Fed-up locals are trashing electric scooter fleets
As cities from Santa Monica to Beverly Hills struggle to control a rapid proliferation of electric pay-per-mile scooters, some residents are taking matters i.....»»
20 Cheapest Countries To Fly To
In this piece we will look at the 20 Cheapest Countries To Fly To, and in case you want to skip our detailed analysis of the tourism industry and its recovery from the COVID-19 pandemic, you can go directly to 5 Cheapest Countries To Fly To. The travel industry has shown resilience in overcoming the […] In this piece we will look at the 20 Cheapest Countries To Fly To, and in case you want to skip our detailed analysis of the tourism industry and its recovery from the COVID-19 pandemic, you can go directly to 5 Cheapest Countries To Fly To. The travel industry has shown resilience in overcoming the challenges brought on by the pandemic. It has been almost four years since the pandemic began in March 2020, resulting in travel restrictions and a decline in consumer interest in travel. However, experts predict that the industry will fully recover by 2024. In 2023, international travel experienced a significant uptick, with international arrivals reaching 88% of pre-pandemic levels by the end of the year, according to data from the UN World Tourism Organization (UNWTO). World Travel and Tourism Council (WTTC) reported that international arrivals surpassed 2022 levels in all regions. This positive trend is expected to continue into 2024, with several regions surpassing 2019 levels by the end of the year. The increase in international arrivals to an estimated 1.3 billion reflects pent-up demand, improved air connectivity, and a stronger recovery in Asian markets. The Middle East, on the other hand, saw the most significant relative recovery, surpassing pre-pandemic levels by 22%. Europe, the most visited region globally, achieved 94% of 2019 levels, driven by regional demand and travel from the United States. Moreover, Africa recovered 96% of pre-pandemic visitors, while the Americas reached 90%. In Asia and the Pacific, regions like South Asia and North-East Asia saw varying levels of recovery, with South Asia leading at 87% of 2019 levels. In 2023, preliminary estimates show that international tourism receipts amounted to USD 1.4 trillion, which is approximately 93% of the USD 1.5 trillion earned by destinations in 2019. Furthermore, the total export revenues from tourism, including passenger transport, were estimated at USD 1.6 trillion in 2023, representing nearly 95% of the USD 1.7 trillion recorded in 2019. Additionally, preliminary estimates indicate that the economic contribution of tourism, as measured by tourism direct gross domestic product (TDGDP), reached USD 3.3 trillion in 2023, accounting for 3% of global GDP. This signals a recovery of pre-pandemic TDGDP driven by robust domestic and international tourism activities. In looking ahead to 2024, analysts predict that technology will play a vital role in driving innovation and transformation within the travel and tourism sector. They emphasize the significance of digital transformation, artificial intelligence (AI), and data analytics in reshaping the industry. Moreover, the widespread adoption of virtual reality (VR) and augmented reality (AR) is anticipated to elevate travel experiences by allowing travellers to virtually visit destinations from the comfort of their homes before confirming their travel arrangements. A global study, which surveyed 27,000 travellers in 33 countries, including the UK, Italy, Germany, Spain, the US, and Latin America, reveals that travellers are navigating a balance between budget constraints and luxury desires. Some interesting findings include that 47% are considering taking their children out of school for off-peak travel, 46% are planning to reduce tips, and 50% intend to pay for trips using credit cards to manage costs. Despite the focus on budget-conscious decisions in 2024, travellers are still finding ways to indulge in luxury without breaking the bank. For example, 34% are open to borrowing designer clothes and accessories from family or friends for their trips. On the other hand, the luxury travel sector is experiencing a 14% decline compared to previous forecasts, possibly indicating a shift towards more meaningful experiences and a re-evaluation of spending habits. 2024 introduces a new trend among European travellers, with a focus on shorter trips lasting 3-4 nights but with a higher daily budget. This shift suggests a preference for quality over quantity, with travellers opting for luxurious, shorter stays rather than longer trips on a stretched budget. This trend towards “micro-cations” emphasizes creating memorable and valuable experiences in a condensed timeframe. Moreover, Skiplagging, or commonly referred to as “hidden city flights,” has gained popularity as a money-saving tactic for air travelers in recent times. Undeniably, there seems to be seen a noticeable trend in the market, as consumers increasingly seek affordable options for their travel arrangements. Now before we delve into our list of 20 Cheapest Countries To Fly To, let us also first analyze what’s happening around the key stakeholders of the travel industry. Namely, we are going to discuss Marriott International, Inc. (NASDAQGS:MAR), Airbnb, Inc. (NASDAQGS:ABNB) and Booking Holdings Inc. (NASDAQGS:BKNG). Marriott International, Inc. (NASDAQGS:MAR) Marriott International Inc (NASDAQ: MAR), a company with a diverse portfolio of approximately 30 brands and 1.6 million rooms spanning luxury, full service, and limited-service tiers, has shown impressive growth and financial stability. Its key brands, such as Marriott, Courtyard, and Sheraton, along with newer lifestyle brands like Autograph and Moxy, contribute to its success. For the quarter ending 31 December 2023, the company reported a 7.2% increase in worldwide Revenue per Available Room (RevPAR), with a significant 17.4% rise in international markets and a 3.3% increase in the U.S. & Canada. Adjusted net income for the quarter rose to $1,055 million from $622 million the previous year, while adjusted EBITDA reached $1,197 million. Despite the addition of nearly 81,300 rooms globally and strong growth internationally, Marriott faces the ongoing challenge of sustaining growth in a competitive and evolving travel and leisure industry. Airbnb, Inc. (NASDAQGS:ABNB) Airbnb, Inc. (NASDAQGS:ABNB) operates an online marketplace for short- and long-term homestays and experiences. In the fourth quarter ending 31 Decemeber 2023, the company recorded a gross booking value of $15.5 billion. The number of nights and experiences booked totalled 98.8 million, marking a 12% increase from the previous year and surpassing analysts’ expectations. Airbnb noted a strong demand from guests, especially first-time users. Despite some volatility caused by external events, such as the Israel-Hamas conflict in October, Airbnb’s business gained momentum throughout the quarter. For the fourth quarter of 2023, Airbnb’s revenue increased by 17% from $1.9 billion compared to the same period the previous year. The company reported adjusted earnings of $738 million, exceeding analysts’ expectations of $645 million. However, Airbnb faced a net loss of $349 million or 55 cents per share, contrasting with a net income of $319 million or 48 cents per share in the previous year, primarily due to lodging tax reserves and nonrecurring tax withholding expenses totaling approximately $1 billion. Booking Holdings Inc. (NASDAQGS:BKNG) Booking Holdings Inc. (NASDAQGS:BKNG) is a travel technology company headquartered in Norwalk, Connecticut. The company, incorporated under the Delaware General Corporation Law, owns and manages various travel fare aggregators and metasearch engines, including popular platforms like Booking.com, Priceline.com, Agoda.com, Kayak.com, Cheapflights, Rentalcars.com, Momondo, and OpenTable. Operating in approximately 40 languages and across 200 countries, Booking Holdings Inc. serves a global audience. During the third quarter of 2023 ending 30 September 2023, customers reserved 276 million room nights, showing a noteworthy 15% year-over-year increase. Gross bookings amounted to $40 billion, marking a 24% year-over-year increase. These figures set new quarterly records, surpassing the expectations and indicating sustained high demand for travel. In the third quarter of 2023, the international component of total room nights exceeded 50%, up from approximately 45% in the same period of 2022. Travelers are making bookings further in advance, suggesting that the trend of prioritizing travel over other discretionary expenses will likely continue into the coming year. Photo by Ovidiu Gruescu on Unsplash Methodology To shortlist the 20 Cheapest Countries To Fly To, we first extensively researched across various sources which listed Cheapest Countries To Fly To, and based on a consensus approach, we shortlisted more than 25 countries which appeared most frequently across all sources. Furthermore, we also incorporated the recent inflation data across the selected countries and further filtered out the countries, leaving ourselves to countries with lowest inflation rates. Then we finally referred to the latest Travel and Tourism Development Index by the World Economic Forum. This Index, which comprises more than 110 countries, has been published on a bi-annual basis for more than a decade by the World Economic Forum. The ‘Price Competitiveness Sub Index’ takes into account various factors such as airfare ticket taxes, airport charges, and the impact of fuel prices on travel expenses. The countries are graded on a scale of 0 to 7, with 7 indicating the lowest cost of traveling. With this let us now look at our list of 20 Cheapest Countries To Fly To. By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders. 20 Cheapest Countries To Fly To 20. Montenegro 2021 Price Competitiveness Sub Index: 5.04 Montenegro is last on our list of Cheapest Countries To Fly To, offering budget travelers a daily expense range of $40 to $60 for accommodation, meals, transportation, and activities. Mid-range travelers can expect to spend $80 to $120 per day, affording greater comfort and flexibility. Prices may vary according to personal preferences and travel style. Montenegro boasts captivating landscapes, including majestic mountains and the Adriatic Sea, while coastal towns like Budva and Kotor feature historic charm with cobblestone streets and medieval architecture. Durmitor National Park provides a hiking paradise with rugged peaks, deep canyons, and serene glacial lakes. The country’s culinary scene offers a blend of Mediterranean and Balkan flavors to delight visitors. 19. Mexico 2021 Price Competitiveness Sub Index: 5.06 From Tulum to Baja California, Mexico offers a wide range of adventures to explore. This diverse country is known for its rich culture, stunning natural beauty, and delectable cuisine that is among the best in the world. While Mexico may have a concerning safety reputation, most violence occurs in specific areas, and there are many safe and enjoyable destinations throughout the country. The good news is that traveling in Mexico can be affordable. For under $20, you can visit multiple breathtaking cenotes, such as the one shown in the picture. For less than $3, you can indulge in tasty street foods like tacos (who doesn’t love them?), quesadillas, and tortillas. Additionally, the country’s white sand beaches are largely cost-free, and the warmth and hospitality of the locals are truly invaluable. 18. Morocco 2021 Price Competitiveness Sub Index: 5.27 In comparison to other African countries, Morocco is regarded as a budget-friendly destination. While it may not offer the same low prices as Southeast Asia, Morocco is still considered one of the more economical options for travelers, provided they steer clear of tourist traps. For instance, Marrakech stands out as a vibrant and bustling city within Morocco. Many visitors come here to explore the expansive Medina and arrange excursions to the Sahara Desert or the Atlas Mountains. Exploring Marrakech can be quite cost-effective if you opt for meals at local eateries instead of tourist-oriented restaurants around Jemaa El Fnaa, the main tourist square. Accommodations in hostels throughout Morocco typically range from $8 to $10, and tours are also reasonably priced. 17. Nicaragua 2021 Price Competitiveness Sub Index: 5.38 Located between the Pacific Ocean and the Caribbean Sea, Nicaragua is renowned for its diverse landscape of lakes, volcanoes, and beaches. The country’s affordability as a travel destination, even in upscale areas, makes it an attractive choice for visitors. With its rich biodiversity and historic architecture, Nicaragua is becoming increasingly popular among expats seeking value, compared to neighboring countries and hence, stands at the 17th position in our list of Cheapest Countries To Fly To. 16. China 2021 Price Competitiveness Sub Index: 5.45 Placed 16th on our list of Cheapest Countries To Fly To is China, which stands out as a truly unique destination with its distinct food, language, culture, history, and biodiversity. Despite misconceptions about it being primarily urban, China offers breathtaking natural landscapes and diverse ecosystems, from the reclaimed Great Wall to the vibrant waterfalls of Jiuzhaigou and the surreal beauty of Zhangjiajie and Huashan. Beyond its megacities, China boasts numerous national parks and natural wonders, making it a versatile and captivating destination for exploration. 15. South Africa 2021 Price Competitiveness Sub Index: 5.46 Travelers using USD or Euro will benefit from the favorable exchange rate in South Africa, where 1 South African Rand equals 0.05 USD. Accommodation options, known as “backpackers,” are affordable and set in picturesque locations with unique personalities, helping the country secure a place in our list of Cheapest Countries To Fly To. Cooking your own meals can help save money, as dining out in South Africa can be costly. While public transportation is limited outside of major cities, renting a car and sharing costs with fellow travelers is a cost-effective way to explore the country. 14. Thailand 2021 Price Competitiveness Sub Index: 5.55 In northern Thailand, travelers can easily find budget-friendly accommodation options. Costs increase as one moves south, making it ideal to stay in the north for those on a limited budget or time constraints. Basic dorms in popular areas like Chiang Mai and Pai are available for under $7. Furthermore, opting for street food offers both cost savings and a more authentic culinary experience. Lastly, affordable activities, such as visiting the White Temple or organizing day trips with fellow travelers, can be enjoyed without spending a lot of money. 13. Peru 2021 Price Competitiveness Sub Index: 5.60 Next on our list of Cheapest Countries To Fly To is Peru, renowned for adventure and its culinary scene, boasting four spots on The World’s 50 Best Restaurants list, with one holding the top position. The country’s highlight, Machu Picchu, is a New Seven Wonder of the World. Travelers should consider the seasonal differences in the Southern Hemisphere when planning their visit, with February being the warmest month and August the coldest. Packing accordingly is essential for an enjoyable trip. Political and social unrest that erupted in the country in 2023 is now over, and the country is yet again, safe for tourists to travel. 12. Bulgaria 2021 Price Competitiveness Sub Index: 5.66 Bulgaria, 12th country on our list of Cheapest Countries To Fly To, boasts an abundance of mountains, including Rila, Pirin, the Balkan range, and the Rhodopes, all offering diverse landscapes for winter mountain activities. Visitors can enjoy ski touring, snowshoeing, and winter mountaineering in the snowy summits and dramatic ridges. The country also offers a rich cultural heritage with numerous historical sites and traditions woven into everyday life. Local cuisine features fresh, quality ingredients, including vegetables, dairy products, and mild spices, with pork, chicken, fish, veal, and lamb dishes being popular choices. Additionally, Bulgaria provides vibrant nightlife, entertainment, and a pristine coastline with beautiful sandy beaches and clear seas, just a short internal flight or a 5-6 hour road trip from Sofia. 11. Brazil 2021 Price Competitiveness Sub Index: 5.73 Many tourists in Brazil choose to visit Rio de Janeiro and other urban areas with well-established hospitality industries. Salvador and Bahia are popular destinations, and more visitors are exploring the coastal areas of the Northeast. Eco-tourism is gaining traction in the Amazon region, while the beaches of Santa Catarina attract many Argentine tourists in the South. The Iguaçu Falls draw over a million tourists annually, connected to urban centers by highways and air routes. National parks, historic sites, and pristine beaches are also becoming increasingly popular among travelers. Several cities and regions in Brazil have been designated as World Heritage sites, recognizing their cultural and historical significance. 10. Philippines 2021 Price Competitiveness Sub Index: 5.76 The Philippines can be a somewhat expensive and time-consuming destination to navigate, with fewer hostel choices compared to other Southeast Asian countries. Despite these challenges, budget-conscious travelers can keep costs low by traveling during off-peak seasons, booking flights in advance, and confining their itinerary to 1-2 regions, and this way the country makes it to our list of Cheapest Countries To Fly To. The country offers stunning islands, affordable group island tours, and captivating dive sites, providing unique experiences that may be more costly elsewhere. In this regard, spending money in the Philippines can be rewarding for travelers seeking value and memorable experiences. 9. India 2021 Price Competitiveness Sub Index: 5.83 India is known for its affordability, particularly if travelers are willing to negotiate prices and seek out bargains. In the northern regions, budget accommodations may be basic, with rooms typically starting around $3 and traditional bucket showers providing heated water. Southern India, with its beautiful beaches, offers a better chance of finding budget-friendly lodging. To travel cost-effectively in India, arranging accommodations and activities independently without using agents or online booking platforms is recommended. By personally approaching local guesthouses, restaurants, and tour providers, visitors can often secure services at lower prices compared to online rates. 8. Namibia 2021 Price Competitiveness Sub Index: 5.85 Namibia boasts some of the world’s most breathtaking landscapes, including the stunning Sossusvlei, the captivating Deadvlei, and the expansive Fish River Canyon, among others. While Namibia may not initially appear as a budget-friendly destination, with most accommodations geared toward luxury travelers and limited transportation options in such a vast country, there are cost-saving strategies that can make a visit more affordable. Opting to camp instead of staying in upscale lodges can significantly reduce expenses. Luxury lodges typically charge between $50 to $200 per night, whereas camping at their campsites costs around $8 to $10 per night. Government campsites may charge slightly more, ranging from $15 to $18 per night. Sharing a rented 4×4 vehicle with fellow travelers can help split transportation costs. Making use of communal kitchens at accommodations for self-catering can also save money. Additionally, entrance fees to attractions in Namibia are generally budget-friendly. 7. Cambodia 2021 Price Competitiveness Sub Index: 5.94 Southeast Asia is renowned for its affordability, stunning scenery, rich history, vibrant cuisine, impressive religious architecture, and breathtaking natural environments. Among Southeast Asian countries, Cambodia stands out as one of the most budget-friendly destinations, and is therefore makes a place on our list of Cheapest Countries To Fly To. Key attractions in Cambodia include exploring the awe-inspiring ancient Khmer temples in Siem Reap and visiting the museums and palaces in the capital city of Phnom Penh. Accommodation options in Cambodia can be as inexpensive as $4 per night at hostels, and hearty meals can be enjoyed for as little as $1. 6. Indonesia 2021 Price Competitiveness Sub Index: 5.98 When considering Indonesia, the 6th country on our list of Cheapest Countries To Fly To, the cost of travel largely depends on transportation expenses. Inter-city travel and private boat rides between islands can be time-consuming and expensive. To save money, focusing on a particular region for exploration is recommended. Local transportation is a cost-effective way to travel extensively. Food and beverages are affordably priced and delicious throughout the country. Engaging in activities like scooter rides, hiking, waterfall visits, or beach lounging is budget friendly. Hostels, particularly in locations such as the Gili Islands, offer ample and economical lodging options. Click to continue reading and find out about the 5 Cheapest Countries To Fly To. Suggested Articles: 20 Most Dangerous Countries that American Tourists Usually Visit 25 Countries That Dislike American Tourists 30 Top Tourists Attractions in the USA Disclosure: None. 20 Cheapest Countries To Fly To is originally published on Insider Monkey......»»
Bloom Energy Corporation (NYSE:BE) Q4 2023 Earnings Call Transcript
Bloom Energy Corporation (NYSE:BE) Q4 2023 Earnings Call Transcript February 15, 2024 Bloom Energy Corporation misses on earnings expectations. Reported EPS is $0.07 EPS, expectations were $0.08. Bloom Energy Corporation isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Ladies and […] Bloom Energy Corporation (NYSE:BE) Q4 2023 Earnings Call Transcript February 15, 2024 Bloom Energy Corporation misses on earnings expectations. Reported EPS is $0.07 EPS, expectations were $0.08. Bloom Energy Corporation isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Ladies and gentlemen, thank you for standing by. I would like to welcome everyone to the Bloom Energy Q4 2023 Earnings Conference Call. At this time, all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. I will now hand the call over to Ed Vallejo, Vice President of Investor Relations. You may begin your conference. Ed Vallejo: Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy’s fourth quarter 2023 earnings conference call. To supplement this conference call, we furnished our fourth quarter 2023 earnings press release with the SEC on Form 8-K and have posted it along with supplemental financial information that we will reference throughout this call to our Investor Relations website. During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the company’s business results, products, new markets, strategy, financial position, liquidity and full year outlook for 2024. These statements are predictions based upon our expectations, estimates and assumptions. However, as these statements deal with future events, they are subject to numerous known and unknown risks and uncertainties as discussed in detail in our documents filed with the SEC, including our most recently filed Forms 10-K and 10-Q. We assume no obligation to revise any forward-looking statements made on today’s call. During this conference call and in our fourth quarter 2023 earnings press release, we refer to GAAP and non-GAAP financial measures. The non-GAAP financial measures are not prepared in accordance with U.S. Generally Accepted Accounting Principles, and are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between the GAAP and non-GAAP financial measures is included in our fourth quarter 2023 earnings press release available on our Investor Relations website. Joining me on the call today are KR Sridhar, Founder, Chairman and Chief Executive Officer; Greg Cameron, our President and Chief Financial Officer; and Aman Joshi, our Chief Commercial Officer. KR will begin with an overview of our business, then Greg will review the operating and financial highlights of the quarter as well as the outlook for 2024. And after our prepared remarks, we will have time to take your questions. I will now turn the call over to KR. KR Sridhar: Hello, everyone, and thanks for joining us today. Let me start by thanking the Bloom Energy team for relentlessly working on our top objective of 2023, making the company profitable. Together, we achieved profitability by maintaining price discipline, reducing product costs, improving service margins, and reducing operating costs. What a huge milestone for our company. Now, our goal for 2024 is to increase the profitability on a year-over-year basis. In addition to record revenue, significantly improved margins and record annual operating income, we introduced innovative products and offerings, including one just this week. More on that later. Now, let me address the macros in the energy market. Digital transformation, AI, electric vehicles, onshoring of manufacturing and electrification of everything are all increasing demand for electricity at a rate never ever seen before. All these factors can drive demand for electricity up to 10 times more than the 0.5% average demand growth rate the utility industry is accustomed to for the last four decades. Can a slow-moving industry and the failing grid meet this unprecedented demand challenge? Let’s start with electricity generation. Even breakneck speeds of renewable expansion can at best address a very small fraction of this demand growth. In the last 10 years, all the new renewable capacity installed in the U.S. produces less electrical energy than the deficit created by retired coal and nuclear power plants. New nuclear power will not be online during the next decade in a meaningful way. We have to rely on more natural gas to meet the electricity demand. Once power is generated in faraway locations, it has to be transported to the demand centers by high-voltage transmission lines. While the National Renewable Energy Laboratory estimates that 90,000 miles of high-voltage transmission lines are needed to meet this growth, 90,000 miles, we have built less than 700 miles in 2022. All this suggests that as a nation, we will imminently face severe and huge power shortage that will last a couple of decades. This situation will be the same in many of the population centers and economic hubs around the world. In the past few months, as I speak to CEOs and business leaders, energy security and power availability are top-of-mind issues for them and their Boards. Most management teams today view the future supply and availability of electricity as a key enterprise risk. Unlike even five years ago, when most of the conversations were around cost of power, today, it is about the opportunity cost and business risk of not having power. So, how have these macros played out for Bloom Energy on our commercial side? Let me start with data centers, particularly AI data centers. For the last few months, my team and I have been engaged deeply with several leading companies in the AI space, from CEOs all the way to working level technical teams. The sales funnel for this sector alone is massive, not in the megawatts but in the gigawatts. The funnel is composed of several A-list companies with credible growth projections who are told by their utility companies to not rely on them for additional power. They love Bloom’s technology, our rapid deployment capability and the flexibility and optionality of our solution. They are actively working with us on design configurations and implementation scenarios. In these interactions, our prospective customers tell us that in the absence of reliable and timely power from the grid, the Bloom Energy solution would be their best alternative. Unlike our sales funnels in other sectors in the past that had mostly single-digit megawatt opportunities, this sector offer tens and hundreds of megawatts per opportunity. Most of the opportunities we are pursuing today are for greenfield data centers, in contrast to the past where we offered a cleaner and more reliable power upgrade to an existing data center facility. Greenfield opportunities inherently have elongated sales and implementation cycles. The market in this sector is rapidly evolving, and we will have better visibility on timing as the year progresses. Over the coming years, I’m very excited about the Bloom solution for data center power and particularly AI data centers, as I see it as the single biggest segment for our growth in the next decade. This opportunity, I highlighted for data centers, carries over to other energy-intensive industries and service operations that require reliable power, such as semiconductor manufacturing, electric charging of bus, van and car fleets, and environmentally-controlled warehouses. We are in various stages of commercial engagement with prospective customers, and I see great potential to convert some of this interest to bookings this coming year. Let me now comment on our innovative product offerings. In the second half of last year, we announced our combined heat and power CHP offering. This product offering can provide net-zero steam to process industries that are looking to lower their carbon intensity. Alternatively, using this team to create net-zero cooling will be a huge economic and environmental benefit to data centers. We are also seeing a strong interest for our CHP offering in Europe. Earlier this week, we announced the Be Flexible offering. This offering has taken our base load solution offering and transformed it to meet a customer’s varying load. For utilities that need reserve power or for data centers whose power usage varies, the Be Flexible offering provides up to 50% cost savings, 50% carbon reduction at reduced load, and more than 5 times faster power ramp than legacy solutions such as diesel generators and gas turbines. My team is working with several power companies to use the Be Flexible solution in front of the meter. On the international side, let me take a moment to talk about Korea. Five years ago, we started in Korea with our partners SK ecoplant and SK D&D. We had a shared sense of purpose and goals. We knew that together, we could grow and build a great business in Korea. In the last five years, Bloom has sold over $4 billion of product and service to the Korean market and established Bloom SK as the market leader in fuel cell power generation. We are positioning ourselves to sell over $4 billion of product and service in the coming four years. We are engaged as partners in the demonstration and deployment of hydrogen-based energy servers and hydrogen electrolyzers in Korea. They are also partnering with us to open up new markets in other countries. In 2023, we had to hit a pause in the deployments to adapt to the new policy and procurement rules that the Korean government enforced in the middle of the year. While that created a lowering of our sales to Korea in second half of 2023 and a slow start in first half of 2024, they are back on track, and we expect a strong business in Korea in the second half of 2024 and in the future. For us, Korea is a model and global leader of energy policy progress and commercial adoption. We are bullish about our future in the Korea market. We hope to replicate it in other markets around the world. Outside of Korea, under Tim Schweikert’s leadership, we have opened five international markets and have our pilot programs going. He and his team are building a strong pipeline in those countries and confident of opening at least two new global markets. Based on the quality and quantity of the pipeline, we expect our international market to have a strong bookings growth in 2024. At the core of everything we do is our people. We are constantly working to both develop our existing talent and upgrade by adding new talent. Just last week, our CTO, Dr. Ravi Prasher, was elected to the prestigious National Academy of Engineering. It’s a huge honor and well-deserved recognition. Congratulations, Ravi. In January, we were thrilled to welcome Aman Joshi as part of our Bloom leadership team. He joined as our Chief Commercial Officer after a long career in power generation sales. Aman will be responsible to grow our robust sales pipeline with a special focus on converting the opportunities to orders with urgency. Aman, welcome, and over to you for a few remarks. Aman Joshi: Thank you, KR. It’s great to be speaking with you all today. I just want to say a few words. First, I could not be more excited to join Bloom and be part of all the amazing things happening in this company. The pace of innovation and the confidence in our company’s future is palpable among the employees as I walk the floors. In my prior role, I spent over 20 years at General Electric, most recently focusing on gas turbines and power generation. In the past two years, I sold more than 5 gigawatts of generation capacity. At GE, our focus was doing large-scale projects that were complex and incredibly important. As we advance along the energy transition, it started becoming clear that natural gas and hydrogen are going to play a big role in helping decarbonize the world, both in energy and industrial sectors in the coming decade. Gas turbines and reciprocating engines are far less efficient when burning 100% hydrogen. In addition, when they combust hydrogen, there are challenges around NOx emissions. Bloom’s solid oxide fuel cell can solve the hydrogen challenge today and generate zero carbon, zero SOx and zero NOx. This is a game changer. I decided to come to Bloom after seeing the product and realizing that it had arrived at an inflection in its ability to function at scale and be a solution for large, complicated, important and timely projects. Bloom is no longer just about potential, but it’s real now and at scale. Bloom’s energy servers can address the most pressing needs of customers across industries, including data centers, utilities and industrial processes. I’m excited about the pace of innovation here and the flexibility of the product suite. Bloom is a kind of company that can move quickly to develop an application and deliver it to the market. Think about what KR said on CHP and the Be Flexible load-following product. The speed from idea to concept to product at Bloom is remarkable. Its product lead the industry. Just look at the Bloom electrolyzer, which tests have proven is the best and the most efficient in the market. Bloom can solve the big problems that I know exist in the market, and I’m very pleased to now have an opportunity to sell these solutions to the customers that need them. I look forward to speaking with you all further in the Q&A. For now, I’ll turn it over to our CFO, Greg Cameron. Greg Cameron: Thanks, KR, and welcome, Aman. Let me begin with a few highlights about our strong execution in 2023. In the fourth quarter, we achieved revenue of $357 million, non-GAAP gross margins of 27.4%, non-GAAP operating income of $27.4 million and positive CFOA of $122 million. These quarterly results accumulated into strong performance for the full year 2023. We had record revenue of just over $1.33 billion, up 11% versus last year. Our non-GAAP gross margins were roughly 26%, up 280 basis points versus 2022. We delivered on our milestone of positive non-GAAP operating income of $19 million, up nearly $53 million from the prior year. Our backlog for product and service is now over $12 billion, up 21% versus year-end 2022. We entered 2024 with over $745 million in total cash. With those as highlights, let me provide some additional context for our performance. In the fourth quarter, we signed a 500-megawatt volume agreement with SK ecoplant. This is a recommitment of 250 megawatts under our 2021 agreement and a commitment for an incremental 250 megawatts. Under the new agreement, the 500 megawatts will be accepted through 2027, providing visibility for nearly $1.5 billion in product revenue over the next four years and $3 billion in service revenue over the next 20 years. The prior agreement was amended to reflect the implementation of the clean hydrogen portfolio standards in Korea. The new agreement adjusted the timing of deliveries, which reduced 2023 revenue by roughly $160 million versus the prior agreement’s 2023 volume commitment. These deliveries and revenue are incorporated into the $1.5 billion that is expected to be recognized through 2027. As KR shared, global power demand is being driven by electrification, EVs and AI data centers. The world’s current generation, transmission and distribution capacity will be incapable of meeting the additional electricity needs. Our fuel-flexible energy server with enhanced capability of combined heat and power, carbon capture and load following is uniquely positioned to meet the needs today while providing optionality through the energy transition. Clearly, the macro trends are in Bloom’s favor. I’m very encouraged by Aman’s addition to the team. He brings a wealth of experience in the distributed power generation market and rigorous commercial process mindset. Even after just a few weeks in the role, he’s already making significant impacts. Bloom remains committed to the 2025 targets for product margin, service margin and profitability, as well as our long-term revenue growth rate. As we move through the decade, most of the long-term growth will be driven by our power generation solutions. Our electrolyzer and marine products will contribute as those markets evolve. Our 2023 non-GAAP gross margins of 25.8% improved 280 basis points versus 2022. The margin improvement was driven by a 13% reduction in our unit product costs, offsetting a small reduction from pricing mix, resulting in over a 10% increase in our unit product profit. Clearly, our efforts to lower material costs, coupled with automation and increased power output are driving down product costs. In every quarter in 2023, we have achieved double-digit cost reductions versus prior year, and we exceeded our 2023 product cost down target. As we move into 2024, we expect to maintain our double-digit cost reductions. As expected, our fourth quarter results in service improved versus prior quarters as revenues grew, performance payments declined and replacement power module costs reduced. We remain committed to our service business achieving 20% non-GAAP gross margins by 2025. We expect our service non-GAAP gross margins to continue to improve and will be a key driver to increasing our overall non-GAAP gross margins in 2024 and beyond. In the fourth quarter, we had positive CFOA of roughly $122 million, building our total cash balance to over $745 million. In 2023, we made investments in increasing inventory that I would not expect to repeat in 2024. Additionally, I would expect our accounts receivable aging to reduce as we collect from a partner on a large project that has experienced delays. In the fourth quarter, we completed our targeted proactive restructurings. These were focused on managing costs, driving efficiencies and optimizing our performance to ensure that as we grow revenue, our margins can improve and we can generate free cash flow and profitability. As we move into 2024, we’ve consolidated our California stack manufacturing and reduced our operating expenses 19% versus the first half of 2023. A restructuring charge of roughly $7 million was recorded in the fourth quarter that has a pro forma adjustment to our non-GAAP reporting. As we look forward to 2024, we expect to continue to grow our revenues and expand our margins. Based upon our backlog and pipeline, we are targeting revenue of $1.4 billion to $1.6 billion. We expect additional 200 basis points improvement in our non-GAAP gross margins to about 28%. Based on these targeted revenue and margin performance, I would expect our non-GAAP operating profit to be between $75 million to $100 million. Consistent with prior years, second-half revenue should be greater than first half, driven by timing of Korea shipments and some large acceptances. For the first half, I would expect revenue to be up mid-single digits, with improving profitability versus last year. For the first quarter, the range is a bit broad as we have projects that could be accepted in either the first or second quarter. First quarter revenue could be flat to down 20% on a tough comparison as the first quarter 2023 was up nearly 40%. Finally, let me spend a few minutes on my departure from Bloom Energy. The last four years has been an amazing professional journey. I want to thank KR, the Board and the entire Bloom family for their support in allowing me to contribute to Bloom’s success. I’m proud of how we’ve worked together to position Bloom for the future. We’ve doubled revenues, improved margins, strengthened our balance sheet, doubled manufacturing capacity and assembled a strong operating team. The world needs Bloom’s solutions, and I’m confident the Bloom team is poised to continue to deliver. This has been a very hard decision for me, but I look forward to enjoying more time closer to my family. So, while there’s rarely a perfect time for a transition, waiting for one often comes with a personal cost. In the near term, I’ll be focused on ensuring a smooth CFO transition. I am confident in KR and the Board to find the right person to enable Bloom’s continued success. I remain very excited for Bloom’s future. With that, operator, please open the line for questions. Operator: Thank you. [Operator Instructions] Our first question comes from the line of Andrew Percoco of Morgan Stanley. Please go ahead. See also Top 20 Most Valuable Blockchain Companies in 2024 and 15 Top Performing European Stocks So Far in 2024. Q&A Session Follow Bloom Energy Corp (NYSE:BE) Follow Bloom Energy Corp (NYSE:BE) or Subscribe with Google We may use your email to send marketing emails about our services. Click here to read our privacy policy. Andrew Percoco: Hi. Thanks so much for taking the question. Greg, first off, best of luck in your next endeavor, and thank you for your partnership over the last few years. It’s been great. And I guess maybe just to start out, on the AI data center theme, I think the idea around power shortages and bottlenecks is definitely gaining some momentum, and you guys have talked about your technology as a key solution for that end market. KR, it sounds like you’re having a lot of conversations with these tech companies that are pursuing AI. But I guess just given some of these power constraints, I would have thought that there would be a faster pace of development on some of these agreements. So, can you maybe just give me a sense for — or give us a sense for where in the process you are in these conversations and maybe some of the remaining items that need to be negotiated or work through to get these across the finish line? And then, maybe as a separate follow-up, you did allude to some delays in the South Korea market as a driver to downside in your 2023 revenue target. Can you just give us a sense for what’s included in 2024 as it relates to South Korea and how you get comfortable with some of those regulatory changes? Thank you. KR Sridhar: Andrew, thank you so much. I will speak to the AI data centers, and I’ll have Greg talk to the Korea markets, too, so — and we can both add color to that. So look, if I were to just tell you my last three days, having two days of Board meetings and today of earnings call, in addition to that, if I just look at four meetings I’ve had with large data center players, and this is leadership, C-suite CEO levels. And at Bloom, these meetings are about greenfield data centers. And collectively, these four opportunities that I met would add up in terms of a pipeline interest to more than 0.5 gigawatt. So that’s what we are looking at in terms of what we are being told by these customers. And if you just look at chips, whether it is the big chip companies and what their projections are, if you look at TSMC and the fabs and what their projections are and then multiply that by the amount of power they need, these numbers are very real numbers. But unlike what we talked about earlier, these are greenfield data centers. So, as we are speaking to these customers, they’re securing the land, they’re securing their financing, they’re securing their offtakes, they’re trying to get their permits. So, it is taking — it’s an elongated cycle. We expect the second half to be a lot more robust than the first half based on everything we’re seeing. And we could have continued to focus at a huge opportunity cost on the other traditional sectors through which we build our pipeline and gotten to a good first half. But we are fiscally disciplined. We are very deliberate on choosing our opportunities, and we see this as an extremely real opportunity with a great focus. And therefore, we are honed in on it, and very optimistic about where our future is going to be in this area. Greg, do you want to talk about Korea? Greg Cameron: Yeah, sure. And Andrew, thank you for your kind words. I’ve enjoyed the partnership as well. So, on Korea, as the change came in with the clean hydrogen portfolio standard, it was known all the way back to 2021 that this change was coming, and we didn’t know exactly how it was going to impact the market. But at the time, as partners said, if this does impact timing, then we’re going to have to come back to the table, which we did. I think going forward, looking at where the market is and looking at the bidding process that is there, as we go into this year being ’24 and into next year, I think our partners there have a pretty good understanding of how the market is going to play out. And one of the changes that we made to the agreement that we didn’t have before is we now have quarterly minimums in place. Before, we had annual minimums and it left us with some uncertainty as we went through the year. We now have quarterly minimums where we can look at to make sure we’re on track for the year. So I think that was a good change. If I look forward in the market out two, three, four, five, six years, that market is going to continue to expand, and the technologies are actually going to come together. So, you won’t have separate swim lanes for fuel cells versus combustion versus other things. That market is going to continue to grow, both for natural gas as it transitions to hydrogen. And I feel very good about Bloom’s products, both on the fuel cell side as well as the electrolyzer to do really well in Korea. So, I’m really encouraged with that market. I’ve enjoyed my partnership with both ecoplant and D&D very much, and have had the pleasure of spending some time with them over the last few years, and they’ve just been nothing but a great partner. So, we’re really excited about our partnerships there, and we’re excited about the market. Operator: Thank you. Our next question comes from the line of Manav Gupta of UBS. Please go ahead. Manav Gupta: Good morning, guys. My quick question here is the 2024 is a range. Help us understand what could push you towards the top end of the range of $1.6 billion in revenue? And also just a quick clarification. You are very capital disciplined. So, with $75 million to $100 million in operating profit, would that imply a minimum cash burn and very small needs, if any, for any external financing, if you could address those issues? Thank you. Greg Cameron: Yeah. Sure, Manav. It’s Greg. So, listen, when we pulled the plan together for this year, and we looked at it, and this is why a little bit in my script, I talked about being up kind of mid-single digits is where I think the company will be at the midpoint in the year, and that gives us kind of the way we’ve looked at it before, which is the 35% to 40% of our revenue is going to be earned in the first half versus the second half. What’s going to drive us from the lower end of the guide to the higher end of the guide is really on a list of projects that we see both in the U.S., broadly international and in Korea. And my expectation is as we go through the year, we’re going to get more and more clarity around the timing of those projects. I’m very bullish that we’re going to win our fair share of those projects, and they’re either going to fall in late 2024 or early ’25. So, my expectation as we go through the year, it’s not so much will we have the projects, it will be the timing of those projects. But our full expectation, my full expectation for Bloom is that it will leave 2024 with a bunch of commercial momentum, both in winning deals as well as delivering on systems, and that would drive us to the higher end of the range, I’m hopeful. On the question around cash burn, listen, the metric that I look at, right, is the EBITDA metric. And that says, is the company burning cash on running itself? And we’ve been positive on EBITDA over the last couple of years. So, our CFOA usage has been more around investing in inventories and other things preparing for the growth in those systems. And I don’t expect to change the view on the inventory levels year-over-year, where we grew them significantly from ’22 to ’23. I would not expect a similar level of growth next year. It was really a way to make sure that we had the business position going forward. If that was the case, that would say you have more opportunity to generate cash in that CFOA bucket than not because you’re not investing in the working capital. As I think about the capital needs for the company, one thing that’s going to be out there that we’re going to need to think about is the 2025 $220 million convert will come current in August. It’s not coming due until August of 2025. But that will be something that the company can be opportunistic around when it chooses to address that. And with our cash balances and that value of $220 million, we could easily pay that off if we chose. So, I think the company has a lot of options on when and how it addresses those capital needs. Operator: Thank you. Our next question comes from the line of Dushyant Ailani of Jefferies. Please go ahead. Dushyant Ailani: Thank you for taking my questions. I wanted to quickly just talk about thoughts on electrolyzer sales going into 2025. I know that you guys mentioned you’re optimistic on that. But I think just given some delays in FIDs in LSB, I just wanted to get your thoughts there. KR Sridhar: So, this is KR, and I’ll have Greg add some additional comments to that. Look, we have shown ’26 and beyond as there’s going to be meaningful electrolyzer revenue. We think that’s still a possibility. Let me walk you through the few things that we’re looking at right now. As we have told you, we have publicly mentioned in four of the seven hubs, we’re working with some other hubs too, but let’s just talk about the four hubs. These projects are in the pre-FEED engineering right now as we speak, and Bloom is supporting those projects as an OEM. But as you very well know, winning the money for the hub on an 80-20 rule is the 20 side. The 80% of whether these go to FEED and beyond is going to depend on the regulations that come on the production tax credit from the DOE. That’s what’s going to drive it. So, as we sit here, we are supporting those. But the delays in the PTC is going to delay those implementations as we see it. But we are ready, able and willing to support those things, number one. If you look outside of the U.S. right now, we are in pre-FEED studies in multiple geographies, including Europe, Middle East and Australia, and we are like working on those. And if you look at our project of demonstrating with a nuclear power plant with Xcel Prairie Island, we have already shipped our unit. Now, it’s with the customer who is going to integrate it and start running it. If you look at our INL project with Idaho National Lab, they can’t stop saying enough good things about us. That unit we shipped out there is working extremely well, not just performing but exceeding expectations. So that’s a summary of our electrolyzer program. Greg Cameron: Yeah. I think here’s what I’d add is, in addition to that, right, our technology is the most efficient on the market today, and we have over 2 gigawatts of capacity. What you get with Bloom is optionality. So, we see in the near term, and we’ve always talked about this with our long-term growth rates, the majority of the short-term growth is going to be driven by our core power generation projects — product. Now, what’s great about that is we are building out all of the manufacturing capacity, the supply chain, the automation, driving down the cost around our stacks and columns, and it’s the same product, whether we put it in as a fuel cell or as an electrolyzer. So, we are learning every day on how to drive that cost curve down, and we’re not waiting for that. As well as every day, we get 1 billion data points coming in and how those stacks and columns are performing in the field. So, while we wait for the market to evolve, and it will evolve, and when it does, we think we have a great product that’s going to have really high efficiencies, and we will be ready to manufacture it for our customers. But in the meantime, with Bloom, what you get, it’s amazing optionality because we’re not waiting on that market to develop. We still have a company last year that generated $1.33 billion in revenue as it built out the business. Operator: Thank you. Our next question comes from the line of Pavel Molchanov of Raymond James. Please go ahead......»»
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Q4 2023 Earnings Call Transcript
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Q4 2023 Earnings Call Transcript February 15, 2024 Patterson-UTI Energy, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Thank you for standing by. At this time. I’d like to welcome you to the Patterson-UTI Energy […] Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Q4 2023 Earnings Call Transcript February 15, 2024 Patterson-UTI Energy, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Thank you for standing by. At this time. I’d like to welcome you to the Patterson-UTI Energy Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions]. Thank you. I’ll now hand the floor over to Mike Sabella, VP of Investor Relations. Please go ahead. Mike Sabella: Thank you, operator. Good morning and welcome to Patterson-UTI’s earnings conference call to discuss our fourth quarter 2023 results. With me today are Andy Hendricks, President and Chief Executive Officer; and Andy Smith, Chief Financial Officer. As a reminder, statements that are made in this conference call that refer to the company’s or management’s intentions, targets, beliefs, expectations, or predictions for the future are considered forward-looking statements. These forward-looking statements are subject to risks and uncertainties as disclosed in the company’s SEC filings, which could cause the company’s actual results to differ materially and the company takes no obligation to publicly update or revise any forward-looking statements. Statements made in this conference call include non-GAAP financial measures. The required reconciliations to GAAP financial measures are included on our website at patenergy.com and in the company’s press release issued prior to this conference call. And I will now turn the call over to Andy Hendricks, Patterson’s Chief — Patterson-UTI’s Chief Executive Officer. Andy Hendricks: Thank you, Mike, and welcome to Patterson UTI’s fourth-quarter conference call. In the first full quarter, following our combination with NexTier and Ulterra, we showcased the earnings power of the new company and delivered a quarter of strong results for our investors. Our leadership position in both US onshore drilling and completions is allowing us to strengthen partnerships with the leading US shale operators that place a high value on our technology and on our top-tier assets, which in turn is allowing us to outperform the industry. We are very pleased with our results and the fourth quarter profitability and free cash flow highlights the benefit of the combined company. As we reflect on this past year, we take great pride in our achievements. In US contract drilling, we outperformed our peer group, both in activity and adjusted gross profit per operating day. In completions, we maintained a focus on returns while actively contributing to the advancement of lower cost and emission reducing assets. We delivered extremely strong results while at the same time successfully closing and integrating two transactions. Our team performed at a very high level in what was a challenging year for the industry, which reflects our ability to successfully manage our business through the cycle and consistently create value for our shareholders. All that is to say our business is performing very well and we have high conviction that we have the right strategy in place. We anticipate 2024 will be another year of strong results and considerable free cash flow. And we remain committed to our policy of returning at least half of our free cash flow to our shareholders on an annual basis. As our customers look to maximize their own returns, they are consolidating their drilling and completions budgets to fewer to higher-quality service providers and the divergence in financial results in our sector last year’s highlights the widening differential in service quality across the industry. This high-grading process positions Patterson-UTI favorably and aligns us with our customers as the industry transitions to manufacturing mode. The acquisitions of NexTier and Ulterra will significantly strengthen the Patterson-UTI’s competitive position over the long term as we realize the benefits of our combined expertise and continue to advance our technology lead over much of the oilfield. This should offer a tailwind for our company as the entire industry looks to grow returns in a capital constrained environment. We played a critical role in enhancing the efficiency of our customers. For Patterson-UTI, the benefit from that as these efficiency gains can largely be seen through our own improved capital efficiency, and we have worked to reduce our capital intensity even as we have improved operationally. We expect total CapEx for Patterson-UTI to decline in 2024 relative to what the combined company spent in 2023. This reflects our commitment to optimize long-term financial performance as we navigate the evolving energy sector landscape. Over the near term, the outlook for US shale activity continues to reflect the expected reduced cyclicality in our sector. This steady outlook presents us with opportunities to enhance our returns and grow our profits in the most capital-efficient manner. While we do not see a benefit to adding drilling or completion capacity into the US shale market, we do have several levers that we will focus on this year that should help us improve our returns as the year progresses. Our rig technology offerings have momentum with growing demand for our process and equipment automation packages. Alternative power solutions that use natural gas and high-line electricity to power our rigs and numerous other applications that improve efficiencies, minimize the environmental footprint and add value to the drilling process. Our customers value the uplift provided by these technology offerings and given the value that can be unlocked, we expect our rig count will continue to outperform the industry. In frac, we’re investing to convert more of our fleet to electric and other natural gas powered technologies at a measured pace over the next several years. These new technologies consistently earn a higher return over the diesel equivalent that they are replacing, which should allow us to grow profits even at a steady activity level. By mid-2024, we expect to be operating around 140,000 electric horsepower with nearly 80% of our active fleets capable of using natural gas by then. We are making this transition to electric and other natural gas-powered assets, even as CapEx for the combined completions company is expected to be down significantly from 2023. Also on the frac side, we still have considerable upside relative to where we are today as we capture synergies from the next two-year transaction. At the start of the year, we were roughly halfway to our $200 million annualized target, and we are confident we should be able to fully realize those synergies by the first quarter of 2025. Internationally, Ulterra offers long-term growth potentials, expand our footprint. Ulterra is expected to grow revenue and EBITDA in 2024 compared to 2023 with potential for a record free cash flow generation that surpasses any period in the company’s history prior to our acquisition. Ulterra’s drill bits were used to drill over 82 million feet in 2023 for more than 625 different operators across 25 countries. The presence in these global markets will be a long-term opportunity for our company and should offer our investors growth for the next several years or more. Non-US revenues accounted for roughly 30% of Ulterra’s revenues since we closed the acquisition in August and for 2024. Ulterra’s international revenue is expected to grow in the high-teens percent year over year, highlighting strong prospects in various global markets across the world. By 2024, Ulterra’s revenue from the Middle East is likely to have doubled over the past three years with additional upside potential over the next several years. In addition, to the international opportunities for Ulterra, in the US, revenue per industry rig was up more than 5% sequentially, a function of steady pricing and strong market share gains and reflecting our strong performance in the US, complementing the international opportunity. Aside from these operational growth opportunities, our capital allocation strategy should offer our investors an added benefit to earnings per share and return on capital. We are committed to returning at least 50% of our free cash flow to investors, including through stock buybacks, which should help grow earnings per share in the coming years as we reduce the share count, we have committed to return at least 50% of our free cash flow to shareholders on an annual basis. And given our current share price. We are likely to exceed that commitment in 2024 as we believe investing in our own shares at this price is one of the most attractive opportunities available we expect to return at least $400 million to shareholders in 2024 through the combination of dividends and share repurchases, which would considerably lower our share count by the end of the year. Our Board of Directors just increased our stock repurchase authorization to a total of $1 billion. As we said previously, the macro-outlook appears to be relatively stable through 2024. Current oil prices should support current oil basin activity, although we do see some potential downside in the natural gas basin. On the oil front, according to various data sources, including the EIA, US shale oil production appears to have stabilized, a function of the decline in activity over the past year. We do not believe current commodity prices will prompt a reduction in activity to levels that result in production declines. Therefore, steady activity outlook in the oil basins seems reasonable. Given that 80% of the US rigs are targeting oil, this should contribute to a relatively stable outlook for the entire industry in the coming year. In the near term, the outlook for natural gas is less certain but we do not think the downside potential will have a material impact on our business over the long term. We are working for some of the best and steadiest operators in the natural gas basins, which should help limit the downside if activity slows. But it’s also worth noting that the Patterson-UTI rig count in the Northeast and the Haynesville combined is down just five rigs total over the past year, even as the industry has reduced activity in those basins by more than 30 rigs over that same time. Our resilience demonstrates our ability to navigate challenges in those basins, even in the face of declining industry activity. Further, even as our natural gas customers are slightly reducing activity in the near term, we are already having conversations with those same customers about the potential to add rigs possibly later this year, but also into next year as LNG demand comes closer into focus. Over the long term, we do not anticipate a material impact to our business from the near term softness in natural gas prices. In drilling, if natural gas activity does fall slightly, we would anticipate only a slight decline to our own activity levels, although we are halfway through this first quarter and we haven’t seen much change from our customers. In the US, we started the year operating 121 rigs, and we are currently operating 122 rigs. In 2023, our rig count significantly outperformed the industry, and we achieved this while still improving our margins. The industry rig count exited 2023 over 20% lower than historical. But in contrast, Patterson-UTI’s rig count, we’re down just 8%, while our average daily margins in the most recent quarter were up more than 20% compared to the fourth quarter last year. We are constantly aligning ourselves with partners that offer stable drilling programs and exhibit less sensitivity to commodity prices compared to smaller operators. Our customers benefit greatly from our Tier 1 drilling rigs, which can deliver 35% more lateral footage on average per year compared to standard super-spec rigs. More than 90% of our active rigs are Tier 1 with nearly 90% utilization for this category of rig. Given the high demand and the significant value that this class of rig and technology add-ons create, average pricing on recent term contracts has been steady at close to the mid $30,000 per day. And we do not anticipate our rates changing in a flat activity market. We believe the trend towards Tier 1 rigs should continue through 2024. On the completions front, the business is performing well through the ongoing integration. In the fourth quarter, completion services revenues exceeded $1 billion and meaningfully outperform the completions industry average. We aligned ourselves with the right customers, which helped activity remained steady through the holidays and into the yearend. Our natural gas dual fuel assets continue to have success in the market, and we are confident that these assets will maintain competitiveness over the long term, even with the increasing market share of natural gas powered electric equipment. Notably, on several recent occasions, we have displaced the third party 100% natural gas-powered electric fleet with one of our natural gas dual fuel fleets. We believe there are multiple technology winners, including natural gas dual fuel as the completions industry transitions. The market for horsepower remains relatively tight and [Technical Difficulty] equipment that can be powered by natural gas is effectively sold out. This should help limit potential downside from current natural gas prices. We are confident in our ability to achieve our goals for 2024 with a significantly reduced CapEx budget. We expect total company CapEx of $740 million for 2024. This represents a significant reduction compared to the combined CapEx budgets of Patterson-UTI, NexTier, and Ulterra that we all had in 2023. We believe we can achieve this while still maintaining our activity throughout 2024 and building on the strong technological advantage that we have over many other players in our industry. This positions us to generate strong free cash flow for the year and return significant cash to shareholders while still building on our competitive advantage over the longer term. I’ll now turn it over to Andy Smith, who will review the financial results for the fourth quarter. Andrew Smith: Thanks, Andy. Total reported revenue for the quarter was $1,584 million. The reported net income attributable to common shareholders of $62 million or $0.15 per share in the fourth quarter, which included $20 million in merger and integration expenses. Our adjusted net income attributable to common shareholders, excluding the merger and integration expenses, was $78 million, or $0.19 per share. This adjustment excludes the previously mentioned merger and integration expense and assumes a 21% federal statutory tax rate on those charges. Adjusted EBITDA for the quarter totaled $409 million, which also excludes the previously mentioned merger and integration expenses. Our weighted average share count was 416 million shares during Q4, and we exited the quarter with 411 million shares outstanding. Our free cash flow for the fourth quarter was $247 million. During the fourth quarter, we returned $110 million to shareholders, including an $0.08 per share dividend and $76 million to repurchase 7 million shares. Annualized, the shareholder return amounted to almost 10% of the market cap at the end of the fourth quarter. For the full year, we returned $301 million to shareholders, which was approximately 77% of our free cash flow. Our Board has approved an $0.08 per share dividend for Q1 and approved an increase in our stock repurchase authorization up to $1 billion. We expect to return over $100 million to shareholders again in the first quarter, including approximately $75 million to repurchase shares. For 2024, we expect to use at least $400 million to pay dividends and repurchase shares, which represents more than our commitment to return 50% of free cash flow to shareholders. In our drilling services segment, fourth-quarter revenue was $464 million. Drilling services adjusted gross profit totaled $187 million during the quarter. In US contract drilling, operating days totaled 10,841 days. Average rig revenue per day was $36,280. A sequential decline of $1,830 per day was primarily attributable in the absence of the benefit of $2,630 per day from the recognition of previously deferred revenue in the prior quarter. Excluding the impact of this previously deferred revenue last quarter, average revenue per day would have increased $800 sequentially. Average rig operating costs per day were $19,940, which increased $70 sequentially. Although the prior quarter included $790 per day in insurance reserve adjustments and inventory write-down. The average adjusted rig gross profit per day was $16,330, a $1,910 per day decrease from the prior quarter. Excluding the previously mentioned revenue and costs in the prior quarter, adjusted rig gross profit per day would have declined just $70 from the prior quarter. At December 31, we had term contracts for drilling rigs in the US, providing for approximately $700 million of future day rate drilling revenue. Based on contracts currently in place, we expect an average of 79 rigs operating under term contracts during the first quarter of 2024 and an average of 52 rigs operating under term contracts over the four quarters ending December 31, 2024. And our other drilling services businesses besides US contract drilling, which is mostly international contract drilling and directional drilling, fourth quarter revenue was $70 million with an adjusted gross profit of $10 million. For the first quarter in US contract drilling, we expect to average 120 active rigs compared to 118 active rigs in the fourth quarter. We expect drilling services adjusted gross profit to be relatively flat compared to the fourth quarter with relatively flat adjusted gross profit in US contract drilling. Reported revenue for the fourth quarter in our completions services segment totaled $1,014 million with an adjusted gross profit of $232 million. We saw improved returns in the quarter, even on slightly lower revenues, a function of the ongoing merger synergies as well as strong operations. Segment revenue was just 2% lower than the pro forma results for the segment in the third quarter, and notably outperformed the industry. Completion activity was relatively steady throughout the fourth quarter, with strong fundamentals for natural gas power equipment as well as strong demand for our wellsite integration services with good customer alignment that kept us working through more of the holidays than we anticipated. So far in the first quarter, activity has been mostly steady, although we are seeing some white space as we strategically reposition our fleets in response to natural gas prices. After finishing a stronger than expected fourth quarter — for the first quarter, we expect completion services revenue of $940 million to $950 million with an adjusted gross profit of $190 million to $200 million. Fourth quarter drilling products revenue totaled $88 million, which was up 1% compared to the third quarter for that business. Adjusted gross profit was $39 million. In the US, drilling product revenue outperformed the rig count as the company continued to deliver strong results domestically. Internationally, revenue was relatively steady, sequentially. Direct operating costs included a non-cash charge of $5 million associated with the step-up in asset value of the drill bits that were on the books at the time Ulterra transaction closed. The same purchase price accounting adjustment increased reported segment depreciation and amortization by $10 million during the quarter. We expect these non-cash charges will continue through 2024. We continue to see growth potential for Ulterra even in a flattish US onshore market with opportunities to expand internationally. For the first quarter, we expect drilling products revenue of$ 90 million with an adjusted gross profit of $40 million. We expect $5 million in noncash direct operating costs associated with the step-up in drill bit value at Ulterra, without which the segment adjusted gross profit expectation would be $45 million. Other revenue totaled $18 million for the quarter, with $8 million in adjusted gross profit. We expect other first quarter revenue and adjusted gross profit to be flat with the fourth quarter. Reported selling, general, and administrative expenses in the fourth quarter were $61 million. For Q1, we expect SG&A expenses of $65 million. On a consolidated basis for the fourth quarter, total depreciation, depletion, amortization, and impairment expense totaled $279 million. For the first quarter, we expect total depreciation, depletion, amortization, and impairment expense of approximately $280 million. For 2024, we expect an effective tax rate of 24% with annual cash taxes expected to be $35 million to $45 million after utilizing tax attributes to offset a portion of our taxable income. During Q4, total CapEx was $205 million, including $74 million in drilling services, $107 million in completion services, $17 million in drilling products and $8 million in other and corporate. Our CapEx in 2024 is expected to be $740 million, comprised of $285 million for drilling services, $360 million for completion services, $55 million for drilling products, and $40 million for other and corporate. On the drilling side, we expect to fund limited rig upgrade programs, which are for specific customers. On the completion side, we will continue to invest at a measured pace to expand our fleet of electric and natural gas powered assets with fleet additions serving as replacements for retired diesel assets. Of the $360 million in completion services CapEx, we expect CapEx of roughly $220 million in the first half of the year as we fund investments in next-generation frac equipment as well as growth in our power solutions natural gas fueling business. We expect completions capex will largely focus on maintenance in the second half of the year. Next year, in our legacy universal pressure pumping business have now been consolidated into one legal entity and are operating as one completions business, which is a big step as we continue to move through the integration process. We entered 2024, having achieved approximately half of the anticipated$ 200 million in annualized synergies and remain highly confident that we will achieve at least $200 million in synergies by the first quarter of 2025. We closed Q4 with nothing drawn on our $600 million revolving credit facility as well as $193 million in cash on hand. We do not have any senior debt maturities until 2028. We expect to generate another quarter of strong free cash flow in the first quarter, although not quite at the same level we saw in the fourth quarter, firstly, as we need to fund seasonal working capital adjustments and cash merger and integration costs. I’ll now turn the call back to Andy Hendricks for closing remarks. Andy Hendricks: Thanks, Andy. I want to close the call by quickly reiterating how we see 2024 unfolding. Macro conditions give us confidence for relatively stable near-term industry activity, considering both the oil and natural gas markets. US oil production is expected to have stabilized according to EIA and others, which should be a positive for global oil markets. At current oil prices, we do not anticipate much change in the oil rig count with oil-focused activity about 80% of the industry activity. On the natural gas side, yes, there could be some decline in industry activity in the near term, but we do not expect it will be material to our business over the long term. The outlook for natural gas activity could improve later this year and into next year as LNG demand comes closer into focus. For Patterson-UTI, this relatively steady industry environment in 2024 should give us opportunities to focus on high-return capital efficient ways to grow our profitability. We expect to enhance our technology offerings in both drilling and completions. We still have runway to benefit from the synergies associated with the next year merger and Ulterra’s long-term growth prospects in the Middle East are very promising. And our current expectations is that we will return at least $400 million to shareholders this year through dividends and share repurchases, which should improve our earnings per share and return on capital through a steady reduction in share count. We believe these profitability growth initiatives are achievable even in a steady recount environment. We’re excited about the year ahead and expect to deliver another year of strong results for our investors. Before we go to Q&A, I’d like to thank the women and men of Patterson-UTI for all of your hard work and all of your accomplishments. You had a record year performance in 2023. You transformed the company and you knocked it out of the park. So thank you. With that, I’ll turn it over to Adam for questions. See also Top 30 Developing Countries in the World in 2024 and 10 Exclusive Dating Sites and Apps for Professionals. Q&A Session Follow Patterson Uti Energy Inc (NASDAQ:PTEN) Follow Patterson Uti Energy Inc (NASDAQ:PTEN) or Subscribe with Google We may use your email to send marketing emails about our services. Click here to read our privacy policy. Operator: [Operator Instructions]. Our first question comes from the line of Arun Jayaram with JPMorgan. Arun Jayaram: Good morning, Andy. I wanted to maybe focus on the completion services segment. Your outlook is for $195 million of gross profit in 1Q. I was wondering as you think about the full year, do you think that as a good baseline for — as you think about the full year with and you’re adding some capacity by midyear. How should we think about kind of a baseline for that segment in relatively steady state environment in US shale? Andy Hendricks: Yeah. We’re really excited about how the completions business has been performing. I mean, you see it in the Q4 results. The teams who have had to integrate and come together are just doing a fantastic job. And it is one company today. It is next year. And they’re just doing a great job. I can’t say enough for the teams that are performing every day. When you look at Q1, what we’re projecting on Q1 in terms of revenue and profitability is relatively steady activity, but also some whitespace in there as we move some fleets around. And so I think as I look out across 2024 for completions and it holds for drilling as well, we’re seeing relatively steady. And I realize that natural gas is trading at a low level, and there’s probably some concerns over that market. But I think we’ve shown that last year, whether it’s drilling or completions that we’re working for the right customers in these basins and that we can keep things relatively steady. So when it comes to the profitability on completions, I think as we continue to roll out some new technology, even in steady activity, there’s some potential to improve the profitability as we work towards the end of the year. So we’ve got, as I mentioned earlier, we’ve got various levers that we can pull through both technologies, through integration, through performance. And I still think that we can still work to some higher profitability even in a steady environment. Arun Jayaram: Great. Andy, my follow up is just kind of an industry question. One of your peers in earnings season highlighted how they expect to get caught 40% of their frac fleets to be e-fleets by the end of this year. Another of your peers mentioned that 25% of their fleets would be next-generation e-fleets and dual fuel by the end of the year. How does that influence your strategy? and talk to us maybe about the types of returns on capital you’re seeing on some of the fleet horsepower you’re expected deployed by midyear. Andy Hendricks: So as we mentioned, we are deploying thee- fleets this year and we’re going to start to grow our presence in that. But our strategy is more of a measured pace because our focus is returning cash to shareholders. We do see the opportunity to improve the profitability in the completions business by rolling out the e-fleets. But we also have other things we’re doing in ’24 to improve profitability, including integrating some of the vertical services that NexTier has been offering for years on some of the fleets that aren’t currently operating those. When you look at specifically at the e-fleets, there’s also some other technologies that we’re going to be looking at rolling out later this year too that are 100% natural gas, and there’s just going to be a variety of solutions. So it’s not a one size fits all. We don’t think the entire industry converts over to electric. We think there’s still solid markets for high-performing dual fuel natural gas-powered systems. But we will continue to push technology. We will continue to invest in both electric and other new technologies. But for us, it’s going to be more of a measured pace as we focus on returns to shareholders. Operator: Your next question comes from the line of Scott Gruber with Citigroup. Scott Gruber: Yes, good morning. I want to come back to the completion outlook, if you don’t mind. It’s just the focal point today for folks. Within the white space, does that start to emerge early in the first quarter? Or is that more of a second half of the quarter impact? And then as you reposition fleet, those getting picked up in the oil basins. Yeah. I’m just trying to think about the trend into the second quarter, assuming gas activity stays weak. Does the second quarter activity end up looking better than the first quarter? Can you get some more oil activity or is it potentially down versus the first because gas is weak and that’s a full quarter impact? Are you able to provide some more color there? Andy Hendricks: I think, you know, there’s given that natural gas has only recently dropped below . We don’t know the full impact of that yet, but we are working for some good customers in these gas basins, and we are repositioning some of our horsepower into more liquids, more oil. So we’re going to have some exposure to gas, but we had exposure to gas last year and we still had strong performance. So we still think that we’re going to have some relatively steady activity. If I had to make a guess right now in Q2, I’d say just consider it relatively steady to what we’re seeing in Q1, including the whitespace. I think there still is some uncertainty out there. But also, I think we have the potential to improve some profitability as we roll out some new technology and enhance some of the integration. Scott Gruber: That’s great. And just on that point, wondered debating points post deal was your ability to secure revenue synergies and can do so in a timely fashion. Can you just speak to what you’re seeing on that front? What type of revenue synergies you’ve already achieved? And then what do you think occurs in ’24? Andy Hendricks: Yeah, so if you go back to pre-closing, which go back to the summer of 2023, Patterson-UTI universal division was operating in a 12 frac fleets. And those frac fleets were performing well. But the market softened. But look at what next year was doing with vertical integration and all the other services they provide. They provide the wireline services. They’re providing power solution CNG. Creating CNG, transporting to wellsite, blending it with natural gas that’s available in the fuel gas. And look at the trucking and logistics operation that next year has. We’re well over 600 people in that business alone. And so there’s a lot of verticals that we didn’t have at Patterson-UTI. So one of the first things that we did as part of the synergies will start to reach out to customers to say, look, we believe we can improve your service if we have control of some of these other services that are affecting logistics and efficiencies and performance at the wellsite. And so we have added wireline. We have added trucking and logistics. We have added some power solutions onto some of those fleets that didn’t have that pre-close. And so that’s been progressing. And we had some quick early wins, but we think we’ll have continued wins on that from a revenue and profitability standpoint throughout 2024. So that’s really how it’s playing out. And our teams are doing a great job working together to make this happen. Andrew Smith: Yeah, I would also point out on that one again and Andy mentioned but I would just highlight it that really the productivity gains that we’re getting, again, kind of pushing that fully integrated wellsite offering onto the legacy EPP fleets is really improvement as well and overall profit. Scott Gruber: Appreciate the color. I’ll turn it back. Operator: Our next question comes from the line of Derek Podhaizer with Barclays. Derek Podhaizer: Hey, good morning, guys. I want to talk about your shareholder returns and maybe just how you’re thinking about the remaining free cash flow over that 50%. Talk about maybe some of your M&A, whether it be tuck-ins or bolt-ons or what can we expect out of that debt? I know the maturities are far out to 2028, but a servicing of debt that you’re looking at. And really just trying to get at what the upside to that return number could look like. Andrew Smith: Yeah, so look on the return to number that we’ve given the $400 million that we expect for the year, that’s above our 50% commitment. I would say that right now, M&A is not a high priority. Again, it’s hard to predict when it comes, and we’ll certainly look at a lot of things, but it’s not the highest priority for us right now, Neither is in this market just yet, I think in account of significant debt reduction, from time to time, we remain nimble with debt. If we think there’s a good buy to buy some back on the open market, we’ll do that. But I don’t see anything right now that warrants us making any kind of a large debt reduction. Derek Podhaizer: Okay. That’s helpful. Switching over to the to the drilling side, can you just walk us through the daily margin trajectory that you’re thinking about for first quarter and for the rest of the year? The cost per day had a big step up there. Could that come back a little bit? Just curious what’s going on there. And then how should we think about the revenue per day as you have some contract churn and you’ve talked about leading price in that mid-30s, but just little help to break apart those two, the revenue per day and the cost per day? Andy Hendricks: Yeah, so really pleased with this team on the drilling side. You know what they did year over year, ’23 over ’22, was huge in terms of improving our performance in the field to sustain the activity levels that we had and outperform the others, but also raised the profitability per rig at the same time. So that was just amazing what that team accomplished As we work through this year, there was some softening in leading edge in rigs towards the end of last year, in the second half, and we acknowledged that on some previous calls. So we will have some leading edge come down, but we’re still running around the mid-30s for all the performance and ancillary technology options that we’re offering on the rigs. So I think that while the costs went up — costs, I think you’re going to be relatively steady, but I think margins will be relatively steady as well......»»
Top 20 Motorcycle Brands in the World
In this article, we will discuss the Top 20 Motorcycle Brands in the World. You can skip our detailed analysis of the global motorcycle market and the motorcycle industry’s recent developments and go directly to the Top 5 Motorcycle Brands in the World. Motorcycles, celebrated for their powerful engines and sleek designs, have captivated enthusiasts […] In this article, we will discuss the Top 20 Motorcycle Brands in the World. You can skip our detailed analysis of the global motorcycle market and the motorcycle industry’s recent developments and go directly to the Top 5 Motorcycle Brands in the World. Motorcycles, celebrated for their powerful engines and sleek designs, have captivated enthusiasts and riders alike. These exhilarating two-wheeled vehicles encapsulate a thrilling blend of freedom, adventure, and adrenaline-inducing speed. Motorcycles have evolved from being mere modes of transportation to cherished passions and lifestyles adored by many globally. Global Motorcycle Market: Recent years have seen strong growth in the global motorcycle market size, valued at $75.63 billion in 2022. Motorcycles have gained popularity over the last ten years as an affordable mode of transportation. The automotive industry’s advancements have greatly increased sales. The macroeconomic factors that continue to propel two-wheeler sales throughout regions include urbanization and growing financial freedom. After a strong rebound from the COVID-19 pandemic’s peak, a decrease in reliance on public transportation resulted in increased market demand, and the motorcycle market is anticipated to reach $79.57 billion in 2023 to 124.09 billion by 2030, at a CAGR of 6.6%, as per Fortune Business Insights. In 2022, Asia-Pacific was the dominant region worldwide, with a whopping $46.76 billion market share. Due to the high demand for a wide variety of sports, cruisers, and touring motorcycles, which fuels growth in this region, North America owns a significant portion of the worldwide motorcycle industry. In 2024, the US motorcycle market is anticipated to result in $6.98 billion in revenue. By 2028, the market is expected to grow at a compound annual growth rate (CAGR) of 1.78%. On-road Motorcycles will likely be the largest sector in this industry. Government incentives and growing environmental consciousness are contributing to an upsurge in the market for electric motorcycles in the United States. The Motorcycle Industry’s Recent Developments: The motorcycle industry is currently experiencing a significant and profound transformation. There is a growing recognition and acceptance of the concept of sustainable vehicles, driven by the desire for motorcycles that not only serve as a means of transportation but also make a positive contribution to the well-being of our planet. As per Fortune Business Insights, this remarkable movement is reshaping the motorcycle industry, challenging traditional approaches, and sparking a wave of creativity and innovation. With the adoption of sustainable electric motorcycles and the emergence of consumer trends, sustainable motorcycles are leading the charge toward a more environmentally conscious future. The low fuel efficiency is also a significant driving factor for the growth of e-motorcycles. One of the major players operating in the global electric motorcycle market is Harley-Davidson, Inc. (NYSE:HOG) . Harley-Davidson, Inc. (NYSE:HOG) was established in Milwaukee in 1903 and built an office in Silicon Valley. In 2018, the company had ambitions to expand its lineup of electric vehicles in the future, which included motorcycles, bicycles, and scooters. According to Harley-Davidson, Inc. (NYSE:HOG), during the next few years, it intended to invest $25–50 million in the development of electric motorcycles. Although declining profits and the financial blow brought on by COVID-19 raised doubt about HD’s electric intentions, the $29,799 LiveWire was their first e-motorcycle. Harley-Davidson, Inc. (NYSE:HOG) was the first major bike manufacturer to produce an e-motorcycle, claiming that the highest speed with a 105-hp motor was 110 mph. When the LiveWire was introduced in 2019, its intended audience was not the same as that of their vintage V-twin motorcycles. Subsequently, in 2021, in a $1.77 billion deal, Harley-Davidson’s electric motorcycle division announced going public through a merger with a blank-check corporation named SPAC.(cnbc). The headquarters of American automaker Polaris Inc. (NYSE:PII) are located in Minnesota. Polaris Inc. (NYSE:PII) currently maintains engineering and manufacturing facilities in Roseau, Minnesota, the site of its founding. Indian Motorcorp was acquired by Polaris Inc. (NYSE:PII) in 2011. In 2023, the first American motorcycle company, Indian Motorcycle, announced a partnership with ” 100% “, a well-known American motocross brand, in addition to revealing its entire 2024 model year portfolio. The 2024 portfolio includes upgrades for every Indian Motorcycle model, including the limited-edition FTR x 100% R Carbon, a newly reworked PowerBand Audio system, and a new Indian Challenger Elite. Moreover, Hero MotoCorp Limited (India) and Zero Motorcycles (California, USA) partnered in March 2023, with Hero Motor investing up to $60 million in Zero. Through this partnership, Zero Motors aims to develop power trains with the scale of manufacturing, sourcing, and marketing of Hero Motocorp Moto electric motorcycles. With that said, here are the Top 20 Motorcycle Brands in the World. Photo by Alina Rubo on Unsplash Methodology: We have picked the Top 20 Motorcycle Brands in the World based on their annual revenue for 2022. For private companies on our list, we estimated their revenues by comparing them with public companies of the same size and in the same industry. It is pertinent to note that we have taken into account conglomerates although they are not pure-play companies and don’t make the bulk of their revenue from motorcycles, still have a significant impact on this industry. By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders. 20. KTM 2022 Revenue: $2.61 million The Austrian motorcycle manufacturer KTM was established in 1934. Before turning to motorcycle manufacturing in the 1950s, the company began producing bicycles and mopeds. Today, KTM is well-known for both its championship-winning racing teams and its high-performance street and off-road motorcycles. A variety of off-road motorcycles, such as motocross, enduro, and cross-country variants, are offered by KTM. The business also sells sports bikes, adventure bikes, and naked bikes. KTM motorcycles are renowned for having powerful brakes, advanced suspension systems, and high-performance engines. KTM is one of the Top 20 Motorcycle Brands in the World. 19. Niu Technologies 2022 Revenue: $440 million China’s Beijing is home to the headquarters of the electric scooter business, Niu Technologies. Since December 2017, Yan Li has served as both its CEO and COO. Electric scooters, electric motorbikes, e-scooters, and electric bicycles are among Niu’s products. Digital displays, Bluetooth connectivity, and smartphone apps that allow users to log rides, map itineraries, and check battery life are all features of Niu cars. 18. Triumph Motorcycles Ltd. 2022 Revenue: ~ 753.94 million Triumph Motorcycles Ltd., one of the largest motorcycle manufacturers in the world and owned by the United Kingdom, was founded by John Bloor in 1983 following the receivership of the original Triumph Engineering company. Triumph’s inventiveness and dedication have influenced the development of motorcycles for nearly a century. One of this company’s top models is the Triumph Tiger 1200. 17. Benelli (Qianjang) 2022 Revenue: $785.28 million Benelli is an Italian motorcycle company that was founded in 1911 in Pesaro. This company joined the Qianjiang Group in 2005, which is the largest and most capable organization in China for motorcycle manufacture. Benelli has a long history of creating distinctive and avant-garde motorcycles and has competed in several motorcycle races. An extensive range of motorcycles, such as adventure bikes, naked bikes, sport bikes, and touring bikes, are available from Benelli. The TNT 600 is one of Benelli’s best-selling models; it has a 600-cc four-cylinder engine with a sleek, contemporary appearance. Hence, it is one of the best motorcycles in the world. 16. Ducati 2022 Revenue: ~ $1.07 billion Founded in 1926, Ducati is an Italian motorcycle manufacturer. Owned by Lamborghini, this company is well-known for creating high-performance motorbikes that fuse cutting-edge technology with classic Italian design, and it has its headquarters in Bologna, Italy. A broad range of motorcycles, such as sportbikes, naked bikes, and adventure bikes, are offered by Ducati. Among the company’s best-selling models are the Multistrada, Panigale, and Monster. Additionally, Ducati is one of the most luxurious motorcycle brands in the world and is known for creating extremely sought-after limited edition and special edition bikes for collectors. 15. Royal Enfield (Eicher Motors Limited) 2022 Revenue: ~ $1.22 billion Royal Enfield, an Indian motorcycle manufacturing brand, was once a subsidiary of the British motorcycle business Royal Enfield and is currently its successor. Since 1901, this company has been marketed as “the oldest global motorcycle brand in continuous production” and produced at factories located in Chennai, India. Royal Enfield is famous for creating motorcycles that have a vintage look and a classic appearance. The Classic, Bullet, and Himalayan are the company’s best-selling models. These motorcycles have earned a reputation for their potent motors, distinctive styling, and comfortable rides. The parent company of Royal Enfield, the world’s leading manufacturer of middleweight bikes, is listed as Eicher Motors Limited. 14. Piaggio Group (Aprilia and Moto Guzzi) 2022 Revenue: $2.24 billion The Piaggio Group, which was founded in 1884, is one of the biggest scooter and motorbike manufacturers in Europe and one of the global leaders in the motorcycle sector. One of the leading motorcycle brands in the world, Aprilia, and Moto Guzzi were acquired by Piaggio in December 2004, marking the companies’ entry into the world of motorcycles. With 516,200 vehicles supplied in 2022, the Piaggio Group currently has three distinct business divisions: two-wheelers, scooters, and motorcycles with engines ranging from 50 to 1,100-cc. 13. Haojue 2022 Revenue: $2.45 billion Chinese manufacturer Haojue specializes in motorcycle manufacturing. With 1.92 million bikes sold in 2022, this company appears to be growing. Haojue mostly manufactures scooters and motorbikes for commuting riders and offers accessories, spare parts, and other services. In addition to providing smooth power delivery, Haojue’s highly efficient TSR engine significantly lessens engine vibration within its typical operating range. The most popular brands offered by this company are Haojue Lucky, Haojue KA150, Haojue DL250, and Haojue VE125. Haojue is one of the best motorcycle brands in the world. 12. TVS Motor Co. Ltd. (Norton) 2022 Revenue: $2.57 billion With its headquarters located in Chennai, TVS Motor Company is a multinational Indian motorbike manufacturer. In terms of revenue, it is one of the biggest motorbike companies in not only India but also worldwide. In 2022, this company generated $2.57 billion in revenue and produced over four million automobiles annually, as reported by the company. In April 2020, TVS paid around $20.16 million to acquire Norton. Founded in 1898, Norton Motorcycles is a manufacturer of motorcycles. The business has a rich and illustrious past and is known for building powerful motorcycles with traditional British design. 11. Hero MotoCorp Limited 2022 Revenue: $3.49 billion India is home to one of the best bike companies in the world, known as Hero. Since its founding in 1984, the business has grown to rank among the world’s biggest producers of two-wheeled vehicles. Hero offers a large selection of motorbikes, ranging from sporty bikes to commuter bikes. The Splendor, one of Hero’s best-selling models, has been upgraded multiple times over its more than 20 years of manufacturing. Popular in India and other areas of the world, it is a dependable and reasonably priced commuter bike. 10. Bajaj Auto Limited 2022 Revenue: $3.87 billion Founded in 1945, Bajaj Auto is a global Indian firm that specializes in the production of two- and three-wheelers. The firm is one of the biggest three-wheeler manufacturers in the world, with its headquarters located in Pune, Maharashtra, India. High-quality motorcycles, scooters, and three-wheelers with an emphasis on cost and fuel efficiency are what Bajaj Auto is renowned for making. Popular models in its motorcycle portfolio include the Bajaj Pulsar, Discover, and Platina. The Pulsar, with its sporty design and strong engine, is especially well-liked by Indian consumers. 9. Yadea 2022 Revenue: ~$4.32 billion The main business activities of YADEA, a Chinese investment holding company, are the creation, production, and marketing of electric two-wheeled vehicles and associated accessories. Electric scooters, bicycles, batteries and chargers, and electric two-wheeled vehicle parts are among the company’s primary offerings. Yadea is a pioneer in the development and production of electric vehicles. The Yadea Trooper 01, Yadea G5, and Yadea Kemper are Yadea’s best models. 8. Harley-Davidson, Inc. (NYSE:HOG) 2022 Revenue: $5.76 billion Harley-Davidson, Inc. (NYSE:HOG) , an American motorcycle manufacturer Harley-Davidson, Inc. (NYSE:HOG) was established in 1903. The Milwaukee, Wisconsin-based company is well-known for producing an assortment of motorcycles, such as sports bikes, cruisers, and touring bikes. Some of the most recognizable motorcycles in the business, including the Harley-Davidson, Inc. (NYSE:HOG) Softail, Touring, and Sportster, are part of the Harley-Davidson product line. The business has a sizable fan base among motorcyclists and is well-known for its customized motorcycles. Harley-Davidson, Inc. (NYSE:HOG) is one of the most expensive motorcycle brands in the world. 7. Indian Motorcycle ( Polaris Inc. (NYSE:PII) 2022 Revenue: $8.59 billion Based in 1901, Polaris Inc. (NYSE:PII) claims to be the first motorcycle company in America. Hendee Manufacturing Company was reborn under the brand name “Indian Motorcycle” upon its acquisition by Polaris Inc. (NYSE:PII) Industries in 2011. Indian Motorcycle is renowned for creating iconic and vintage vehicles that have a strong cultural connection to American motorcycling. The Scout, Chief, and Springfield are among the company’s best-selling models. These motorcycles have earned a reputation for their powerful engines, comfortable rides, and eye-catching styles. Indian Motorcycle is among the Top 20 Motorcycle Brands in the World. 6. Italika (Kawasaki Heavy Industries, Ltd.) 2022 Revenue: $9.66 billion Founded in 2005, Italika Motorcycle is currently a part of Grupo Elektra. The former is exported to Guatemala, Honduras, Panama, Peru, Brazil, and Costa Rica, with its primary market being the Mexican market. While Italika scooters and ATVs are available in an array of colors, Italika motorcycles are available solely in red, yellow, orange, black, and silver-grey color schemes. Click to continue reading and see the Top 5 Motorcycle Brands in the World. Suggested Articles: Best Motorcycle Injury Lawyers in Each of 30 Biggest Cities in the US Top 20 Chocolate Companies in the World by Revenue 20 Highest Quality Fabrics in the World Disclosure: None. Top 20 Motorcycle Brands in the World is originally published on Insider Monkey......»»
Mr. Bean Was Right – And So Was Toyota
Mr. Bean Was Right – And So Was Toyota Authored by Duggan Flanakin via RealClear Wire, When auto (even EV driving) enthusiast Rowan Atkinson – Mr. Bean to his fans – last June wrote in The Guardian that there are “sound environmental reasons” why “keeping your old petrol car may be better than buying an EV,” he was vilified as a eco-traitor. Atkinson had added, “We’re realizing that a wider range of options need to be explored if we’re going to properly address the very serious environmental problems that our use of the motor car has created.” These include, he said, hydrogen fuel cells and synthetic fuels that would extend the lives of older vehicles long after governments are demanding they be scrapped. Atkinson, who has a bachelor’s in electrical and electronic engineering and a master’s in control systems, urged Britons to “look at a bigger picture” to include greenhouse gas emissions during the manufacture of electric vehicles and to evaluate the whole life cycle of motor vehicles. Relying on a dash of common sense, Atkinson noted that pushing so heavily so soon for EVs that have major flaws will result in “millions of overweight electric cars with rapidly obsolescing batteries.” Technologic developments with hydrogen and synthetic fuels, which can power existing internal combustion engines, may prove a better long-term solution. For one reason, the owners of the world’s 1.5 billion ICE vehicles could continue enjoying them. For sharing his insights, Atkinson was immediately smacked around by snarky reporters and EV “experts.” Simon Evans, deputy editor at Carbon Brief, slammed Atkinson for not adhering to Carbon Brief’s own “evidence” from years back stating that EVs cut “planet-warming emissions” by two-thirds on a life cycle basis and calling EVs “an essential part of tackling the climate emergency.” How dare he? Michael Coren, writing in the Washington Post, portrayed Atkinson as an iconoclast clinging to his petrol car, lampooned hydrogen and synthetic fuels as expensive and impractical, and compared ICE vehicles to hobby horses. Coren argued that “making every car burn [hydrogen] is not a good idea,” yet implied that forcing every driver to buy an EV is a very good idea. Eight months later, though, the detractors who had hoped to make Atkinson an example of a troglodyte were singing a different tune, in the wake of a collapse in the British EV market. Mr. Bean was condemned in the House of Lords by the Green Alliance as “partly at fault for ‘damaging’ public perceptions” of EVs and as a dangerous enemy of Britain’s drive to Net Zero. The Guardian, which published Atkinson’s tome, was accused indirectly of failing to adhere to “high editorial standards around the Net Zero transition.” [Translation: ONLY glowing reports on EVs are acceptable public speech.] It couldn’t have been the exorbitant cost of auto insurance for EVs, their tendency to catch fire and burn for days, or the high cost and long wait times for parts and repairs – or the long waits at charging stations to plug in and wait for enough charge at least to reach the next destination. Nor could it be that people are uncomfortable enriching China as their own auto companies face bankruptcy? No – it was allowing someone to publicly question the rush to electrification. Halfway around the world, Toyota, which “lagged behind” its major competitors in ditching their ICE vehicle fleets for all-EV production lines, “is riding a windfall of hybrid vehicle sales on its way to posting projected net profits of more than $30 billion.” While Ford lost $4.7 billion trying to create an EV market, dropping its net profit to just $4.2 billion, Toyota now appears to be in better financial shape than its American and European competitors. Over a year ago, then-Toyota CEO Akio Toyoda had cautioned that the EV transition would “take longer than the media would like us to believe.” Ford, GM, Stellantis, and many other automakers worldwide played nice with the political and financial giants while Toyota’s management stepped away from the rhetoric, looked at the numbers, and chose a commonsense approach to the evolving world auto marketplace. The company did sell 15,000 pure EVs in the U.S. in 2023, but they also sold 40,000 plug-in hybrids and more than 600,000 non-rechargeable hybrids out of total U.S. sales of 2,248,477 vehicles, a 6% increase from 2022 levels. Ford fell short of its goal to produce 300,000 EVs a year by 2023 and has revised its earlier forecast of 2 million EVs by 2026. Worse, Ford now expects to lose as much as $5.5 billion on EVs in 2024. Over in Europe, Volvo just announced it is withdrawing support for its marquee electric vehicle Polestar and hopes to sell its 48% stake, possibly to a Chinese buyer. Just days earlier, Polestar had cut 450 jobs, about 15% of its workforce. Elsewhere in Europe, EV sales are expected to decline in 2024 in Germany, Europe’s largest auto market, and Renault just scrapped plans to spin off its Ampere EVs, blaming a lack of interest from investors and a slowdown in sales. EV sales in the United Kingdom also flatlined in 2023, prices for used EVs fell sharply, raising questions about their residual value. Even EV-friendly Switzerland admits it will take at least 20 years to fully electrify its fleet; while EVs and hybrids today comprise about 30% of Swiss new car sales, these vehicles amount to less than 4% of the total national fleet. Oil and gas companies are getting the message, too. BP, which once billed itself as “Beyond Petroleum,” has been encouraged by an activist investor to reduce its investments in renewables and recommit to oil and gas. A major reason – oil and gas investments in recent years have boomed while investments in renewables have faltered. Bluebell Capital Partners asserted that BP’s commitment to renewable has left its stock price undervalued by 50% compared to ExxonMobil and Chevron. President Biden’s demand that the U.S. comply with his EV mandates was dealt a major blow last month, when auto rental giant Hertz, heretofore the nation’s largest fleet operator of electric vehicles, announced it was selling all 20,000 of its EVs and not buying any more. The company cited high repair costs and weak demand for EV rentals. Karl Bauer of iSeeCars.com, noting that mainstream consumers were already hesitant to buy and EV, said “the larger impact of the Hertz EV fire sale is the perception hit to the technology.” The fictional Mr. Bean is known (and revered) for his original and often absurd solutions to problems and his total disregard for others while solving them, and for his pettiness and occasional malevolence. Had the British press mocked Mr. Atkinson for a Bean-like performance, the climate emergency propagandists might have laughed him off successfully. But they are not able to laugh without derision. The real Mr. Atkinson, like the decision makers at Toyota, is espousing commonsense wisdom such as “don’t put all of your eggs in one basket.” Extending the lifespan of existing vehicles, even with currently high-cost hydrogen or synthetic fuels, is far better for the environment than junking them for electric vehicles that require diesel fuel to power charging stations. If, as we are told, EV batteries will soon be smaller, cheaper, and stronger, that day has not yet come. Just as likely, the cost of hydrogen and synthetics will also drop significantly, and those fuels can power existing ICE vehicles. Most of all, if there truly was a “climate emergency,” diplomats would be quicker to end military conflicts and ending the rush by China and India to build more and more coal-fired power plants (needed, of course, to charge EV batteries). What Mr. Bean and Toyota are truly saying to the world is that mandates – government deciding what can and cannot go to market – and the huge subsidies that go along with them (which would be unnecessary in a true emergency) are at war with the wisdom of the market, which relies on true public opinion as to what is best for the consumer. Duggan Flanakin is a senior policy analyst at the Committee For A Constructive Tomorrow who writes on a wide variety of public policy issues. Tyler Durden Thu, 02/15/2024 - 20:20.....»»
The Navy’s Hidden Arsenal: Submarines and Underwater Military Tech of Today
The terrors of the sea, the unseen fleets, the danger lurking just offshore. Few things bring to mind the frightful reality of the Cold War and modern naval combat more than submarines. Even with the technology we have today, it is still hard to detect and even harder to destroy submarines whose entire purpose (and […] The post The Navy’s Hidden Arsenal: Submarines and Underwater Military Tech of Today appeared first on 24/7 Wall St.. The terrors of the sea, the unseen fleets, the danger lurking just offshore. Few things bring to mind the frightful reality of the Cold War and modern naval combat more than submarines. Even with the technology we have today, it is still hard to detect and even harder to destroy submarines whose entire purpose (and success) rests on their ability to remain undetected until they attack. For this article, we will highlight some of the technology that make modern-day submarines as successful and as terrifying as they are. We will focus primarily on the technology of the submarines used by the United States Navy, but will include technology from other nations when it is relevant. Here is the Navy‘s submarine technology. History of the Submarine A Virginia-class submarine. Research into submarine technology first began in the 1500s and continued without any real significant military application until the 20th century with the invention of the torpedo. The need for human muscle to steer and power a submarine also limited their usefulness. It was only after the invention of the diesel engine and electric battery technology in the late 1800s that submarines could submerge and navigate underwater with any kind of reliability. It wasn’t until the Russo-Japanese War that the first submarine fleet was created, and during World War I submarines finally made a significant impact on the war effort, forever solidifying their place in navies for the foreseeable future. The first cruise missile launched from a submarine was in 1953, around the same time that nuclear power began to replace diesel-electric engines in submarines. The first submarine to sink an enemy vessel was the H. L. Hunley of the Confederacy which sank the USS Housatonic in 1864. The Hunley used a keg filled with gunpowder secured to a spar as a torpedo. The resulting explosion’s shock wave instantly killed the crew of the Hunley as well as sink the Housatonic, so the submarine sank along with its victim. The oldest known surviving submarine in the world is Wilhelm Bauer’s Brandtaucher, which was built in Germany in 1850. Submarines in the U.S. Navy A Victor-class submarine. Like other branches of the United States military, the Navy has prioritized stealth in recent decades. For this reason, all the submarines in the Navy are nuclear-powered. These nuclear submarines are divided into three types: guided missile submarines, attack submarines, and ballistic missile submarines. Guided missile submarines and attack submarines have largely the same responsibilities and capabilities. They usually engage in surveillance, intelligence, special operations, precision strikes, and generally maintaining control of the seas and projecting power in foreign waters. These are the submarines that will engage in battlegroup operations and missions, sinking enemy ships and submarines, assisting fleet engagements, launching missiles, and participating in special operations. Ballistic missile submarines are the stealthiest vehicles in the Navy and have only one job: carry, maintain, and launch Trident nuclear missiles. There are four classes of submarine the Navy uses to fill these roles. The Los Angeles Class (of which there are 29 in service) is used for the fast attack submarine role. The Ohio Class (of which there are 18 in service) is used for the ballistic missile submarine role (14 boats) and guided missile submarines (4 boats). The Seawolf class (3 in service, used as fast attack submarines). And, finally, the Virginia class with 19 boats in service, used as fast attack submarines. The Los Angeles class is by far the most numerous nuclear-powered submarine in the world. Each of these classes include different technology and capabilities that change based on the submarine’s role. The Submarine Hull The USS Albuquerque. Submarines used to have to surface on a regular basis in order to communicate, circulate air into the ship, and more. Because of the time they spent on the surface, their hulls were an adaptation of ship hulls, which allowed them to maneuver more easily. However, with the advent of nuclear power, ships are now able to stay underwater almost indefinitely, so they no longer have to surface, and so their hulls have become cigar-shaped, or are called “teardrop hulls”. These hulls are much stronger and can withstand the extreme pressure of the ocean depths much better than other shapes, but it makes submarines less efficient at maneuvering at the surface. Most submarines have used two hulls in their construction, and the subs today sometimes incorporate both hulls into one single form. The outer hull is used for maneuverability and navigation in the water, while the inner hull is used to protect the insides and resist the pressure of the ocean. Nuclear Power The USS Ohio. Nuclear reactors are big, loud, and expensive, so smaller submarines continue to use diesel-electric engines. The United States has transitioned to an entirely nuclear fleet. The power of a submarine is directly connected to the propulsion of the submarine, like the engine of a car, so there is no separating the two — submarines still need to navigate under water even if there is no electricity (for lights, radar, or life support) inside the submarine that needs to be generated. The first submarines (or submersibles) were powered by humans, then gasoline, and then diesel-electric engines. With the advent of nuclear power, submarines now use steam-powered engines with a nuclear reactor turning a turbine which powers and propels the submarine with steam. With nuclear power, a submarine doesn’t have to resurface for air, since the oxygen in the submarine can be recycled and clean water can be distilled from the ocean water. The only limiting factor for how long a submarine can stay submerged is how much food it can carry. A nuclear submarine can circumnavigate the globe completely underwater and undetected before returning for resupply. The only drawback to nuclear power is that they generate significant noise and their cooling water creates a detectable heat plume behind and around the submarine. The Torpedo A submarine torpedo bay. Submarines today would not exist (or at least they would be near-useless in battle) without the invention of the torpedo. The success of the modern submarine is entirely dependent on the torpedo as an underwater weapon. The torpedo was invented in 1866 and has remain essentially the same ever since. Submarines during WWII could only hold about 20 to 25 torpedoes, and most targeting was done by eye or with rudimentary analog computers. Today, the technology has advanced to allow for more reliable targeting and more powerful warheads, but the basic principle of the torpedo remains the same. Modern torpedoes are guided, and are the primary tool attack submarines use to engage other submarines. Cruise missiles USS Tennessee. It was only after World War II that the United States and the Soviet Union began to fit submarines with cruise missiles. Initial weapon systems could only be fired from the surface, making the submarine vulnerable as it fired. However, today’s submarines can fire their missiles while still underwater. Cruise missiles are used to engage surface ships or land targets. They are loaded and fired from a submarine’s torpedo tubes. SLBMs The USS Michigan. SLBM stands for submarine-launched ballistic missile, which is the submarine version of the nuclear ICMB. The ballistic missile submarine is the only vehicle that carries and can fire these weapons. They do not engage other submarines or ships. Instead, they are equipped to remain undetected and nearly invisible for one purpose: nuclear deterrence and second-strike capabilities. Those who own ballistic missile submarines have been extremely vocal about them and their capabilities. They do this because that is part of their job: to deter other powers from considering using nuclear weapons. Because, in the event the United States, for example, is completely obliterated in a nuclear exchange, there will be several submarines equipped with SLBM whose only job is to launch a second strike. Unlike cruise missiles, SLBMs are launched from vertical launch tubes, but can still be launched underwater. In the United States and the United Kingdom, the submarines equipped with SLBMs are called bombers. Sonar The USS San Juan. Modern submarines use both active and passive sonar to locate targets and avoid obstacles. The classic “ping” often associated with submarines only occurs when the vehicle engages its active sonar. This “ping” is extremely loud underwater and has been known to kill fish and disorient whales when used. Therefore, it is rarely used, and never employed during combat, since it would immediately reveal the submarine’s presence and location to enemies. Passive sonar, on the other hand, makes no sound. It uses extremely sensitive hydrophones in the submarine’s hull or towed behind the vehicle to map the surroundings. Submarines also use radar if they need to detect aircraft and ships on the surface. However, like active sonar, radar can be detected, even beyond the range of the device itself. So, in order to remain undetected, submarines will not use it in combat situations. Submarine Navigation The USS Henry M. Jackson. Submarines use a vast array of sensors and systems to help them navigate safely in the dark depths of the ocean. The most important of these are the inertial guidance system and GPS. Surprisingly, modern submarines are still equipped with a visual periscope, but it is rarely used since visual range is short and other sensors can be sent up to gather more accurate and useful data. It remains useful to have a periscope with sensitive sensors (like laser range-finders, infrared, and visible light equipment) because while the submarine remains underwater it is still much more difficult to detect visually and by radar. Submarine Life Support A Soviet-built Kilo class submarine. Despite the tremendous advancement in technology, submarines still need a crew to function properly. This is especially true in ballistic missile submarines where the launch of SLBMs cannot (and should not) be trusted to a computer. In order to keep the crew alive underwater for months at a time, modern submarines employ a sophisticated system of systems to keep them alive and sane. The majority of modern submarines can create breathable oxygen through the electrolysis of fresh water in a machine called an Electrolytic Oxygen Generator. In an emergency where the machine breaks and the submarine can’t surface quickly, crew can burn sodium chlorate candles which generate oxygen. Carbon dioxide scrubbers are used to remove carbon dioxide from the recycled air which is then pumped outside the submarine. Interestingly, the oxygen within a submarine is usually kept at a lower level than normal air on the surface to help reduce the risk of fire on the ship. Submarines produce clean water using an evaporator or through a reverse osmosis machine. The most important use of clean water is for the reactor and steam propulsion engines. After those needs have been met, the crew may use the remaining water for showers, cleaning, cooking, and drinking. Blackwater and grey water are both pumped overboard. Submarine Crew Crew of the USS Proteus. Speaking of crew, modern nuclear submarines usually have about 80 sailors aboard, while most ships on the surface have around 40. Life aboard a submarine is difficult because the space is extremely cramped and economical and crew must work for long hours without fresh air, sunlight, family contact, and other general joys of being alive that we take for granted every day, like privacy. Submarines usually operate in radio silence, even during peacetime, limiting a sailor’s contact to what is happening in the outside world. Also, submarines are among the most dangerous vehicles for humans to operate, and many are lost in accidents outside of combat, adding significant stress to an already difficult job. Communication A Seawolf-class submarine. Submarines in general rarely communicate with the outside world. In order to maximize their stealth capabilities, submarines limit the amount and type of communication they transmit. However, there is always a need for some type of communication. The tools submarines use for communication include VLF (very low frequency) radio, ELF (extremely low-frequency radio), burst transmissions, and a Gertrude system. VLF radio is used to communicate with other submarines at or near the surface of the ocean. A submarine can communicate with VLF radio when submerged no deeper than 250 feet. ELF radio can reach submarines much deeper than that and is only used to call a submarine back up to a shallower depth so that a VLF radio can be used. Burt transmissions are high-frequency radio messages transmitted for only a fraction of a second using a radio mast. This limits the amount of data being transmitted at any time and makes it hard to trace the source of the signal if it is ever detected at all. A Gertrude system involved using the sonar system as an underwater telephone. One submarine will transmit a voice message through speakers to the outside of the submarine which can be picked up by sonar equipment nearby. The range is very short and can be detected by anybody in the area. Buoyancy Technology A North-Korean submarine. Nuclear submarines have three sets of ballast tanks to control how, when, and how fast they sink or rise to the surface. Without ballast tanks, all submarines are positively buoyant, which means they float and move like regular ships. By filling the main ballast tanks with seawater, the submarine can control their depth. The more water in the tanks, the faster and deeper they go. In order to rise, the submarine pumps air into the tanks, forcing the water out. The sets of trim tanks at the front and rear of the submarine control the pitch of the submarine. Pumps transfer water between the front and rear ballast tanks to keep the submarine level or adjust the pitch as needed. Control Surfaces A submarine blueprint. In order to steer underwater, submarines typically used diving planes or hydroplanes to control pitch and a rudder to steer horizontally. However, today something called the x-stern has become the primary way to steer a nuclear submarine. The x-stern allows for steering and navigation in all directions and is more effective horizontally and vertically than previous steering systems. It is less likely to get damaged than hydroplanes and is more adaptable when damaged. The x-stern is a set of four fin-like steering rudders near the propeller at the rear of the submarine. Columbia-Class Submarines An SLBM being launched from a submarine. What’s next for the United States’ underwater navy? The Columbia-class submarine. The Columbia-class is an upcoming class of submarine designed to replace the Ohio-class submarines as the nuclear-powered ballistic missile submarines. The United States began constructing the new class in October of 2020 with the first one scheduled to begin service in 2031. In 2022, the Navy announced that this first boat would be named the USS District of Columbia. There are a total of 12 Columbia-class submarines planned for construction, each capable of carrying 16 missiles and each carrying one Trident II ballistic missile. They will be 560 feet long and 43 feet in diameter, making them as long as the previous Ohio-class submarines but one foot larger in diameter. How To Get Ahead in 2024 (sponsored) Finding a good financial advisor may be the key to getting ahead in 2024. Whether it’s planning for retirement, college, or that 20ft boat, they can help you navigate the ups and downs of the market to achieve success. Use the advisor match tool below, or click here now, to find your financial freedom! The post The Navy’s Hidden Arsenal: Submarines and Underwater Military Tech of Today appeared first on 24/7 Wall St.......»»
Chicago Auto Show opens Saturday with plenty of EVs, but minus one of the Big Three
In the wake of the Stellantis exit, the auto show has consolidated exhibits down from two halls into one at McCormick Place. The annual Chicago Auto Show opens Saturday at McCormick Place, and for the first time in nearly a century, one of the Big Three automakers will not be there. Tightening its belt in the wake of the protracted United Auto Workers strike last fall, Stellantis decided to skip the auto show entirely, pulling its Jeep, Chrysler, Dodge, Fiat and Ram vehicles off the floor and ending the two-decade run of the popular Camp Jeep test track. In the wake of the Stellantis exit, the auto show has consolidated exhibits down from two halls into one, but packed the space with an expansive lineup of brands, plenty of interactive exhibits and a robust lineup of electric vehicles, including show newcomers Tesla and Lucid. Chicagoans will have their first chance to kick the giant tires of the long-delayed Tesla Cybertruck, a futuristic-looking EV that began rolling off the production line last fall. They can also get their first look at the digitally refreshed 2025 Ford Explorer, which is made in Chicago. Visitors check out a Ford Explorer ST during the Chicago Auto Show preview day, Feb. 8, 2024, at McCormick Place. (Brian Cassella/Chicago Tribune) Homegrown Rivian, which makes EV trucks and SUVs in downstate Normal, remains a no-show at this year’s auto show. Electric vehicles will be center stage once again this year, with a dedicated EV test track and a slew of new offerings. But there may be a few bumps in the road ahead for EV manufacturers, who are facing slowing demand and their own potential labor strife. Edmunds is projecting 15.7 million new cars to be sold in 2024, up from 15.5 million last year. EV market share is expected to reach 8% of total new vehicle sales in 2024, up from 6.9% last year, according to the car shopping website. EVs topped the 1 million sales mark in the U.S. last year for the first time. But there are signs, despite federal, state and manufacturer incentives, that EV adoption has decelerated as consumers grapple with spotty charging infrastructure, range anxiety and other logistical hurdles to taking the plunge. VW America CEO Pablo Di Si, an Argentine who attended Loyola University in Chicago during the 1990s, returned to town for the auto show, touting the brand’s ambitious strategy to offer a lineup of 25 electric vehicles planned by 2030. EV models on display included the ID.4, which is produced at VW’s plant in Chattanooga, Tennessee, and sold 75,000 units in North America last year. A quirkier entry is the VW.Buzz, a retro electrified version of the VW bus that was favored by wandering hippies during the 1960s. The VW.Buzz is expected to hit the roads later this year. Di Si expects initial demand for the VW.Buzz to outstrip supply. And he said if they could have built more ID.4s last year, they would have sold them. Longer term, as manufacturers increase the number of offerings, EV market share will continue to grow, but how quickly that ramps up remains to be seen, Di Si said. “In the last couple of years, the growth of EVs has been pretty dramatic,” Di Si said. “This year, the growth continues, but not as intensive as the last couple years. Time will tell.” While EV adoption remains a variable, VW and other nonunion manufacturers may also face some labor issues in the coming year. In the aftermath of the six-week strike against the Big Three automakers, UAW President Shawn Fain said the union intends to target nonunion plants, including EV manufacturers, to get them to join. Organizing efforts are underway at Toyota, Honda, Hyundai, Tesla, Nissan, BMW, Mercedes-Benz, Subaru, Volkswagen, Mazda, Rivian, Lucid and Volvo plants in the U.S. Visitors check out a Tesla Cybertruck on display during the Chicago Auto Show preview day, Feb. 8, 2024, at McCormick Place. The show is scheduled for Feb. 10 to 19. (Brian Cassella/Chicago Tribune) Di Si was tapped to head up North American operations in 2022, and moved to Chattanooga, site of the German automaker’s only U.S. plant. More than 4,000 nonunion autoworkers build the all-electric ID.4 there, as well as the combustion-engine Atlas SUV. On Tuesday, the UAW announced a majority of workers at the plant had signed cards to join the union, making it the first of the recently targeted nonunion plants to support the organizing effort. “Obviously, we respect the right of freedom,” Di Si said. “We also emphasize providing correct information to the employees so they can make their own informed decisions.” With the 25% increase in base wages and the reinstatement of cost-of-living adjustments, UAW assembly workers will make more than $40 an hour by the end of the new four-year labor agreement in 2028. Assembly workers at the VW plant start at $23.40 per hour, scaling up over four years to $32 per hour, Di Si said. The UAW is also seeking to unionize Rivian, which launched production in September 2021 and now has about 7,000 employees building electric pickup trucks, SUVs and delivery vans for Amazon and AT&T in a formerly vacant, 3.3 million-square-foot auto plant in downstate Normal. Last year, Rivian produced 57,232 vehicles. In 2022, the starting salary for assembly workers at Rivian’s plant in Normal was $20 per hour. The starting rate has since been bumped up to $22 per hour, according to spokeswoman Kelli Felker. Meanwhile, the Chicago Assembly Plant, where more than 4,600 UAW members participated in a one-month strike before a labor deal was reached with Ford, has something of a starring role at the auto show this year. Ford is unveiling the 2025 Explorer SUV, which is built exclusively at the plant on the city’s Southeast Side. The popular SUV is undergoing a significant refresh focused on simplifying the build, improving production quality and enhancing the digital driving experience. “It’s a pretty sizable change,” said Jim Baumbick, Ford’s vice president of product development operations and quality. “It’s a major refresh.” The biggest changes are inside, where the SUV was designed to connect with digital-native millennials starting to take their families on road trips. The new Explorer includes a large 13-inch touchscreen display on the dashboard and enough USB ports (8 across three rows) to keep an entire kids soccer team plugged in during the drive. It is also the first Explorer to offer optional BlueCruise hands-free driving, which can take the wheel on designated highways — traffic and weather-permitting. The new model is expected to begin shipping in the second quarter, with customers able to place orders beginning in February. There will be some shutdowns in production at the nearly century-old Chicago Assembly Plant to gear up and switch over to the new build, Baumbick said. After three years of pandemic disruption that saw postponements, downsizing and a special outdoor summer edition, the Chicago Auto Show returned last year to a full-size exhibition covering two halls at McCormick Place. The absence of Stellantis precipitated jamming the rest of the exhibitors into slightly expanded floor space in the South Hall, sans one prominent attraction for attendees. The Camp Jeep test track, a challenging indoor, off-road course that featured a 28-foot “mountain” climb to allow visitors to ride along in the brand’s rugged 4×4 vehicles, had been an integral part of the Chicago Auto Show for nearly 20 years. The 2024 show still has three indoor test tracks, including Ford Bronco, Hyundai Ioniq and the Chicago Drives Electric course, which will feature eight EV brands. For the more daring, there’s Honda’s foldable Motocompacto electric scooter, which has its own mini test track, replete with carefully cleaned helmets to use. In addition, visitors can participate in outdoor test drives with Ford, Kia and Subaru. A wrapped Toyota Camry pace car for the 2024 NASCAR Chicago Street Race is unveiled at the Chicago Auto Show preview day, Feb. 8, 2024, at McCormick Place. (Brian Cassella/Chicago Tribune) Also on display is the Toyota Camry pace car for this summer’s return of the NASCAR Chicago Street Race in Grant Park. The vehicle is adorned with a custom wrap promoting the upcoming Georgia O’Keeffe exhibit at the Art Institute. While the auto show has plenty of high-tech glitz and glamour, one thing in short supply may be at the top of most car-shoppers lists — affordability. “About half of people are planning on spending under $30,000,” said Rebecca Lindland, senior director of industry data and insights at Chicago-based Cars Commerce, formerly known as Cars.com. “The challenge is that only about 12% of new cars are priced under $30,000.” Lindland said the auto show nonetheless remains a “great opportunity to get your butt in the seat” of a lot of cars in one place. Launched in 1901, the Chicago Auto Show went on hiatus during World War II as auto production was curtailed, but it hasn’t missed a year since it resumed in 1950. The 116th Auto Show runs Saturday through Feb.19 at McCormick Place. Tickets are $17 for adults. rchannick@chicagotribune.com.....»»
PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY AND FULL YEAR 2023 RESULTS
Completes Third Most Profitable Year in Company History Fourth Quarter Revenue Increased 4% to $7.3 Billion Fourth Quarter Retail Automotive Same-Store Revenue Increased 4%, Including a 7% Increase in Service & Parts Fourth Quarter Profitability Impacted by Non-Cash Impairment Charge, Lower Equity Earnings From PTS, and Higher Interest Expense BLOOMFIELD HILLS, Mich., Feb. 7, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced fourth quarter and twelve months 2023 results. For the quarter, revenue increased 4% to $7.3 billion. Income from continuing operations attributable to common stockholders decreased 36% to $190.7 million from $298.0 million and related earnings per share decreased 33% to $2.84 from $4.21 when compared to the same period of 2022. Fourth quarter 2023 results include a goodwill impairment charge of $40.7 million (before and after tax), representing $0.61 per share. Excluding the goodwill impairment charge, adjusted income from continuing operations attributable to common stockholders decreased 22% to $231.4 million from $298.0 million and related adjusted earnings per share decreased 18% to $3.45 from $4.21. Foreign currency exchange positively impacted revenue by $130.0 million and had a negligible effect on income from continuing operations attributable to common stockholders and earnings per share. Goodwill Impairment We are required to assess goodwill and other indefinite-lived intangible assets for impairment at least annually. In the fourth quarter of 2023 in connection with our annual budget and planning process for 2024, which drives certain assumptions used in our annual goodwill impairment testing, we determined the carrying value of goodwill in our used vehicle dealerships international reporting unit was greater than its estimated fair value. Accordingly, we recorded a non-cash goodwill impairment charge of $40.7 million (before and after tax) for the quarter, which represents $0.61 per share for the three months and $0.60 per share for the twelve months ended December 31, 2023. This impairment charge is largely related to the reporting unit's lower supply of quality, low mileage used vehicles for its customers due to lower sales of new vehicles across the industry in recent years. Fourth Quarter 2023 Performance The Company's results for the fourth quarter of 2023 were driven by continued strong performance in retail automotive and retail commercial truck operations, including an 8% increase in retail automotive new units delivered and a 7% increase in same-store service and parts gross profit. Income from continuing operations before income taxes, net income, and income per share, however, were negatively impacted by higher interest costs of $21 million, driven primarily by an increase in interest rates and higher inventory levels which increased borrowings under our floorplan arrangements, and lower equity earnings from the Company's investment in Penske Transportation Solutions ("PTS"). Lower equity earnings from PTS were driven in part by increased operating and interest costs, lower rental revenue and utilization, and a decrease in gains from the sale of used trucks, each of which continues to impact PTS' profitability when compared to the record profitability achieved by PTS in 2022. The Company's equity earnings from PTS for the three months ended December 31, 2023, declined $48 million, or 48%, to $51 million when compared to the same period in the prior year. Commenting on the Company's fourth quarter financial results, Chair and CEO Roger Penske said, "Demand for new vehicles remains strong while used vehicle supply and affordability remains challenging. I am pleased with the continued growth in service and parts gross profit and our continued focus on controlling costs. Also, I was particularly pleased with the sequential performance of retail automotive new and used vehicle gross profit per unit retailed which only declined marginally from the third to fourth quarter of 2023." Penske continued, "Our diversified business achieved the third best year of profitability of all-time." For the twelve months ended December 31, 2023, revenue increased 6% to $29.5 billion. When compared to the same period last year, income attributable to common stockholders decreased 24% to $1.05 billion from $1.38 billion, and related earnings per share decreased 16% to $15.50. Excluding the goodwill impairment charge noted above, adjusted income from continuing operations attributable to common stockholders decreased 21% to $1.09 billion and related adjusted earnings per share decreased 13% to $16.10. Foreign currency exchange negatively impacted revenue by $3.9 million, income from continuing operations attributable to common stockholders by $7.9 million, and earnings per share by $0.11. Full Year 2023 Operating Highlights Compared to Full Year 2022 Retail Automotive Same-Store Revenue – increased 5% New Vehicle +12%; Used Vehicle -2%; Finance & Insurance -2%; Service & Parts +9% Retail Automotive Same-Store Gross Profit – decreased 0.4% New Vehicle -2%; Used Vehicle -21%; Finance & Insurance -2%; Service & Parts +9% Retail Commercial Truck Same-Store Revenue – increased 1% New Vehicle +4%; Used Vehicle -25%; Finance & Insurance +2%; Service & Parts +3% Retail Commercial Truck Same-Store Gross Profit – increased 3% New Vehicle +11%; Used Vehicle -10%; Finance & Insurance +2%; Service & Parts +3% Retail Automotive Dealerships For the three months ended December 31, 2023, total new and used units delivered increased 8% to nearly 117,400, and total retail automotive revenue increased 5% to $6.2 billion. Same-store new and used units delivered increased 9% to nearly 116,700, and same-store revenue increased 4%, including a 7% increase in service and parts revenue. Total retail automotive gross profit decreased 1% to $1.0 billion, including a 1% decrease on a same-store basis. Same-store service and parts gross profit increased 7%. Beginning in 2023, we transitioned our Mercedes-Benz U.K. dealerships to an agency model under which these dealerships, and a limited number of our other dealerships in Europe, receive a fee for facilitating the sale of a new vehicle by the manufacturer. We do not record revenue for the price of the vehicle. As shown in the following schedules, units facilitated under the agency model are shown separately as agency units while the fee we received to facilitate the sale is in new vehicle revenue and gross profit. Retail Commercial Truck Dealerships As of December 31, 2023, Premier Truck Group operated 44 North American retail commercial truck locations. For the three months ended December 31, 2023, earnings before taxes increased 0.3% to a fourth quarter record of $51.3 million when compared to the same period in 2022 while retail unit sales decreased 5% primarily due to production timing and delivery delays which impacted both periods. Revenue decreased 6% to $904.8 million while same-store revenue decreased 10%. For the twelve months ended December 31, 2023, revenue increased 4% to $3.7 billion while same-store revenue increased 1%, including a 3% increase in service and parts revenue when compared to the same period last year. During this same period, earnings before taxes increased 5% to a record $225.0 million when compared to the same period last year. Penske Transportation Solutions Investment Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 439,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and twelve months ended December 31, 2023, the Company recorded $51.2 million and $289.5 million in earnings compared to $99.4 million and $490.0 million for the same periods in 2022. The year-over-year declines are related to higher interest and maintenance costs, lower gains on sales of used trucks, and lower rental revenue and utilization. For the twelve months ended December 31, 2023, PTS' interest costs increased $213 million, maintenance costs increased $150 million, and gain on sales of used trucks declined $211 million when compared to the prior year period. Corporate Development and Capital Allocation Based on the Company's strong earnings and cash flow, the Board of Directors has consistently increased the Company's quarterly dividend, most recently approving a 10% increase in the quarterly dividend to $0.87 per share which is payable on March 1, 2024 to shareholders of record as of February 15, 2024. During the twelve months ended December 31, 2023, we repurchased 2.6 million shares of common stock for approximately $358.7 million under our securities repurchase program and also acquired 168,464 shares of our common stock for $23.5 million from employees in connection with a net share settlement feature of employee equity awards. As of December 31, 2023, $215.5 million remained available under the Company's existing repurchase authority. As previously announced, in January 2024, the Company completed the acquisition of Rybrook Group Limited consisting of 16 retail automotive franchises in the United Kingdom, including four BMW franchises, four MINI franchises, four Volvo franchises, two Land Rover franchises, one Jaguar franchise, and one Porsche franchise. Three of the BMW locations also retail BMW Motorrad motorcycles. The acquired dealerships represent estimated annualized revenues of approximately $1 billion. Conference Call Penske Automotive Group will host a conference call discussing financial results relating to the fourth quarter of 2023 on Wednesday, February 7, 2024, at 2:00 p.m. Eastern Standard Time. To listen to the conference call, participants must dial (877) 692-8955 [International, please dial (234) 720-6979] using access code 7212997. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the fourth quarter and full year 2023 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com. About Penske Automotive Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs approximately 28,000 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 44,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 439,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, Russell 3000 indexes, and the S&P Mid Cap 400 Index. For additional information, including the Company's 2023 Corporate Responsibility Report highlighting its corporate responsibility strategies, activities, and certain metrics, visit the Company's website at www.penskeautomotive.com. Non-GAAP Financial Measures This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted income from continuing operations, adjusted earnings per share, adjusted income from continuing operations before taxes, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. Caution Concerning Forward Looking Statements Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political and industry conditions and events, including their impact on new and used vehicle sales, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to PTS and PTG, personal discretionary spending levels, interest rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, the shortage of vehicle components, the war in Ukraine, challenges in sourcing labor, or labor strikes or work stoppages, or other disruptions; changes in the retail model either from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate, integrate, and realize returns on acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes or work stoppages by its employees, a reduction in PTS' asset utilization rates, continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicles sales, including those related to the sales process or emissions standards, as well as changes in consumer sentiment relating to commercial truck sales that may hinder our or PTS' ability to maintain, acquire, sell, or operate trucks; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risk and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2022, Form 10-Q for the quarterly periods ended March 31, 2023, June 30, 2023, and September 30, 2023, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein. Inquiries should contact: Shelley Hulgrave Anthony Pordon Executive Vice President and Executive Vice President Investor Relations Chief Financial Officer and Corporate Development Penske Automotive Group, Inc. Penske Automotive Group, Inc. 248-648-2812 248-648-2540 shulgrave@penskeautomotive.com tpordon@penskeautomotive.com PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Statements of Income (Amounts In Millions, Except Per Share Data) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 Change 2023 2022 Change Revenue $ 7,272.1 $ 7,011.8 3.7 % $ 29,527.4 $ 27,814.8 6.2 % Cost of Sales 6,084.0 5,828.6 4.4 % 24,593.6 22,976.0 7.0 % Gross Profit $ 1,188.1 $ 1,183.2 0.4 % $ 4,933.8 $ 4,838.8 2.0 % SG&A Expenses 844.1 815.5 3.5 % 3,400.6 3,223.7 5.5 % Impairment Charges 40.7 — nm 40.7 — nm Depreciation 37.6 32.2 16.8 % 141.0 127.3 10.8 % Operating Income $ 265.7 $ 335.5 (20.8) % $ 1,351.5 $ 1,487.8 (9.2) % Floor Plan Interest Expense (38.9) (22.1) 76.0 % (133.1) (52.4) 154.0 % Other Interest Expense (23.1) (19.0) 21.6 % (92.6) (70.4) 31.5 % Equity in Earnings of Affiliates 52.1 100.4 (48.1) % 293.7 494.2 (40.6) % Income from Continuing Operations Before Income Taxes $ 255.8 $ 394.8 (35.2) % $ 1,419.5 $ 1,859.2 (23.6) % Income Taxes (63.8) (95.5) (33.2) % (360.9) (473.0) (23.7) % Income from Continuing Operations $ 192.0 $ 299.3 (35.9) % $ 1,058.6 $ 1,386.2 (23.6) % Income from Discontinued Operations, net of tax — — nm — — nm Net Income $ 192.0 $ 299.3 (35.9) % $ 1,058.6 $ 1,386.2 (23.6) % Less: Income Attributable to Non-Controlling Interests 1.3 1.3 — % 5.4 6.2 (12.9) % Net Income Attributable to Common Stockholders $ 190.7 $ 298.0 (36.0) % $ 1,053.2 $ 1,380.0 (23.7) % Amounts Attributable to Common Stockholders: Reported Income from Continuing Operations $ 192.0 $ 299.3 (35.9) % $ 1,058.6 $ 1,386.2 (23.6) % Less: Income Attributable to Non-Controlling Interests 1.3 1.3 — % 5.4 6.2 (12.9) % Income from Continuing Operations, net of tax $ 190.7 $ 298.0 (36.0) % $ 1,053.2 $ 1,380.0 (23.7) % Income from Discontinued Operations, net of tax — — nm — — nm Net Income Attributable to Common Stockholders $ 190.7 $ 298.0 (36.0) % $ 1,053.2 $ 1,380.0 (23.7) % Income from Continuing Operations Per Share $ 2.84 $ 4.21 (32.5) % $ 15.50 $ 18.55 (16.4) % Income Per Share $ 2.84 $ 4.21 (32.5) % $ 15.50 $ 18.55 (16.4) % Weighted Average Shares Outstanding 67.2 70.8 (5.1) % 68.0 74.4 (8.6) % nm – not meaningful PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Balance Sheets (Amounts In Millions) (Unaudited) December 31, December 31, 2023 2022 Assets: Cash and Cash Equivalents $ 96.4 $ 106.5 Accounts Receivable, Net 1,114.6 906.7 Inventories 4,293.1 3,509.1 Other Current Assets 175.6 141.9 Total Current Assets 5,679.7 4,664.2 Property and Equipment, Net 2,765.2 2,496.5 Operating Lease Right-of-Use Assets 2,405.5 2,416.1 Intangibles 2,983.1 2,845.6 Other Long-Term Assets 1,838.0 1,692.2 Total Assets $ 15,671.5 $ 14,114.6 Liabilities and Equity: Floor Plan Notes Payable $ 2,255.6 $ 1,565.7 Floor Plan Notes Payable – Non-Trade 1,515.9 1,430.6 Accounts Payable 866.9 853.5 Accrued Expenses and Other Current Liabilities 809.8 788.1 Current Portion Long-Term Debt 209.7 75.2 Total Current Liabilities 5,657.9 4,713.1 Long-Term Debt 1,419.5 1,546.9 Long-Term Operating Lease Liabilities 2,336.0 2,335.7 Other Long-Term Liabilities 1,502.5 1,344.1 Total Liabilities 10,915.9 9,939.8 Equity 4,755.6 4,174.8 Total Liabilities and Equity $ 15,671.5 $ 14,114.6 PENSKE AUTOMOTIVE GROUP, INC. Consolidated Operations Selected Data (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Geographic Revenue Mix: North America 62.6 % 64.0 % 60.4 % 62.0 % U.K. 28.3 % 28.3 % 31.3 % 30.4 % Other International 9.1 % 7.7 % 8.3 % 7.6 % Total 100.0 % 100.0 % 100.0 % 100.0 % Revenue: (Amounts in Millions) Retail Automotive $ 6,177.9 $ 5,910.4 $ 25,209.1 $ 23,694.7 Retail Commercial Truck 904.8 960.8 3,684.3 3,541.3 Commercial Vehicle Distribution and Other 189.4 140.6 634.0 578.8 Total $ 7,272.1 $ 7,011.8 $ 29,527.4 $ 27,814.8 Gross Profit: (Amounts in Millions) Retail Automotive $ 1,002.4 $ 1,008.8 $ 4,176.2 $ 4,126.4 Retail Commercial Truck 143.2 138.2 592.4 555.1 Commercial Vehicle Distribution and Other 42.5 36.2 165.2 157.3 Total $ 1,188.1 $ 1,183.2 $ 4,933.8 $ 4,838.8 Gross Margin: Retail Automotive 16.2 % 17.1 % 16.6 % 17.4 % Retail Commercial Truck 15.8 % 14.4 % 16.1 % 15.7 % Commercial Vehicle Distribution and Other 22.4 % 25.7 % 26.1 % 27.2 % Total 16.3 % 16.9 % 16.7 % 17.4 % Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Operating Items as a Percentage of Revenue: Gross Profit 16.3 % 16.9 % 16.7 % 17.4 % Selling, General and Administrative Expenses 11.6 % 11.6 % 11.5 % 11.6 % Operating Income 3.7 % 4.8 % 4.6 % 5.3 % Income from Continuing Operations Before Income Taxes 3.5 % 5.6 % 4.8 % 6.7 % Operating Items as a Percentage of Total Gross Profit: Selling, General and Administrative Expenses 71.0 % 68.9 % 68.9 % 66.6 % Operating Income 22.4 % 28.4 % 27.4 % 30.7 % Three Months Ended Twelve Months Ended December 31, December 31, (Amounts in Millions) 2023 2022 2023 2022 EBITDA(1) $ 316.5 $ 446.0 $ 1,653.1 $ 2,056.9 Floor Plan Credits $ 12.5 $ 10.3 $ 45.2 $ 40.3 Rent Expense $ 62.4 $ 61.2 $ 247.9 $ 243.3 _______________________ (1) See the following Non-GAAP reconciliation table. PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 Change 2023 2022 Change Retail Automotive Units: New Retail 51,786 50,342 2.9 % 197,070 185,831 6.0 % Used Retail 57,490 57,991 (0.9) % 256,721 261,739 (1.9) % Total Retail 109,276 108,333 0.9 % 453,791 447,570 1.4 % New Agency 8,113 — nm 32,672 — nm Total Retail and Agency 117,389 108,333 8.4 % 486,463 447,570 8.7 % Retail Automotive Revenue: (Amounts in Millions) New Vehicles $ 2,989.2 $ 2,763.8 8.2 % $ 11,273.3 $ 10,050.5 12.2 % Used Vehicles 1,970.0 1,992.1 (1.1) % 8,919.5 9,011.6 (1.0) % Finance and Insurance, Net 207.6 201.3 3.1 % 838.6 848.1 (1.1) % Service and Parts 680.9 633.7 7.4 % 2,734.3 2,426.7 12.7 % Fleet and Wholesale 330.2 319.5 3.3 % 1,443.4 1,357.8 6.3 % Total Revenue $ 6,177.9 $ 5,910.4 4.5 % $ 25,209.1 $ 23,694.7 6.4 % Retail Automotive Gross Profit: (Amounts in Millions) New Vehicles $ 301.9 $ 325.6 (7.3) % $ 1,238.5 $ 1,246.1 (0.6) % Used Vehicles 83.3 100.8 (17.4) % 432.4 543.1 (20.4) % Finance and Insurance, Net 207.6 201.3 3.1 % 838.6 848.1 (1.1) % Service and Parts 395.9 370.3 6.9 % 1,605.7 1,439.4 11.6 % Fleet and Wholesale 13.7 10.8 26.9 % 61.0 49.7 22.7 % Total Gross Profit $ 1,002.4 $ 1,008.8 (0.6) % $ 4,176.2 $ 4,126.4 1.2 %.....»»
EV Roundup: LI"s 106% Y/Y Delivery Growth, TSLA"s 2.2M Vehicle Recall & More
While China's rising EV star Li Auto (LI) registers 105.8% growth in vehicle deliveries in January 2024, EV king Tesla (TSLA) issues a recall for 2.2 million vehicles over warning light issues. China-based EV players NIO Inc. NIO, XPeng Inc. XPEV and LI Auto LI recorded year-over-year growth in January 2024 deliveries, with LI holding the top spot. Li Auto witnessed a whopping 105.8% year-over-year increase in vehicle deliveries last month, setting ambitious goals for further growth and innovation in China's new energy vehicle market. NIO witnessed an 18.2% year-over-year surge in January deliveries. It forged strategic partnerships and spearheaded Zhongan Energy for a widespread battery swap network.XPeng deliveries increased 58% last month. It introduced the X9 Ultra Smart Large Seven-seater MPV and witnessed strong demand for its X9 Max trim. With plans to expand XNGP coverage nationwide and initiate research and development for overseas markets, XPeng remains committed to innovation in the smart EV sector.EV startup Canoo Inc. GOEV has electrified Zeeba's fleet, adding 3,000 lifestyle delivery vehicles (LDVs). This marks an increasing shift toward sustainable commercial transportation.Ev titan Tesla TSLA recalled 2.2 million vehicles in the United States over small font size in warning lights, heightening safety concerns.While NIO currently carries a Zacks Rank #2 (Buy), LI and TSLA are #3 Ranked (Hold) each. Meanwhile, GOEV and XPEV carry a Zacks Rank #4 (Sell) currently.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Inside the HeadlinesLi Auto reported 31,165 vehicle deliveries in January 2024, marking a remarkable 105.8% year-over-year increase. The company's cumulative deliveries were 664,529 vehicles as of Jan 31, 2024.The company plans to introduce eight competitive models, including four EREVs and four BEVs, starting with the launch of its flagship family MPV, Li MEGA, in March. Additionally, Li Auto aims to enhance its technical capabilities in autonomous driving, smart space, and smart electrification while expanding its sales and servicing network to meet customers' evolving demands. The company targets 800 retail stores and more than 500 Li Auto-authorized body and paint shops by the end of 2024, aiming for an annual delivery target of 800,000 vehicles and positioning itself as the best-selling premium auto brand in China.In line with its commitment to customer satisfaction, Li Auto announced that all 330 of its supercharging stations would be operational during the Chinese New Year holiday, offering complimentary electricity and charging services to users. As of Jan 31, 2024, Li Auto had 474 retail stores in 142 cities, along with 360 servicing centers and Li Auto-authorized body and paint shops in 209 cities.NIO delivered 10,055 vehicles last month, marking an 18.2% year-over-year increase. The deliveries comprised 6,307 SUVs and 3,748 sedans. The company's cumulative deliveries reached 459,649 vehicles as of Jan 31, 2024.NIO has expanded its influence in the industry by opening its power swap network to collaboration and signing strategic partnerships with major players like JAC Group and Chery Automobile. Moreover, NIO has taken a significant step toward advancing sustainable mobility with the establishment of Zhongan Energy, a company focused on creating an open and shared charging, swapping and energy storage network. Zhongan Energy aims to build 1,000 battery swap stations across China in the coming years, aligning with NIO's vision of widespread adoption of battery swapping technology.In another development, NIO successfully concluded its repurchase right offer concerning its 0.00% convertible senior notes due 2026. The offer, which expired on Jan 31, 2024, resulted in $300,536,000 aggregate principal amount of the notes being validly surrendered and not withdrawn. Following the settlement, the $912,000.00 aggregate principal amount of the notes will remain outstanding. This underscores NIO's commitment to financial management and its ongoing strategy in the premium smart EV market.XPeng delivered 8,250 EVs in January 2024, marking a 58% year-over-year increase. Among these deliveries, the introduction of the X9 Ultra Smart Large Seven-seater MPV garnered notable attention, with 2,478 units delivered in its inaugural month. Impressively, orders for the X9 Max trim comprised approximately 70% of total X9 orders, highlighting its popularity among consumers. XPeng is currently enhancing production capacity for X9 to meet growing demand.XPeng's cutting-edge ADAS technologies provide significant value to its customers, with XNGP now accessible to users in 243 cities across the nation, offering the most extensive coverage of ADAS functions tailored for urban driving scenarios. Notably, the monthly active user penetration rate of XNGP ADAS has surpassed 85%, positioning XPeng as an industry leader in terms of active user scale, user experience and mileage penetration rate for urban ADAS systems.The company aims to expand XNGP coverage to major urban road networks, parking spaces, and private roads nationwide by 2024. Furthermore, XPeng plans to commence research and development on Highway NGP for overseas markets this year and on XNGP in 2025.Canoo successfully expanded Zeeba's fleet with electric vehicles, marking a significant step forward in the electrification of commercial fleets across the United States. As part of an existing agreement, Canoo added a total of 3,000 LDV EVs to Zeeba's national fleet out of a binding commitment of 5,450 electric vehicles.Canoo’s CEO, Tony Aquila, emphasized the strategic partnership's importance in meeting the growing demand for sustainable transportation options. Kayvon Marashi, CEO at Zeeba, expressed enthusiasm for integrating Canoo's innovative line of EVs into their fleet, citing the vehicles' efficiency, comfort and functionality as key factors driving client interest. With over 1,000 clients eagerly awaiting Canoo vehicles, Zeeba anticipates that the LDVs will be a game-changer for fleets of all sizes, catering to the increasing demand for environmentally friendly transportation solutions.Last to last week, Canoo secured a deal to sell six battery-electric right-hand drive versions of the LDV 190 to the U.S. Postal Service. Deliveries are slated in the first quarter of 2024. This purchase is part of the USPS's ambitious $40 billion investment plan to modernize its delivery fleet, marking a crucial step in the electrification of its operations.Tesla issued a recall for 2.2 million vehicles in the United States due to concerns regarding the font size of warning lights on the instrument panel. The small font size, particularly for brake, park, and antilock brake system warnings, poses readability challenges, potentially increasing the risk of accidents, as indicated by the National Highway Traffic Safety Administration (NHTSA). This font size discrepancy is reported to be in violation of federal safety standards. The NHTSA announced the recall following a routine audit of Tesla vehicles.Tesla stated no knowledge of any accidents or injuries resulting from this issue. The recall affects various models, including the Model S (2012-2023), Model X (2016-2024), Model 3 (2017-2023), Model Y (2019-2024) and 2024 Cybertruck vehicles. The company plans to address the problem through an over-the-air software update, eliminating the need for owners to visit a Tesla service center. Owner notification letters will be sent out starting Mar 30.In a separate development, the NHTSA disclosed on Thursday a preliminary evaluation concerning reports of power steering issues in certain Tesla vehicles. Specifically, 2,388 complaints have been identified regarding steering control loss in select 2023 Tesla Model 3 and Model Y vehicles. Tesla has issued a number of recalls recently, targeting backup camera malfunctions and autopilot system flaws, following extensive investigations by the NHTSA into related incidents.Price PerformanceThe following table shows the price movement of some of the major EV players over the last week and six-month period.Image Source: Zacks Investment ResearchWhat’s Next in the Space?Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry. Top 5 ChatGPT Stocks Revealed Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion. Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”Download Free ChatGPT Stock Report Right Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tesla, Inc. (TSLA): Free Stock Analysis Report NIO Inc. (NIO): Free Stock Analysis Report Li Auto Inc. Sponsored ADR (LI): Free Stock Analysis Report XPeng Inc. Sponsored ADR (XPEV): Free Stock Analysis Report Canoo Inc. (GOEV): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»
40 Brands That Start With A
We all love brands. It is part of our culture and something that we have grown accustomed to over our lifetime. We shop these brands and enjoy what they have to offer. Moreover, they offer us something in the form of entertainment or even sustenance. They have also been around for a long time, and […] The post 40 Brands That Start With A appeared first on 24/7 Wall St.. We all love brands. It is part of our culture and something that we have grown accustomed to over our lifetime. We shop these brands and enjoy what they have to offer. Moreover, they offer us something in the form of entertainment or even sustenance. They have also been around for a long time, and we have enjoyed them for the majority of our lives. As we look at brands that start with A, we take a closer look at how they are and also the value they bring to our lives. We also examine what they are and give tiny tidbits on the branding and success they have achieved. We will look at 40 brands that start with A while separating them into five categories to showcase their individual traits and look at what they have accomplished. Come with us as we look at brands that start with A. Category 1: Car Companies 1. Acura Sedans and SUVs are the signature vehicles you will see when you buy an Acura. It is not hard to obsess over the amazing innovative cars that Acura crafts while also admiring the craftsmanship of the vehicles. Acura is one of the more popular brands that start with A. 2. Abarth If you want a brand that makes a cool racing car, then Abarth is the best selection. This company has been creating racing cars since 1949. The brand continues to be one of the more hip brands and produces numerous fleets every year. 3. Alfa Romeo Alfa Romeo is a car from Italy that originated over 100 years ago. It has not lost its style. In fact, it has gotten cooler. Since then, it has become a wonderful car brand that many people have enjoyed as the years have gone by. You would not have trouble finding the car near your home as many cities carry these vehicles. It is a classic brand that many car lovers would enjoy and one of the oldest brands that start with A. 4. Alpine Alpine is another sports racing car brand. The creativity and innovation of the brand have led to some unique designs and some of the best-looking cars on the planet. 5. Aston Martin It is the ultimate British-born car that is expensive and fast. You would feel more alive than you have ever felt driving the Aston Martin. It propels forward with amazing speed. Moreover, it is the type of car that famous fictional British agent James Bond would drive. It is one of the spiciest car brands that start with A. 6. Audi Audi is a car brand from Germany with a lot of firepower and versatility. You can get an Audi in several different forms. The brand produces sedans, SUVs, and convertibles. Audi also has electric cars available. It is a great car that will get you where you need to go. 7. AVIS AVIS is a rental agency that you may use if you need to get a car in a town you are visiting. They usually are near an airport and are great connections when it comes to getting temporary transportation. It is one of the most important brands that start with A. Category 2: Clothing Stores and Cosmetics 1. A.S. 98 Products A.S. 98 Products are all about shoes, handbags, and accessories. Their shoes are also handmade. It is an impressive product line and a brand that continues to make unique products that are appealing to the consumer. 2. Abercrombie & Fitch Abercrombie & Fitch is one of those hip lifestyle stores that will always chase the latest trend. There is always something new to check out at this store, with styles that blend trendy and stylish across the board. It is also one of the oldest clothing brands that starts with A and has been around since 1893. 3. Ace Works Boots If you want work boots, Ace Works Boots is your best bet. You can find this brand of footwear on their website. Additionally, you can also find them if you go to your local Home Depot or Wal-Mart. Amazon also sells them. They are the best boot brand that starts with A. 4. Adidas We all need shoes. Adidas is one of the more famous shoe brands out there. Kobe Bryant made the brand famous by appearing in numerous ads with their branding message. Additionally, many other famous sports athletes have appeared on their brand. There are many brands that start with A. Yet, Adidas is one of the true kings of shoe brands across the world. 5. Aeropostale Casual apparel and accessories is what you get when you invest in the Aeropostale brand. The cool thing about this brand is that there are new designs all the time, and you can also get some good deals on certain items. 6. Allbirds Allbirds goes for sustainable shoes and clothing. Shoes are the top priority. Mainly, Allbird crafts shoes of all kinds. You can find shoes for that special occasion. Likewise, you might need some running shoes. Allbirds has a product for that. It also has shoes for any weather and season. 7. American Eagle American Eagle is a creative store that has its own trademark on each item of clothing it sells. It has been part of the American fabric since 1989, and you may find a store in a mall near your home. The brand has also been represented across pop culture over the past two decades, and is continually growing. 8. Anthropologie Anthropologie sells all the latest in women’s clothing. It has become a great place for all the latest looks in women’s fashion. The brand is always generating something new, and there is always some new style for the season to check out. 9. Aquazzura Aquazzura is the ultimate luxury footwear brand. You will find the most unique shoes you will ever see. These are the types of shoes you will wear to elegant parties and balls. You will also see Aquazzura brand shoes in movies and television. Their brand has been worn by Sarah Jessica Parker and also appeared in a James Bond movie. 10. Armani You have probably heard of Armani. Their brand is all about the luxury suit. Often, people will say they need an Armani suit. But suits are only some of the items this brand creates. The brand has fashion items of all kinds and is constantly churning out new material. It is one of the most famous clothing brands that start with A. 11. Asics Asics is not as popular as Adidas. Yet, it is a growing brand that continues to make strong running shoes to promote a healthy lifestyle that tailors to those who want to keep themselves in the best shape. There are always new shoes to unpack, and the brand continues to grow daily as it makes more exercise shoes for all people. 12. ASOS ASOS is an online store that has created over 850 brands for men and women. The brand and store plan is simple, with selections for men and women. It has grown worldwide and also has been spotted at Nordstrom. It is one of the fastest-growing clothing brands that start with A. 13. Aveda Aveda is all about the Earth. Specifically, their product and brand are born from pure plant essences. This means that everything they create comes from natural resources. They are one of the more elite brands that start with A. 14. Avon Avon has been around for years. It is one of the most well-known cosmetic brands in the world and something that people often sell to make extra money. Avon provides makeup and other beauty products. It also has products for the bath. Avon has a catalog that outlines what it provides monthly. It is a brand that starts with A and has been changing with the times and evolving over the years. Category 3: Food Brands 1. A&W There is nothing like a delicious, savory root beer. The froth that comes from the drink as it touches your mouth is amazing. A&W has been providing that feeling for over 100 years. It is a very recognizable brand that everyone knows based on their root beer. It is the most famous root beer brand that starts with A. 2. Absolut Vodka Absolut Vodka is a beautiful brand that has so much vodka to choose from. The Absolut brand is all about choices. You can even have vodka in different flavors. It is a unique liquor brand that gives you so many selections to choose from. It is one of the most exceptional brands that start with A. 3. Aquafina Aquafina is one of the best brands you can choose if you want fresh and pure water. This purified water brand is just the thing you need for that next hike or tennis match you are playing with your friends. Aquafina has helped hydrate people for the last 40 years. 4. Aunt Jemima Nothing goes better on pancakes than maple syrup. You can put it on waffles too. You probably will add some Aunt Jemima. It is a maple syrup with a long history and one you can find at any grocery store. It is a brand that has undergone some changes, specifically the logo. Despite any controversy, the brand continues to thrive and remains a popular breakfast item. Category 4: Insurance Companies 1. AAA When your car gets stuck, you probably will call AAA to help you out of the jam. AAA also has an insurance plan. They offer health insurance, home insurance, and auto insurance. You can also get life insurance from AAA. It is probably one of the most well-known car service brands. It is also a brand that continues to provide great services in 2024. 2. Aetna Aetna is a brand that you probably hear about when your work is picking a health insurance plan. They also offer dental and vision. It is relatively old. The brand and company have traced its origins to the 1800s. 3. AIG AIG is a company and a brand that has grown a lot over the years. The brand has offered numerous insurance solutions for its consumers. It is a brand that starts with A that is continually expanding. 4. Allstate Allstate tells you that you’re in good hands. That has become the foundation of their brand. Their goal is to show the customer that they will always be taken care of, regardless of the circumstances. The Allstate brand has been around for nearly 100 years and continues to be one of the stronger insurance options. 5. Alflac Aflac is all about the supplemental insurance. You have probably seen the commercials with the duck that constantly repeats the name of the brand. It combines a healthy mix of comedy with assertiveness to show how the brand is willing to go to great heights for you. It is one of the identifiable car insurance brands that start with A Category 5: Technology Brands 1. Abbott Laboratories This is the one brand you will see on this list that specializes in medical devices. Specifically, the brand has created devices that give therapeutic solutions to issues related to cardiovascular issues and diabetes. Abbott Laboratories also produces other devices that help with nutrition. It is another brand that starts with A that does a lot to help offer solutions to some of lifes’ problems. 2. Acer Acer has been a popular and affordable brand that has been around for about 30 years. You can purchase a laptop or a Chromebook with their brand at any Best Buy or Target store. You can even search them on Amazon and pick from their specialized section. It is an option if you are looking for a dependable option that won’t cost you the entire bank. 3. Adobe Adobe is a software company and a brand. You can use it to sign documents for that new job. You can use it to crop pictures. Yes, you can even use it to read books. The brand has evolved so much since its inception. It also has crafted sister components like Adobe Premier Pro, which has become one of the largest video editing softwares in the world. Adobe continues to be one of the stronger brands in the digital world and 33 million people enjoy its services. 4. Airbus Airbus is a brand that is soaring to new heights. It is a brand with three different color variants. The brand has been spotted on airplanes, helicopters, and defence vehicles. It is also on space stations and cybersecurity networks. It is a powerful brand that is constantly growing daily. 5. Amazon You probably buy from them all the time. They are a company but also a brand with a lot of power. Authors can put their books on their site. The Amazon brand is powerful and can generate a lot of sway. It also has done a lot to cut the market in half in terms of pricing. You will find many items that are cheaper because of the Amazon brand. It is the most famous brand that starts with A because of its sheer power. 6. Android Android is both a phone and a brand. In many ways, it is the anti-establishment brand. It is the anti-iPhone. But the brand does many of the same things that Apple does. In fact, the Android brand is constantly changing and evolving over time to keep up with Apple and stay up-to-date with the needs of its customers. 7. AOL AOL is the first internet provider that everyone knows. It is a brand that has stood the test of time and still exists under the umbrella of Yahoo. It is probably the most-recognized internet brand of all time, second only to Google. 8. Apple You likely have one of their famous iPhones (if you are not an Android user). Apple runs the world on its iPhones and computer products. You cannot forget about the iPads. If you were to pick a company that did the best job at branding, Apple would probably be at the top of the list. It’s true. You would have a hard time finding anyone that does not know who they are. Their brand name is recognizable in every country across the world. Their reach and pull on the globe is incredible, and they continue to be one of the largest brands in the world. 9. AT&T AT&T has survived for over a century because of good branding and products. It has the branding down, and people continue to purchase their products. The logo is recognizable. Additionally, they are very profitable. The AT&T brand is one of the oldest and most successful in the country. 10. ATARI Pac-Man came from the ATARI. Their branding of this character, along with other notable characters and games, is a foundation of the ATARI brand. It is not the most popular brand in the gaming universe. Yet, it also has provided such a legacy that people still play ATARI games to this day. You will often find a Pac-Man game in your local arcade. ATARI is a classic brand that starts with A. Financial Experts Agree – The Right Credit Card Makes All The Difference (sponsored) Financial experts like Suze Orman and Dave Ramsey agree: choosing the right credit card is more important than ever. Whether you’re trying to get out of debt, save for retirement, or travel the world – there is a card that can help you acheive your dreams. Use the card match tool below, or click here now, to find your financial freedom! The post 40 Brands That Start With A appeared first on 24/7 Wall St.......»»
Demand for BYD"s cars is so nuts the company had to create its own shipping fleet to export them around the world
BYD set sail with 5,000 cars on its first roll-on, roll-off (RORO) vehicle carrier named "BYD Explorer No.1." New BYD cars waited to be loaded onto the newly completed BYD Explorer No.1 for her maiden voyage in Yantai in east China's Shandong province.Future PublishingThe world's largest EV maker BYD is getting into the shipping business.The company has purchased its first vessel to ship cars around the world.The BYD Explorer No.1 set sail on its maiden voyage this month with 5,000 BYD cars.BYD, the world's biggest electric vehicle maker, isn't just hitting roads in a major way — it's hitting the open seas.The Chinese company and Tesla rival set sail in January with 5,000 cars on its first vehicle carrier, named "BYD Explorer No.1."The new ship represents a major milestone for BYD because it'll help the company meet the growing global demand for its electric cars by reducing the cost of getting them out to the masses.China only has access to a small sliver — 2.8% — of domestic car-carrier vessels, according to the MIT Technology Review. Car giants like Japan's Toyota have whole fleets in place already to transport their cars around the world.BYD's new roll-on, roll-off (RORO) carrier is now headed for India after making stops in the Netherlands and Germany, according to Reuters.The company said in a press release it plans to add seven more vessels to its fleet in the next two years.BYD sold about 3 million cars in 2023. Though a majority of the vehicles were sold to Chinese buyers, the company exported about 243,000 cars to countries including Australia, Brazil, and Israel, according to Reuters, citing the China Passenger Car Association.Those limited exports were still enough to surpass Tesla for the first time in the fourth quarter. While EV demand in key regions like Europe and the US has waned significantly in the past several months, auto industry experts say much of this softening in demand has more to do with an affordability issue for electric cars and customers adjusting to a more brutal economic environment.This could usher in the next stage of a long-awaited Chinese takeover of the electric vehicle market, with BYD's more affordable models situated well to meet US demand in particular.EV demand hasn't dried up in the US so much as it has changed in the past year, with customers prioritizing price and practicality over style and performance. That leaves a perfect opening for BYD, particularly if lower shipping costs allow the company to keep sticker prices low.Read the original article on Business Insider.....»»
So Many Problems Continue To Plague The EV Industry
So Many Problems Continue To Plague The EV Industry Authored by Kristen Walker via RealClear Wire, The fourth quarter of 2023 was not good for Electric Vehicles (EV). Multiple manufacturers decided to curb or halt production. Ford in particular decided to cut their F150 Lightening Truck series in half. Roughly 4,500 auto dealers signed on to a letter petitioning the Biden administration to “tap the breaks” on its aggressive EV push, on account of EVs stacking up on dealer lots. The new year is already off to a rough start and we’re not even through the first month. Hertz announced it will be selling off about one third of its EVs, which will amount to roughly 20,000 vehicles. This is a major reversal from their promise just a few years ago to dramatically increase its EV fleet. The money procured from selling them off will be used for the purchase of internal combustion engines (ICE) in order to “meet customer demand.” The car rental company isn’t too keen on the expensive repairs that accompany EV ownership either, which can cost up to twice that of ICE vehicles. Mid-January saw a severe cold snap surge across many parts of the United States, greatly affecting the Midwest. Many Chicago-area EV owners found themselves unable to charge their vehicles, leaving them stranded. This is because on average an EV’s range can drop 40% and charging takes significantly longer in freezing conditions. Some motorists waited hours in line at charging stations that struggled to even charge vehicles, and long lines meant difficulty finding open charging stations. Other vehicles had to be towed. This can’t be good PR for the EV industry. And now, a cheating scandal. The Texas Public Policy Foundation’s fall study examines a rule in which EVs “improperly benefit from an erroneous interpretation by the U.S. Department of Energy of a series of laws” promoting alternative fuel vehicles, but “clearly excluding electric vehicles.” Carmakers can arbitrarily multiply the efficiency of EVs by 6.67, meaning a 2022 Tesla Model Y which tests at the equivalent of about 65 mpg in a laboratory is counted as having a compliance value of 430 mpg. Environmental groups questioned the legality of the rule; the Wall Street Journal broke the story last week, claiming that such inflated numbers have “no basis in reality or law.” With current regulations, automakers that don’t meet Corporate Average Fuel Economy (CAFE) standards are required to purchase credits from those whose fleets exceed them. Imagine the credits EVs can earn using a multiplier that boosts efficiency nearly seven times greater than gas-powered cars. It’s in the billions. Tesla alone apparently brought in $554 million from these credits just in 2023’s third quarter, representing a large portion of their overall net income. The government is exploiting CAFE standards to drive the adoption of EVs. If we’ve learned anything in these last several months about EVs, it’s that the government needs to quit manipulating the market through its massive subsidization of an unwanted “transition” and forcing consumers to purchase vehicles they don’t want. And now we learn automakers have been finagled into manufacturing EVs. Blinded by their own climate ambitions, the net-zero crowd doesn’t see the writing on the wall. Nor do they seem to care that taxpayers are picking up the tab, particularly those purchasing ICE vehicles, which are artificially inflated to help companies recoup what they can’t charge EV buyers. Very few would actually pay the amount an EV really costs. Americans are bankrolling roughly $50,000 per EV over a decade, with the amount it takes to produce and keep them running. The rapid push toward electrification is all way too much, far too soon. It’s crippling our economy and consumer wallets. Centrally planned economies never turn out well; why would this be any different? It’s past time to put consumers first, not the agenda of a select few. Like the letter penned by thousands of auto dealers across the nation said, “Many people just want to make their own choice about what vehicle is right for them.” Kristen Walker is a policy analyst for the American Consumer Institute, a nonprofit education and research organization. For more information about the Institute, visit www.theamericanconsumer.org or follow us on Twitter @ConsumerPal. Tyler Durden Tue, 01/30/2024 - 19:45.....»»
Toyota Chairman Says Electric Cars Will Never Dominate Global Market
Toyota Chairman Says Electric Cars Will Never Dominate Global Market Toyota's chairman and former CEO, Akio Toyoda, is at it again: providing the public with a dose of reality that electric vehicles will never dominate the global car market. Toyoda, grandson of the founder of the world's largest car manufacturer, expressed at a business event this month, as reported by The Telegraph, that EVs will never capture 30% of global market share. Toyota President Akio Toyoda gestures at a briefing on electric vehicle battery strategies at the company's showroom in Tokyo, on Dec. 14, 2021. (Behrouz Mehri/AFP via Getty Images) He explained that petrol-burning vehicles and hybrids, along with hydrogen fuel cell vehicles, will dominate. Toyoda made the point: How can EVs be the future when a billion people on Earth have no electricity? Data from Statista shows nearly a billion people in the world are living without electricity. He noted: "Customers — not regulations or politics — should make that decision." Over the years, Toyota has openly demonstrated defiance against governments and NGOs pushing for 100% EVs in just a few decades, if not earlier. In October, Toyoda told reporters at an auto show in Japan that EVs aren't the silver bullet against the supposed ills of carbon emissions they're often made out to be. Toyota has a history of being at the forefront of adopting new technologies. However, its slow EV adoption is because of its mistrust of lithium-ion batteries, and it has positioned itself to be a leader in hybrid vehicles. Perhaps Toyoda has been vindicated to some extent as EV demand slumps. In recent days, Ford announced plans to slash production of its all-electric F-150 Lightning in April "to achieve the optimal balance of production, sales growth and profitability." For those who purchased EVs during the Covid mania, the average price of a used Tesla has collapsed. And used Tesla prices are likely to slide more as rental car company Hertz Global Holdings has decided to dump 20,000 EVs onto the already sliding used car market. BloombergNEF data shows prices of EVs that were part of rental car fleets have also crashed. Toyoda concluded: "Engines will surely remain." Will Elon Musk respond to Toyoda's comments? Tyler Durden Tue, 01/23/2024 - 20:00.....»»
I"m an autos reporter who"s driven plenty of EVs. My first experience with a Tesla was still eye-opening.
Much of my past experience didn't serve me in a Tesla Model 3. Elon Musk's cars are a unique experience. Tesla Model 3 Hertz rental in my drivewayNora NaughtonDriving a Tesla is unlike any other experience I've had behind the wheel.The nearly buttonless interior was hard to get used to.I'm still not a fan of one-pedal driving.In the more than 10 years I've been covering the automotive industry, I've driven plenty of cars — electric, hybrid, and gas-powered.One of the perks of this job is having access to press fleets where I can try out all the cars I'm writing about every day. It gives me a better understanding of the evolution of technology and engineering in these cars as I cover this ever-changing industry.But Teslas have always been harder to come by. Elon Musk's electric car company doesn't have a traditional press fleet. I've only been in Teslas for short periods of time, either to drive as a comparison to something else or in a ride-along capacity at auto shows.Over the holidays, I decided it was finally time to get a Tesla in my driveway, and I rented a Model 3 from Hertz. Business Insider has reviewed the Model 3 before, but I would be going into this as a Tesla novice.Along the way, I found that much of my past experience didn't serve me in a Tesla. Musk's cars are a wholly unique experience, from the drive and feel of the car down to the way you can interact with the technology.Here's everything I learned from my five days with the Model 3.Superchargers make a huge differenceOne of my many stops at Tesla Superchargers during my five-day rentalNora NaughtonI've always known from data and talking to actual Tesla owners that the Supercharger network is a game-changer. But I was still shocked by how much quicker and easier it was to charge my Tesla than when I had an EV from a legacy automaker.The longest I spent at a charger was about an hour on my second day with the car to juice up from around 20% to 100% (I later learned it's better to charge to 80%, especially in cold temperatures, but the full charge didn't seem to negatively affect my experience).On the other hand, when I took a Chevrolet Bolt on a road trip in 2019, I spent hours upon hours at Level 2 chargers in rural areas and rarely ever filled the battery all the way.I probably would have had a better charing experience in warmer weatherTesla Model 3 battery preconditioning notificationNora NaughtonI didn't have a great experience with the battery preconditioning option in the cold weather here in Michigan. I did use my Tesla to navigate to a Supercharger every time I needed to charge, which meant the car started warming up the battery en route to improve my charging experience.But all four times I charged my Tesla I got a warning on the touchscreen that my battery was cold and would charge more slowly.The nearly button-less interior meant I had to think more about simple tasksInterior of Tesla Model 3 Hertz rentalNora NaughtonThere are some things that are so standardized in every other car I've driven that I didn't expect to be tripped up by in the Tesla. My first obstacle was the side-view mirrors. The Hertz employee who delivered the car was much taller than me (not hard to be), so the mirrors needed serious adjusting when I got in the car.The only problem was that when I looked in all the usual spots for the mirror toggles — on the driver's door, next to the steering column, in the center console — the usual buttons were nowhere to be found. I had to dig through some instructional material Hertz sent me to find the mirror settings on the touchscreen.I’m not a fan of one-pedal driving, but it does help around townTesla Model 3 trunk full of groceriesNora NaughtonIn all of my previous EV experiences, I have either turned off or turned down the regenerative braking system because I didn't like the jerky feeling when I would take my foot off the gas. I couldn't find any settings for one-pedal driving, so I decided to go all in on the experience.I'm still not a fan of the jerky nature of one-pedal driving, even once I got a better handle on slowly taking my foot off the gas to simulate the same coasting effect you get in a gas-powered car. On the highway, not being able to coast normally made for a less-than-smooth ride. I wouldn't recommend it for someone prone to car sickness.Still, it's nice to use for around-the-town driving once you get the hang of it, and I'm sure that my one-pedal driving saved me some range while I was running last-minute holiday errands.I didn’t know how to turn off the carThe only two buttons in the Tesla Model 3 are on the steering wheel.Nora NaughtonMost surprisingly, the first time I parked my Model 3, I quickly realized I wasn't actually sure how to turn off the car without a push button start or key. After toggling back through the settings menu I found when adjusting the mirrors, I was still stumped. So I whipped out my phone and literally Googled "how to turn off Model 3." Turns out it's painfully simple— as is almost everything in the Tesla — to the point where I almost didn't trust it. All you do is walk away with the key (or your phone if you're using the Tesla app), and the car will lock and turn off automatically.I hopped out of the car and backed away slowly, waiting for the headlights to turn off or a beep to assure me the car had locked. There wasn't a beep but the lights did eventually dim and turn off.This felt weird at first, but I got used to it quickly. So much so that when I got back into my Subaru five days later, I walked out of the car while it was still running.Read the original article on Business Insider.....»»
15 surprising expensive items you can buy at Costco
Costco sells engagement rings, saunas, gourmet meats, and swimming pools. You can buy engagement rings, jewelry, saunas, gourmet meats, and pools at Costco.Geri Lavrov/Getty Images Costco is known for its deals on bulk items like paper goods and groceries. But it also has a surprising selection of high-priced items, such as luxury jewelry. You can buy a six-person indoor sauna for $4,999.99 or a freestanding wine cellar for $3,399.99. Any shopper who frequents Costco knows it's a place to stock up on bulk quantities of household items, cleaning supplies, and grocery staples.However, not everyone knows about some of Costco's more high-end offerings, like a $400,000 diamond engagement ring that previously made headlines.Members of the wholesale retailer looking to spend some serious cash can also buy an emergency food stash and a Bluetooth-equipped massage chair, among other items.Here are 15 expensive items you might be surprised you can buy at Costco.An automatic espresso machine is retailing for $1,799.An espresso machine (not the one for sale at Costco).Hollis Johnson/Business InsiderCaffeine lovers can find joy in Costco's most expensive espresso maker, the De'Longhi Eletta Evo Fully Automatic Coffee Machine. The product description on Costco's website says the high-tech machine includes an automatic frother and can make two cups of espresso at once.A Bugatti scooter can be yours for $899.99.A man in a suit rides an electric scooter through an intersection in Washington, DC.Ralf Hirschberger/Getty ImagesIf a Bugatti car isn't in your budget, the Bugatti 9.0 Electric Scooter (not pictured) goes up to 18.5 miles per hour and has three-speed modes.A mini grand electronic piano costs $5,499.99.Piano keys.MedvedCo/ShutterstockThe Roland Mini Grand Digital Piano Bundle is Costco's most expensive piano at $5,499.99.It includes a 10-year in-home warranty, Bluetooth connection through a free iOS/Android app, and, according to an online review of the piano on Costco's website, a variety of sound and instrument playback options.According to one review, "It replicates many keyboard instruments such as a great jazz organ and electric piano."A larger-than-life teddy bear costs $399.99.The huge plush bear on Costco's website (not pictured) would be the perfect Valentine's Day or anniversary gift.Andy Wong/APThe product description for Costco's 93-inch-tall plush bear says it all: "Need a Hug? Just go for it with this lovable oversized jumbo bear! A lifetime of love and companionship awaits you with this soft, cuddly friend ... Squeeze Away!!!"A "freestanding wine cellar" is retailing for $3,399.99.Costco is also known for its quality wine selection under its private label, Kirkland.Eric Risberg/APFor only slightly more money than an entire vending machine, Costco members can buy a massive wine cooler. Costco's highest-priced wine storage unit by EuroCave stores up to 200 bottles — something wine enthusiasts can definitely write home about.For those cozy winter nights, you can get an electric fireplace for $749.99.The electric fireplace (not pictured) costs $749.99.Alena Ozerova/ShutterstockThe Ledgestone Electric Fireplace with Stacked Stone heats up to 400 square feet of space and features an "authentically textured, faux stone surround," according to the product's listing.The grey-stone electric fireplace has gotten positive reviews — it has an almost five-star rating on Costco's website.A year's supply of emergency food is selling for $6,999.99.Thanks to Costco's emergency food supplies, shoppers can be prepared for anything.Paul Sakuma/APCostco means business when it comes to bulk, which is why it has a product category called "Emergency Food by the Pallet." The most expensive supply of emergency food is the Mountain House 1 Year Emergency Food Pallet, which retails for $6,999.99 on its website.It includes 246 cans of food that provide 1,985 calories per day on average for one person for one year, all of which have an up-to-30-year sealed shelf life.Costco also sells a 12-pound pack of authentic Japanese Wagyu ribeye roast for $1,099.99.The beef (not pictured) comes uncooked and frozen.Nor Gal/ShutterstockThe package comes with one 12-pound boneless ribeye roast, which arrives frozen and uncooked."The A5 Wagyu steaks secured for our Costco members are the most rare and single most prized beef steaks found globally," the product description reads on Costco's website.Seafood lovers can also stock up on 10 pounds of snow crab for $299.99.Snow crab legs.Getty ImagesThe Northwest Fish Alaskan Bairdi Snow Crab Sections package includes 10 pounds of wild-caught, fully cooked and frozen snow crab legs, which were harvested from the waters off Alaska.Part of the reason snow crab is so expensive is the process it takes to catch them, as Business Insider previously reported.You can relax in a Costco massage chair with a built-in Bluetooth sound system for $6,499.99.The Osaki OS-4D Pro Maestro high-tech massage chair from Costco (not pictured) brings the spa into the home.Yevgen Belich/ShutterstockMost Costco members are aware of the retailer's deals on furniture and appliances, but not all shoppers know about its massage and relaxation products. The Osaki OS-4D Pro Maestro (not pictured) is $6,499.99, making it the priciest massage chair sold by Costco.It includes luxury features like 4D heated rollers (which, according to the product description, give the illusion of hot stones), hi-def Bluetooth speakers, and settings like "knee kneading" and "ankle air massage."A six-person indoor sauna is selling for $4,999.99.The sauna (not pictured) is a luxurious escape.Mr. Tempter/ShutterstockThe Almost Heaven Emerson six-person indoor sauna is made of red cedar and has top-side controls, mood lighting, and a tempered glass door.The barrel-shaped sauna can reach a temperature of up to 190 degrees Fahrenheit, according to the product description on Costco's website. Costco sells an above-ground pool set for $999.97.An above-ground pool.Dragon_Fly/ShutterstockThe large above-ground pool from Bestway comes with a maintenance kit, chemical dispenser, sand filter, pool ladder, and pool cover."Love the pool itself. It's massive, and that is what we wanted," wrote one Costco reviewer.Costco offers several floral collections for weddings — a 20-piece collection of orange-colored flowers costs $549.99.A bride holds a colorful wedding bouquet.George Tolkachev/ShutterstockThe Orange Sorbet wedding package (not pictured) includes one bridal bouquet, three bridesmaid bouquets, two centerpieces, six boutonnieres, six corsages, one tossing bouquet, and one bag of rose petals.A yellow gold-clasped necklace made with South Sea pearls costs $44,999.99.Costco sells a luxury necklace made of South Sea pearls (not pictured).Lefteris Pitarakis/APAside from gemstones, Costco also has a sprawling collection of necklaces, bracelets, and earrings made with expensive pearls.At $44,999.99, a necklace (not pictured) made of South Sea pearls is the most expensive item from Costco's pearl jewelry collection.Costco sells engagement rings that can cost upwards of $300,000.Engagement ring.Grace Cary/Getty ImagesCostco's jewelry selection includes everything from men's and women's watches to pearls and engagement rings. But aside from classic diamond engagement and wedding rings, Costco also sells a variety of colorful gemstone jewelry.One of the most expensive rings is a radiant-cut pink-diamond platinum halo ring, which retails for $349,999.99.Darcy Schild contributed to a previous version of this story.Read the original article on Business Insider.....»»
I rented a Tesla from Hertz. The car was fun, but the rental process isn"t ready for EVs.
My sometimes rocky experience renting a Tesla from Hertz shows there are still kinks to work out in EV rentals. One of my many stops at Tesla Superchargers during my five-day rentalNora NaughtonThe first 24 hours in my rented Tesla Model 3 from Hertz were rough.Once the battery was finally charged to 100%, things got easier.Even with the hiccups, I'd rent a Tesla from Hertz again.In my first few minutes inside a Hertz waiting room in Ann Arbor, Michigan, I quickly realized I wasn't the first person here to try test-driving an EV through a rental service.One of the men in front of me was asking the rep about his options — a Tesla, a Volvo, a Chevy. He wanted to know what set each car apart, what each one looked like, and what the pricing was for each.When the worker went to the back to look for something, the man turned to someone nearby and explained that he really hated Elon Musk and didn't want to rent a Tesla if he didn't have to.A conversation in the waiting room followed, with a spirited debate (well, as spirited as a bunch of polite Midwesterners get) about the pros and cons of Elon Musk and Tesla.After that, it was my turn to pick up my Model 3. I thought the employee might find it amusing after all the Tesla talk in the waiting room — but he wasn't phased. He must do tons of these a day, I figured.That’s when the first hiccup aroseA Hertz counter similar to the one I visited in Ann Arbor, Michigan.Chris Hondros/GettyThe physical credit card needed for my booking was on the other side of town. My fault for not reading the fine print and assuming I didn't need the card if I had paid ahead of time, and also not a dealbreaker.When I came back 40 minutes later with the credit card, it only took a few minutes to complete the transaction and have the Model 3 pulled around.I was prepared to get a walk-around of the car or maybe some kind of quick run-down on how to use an EV or how to charge it. Instead, the Hertz rep handed me the Tesla key card and sat back down at his desk.I sat there for a moment before turning around to see my Model 3 parked out front."Oh, there it is!," I said. And I walked out to the car by myself.Luckily, this wasn't my first time driving a TeslaInterior of Tesla Model 3 Hertz rentalNora NaughtonBecause I'd driven a Tesla before, I already knew how to tap the card to unlock the car and get in. I'm not sure a first-time Tesla driver would know that off the bat.For what it's worth, Hertz did email me some instructional videos about my Model 3 a few days before I picked up my rental. I found it buried in my inbox after I had the car, and these videos did help me quickly troubleshoot issues like adjusting my side-view mirrors.My reservation quoted me about $56 per day — about what I expected for a fancier car during the holiday season. In total, my five days came out to $261.30 once taxes and fees were added in.The first 24 hours were a struggleMy Tesla Model 3, dirty from winter roads in Michigan, sitting yet again at a Supercharger.Nora NaughtonWhen I got in the car, instructions on the touchscreen told me to press the brake and tap the key card on the center console. Once my Model 3 was ready to drive, I immediately checked the range and my heart sank: Hertz had given the car to me with only 53% battery.I knew in the Michigan cold that wasn't going to last me very long. I needed to find somewhere to juice up before I could start putting the Tesla through its paces."Oh, well," I thought, "A small setback."But as soon as I pulled out onto the salty Michigan roads, a new problem aroseDirty windshield in Tesla Model 3Nora NaughtonThe second I pulled onto the road, cars kicking up salty water quickly dirtied up the massive windshield of the Model 3. I went to hit the wiper fluid and immediately got an error message on the touchscreen: "Wiper Fluid Low."Nothing came out of the sprayers. The wiper fluid wasn't just low, it was empty."Ok," I thought, getting a little more annoyed. "Add that to the list with charging."Between the delay getting my car and the lack of charge, I decided to scrap my errands for the day and head home. I had dinner plans that night and needed to get home and change.Cold weather and a busy first day meant I spent a lot of time chasing rangeOne of my many stops at Tesla Superchargers during my five-day rentalNora NaughtonI made two visits to Tesla Superchargers that night in order to keep enough range in the battery to get me where I needed to go — never with enough time to get up to a full charge. It was inconvenient, but not prohibitive to my plans.Still, I wondered what if I were a more typical rental customer and this was the first day of a trip where I had a lot of ground to cover? This could derail travel plans in a way half a tank of gas really doesn't.On the first stop, I charged for 15 minutes — as long as I could wait without being rude to my dinner host — to go from 35% to 40%. I left my house with 39%, so this trip was kind of pointless in the end.On my way home from dinner, the second stop was an hour long and only got me up near 60% battery. I got home after midnight.The next day I made a trip to pick up wiper fluidTesla Model 3 frunk and a jug of wiper fluid in a CVS parking lotNora NaughtonAbout 24 hours after acquiring the Model 3, thanks to a quick stop at CVS, the car was finally comfortable to drive and the battery was at 100% charge.I could have asked for reimbursement for the wiper fluid when I dropped off the car, but I decided the $20 wasn't worth a back-and-forth with customer service.In the end, it's still a rental car.The remaining four days were smooth sailingTesla Model 3 rental in my drivewayNora NaughtonHertz had sent me a video with instructions on how to use my Model 3 that helped me get through some little learning curves, and the free charging at Supercharger stations (so long as you return the car with the same level of charge you got it with) certainly saved me money.I had to charge four times in the five days I had the car.Dropping off the car at the end of my rental was also quick and seamless. I just parked, dropped the keys at the desk, and was on my way.Overall, getting started on renting a Model 3 from Hertz was bumpy and there are definitely simple improvements that could make the transition into the car more comfortable. Simply having 100% charge and a full wiper fluid reservoir at pickup would have made all the difference in those first 24 hours.These little things are especially important as Hertz reckons with integrating more EVs into its fleets. My sometimes rocky experience renting an EV is proof that — from customers to employees to Hertz itself — there is still a lot of learning to do with when it comes to electric cars.Even with these issues, I'd definitely rent a Tesla — or another EV — from Hertz again. A lot of the issues I encountered can be chalked up to one-off issues during the busy holiday season or the fact that I was renting from a smaller lot.Overall, I think what surprised me the most is how regular the experience is once the car is fully charged and you get used to things like one-pedal driving.Even when you're renting a Tesla, it's still just a rental car. And Hertz is still just Hertz.Read the original article on Business Insider.....»»
NIU Q4 Sales Volume in China Sinks Over Economic Concerns (Revised)
NIU sells 137,476 units of vehicles in the fourth quarter of 2023, down from 138,279 units sold in the corresponding quarter of 2022. Niu Technologies NIU announced its fourth-quarter and full-year 2023 sales volume results. The China-based electric scooter company sold 137,476 units of e-motorcycles, e-mopeds, e-bicycles, kick-scooters and e-bikes in the quarter, down from 138,279 units sold in the corresponding quarter of 2022.In the fourth quarter of 2023, the electric scooter company sold 110,454 units in the domestic market, down from 118,065 units in the fourth quarter of 2022.The current economic environment in China, along with cyclical fourth-quarter weakness, was to blame for the downward trend in sales volume. However, the company’s new products continued to perform well. Niu’s mass-premium products contributed to 75% of the total domestic sales volume, up from 39% during the fourth quarter of 2022.In international markets, Niu sold 27,022 units in the fourth quarter of 2023, up from 20,214 units in the corresponding quarter of 2022. Its strategic efforts to expand its retail partnerships in the previous quarters have come to fruition, with retail sales exceeding 80% of the total micro-mobility sales volume, representing a significant rise from 46% in the fourth quarter of 2022. Its kick-scooter segment is also gaining momentum.In 2023, Niu sold 709,802 units, down from 831,593 units sold in 2022. In China and international markets, it sold 600,994 and 108,808 units, respectively.Apart from vehicle sales, NIU also generates revenues from sales of accessories, spare parts and services.Zacks Rank & Key PicksNIU currently carries a Zacks Rank #3 (Hold).Some better-ranked players in the auto space are Volvo VLVLY, NIO Inc. NIO and Toyota Motor Corporation TM. While VLVLY sports a Zacks Rank #1 (Strong Buy) at present, NIO and TM each carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 73.1%, respectively. The EPS estimates for 2023 and 2024 have improved by 4 cents and 3 cents, respectively, in the past seven days.The Zacks Consensus Estimate for NIO’s 2023 sales indicates year-over-year growth of 11.8%. The EPS estimates for 2023 and 2024 have improved by 2 cents each in the past 30 days.The Zacks Consensus Estimate for TM’s 2024 sales and earnings implies year-over-year growth of 12.4% and 45.4%, respectively. The EPS estimates for 2024 and 2025 have moved up $1.98 and 5 cents, respectively, in the past 60 days.(We are reissuing this article to correct a mistake. The original article, issued on January 9, 2024, should no longer be relied upon.) 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Toyota Motor Corporation (TM): Free Stock Analysis Report AB Volvo (VLVLY): Free Stock Analysis Report NIO Inc. (NIO): Free Stock Analysis Report Niu Technologies (NIU): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»
NIU Q4 Sales Volume in China Sinks Over Economic Concerns
NIU sells 137,476 units of vehicles in the fourth quarter of 2023, down from 138,279 units sold in the corresponding quarter of 2022. NiO Technologies NIO announced its fourth-quarter and full-year 2023 sales volume results. The China-based electric scooter company sold 137,476 units of e-motorcycles, e-mopeds, e-bicycles, kick-scooters and e-bikes in the quarter, down from 138,279 units sold in the corresponding quarter of 2022.In the fourth quarter of 2023, the electric scooter company sold 110,454 units in the domestic market, down from 118,065 units in the fourth quarter of 2022.The current economic environment in China, along with cyclical fourth-quarter weakness, was to blame for the downward trend in sales volume. However, the company’s new products continued to perform well. Niu’s mass-premium products contributed to 75% of the total domestic sales volume, up from 39% during the fourth quarter of 2022.In international markets, Niu sold 27,022 units in the fourth quarter of 2023, up from 20,214 units in the corresponding quarter of 2022. Its strategic efforts to expand its retail partnerships in the previous quarters have come to fruition, with retail sales exceeding 80% of the total micro-mobility sales volume, representing a significant rise from 46% in the fourth quarter of 2022. Its kick-scooter segment is also gaining momentum.In 2023, Niu sold 709,802 units, down from 831,593 units sold in 2022. In China and international markets, it sold 600,994 and 108,808 units, respectively.Apart from vehicle sales, NIU also generates revenues from sales of accessories, spare parts and services.Zacks Rank & Key PicksNIU currently carries a Zacks Rank #3 (Hold).Some better-ranked players in the auto space are Volvo VLVLY, NIO Inc. NIO and Toyota Motor Corporation TM. While VLVLY sports a Zacks Rank #1 (Strong Buy) at present, NIO and TM each carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 73.1%, respectively. The EPS estimates for 2023 and 2024 have improved by 4 cents and 3 cents, respectively, in the past seven days.The Zacks Consensus Estimate for NIO’s 2023 sales indicates year-over-year growth of 11.8%. The EPS estimates for 2023 and 2024 have improved by 2 cents each in the past 30 days.The Zacks Consensus Estimate for TM’s 2024 sales and earnings implies year-over-year growth of 12.4% and 45.4%, respectively. The EPS estimates for 2024 and 2025 have moved up $1.98 and 5 cents, respectively, in the past 60 days. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Toyota Motor Corporation (TM): Free Stock Analysis Report AB Volvo (VLVLY): Free Stock Analysis Report NIO Inc. (NIO): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»
Jay Leno’s Unbelievable Car Collection Is Even Better Than You Thought
When it comes to famous car collectors, Jay Leno is hard to beat. With over 180 cars including exotics, hypercars, museum-grade artifacts, and even regular affordable cars along with a television series featuring many pieces from his collection, it’s no wonder Leno has become famous as a car collector and automobile expert. Here is a […] The post Jay Leno’s Unbelievable Car Collection Is Even Better Than You Thought appeared first on 24/7 Wall St.. When it comes to famous car collectors, Jay Leno is hard to beat. With over 180 cars including exotics, hypercars, museum-grade artifacts, and even regular affordable cars along with a television series featuring many pieces from his collection, it’s no wonder Leno has become famous as a car collector and automobile expert. Here is a look inside Jay Leno’s unbelievable car collection, and why it might be better than you thought. It’s hard to wrap our heads around just how big a collection of 180 cars really is. Purchasing them alone requires vast amounts of money, but storing and maintaining them requires full-time attention and massive storage facilities. It would be impractical for us to dive into detail on every one. That’s why, for this list, we will include a bit of everything and highlight a few of the more interesting cars in Leno’s collection. Jay Leno’s Car Collection Jay Leno in his most recognizable role. Jay Leno started his car collection when he bought a 1955 Buick Roadmaster shortly after moving to California, which he still has in his collection. His entire collection includes 180 cars and 160 motorcycles and is conservatively estimated to be worth between $50 million and $100 million. However, just a glance at the cars on this list will show you that it is probably much higher than that. Just the insurance bill for Leno’s collection is more than $1 million per year. Leno keeps his collection at the Big Dog garage in Burbank, California. It is not open to the public, but he will occasionally offer tours on special occasions or special guests. Now, here are 23 interesting vehicles in Jay Leno’s car collection. #23 2012 Tata Nano The Tata Nano was designed for the cramped streets of India. Value: $1,697 The 2012 Tata Nano is by far the cheapest car in Leno’s collection, but he also has a second, fancier version that is valued at a whopping $2,700. The Tata Nano is a microcar developed by Indian automaker Tata Motors. It was designed to appeal to motorcycle and scooter riders in India, but production stopped in 2018 after dwindling demand. It was known as “the people’s car.” #22 1996 Mazda Miata A stock Mazda Miata. Value: $33,996 This is Leno’s “everyday car”. When asked about this particular automobile, Leno replied “This is all I really need. Plenty of power, fun to drive, good handling.” If you’re looking for a better endorsement than this, you’ll be looking for a while! #21 2011 Chevrolet Volt The Volt on display. Value: $52,014 At the 2011 Los Angeles Auto Show, Leno said of this car: “It’s the car I use to run errands, and when it’s raining, bad weather when I have to go to the airport. It’s a great everyday car.” It is enthusiastic endorsements like this that show not all the best cars have flashy bodies or expensive technology. Any real motorhead will tell you it’s what’s under the hood and the love put into the parts you don’t see that make a car truly special. #20 2005 Mazda RX-8 SHINKA A typical Mazda dealership sign. Value: $36,452 Leno received this car as a present from Mazda on his 55th birthday. The word “Shinka” is a Japanese word meaning transformation or evolution. The Shinka model is the North American version of the same car released in Japan, called the RX-8 Sports Prestige Limited. It was more luxurious, had a smoother ride, and was advertised as a grand touring car. #19 1999 Chevrolet Corvette Coupe A 2023 Corvette. Value: $67,096 In 1999, Leno drove this exact model of the 1999 Chevrolet Corvette Coupe as the pace car at the Indy 500. After he was finished, the race organizers handed Leno the keys to the car on the spot, and he’s kept it ever since. Leno described the car as one of his favorites, saying “It just looks right.” #18 2002 Z06 Chevrolet Corvette w/ tiger shark body kit A Z06 Corvette. Value: $30,000 The Corvette is the only two-seat sport supercar produced by a major United States manufacturer. The Z06 model was the highest-performance fifth-generation Corvette, with a lighter body and more powerful engine than all previous models. Leno also owns a 1963 split-window Chevrolet Corvette which was only available for one year. He also owns a 2009 Chevrolet Corvette. #17 2006 Ariel Atom The Ariel Atom is similar in make and design to Formula 1 racecars. Value: $59,445 The Ariel Atom was originally only handmade in Somerset, England. This model has no doors, windows, or windshield, nor many of the other things that come standard on modern cars. It was only after the car was featured on an episode of Top Gear that Ariel partnered with Brammo Motorsports in Oregon in order to produce models in the United States. Leno bought the first one. #16 2015 Ford Mustang Shelby GT350R The front of an early Ford Mustang. Value: $79,006 The GT350R was designed to be a track-focused and more hardcore version of the GT350. It has the first carbon-fiber wheels ever included on a mass-produced car. It has been named 2016’s performance car of the year and was included in Car and Driver’s 10 Best Cars for 2016. Of this particular model, Leno said “This is really the pinnacle of Mustang development. I think this has probably the greatest engine currently being produced in America today.” #15 1972 Mercedes-Benz 600 Kompressor The interior of a Mercedes-Benz 600 Kompressor. Value: $150,000 This is Leno’s favorite car out of his entire collection. He purchased it for $94,000 and restored this particular model himself. Leno used to work at a Mercedes-Benz showroom before his comedy career really took off, which probably contributed to his love of this car. The 600 model is touted as an “ultra-luxury” car and was popular with politicians and celebrities. Some models were even designed to be driven by chauffeurs. #14 1970 Dodge Challenger R/T A Dodge Challenger R/T. Value: $350,000 The R/T is one of two versions of the Challenger available the first year it was produced and was the performance model. Even though it struggled to maintain production amid dwindling demand, the Challenger quickly became an icon of affordable muscle cars and car culture in America. Leno also owns two other variations of the Challenger: the Hellcat and the SRT8. The Hellcat is the high-performance variation of the Challenger and can go 0–60mph in 3.6 seconds. It even came with two different key fobs: a black one that limited the engine power, and a red one that let it operate a full capacity. Regarding the SRT8, Leno has said he isn’t a big fan of automatic transmissions, but that hasn’t stopped him from loving this car. In fact, the model in his collection is #004 for the third-generation body style of the Challenger. #13 2005 Mercedes-Benz SLR McLaren The grille of a Mercedes-Benz. Value: $455,500 The SLR McLaren was one of the first hypercars produced in the 21st century as a joint venture between Mercedes-Benz and McLaren. The car came in three different body styles, but each was classified as a grand touring car. This car has a top speed of 207 miles per hour and can go 0–60mph in 3.3 seconds. #12 2006 Jay Leno Ecojet Concept This is an interesting car, to be sure, but not the valuable Ecojet concept car. Value: Priceless (not valued) The Jay Leno Ecojet Concept car was a collaboration project between Leno and GM (NYSE:GM) which debuted in 2006 to highlight new technology in sustainable technology and renewable fuels that could be used in future cars. This car has two separate fuel tanks and can run entirely on biodiesel. It can reach a top speed of 165 miles per hour and, in keeping with its earth-friendly concept, has all-vegan leather interiors. #11 1986 Lamborghini Countach The legendary Lamborghini Countach. Value: $569,000 The Countach is one of many exotic cars designed by the Italian design company Bertone and helped popularize the “Italian Wedge” body shape. The original intention behind the creation of the Countach was a car that could reach the highest possible performance, with a body that was aerodynamically perfect and with a daring aesthetic. They succeeded in every way. After its original unveiling in 1971, Lamborghini spent another three years perfecting their design before releasing the design into production in 1974. #10 2017 Ford GT The Ford GT. Value: $1 million The original GT was developed as an homage to the GT40 which won the 24 Hours of Le Mans four times in a row, including finishing in all three top places in 1966. It was also made to celebrate the centennial of the Ford (NYSE:F) company. The second-generation GT which was produced from 2016–2022 was every bit a supercar as the first generation but included many improvements and optimizations. Its entire development was so secret that only twelve people had access to the studio where it was being designed. #9 1963 Chrysler Turbine A Chrysler hood ornament. Value: $1 million There were only 55 of this experimental car ever produced, and only 9 remain in the world today. They were powered by turbine engines that could run on diesel, gasoline, and even jet fuel or kerosene. The cars were for testing the viability of the engine and the model. Leno owns the only car that isn’t in a museum or kept by Chrysler. #8 2014 McLaren P1 The McLaren P1. Value: $1.35 million Leno owns the very first P1 car sold in the United States. With a 3.8-liter twin-turbo V8, this supercar can reach 60mph in just 2.5 seconds, and with its E-mode engaged, it can travel 6 miles on just electric power. #7 1955 Mercedes-Benz 300SL Gullwing Coup The iconic Mercedes-Benz 300SL Gullwing Coup. Value: $1.8 million For such an old car, Leno is only the third person to own this automobile treasure. He even installed a new engine and gearbox with his own mechanic team. Back in its day, the 300SL was a racing champion and the fastest production car at the time. #6 Lagonda V12 The Whippet Roadster, pictured here, is similar in style to the Lagonda V12. Value: $2.56 million Only 189 of this particular model were ever sold, and finding one in good condition today is nearly impossible, making this car especially valuable. Leno restored this car after he purchased it and loves to bring it with him to car exhibitions and roadshows. Because of its iconic design and sleek style, the Lagonda V12 became famous in pop culture. #5 1967 Lamborghini Miura P400 The Lamborghini Miura P400. Value: 3.5 million There were only 764 P400s ever produced, and as such an iconic car, it is every car collector’s dream car. The original Miura was designed in secret, even being kept from the company’s founder and owner. The P400 is actually the first prototype of the Miura model. #4 1928 Bentley Speed Six A 1954 Bentley motorcar. Value: $3.5 million Bentley only produced 544 of the Speed Six and its sibling, the 6½ Litre, but it was their most successful racing car. It was designed with a smoother and more powerful engine, a more luxurious interior, and was built for comfortable motoring in general. #3 2010 Koenigsegg CCXR Trevita A Koenigsegg CCXR Trevita. Value: $4.8 million There were only three of this car ever produced, and the one Leno owns was delivered to him personally by Mr. Christian Von Koenigsegg himself. One of the many things that make this special edition CCXR unique is the diamond weave carbon fiber finish used in its construction, in which the carbon fibers are coated with a diamond finish. #2 1994 Mclaren F1 Leno with his Mclaren F1. Value: $20 million Jay Leno has described this car as “the greatest car ever made,” and this particular vehicle was previously owned by Ben Pon Jr., a famous Dutch racing driver. There were only 60 cars made with this model’s specifications. In 1998, the F1 set the Guinness World Record for the world’s fastest production car. It has received high praise and near-unanimous positive reviews all over the globe, including a top spot on Channel4’s list of the 100 greatest cars. #1 1934 Duesenberg Walker Coupe A 1933 Duesenberg Model SJ. Automobile 1933 Duesenberg Model SJ from money – 100 korun Value: $20 million With an original price of $25,000, the Walker Coupe has become famous as the pinnacle of style and American automobile culture. It was the first Duesenberg to include aerodynamic styling in the body design. It was also the most expensive car Duesenberg ever produced. Leno rescued this car and restored it, including the all-leather top (which had to be completely replaced every time it rained). This stylish beast can produce 265 horsepower, which made it a car that was as fast as it was attractive back in the day. Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free. Click here to match with up to 3 financial pros who would be excited to help you make financial decisions. The post Jay Leno’s Unbelievable Car Collection Is Even Better Than You Thought appeared first on 24/7 Wall St.......»»
Rivian Gets Wrecked
While electric vehicle (EV) industry leaders announced record sales, investors were disappointed by the results from Rivian Automotive. The post Rivian Gets Wrecked appeared first on 24/7 Wall St.. As electric vehicle (EV) industry leaders Tesla Inc. (NASDAQ: TSLA) and China’s BYD were announcing record sales for the fourth quarter and full year 2023, shareholders hammered one of their much smaller rivals due to its disappointing unit sales. What Happened to Rivian? Rivian Automotive Inc. (NASDAQ: RIVN) stock dropped 10% on news that it delivered 13,972 vehicles in the year’s final quarter. That was down 10.3% from the same period a year ago and below Wall Street’s expectations of 14,000. It is hard to imagine how an EV company, part of one of America’s hottest industries, could post such a decline. By contrast, Tesla delivered 484,507 cars in the final quarter of 2023. Tesla’s deliveries for the year reached 1.81 million, up 38% from 2022. Rivian’s management was silent on why deliveries were less than expected. Many industry observers believe that EV sales across the country have started to slow and that the number of companies in the sector has grown quickly, splintering market share. (Here are five reasons to avoid Rivian R1T no matter what.) EV Sales Headwinds Among the reasons for EV sales challenges is price. For example, the base price of a Rivian R1T pickup is $73,000, which is well above that of the best-selling gasoline-powered pickups, including the Ford F-150, Chevy Silverado and Ram. These carry manufacturer’s suggested retail prices that are often below $40,000. Another challenge to the EV market is range. Most EVs have ranges between 300 miles and 350 million. Gasoline-powered cars can often go over 400 miles on a tank of gas. EV charging stations are in short supply compared to gas stations, particularly outside big cities. There are approximately 125,000 gas stations in the United States, which almost guarantees convenience. And EVs can take several hours to charge fully. A gasoline-powered vehicle’s tank can be filled in a few minutes. Rivian is also running out of financial runway. The company lost $1.3 billion in the third quarter. It lost $1.7 billion in the same quarter of 2022. Rivian is a niche player in an industry dominated by Tesla and growing crowded as every major car company in the world invests heavily in EV fleets. How To Get Ahead in 2024 (sponsored) Finding a good financial advisor may be the key to getting ahead in 2024. Whether it’s planning for retirement, college, or that 20ft boat, they can help you navigate the ups and downs of the market to achieve success. Use the advisor match tool below, or click here now, to find your financial freedom! The post Rivian Gets Wrecked appeared first on 24/7 Wall St.......»»