uh uh kind of vertical transportation that is. It's something that the competition to Joby does not have. They will have to start their commercialization strategy from scratch. And in terms of timing, uh uh Joby has said by next year, it'll be flying passengers in Dubai. Uh so that will happen next year. And I can't give you an exact timeline, but what I will tell you in terms of the U.S., this administration, if you just take a look at the executive order they came out with on advanced air mobility, uh this administration does not like to be second, does not like to wait. Uh so um I think look at that executive order, which is to expedite uh the certification and adoption of electric vertical takeoff and landing vehicles, is really going to be important. I think that's part of the reason why you've seen in the stocks, uh you know, so much forward momentum uh in terms of all the eVTOL stocks.
Yahoo
6 days ago
- Automotive
- Yahoo
Elon Musk's $29B award may raise board independence concerns
Tesla (TSLA) approved a "good faith" award valued at roughly $29 billion for CEO Elon Musk. Yahoo Finance Senior Transportation Reporter Pras Subramanian discusses the special award and what it means for investors as uncertainty around the CEO's pay package looms. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts. Tesla's board has approved Elon Musk's massive new $29 billion stock award. Will that be enough to keep the CEO's focus aimed at the EV giant? Joining me now, Yahoo Finance senior Auto's reporter Pras Subramanian. This is less Mhm. than the initial pay package that was approved and then rejected by Delaware court. So what do we know about this one? Sounds like it's going to address some of the issues about his focus and it requires him to be there for a few years and devote a certain amount of time to the business and that's sort of what people like Dan Ives are asking about uh, in terms of what they want from Elon Musk going forward as they the company approaches critical phase with robo taxis and Optimus robots and all sorts of cyber cabs and all these things happening. So, I think it's addressing those those key issues. Still a lot of money. I mean, I don't know any CEO's making that much kind of that much money in the span of three, four, three to five years. But yes, it is significantly less than that original pay package that's still tied up in in the court system still to this day. Um, and they said that they if one of those two gets approved, it wouldn't like be a double dip situation where it would be one of the either. You couldn't get both. So that's going to address that concern, too. So, Okay. What about the sort of ongoing questions about the board independence at Tesla? Those, those haven't really gone away, right? Yeah, I mean the board's confident that almost was going to be okay with this package. Like, well, yeah, he's on the board. He's sort of his friends with everyone there. Uh, Robin Denholm, the chair is something that he someone supposedly hand picked. I mean, so you have to ask that question. Still is it still in play as a whether how independent is this board? There's only one member who's independent. Um, so it's really interesting to me. But Right. And there's also, of course, the cognitive distance between this headline, which, yes, we know was sort of a retroactive pay package and the fact that the stock is down 25% this year. Right. And then the auto the core auto business is, is, is slipping quarter after quarter and there's no indication that's improving. Yes, we have the new Model Y out now, but it was out last quarter and it was still sort of down a bit. So, there needs to be something happening. We're not going to see that cheaper EV not till after the tax credit goes away. So, a lot of question marks here, this is a pretty big pay package, but I guess for some, if you're a Tesla investor, there's kind of some certainty here with what Musk is going to be doing in his, in his time with the company. Right. Yes, to some degree.
Yahoo
01-08-2025
- Automotive
- Yahoo
Lamborghini's new $380K hybrid supercar redefines luxury tech
Lamborghini's new hybrid supercar, the Temerario, blends electrification with extreme performance — all for just $380,000. Yahoo Finance Senior Reporter Pras Subramanian joins Asking for a Trend to share insights from his interview with Lamborghini president and CEO Stephan Winkelman. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend. Ultra luxury car maker Lamborghini is out with its new hybrid vehicle with a price tag of $380,000. And our senior Autos reporter Pras Subramanian spoke with the company's president and got to drive the car. Pras, welcome. Yes, yes. The new Lamborghini Tamburario is out, the hybrid supercar. Now, so they've now fully electrified their line with hybrids. You know, Lamborghini was supposed to actually put out an EV pretty soon, but they've sort of had to dial that back a little bit. And, you know, before we got a chance to drive the car, I spoke to CEO Stephan Winkelmann about their EV plans. We've seen a number of companies, including yours, kind of push back the full EV timeline. What's the latest on that? Well, we decided two things after looking into the acceptance curve of battery electric vehicles, which is flattening in comparison to the previous, you know, thoughts of the global automotive industry. And therefore, also for us, it's lowering the expectation in terms of growth rate. So we decided that the follow-up of the Urus PHEV will be again a plug-in hybrid car. And then we postponed our first model a bit to understand when is the right time to come with it. So it still makes some sense for BEV in the luxury world, potentially? Potentially, but we have to see as we said here, we have to come not when the technology is ready, but when the time is ready and when it's going to be successful and when the customers are accepting it. And this is paramount for a company like ours, because we are delivering dreams and not mobility. Yeah, so delivering dreams versus mobility. They're not a mobility company. They're, you know, they're an emotional performance company. So actually, that combined with, you know, the EV story, combined with tariffs, that's been a thing that's been coming up for really expensive cars, you know, how do you handle that? What they've been doing is they've been absorbing a lot of that cost and passing on some of that to their customers. They think it's unfair to pass the whole cost down. So that's part of the sort of business decision there with the company. Then we have the new trade deal, so that's going to help them out. Uh, you know, secondly, I kind of asked about sort of the future of the company and where they kind of see this luxury EV maker, I'm sorry, luxury automaker, where they see themselves. And here's what he had to say. What do you see the next 20 years bring to Lamborghini? Lamborghini is not about volumes, no. It's about how much you earn that you can reinvest in a newest technology for the future. Because the world is more complex, life cycles are shortening, investments are getting higher, technology is evolving faster. So you have to keep up with it and so we have to grow in terms of awareness, image, and to have a solid customer base, which is appreciating our cars also in 20 years from now. And this depends a lot on us if we keep up with the newest technology, but if we continue also to be trendsetters. You know, despite some of these issues with electrification, tariffs, some sort of global uncertainty here with higher rates, things like that, Lamborghini still had first half sales a little bit higher compared to last year, which is more than you can say about a lot of luxury automakers who have been suffering recently. What about the new car? You test drove it. How did it feel? Uh, the new car is simply, I guess, pretty astounding. The predecessor was called the Huracán. This new Tamburario is 1,000, I mean 900 horsepower, almost 1,000 horsepower, right? A V8 that goes to 10,000 RPM, right? But what's really interesting about this car is that it has, it's electrified. So it has two motors in the front, right? That drive each front wheel. So basically when you kind of go around turns, it'll spin the outside wheel faster, kind of move the car around. So you almost feel like you can do anything in this car, right? Like you can go 200 miles an hour, hit the brakes, turn right really hard, and the car will do it. It's kind of like almost like magic, trickery, alien technology, whatever you want to call it. Uh, this car sort of has it all and it's super fast. I will say that because of the turbo technology and the electric motors, it's not as loud as the predecessor was, the V10, howling V10. This engine can get pretty loud, but if you're driving 10,000 RPM at that speed, you shouldn't be on any local roads. Who is, who do they take it on? Who's the rival for this new car? So Lamborghini and Ferrari have been locked in battle for a while now. Ferrari would say we're one of one Lamborghini, they're just, they're not our competition, but in reality, they really are. Uh, you have Aston Martin, right? You have McLaren. You have cars up this level, up this price, performance-wise. I've not driven the Ferrari 296, but I've heard that that car is sort of the pinnacle, and the Tamburario is probably there, if not, maybe surpasses it, I'm not sure. I've got to drive it. Yeah. Next assignment, that's what it is. Thank you, Pras. Related Videos Ford posts Q2 beat, but warns of tariff impact Boeing Q2 earnings preview: Tariffs & Air India crash in focus Labor data: Jobs report preview & immigration policy's impact Trump Gives Mexico 90-Day Reprieve from Tariffs Sign in to access your portfolio
Yahoo
01-08-2025
- Automotive
- Yahoo
Ford posts Q2 beat, but warns of tariff impact
Ford (F) reported second quarter results that topped Wall Street estimates on both the top and bottom lines. However, the automaker warned that it expects to take a $2 billion hit from auto tariffs this year. Yahoo Finance Senior Autos Reporter Pras Subramanian breaks down the results in the video above. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend. Shares of Ford, they are lower after releasing their second quarter results and here to break it all down. We got Yahoo Finances' very own Pras Subramanian, Pras. Yeah, Josh, we're talking earlier, you know, so it's an earnings beat, revenue beat, but that's not really what the big story is here. The story is increased their full year tariff exposure, right? To three billion, sorry, $2 billion to $3 billion if you include, if you don't include mitigation efforts, $800 million in tariffs uh hit this quarter in Q2. So that's what's happening. Um, they did put guidance back in. They said full year guidance of just a t bit of $6.5 to $7.5 billion, a little bit lower than what they had what they had in Q1 when they pulled it and back in uh earlier this year. So uh you know, they're getting this this tariff hit even though they're the most US-centric automaker uh because they have to pay tariffs not just for, you know, stuff coming from Canada, Mexico, but also they're counting aluminum steel tariffs. Uh they say that not all the automakers are counting that and that's why their tariff exposure seems high for a company that makes a lot of cars in the US. So uh lots of discussion in the call, uh EV losses as well. So I was gonna ask, I mean, so stock down we got, all right, we're down about 3%. On that call, what would be top of mind for you in terms of themes and trends you would be listening for? So I I they're going to talk about what's going on with tariff exposure. What exactly are mitigation efforts? This came up in a in a in a round table call just now. They said the mitigation efforts are higher prices, uh using bonded carriers to avoid US tariffs between Mexico and Canada, that sort of thing. Uh will CEO Jim Farley talk about the new tariffs on the UK and EU and how they might be unfair compared to what's going on with Canada and Mexico, right? Uh will will you see a South Korea tariff deal with 15%? We're again, he's complaining about that. It's not fair to US manufacturers who, you know, send a lot of parts over the border, right? So a lot going on there from that from the call, I think. Um, that plus of course, we mentioned the EV business still losing money. Uh good quarter from revenue, they sold a lot of cars, but this is not turning in the corner with regards profitability, so that's gonna come up too. Final question, who would you say is in a better position sort of to navigate to weather these tariff dynamics we're talking about here? Would you say is it Ford or is it GM? If we're talking about big three, I would have said I would have I would have said Ford, and they did have less tariff expense compared to GM. But the thing is, they're saying that GM and Ford don't calculate the same things. It's not apples to apples, right? So until you get that calculation, it seems like Ford is because they make 80% of their US, 80% of vehicles sold in the US for Ford are made in the US. That's the highest percentage of any of the big three. So that seems good for them. They are a more US-centric business. Uh yes, they sell cars in Australia and the in Europe and Asia too, but the US is their bread and butter. So, uh we'll hear more about that. But one of the things that could be coming up is some of these companies are making their own tariff deals, right? And there was talk that Ford was was trying to do that. Like let's say you make a deal with Trump saying I'll build a factory in Ohio if you can give me a better tariff deal. And that's sort of that's happening, right? That's on the table, which seems totally inconsistent with the national policy of tariffs, right? So that could also come up on the call. All right, Pras, we'll be listening. Thank you, sir. Thank you.
