Latest news with #R133
TimesLIVE
3 days ago
- Automotive
- TimesLIVE
Slate Auto still betting big on simplified, affordable EV pickup
When Will Haseltine saw images online of a small, boxy electric pickup from start-up Slate Auto earlier this year he immediately got onto the waiting list. The sparse interior and crank windows reminded him of the no-frills pickups he grew up with in Memphis, Tennessee — but he was most enamoured with the sub-$20,000 (R357,069) price tag. That price, though, factored in a $7,500 (R133,904) federal tax break, which is set, a casualty of the budget package US President Donald Trump signed into law earlier this month. Now Haseltine isn't sure the truck will fit his budget when it comes out, expected late next year. 'The Slate was the first time I looked at a car, wanted it, and could also make it happen,' said Haseltine, a 39-year-old musical instrument technician. Without the tax credit, he said: 'That's just plain too much.' Michigan-based Slate has raised $700m (R12.49bn) from investors, including founder Jeff Bezos, and has racked up more than 100,000 reservations for its cars. But the company is launching into a tough US market. A few years ago hopeful entrepreneurs were looking to cash in on the global transition to electric cars. But US electric vehicle (EV) sales growth has cooled as consumer interest has faded. The loss of federal tax breaks will further hurt demand, car executives and analysts predict. Like other EV start-ups, Slate probably faces a long road to profitability. The EV business has proven to be a money loser for most industry players, partly because batteries remain relatively expensive. Even in China, where smaller, inexpensive EVs have proliferated and companies enjoy a cost advantage over Western carmakers, most are unprofitable.
TimesLIVE
11-07-2025
- Automotive
- TimesLIVE
Polestar's quarterly EV sales jump as strength in Europe offsets US struggles
Polestar reported a surge in second quarter sales on Thursday, bolstered by strong demand for its electric vehicles in its home market of Europe, even as it faces challenges in markets such as the US. Shares of the company rose more than 5%. Demand for Polestar's EVs has remained resilient in Europe due to offers and discounts, while several other markets have been weighed by high interest rates, inflation and availability of more affordable hybrid or petrol-powered options. The Sweden-based company sold an estimated 18,049 vehicles in the second quarter, it said, a rise of 38% from the same quarter last year. Europe accounts for 76% of the company's total sales, CEO Michael Lohscheller told Reuters, adding Polestar remains "laser focused" on the continent. Lohscheller reiterated the company's commitment to localise manufacturing as US import tariffs threaten to hike production costs and disrupt global supply chains. "In a world where you have more tariffs, and changing tariffs, the only way forward is to localise." The tariffs have affected Polestar more than most European carmakers because most of its cars are produced in China by Volvo Cars and Geely. Polestar last week said it would make its Polestar 7 SUV model at a Volvo Cars factory in Slovakia to minimise exposure to tariffs. Its vehicle sales in the US fell 56% in the second quarter, Lohscheller said, as the country has seen strong competition and reluctance from consumers to splurge on pricey battery vehicles. US EV makers Tesla and Rivian also reported drops in second quarter deliveries earlier this month. The country's EV market is likely to see further pressure from the end of a $7,500 (R133,359) tax credit, which has boosted sales in recent years, this autumn.
TimesLIVE
17-06-2025
- Automotive
- TimesLIVE
Senate Republicans seek to kill $7,500 EV tax credit
US Senate Republicans on Monday proposed a tax and budget bill that would end the $7,500 (R133,691) tax credit on new electric vehicle sales 180 days after the measure is signed into law and immediately end the credit for leased EVs made outside North America. Republicans have taken aim at EVs on a number of fronts, a U-turn from former president Joe Biden's policy that encouraged EVs and renewable energy to fight climate change and reduce emissions. The Republican Senate finance committee proposal would also end a $4,000 (R71,302) used-vehicle EV tax credit 90 days after the bill's approval. The Senate Republicans propose to end, effective on June 16, the $7,500 credit for leased vehicles that would also not meet the purchasing credit. Leased vehicles qualify without any restrictions on content or where they were assembled. Leased vehicles could get the tax credit for 180 more days after passage of the measure if they meet the same stringent North American assembly, battery and critical mineral content rules as purchased vehicles. The House of Representatives version would allow the $7,500 new EV tax credit to continue through to the end of 2025, and through to the end of 2026 for carmakers that have not yet sold 200,000 EVs before killing it. The Republican Senate proposal would exempt interest paid on car loans from taxes for new cars made in the US through to 2028, but phases it out for individual taxpayers making more than $100,000 (R1,782,885) annually. The House bill would impose a new $250 (R4,457) annual fee on EVs for road repair costs and $100 (R1,783) for hybrid vehicles. The House bill would phase out EV battery production tax credits in 2028. President Donald Trump last week signed a resolution approved by Congress to bar California's landmark plan to end the sale of petrol-only vehicles by 2035, which has been adopted by 11 other states representing a third of the US car market.
News18
08-05-2025
- Business
- News18
Titan's Net Profit Jumps 13% To Rs 871 Cr In Q4, Rs 11 Dividend Declared
Last Updated: Titan recorded a total income of Rs 12,730 crores in Q4FY25, a 22% growth from Q4FY24. Net profit grew 12.9% YoY to Rs 871 crores. The board approved a dividend of Rs 11 per share. Titan (consolidated) recorded a total income of Rs 12,730 crores, a growth of 22% in Q4FY25 compared to Q4FY24. EBIT grew by 23% YoY to Rs 1,470 crores, while PBT growth was 23% YoY to Rs 1,218 crores. The net profit grew 12.9 per cent YoY to Rs 871 crore in Q4 FY25, against Rs 771 crore in Q4 FY24. For the full year FY25, the Total Income of Rs 57,818 crores grew 22% over FY24. The EBIT grew 5% to Rs 5,488 crores and the PBT declined by 2% to Rs 4,355 crores, mainly due to the impact of custom duty reduction on gold during the year. Titan board approved a dividend of Rs 11 per equity share of Rs 1 each of the company which will be paid on or after 7th day from the conclusion of the 41st AGM. Jewellery (Tanishq, Mia & Zoya) Total Income for the quarter grew 25% over C14FY24 to R11,232 crores. The domestic India business grew 23% to Rs 10,845 crores during the same period driven by a strong 30% growth in gold jewellery and coins (together) and 12% growth in studded jewellery. Despite a steep increase in gold prices, the studded and gold coin segments saw buyer growths. Solitaires likewise witnessed a good rebound on the back of good buyer growth, albeit on the lower carat weights. The high gold prices, however, are continuing to weigh on consumer sentiment in the near term. EBIT for the quarter came in at Rs 1,331 crores at a margin of 11.9%. Watches & Wearables Business recorded a Total Income of q1,126 crores, up 20% over C14FY24. The domestic India business grew 18% to Rs 1,087 crores during the same period driven by a healthy 18% growth in analog watches. The premium brands of Titan, Raga and international brands (via Helios channel) continued to do well growing in double-digits during the quarter and clocking higher average price realizations than Q4FY24. Fastrack brand topped the growth charts clocking 44% growth followed by Sonata recording 25% growth (over their respective Q4FY24 numbers). Affordable fashion segments are seeing a resurgence on the back of recent product offerings. EBIT came in at R133 crores clocking a margin of 11.8% for the quarter. First Published: May 08, 2025, 19:42 IST
TimesLIVE
06-05-2025
- Business
- TimesLIVE
Sunoco to buy rival Parkland in $9bn deal
Sunoco will buy Canada-based Parkland in a deal valued at about $9.1bn (R166,457,655,000), including debt, the US fuel supplier said on Monday, a move that would create the largest independent fuel distributor in the Americas. Parkland management hailed the deal as a path to greater financial stability and growth. The company had undertaken a strategic review in March after persistent pressure from Simpson Oil, its largest shareholder with a nearly 20% stake, and activist investor Engine Capital. Simpson expressed its displeasure with the deal on Monday, a sign internal turmoil at the Canadian company is not over. Under terms of the deal, each Parkland share will be exchanged for C$19.80 (R261,86) in cash and 0.295 Sunoco unit, a 25% premium over the seven-day volume-weighted average price. Parkland cancelled its May 6 annual general meeting and instead scheduled a special meeting for June 24 at which Parkland shareholders will vote on the Sunoco transaction. In a statement on Monday, Simpson Oil, which had been trying to wrest control of the company's board by proposing its own proxy slate of board candidates, said it has applied for a court injunction to force Parkland to hold the annual general meeting on May 6 as initially planned. Simpson said Parkland's board is pushing ahead with the deal despite losing shareholders' confidence, calling it a "last-ditch attempt" by the company to retain control. Shares of Sunoco, which operates in wholesale fuel distribution and retail convenience, were down 5.6% at midday while those of Parkland were up 6.3%. The acquisition marks the company's second major deal in recent years. In 2024, Sunoco acquired fuel storage and pipeline operator NuStar Energy for $7.3bn (R133,488,521,240). The Parkland deal is expected to close in the second half of the year and deliver more than $250m (R4,570,880,000) in annual cost savings by the third year. Sunoco said the transaction will boost cash flow by more than 10% and allow the combined company to return to its target debt levels within 12 to 18 months of closing. To fund the cash portion, Sunoco has secured a $2.65bn (R48,451,328,000), 364-day bridge loan, a short-term facility often used to bridge financing gaps in large deals. On a call with analysts, executives said the companies will distribute more than 15-billion gallons of fuel annually and strengthen their position across wholesale and retail markets. Sunoco will keep investing in Parkland's Burnaby Refinery, which makes cleaner, low-carbon fuels, and run it for the long term to supply fuel to the Lower Mainland region in Canada.
