Tag: Shanghai (Page 3 of 4)

Delta Increases Service Between Atlanta and Key Regional Airports Throughout Georgia

November 4, 2019 / WIL BALDWIN

Delta is deepening its investment in communities throughout its hometown state of Georgia with more flying from Albany, Brunswick, Columbus and Valdosta to the airline’s Atlanta hub. Each market will see one additional daily frequency to Hartsfield-Jackson Atlanta International Airport beginning next spring, increasing seat capacity to and from these Georgia communities by 35 percent in 2020.

“With more than 200 destinations served from Hartsfield-Jackson, including recently added nonstop service to destinations including Havana, Seoul and Shanghai, these communities now have even more connections across the globe while supporting economic development here at home,” said Joe Esposito, Senior Vice President — Network Planning.

Delta will add a fourth peak-day round-trip from Albany, Brunswick and Valdosta and a fifth peak-day round-trip from Columbus.

The additional Brunswick flight will begin on May 22, 2020; while the increased flying to and from Albany, Columbus and Valdosta will start on June 8, 2020. Delta Connection carrier SkyWest will operate the Albany and Valdosta flights and three of the four Brunswick frequencies, all on Canadair regional jet aircraft. Delta Connection carrier Endeavor Air will operate the Columbus flights as well as the remaining Brunswick frequency, which will upgrade to a 2-class CRJ-900 aircraft.

“With roots in Georgia dating back to 1924, Delta Air Lines has helped put our state on the map as a gateway to the global economy,” said Georgia Governor Brian P. Kemp. “Delta serves 80 percent of key U.S. destinations within a two-hour flight from Atlanta, and as these new flights begin operating, they will open new doors for economic growth in every corner of our state. I am grateful for Delta’s partnership and their continued investment in Georgia.”

Delta has long called Atlanta home and today operates more than 1,000 peak-day departures from its ATL hub. The airline employs tens of thousands of Georgians – it’s among the state’s top private employers – and contributes millions of dollars and countless volunteer hours to charities and organizations throughout the metro area.

Flight schedules are as follows:

Daimler to Make Mercedes Benz Heavy Trucks in China

August 21, 2019 / WIL BALDWIN

SHANGHAI (Reuters) – German auto maker Daimler AG <DAIGn.DE> plans to build Mercedes Benz-branded heavy trucks in China by revamping truck plants owned by its local joint venture, according to a document seen by Reuters and two sources familiar with the matter.

The plan will deepen the alliance between Daimler and its Chinese truck JV partner, Beiqi Foton Co Ltd <600166.SS>, and comes after the purchase of a 5% stake in Daimler last month by its Mercedes Benz passenger car partner, Beijing Automotive Group Co Ltd (BAIC), Foton’s parent group.

“Localization of Mercedes Benz-branded trucks had been planned years before, so it has nothing to do with BAIC Group’s recent stake purchase in Daimler,” one source said.

In 2016, Daimler’s then head of its truck business told German media that it planned to make Mercedes Benz-branded Actros heavy trucks in China by the end of the decade. No details of the plan has since been reported or announced.

Under the plan, Beijing Foton Daimler Automotive (BFDA) will add Actros to its production lines which are mainly used to make Auman trucks, the joint venture’s sole truck brand, the sources said.

The JV plans to revamp its No.3 plant, which will have an annual capacity of 60,000 heavy trucks, and expand capacity at its No.2 plant to 100,000 units from 60,000 now, according to a document on the JV’s website. The value of the investment was not known.

The No.3 plant will build both Actros and Auman trucks, said the sources, who declined to be identified because the plan had not been made public.

Daimler’s office in China did not immediately respond to phone calls seeking comment. Foton declined to comment.

All Mercedes Benz trucks currently sold in China are imported and priced significantly higher than domestically made Auman trucks.

Founded in 2012, the truck joint venture sold just over 100,000 units in China last year. Daimler is seeking to further develop its truck business with Foton, but the lack of a solid supply chain in China remains an obstacle, the sources said.

“One of the biggest challenges is to build up a good local supply chain, as many heavy truck components for Mercedes Benz trucks cannot be locally sourced for now,” the second source said.

China’s heavy truck market has fared better than the overall auto market this year, thanks to a growing e-commerce industry and improvements in traffic and logistics infrastructure.

China sold 732,000 heavy trucks in the first seven months this year, down 1.4% from the same period a year earlier, while the overall auto market dropped 13.5%.

Other major heavy truck makers in China include FAW, Dongfeng and Sinotruk.

(Reporting by Yilei Sun and Brenda Goh in Shanghai; Editing by Miyoung Kim and Darren Schuettler)

FreightCar America Closing its Roanoke Manufacturing Facility

July 22, 2019 / WIL BALDWIN

Closure represents next step in the Company’s long-term cost and footprint reduction strategies
When complete in early 2020, the Company is expected to save $5 million per year in fixed costs

CHICAGO, July 22, 2019 (GLOBE NEWSWIRE) — FreightCar America, Inc. (RAIL) announced today that it has started the process to permanently close its Roanoke, Virginia manufacturing facility. The Company will retain the necessary workforce to build cars at the facility through November.

“The closure of our Roanoke facility is another next step in our ‘Back to Basics’ strategy as we continue to streamline our manufacturing footprint and match it to our future product offering,” said Jim Meyer, President and Chief Executive Officer of FreightCar America. “Reducing our fixed costs and achieving world-class output from our much larger Shoals facility have always been core pillars of our turnaround strategy.”

Meyer added, “We have spent the last two years building our talent, processes and overall capabilities at Shoals and the plant is now in a position to accept the Roanoke models and volume. This action, when complete in the first half of 2020, is expected to save approximately $5 million per year.”

Meyer concluded, “Our people at Roanoke have consistently performed above all expectations. We are extremely thankful for everything they have given the Company.”

The Company will offer select employees the opportunity to relocate to other parts of the business.

About FreightCar America

FreightCar America, Inc. manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars through its FreightCar America Leasing Company subsidiaries. FreightCar America designs and builds high-quality railcars, including bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, boxcars and coal cars. It is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Grand Island, Nebraska; Johnstown, Pennsylvania; Roanoke, Virginia; and Shanghai, People’s Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com

China Southern Airlines to receive $4 billion capital injection

July 20, 2019 / WIL BALDWIN

SHANGHAI (Reuters) – China Southern Airlines will carry out an equity diversification plan that will involve the injection of 30 billion yuan ($4.36 billion) of capital from three investors, the firm announced on Saturday.

The Guangdong Hengjian Investment Holding Corporation, the Guangzhou Urban Construction Investment Group and the Shenzhen Penghang Equity Investment Fund will each inject 10 billion yuan into the airline, as part of the country’s efforts to diversify ownership structures among state-owned firms.

The move will significantly improve the company’s debt-to-asset ratio, generate funds for its growth and help modernize its decision-making mechanisms, the announcement said.

It will also use the funds to serve its main air transportation business, pay for construction related to China’s Belt and Road Initiative and support aviation development in cities in the southern province of Guangdong.

China Southern is one of 96 enterprises owned and administered directly by the central government. Its profits slumped nearly 50% last year as a result of rising fuel costs and a weak yuan currency.

(Reporting by David Stanway; Editing by Himani Sarkar)

HK Bellawings Exercises Options, Adds More Global 7500 Jets

May 23, 2019 / WIL BALDWIN

David Coleal, President, Bombardier Aviation and HK Bellawings’ President, Mr. YJ Zhang

May 21, 2019 • Geneva Business Aircraft Press Release

• Two Global 7500 business jet options exercised are part of initial agreement signed in May 2018 at the European Business Aviation Convention & Exhibition (EBACE) in Geneva
• Letter of intent for five new Global 7500 aircraft reinforces flagship status as the largest and longest range business jet, ideally suited for the Greater China region
• HK Bellawings Jet Limited becomes operator managing China’s largest fleet of Global 7500 aircraft

Bombardier is pleased to announce that Hong Kong aircraft management company HK Bellawings Jet Limited has signed a letter of intent (LOI) for five new Global 7500 business jets and has also exercised options for two Global 7500 business jets, as part of the initial agreement signed in May last year. This news comes as the industry flagship Global 7500 aircraft is showcased for the first time at the European Business Aviation Conference & Exhibition (EBACE) in Geneva.

“The Global 7500 aircraft continues to demonstrate its unrivalled performance and smooth ride, all the while delivering uncompromising value to customers under any conditions, at any time, without the need for tailwinds,” said David Coleal, President, Bombardier Aviation. “HK Bellawings’ experienced and professional team is a perfect fit for the Global 7500 aircraft’s superior performance and we are thrilled that they have chosen our flagship to expand their growing fleet of business jets.”

“Today marks a step forward towards our goal of becoming the premier Asian private jet operator. We are very impressed with Bombardier’s Global 7500 aircraft since its entry into service less than six months ago,” said HK Bellawings’ President Mr. YJ Zhang. “Its unmatched performance and range is ideally suited for our customers in the Greater China region. As the operator that will manage one of the world’s largest fleet of Global 7500 aircraft, HK Bellawings Jet will further expand its business scope and continuously pursue higher goals.”

Winner of the 2019 Aviation Week Grand Laureate Award and a Red Dot award for design, the Global 7500 jet offers Bombardier’s signature smooth ride and a spaciousness that is unique among business jets. Featuring a full-size kitchen and four true living spaces, the aircraft sets the benchmark for the most exceptional cabin interior. The Global 7500 aircraft’s range of 7,700 nautical miles is the longest in business aviation. This business jet can connect the cities of Beijing, Shanghai and Hong Kong non-stop to the cities of New York, London or Milan, and also fly nonstop from Singapore to Vancouver.*

Established in 2014, HK Bellawings Jet Limited is a distinguished business jet management company dedicated to providing a diverse array of professional, highly efficient and comprehensive business aviation services and solutions, which include business jet management, aircraft maintenance, travel concierge service, aircraft acquisition service, and business aviation consultancy. They operate a fleet of Challenger and Global business aircraft.

HK Bellawings Firms Order for Four More Global 7500 Jets

April 15, 2019 / WIL BALDWIN

Fleet operator continues to confirm orders after signing letter of intent for multiple Global 6500 and Global 7500 aircraft in May 2018
HK Bellawings Jet Limited will become operator managing China’s largest fleet of Global 6500 and Global 7500 aircraft
Flagship Global 7500 business jet making its airshow debut at ABACE
Long-range, large-cabin Global 5500 and Global 6500 aircraft on track to enter service this year

Bombardier is pleased to announce that Hong Kong aircraft management company HK Bellawings Jet Limited firmed up an order for four Global 7500 business jets. This news comes as the flagship Global 7500 aircraft arrives at the Asian Business Aviation Conference & Exhibition (ABACE), its first airshow since entering service.

“We are proud to announce this firm order as the Global 7500 aircraft makes its public debut at ABACE, one of the world’s most important aerospace exhibitions,” said Khader Mattar, Vice President of Sales for the Middle East, Africa, Asia Pacific and China, Bombardier Business Aircraft. “Our flagship jet has been causing a sensation since entering service less than four months ago, and this order underscores that this aircraft, with its unparalleled range and four true living spaces, is ideal for the Greater China region.”

HK Bellawings first announced their intent to purchase up to 18 Global 6500 and Global 7500 aircraft, for a potential value of $1.14 billion US, in May 2018 at the European Business Aviation Convention & Exhibition (EBACE) in Geneva. Hours earlier, Bombardier had stunned the industry by launching two new long-range, large-cabin business jets, the Global 5500 and Global 6500 aircraft.

In September 2018, HK Bellawings firmed up its order of four Global 6500 and two Global 7500 business jets, for an approximate value of $370 million US, based on current list prices for typically equipped aircraft. Today, HK Bellawings and Bombardier are pleased to confirm that four more
Global 7500 aircraft are now part of that firm purchase, bringing the total of firm aircraft orders to 10. This latest announcement represents a value of approximately $291 million US, based on current list prices.

“We are thrilled to offer our customers access to the unparalleled Global 7500 aircraft as part of our unmatched fleet,” said HK Bellawings President Mr. YJ Zhang. “The Global 6500 and Global 7500 aircraft align with HK Bellawings’ rapid development to be a one-stop business aviation solution. As the operator that will manage one of the world’s largest fleet of Global 6500 and Global 7500 aircraft, HK Bellawings Jet will further expand our business scope and continuously pursue higher goals.”

The Global 7500 aircraft’s range of 7,700 nautical miles is the longest in business aviation. This business jet can connect the cities of Beijing, Shanghai and Hong Kong non-stop to the cities of New York, London or Milan, and also fly nonstop from Singapore to Vancouver.*

About Bombardier

With over 68,000 employees across four business segments, Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains. Our products and services provide world-class transportation experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Safdie To Add Fourth Tower To Marina Bay Sands Singapore

April 11, 2019 / WIL BALDWIN

Safdie Architects has revealed its plans to extend its Marina Bay Sands hotel in Singapore by adding a fourth tower.

The new stand-alone tower will contain more hotel rooms and take cues from the existing glass buildings, which were completed by Safdie Architects on Marina Bay in 2011.

Alongside the tower, the studio will also design a new entertainment district with a state of the art 15,000-seat music arena.

“Building on a long-term partnership with Las Vegas Sands corporation, we are delighted to embark upon a design for a major new addition to the iconic Marina Bay Sands in Singapore,” said the architecture studio in an Instagram post revealing the news.

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China Approves 10 Routes From New Beijing Airport

March 7, 2019 / WIL BALDWIN

SHANGHAI (Reuters) – China has approved plans by China Eastern Airlines, Xiamen Air and Capital Airlines to fly out of Beijing’s new mega-airport from September to cities such as Moscow, Cairo and Busan.

The Civil Aviation Administration of China said in a statement on its website on Thursday that it had approved 32 new airline routes, 10 of which will be from Beijing Daxing International Airport in September and October.

Of the 10, five were proposed by Hainan Airlines unit Beijing-based Capital Airlines, one by China Southern Airlines subsidiary Xiamen Air and four by China Eastern Airlines.

The airport, due to open in September, can handle 72 million passengers a year by 2025 and is expected to become one of the world’s busiest airports upon completion.

This will be the city’s second such facility and help relieve pressure on Beijing Capital International Airport, whose annual capacity has reached 100 million passengers.

Airlines including China Southern, China Eastern, Capital Airlines and China United Airlines will be relocated to the new airport, while carriers such as Air China Hainan Airlines and Grand China Air will stay at the old facility.

(Reporting by Brenda Goh; Editing by Subhranshu Sahu)

Tesla to Unveil Model Y on March 14

March 4, 2019 / WIL BALDWIN

(Reuters) – Tesla Inc will unveil its Model Y on March 14 at an event in LA Design Studio, Chief Executive Elon Musk said on Sunday.

“Model Y, being an SUV, is about 10 percent bigger than Model 3, so will cost about 10 percent more & have slightly less range for same battery,” Musk said in a tweet. https://reut.rs/2EvYrUU

The Shanghai Gigafactory, based in eastern China, aims to manufacture Model 3 and Model Y cars, with annual capacity of 250,000 vehicles.

Tesla earlier this week offered a $35,000 version of its Model 3 sedan and said its global sales would now be online-only, steps designed to increase demand and cut overhead costs for the electric vehicle maker.

(Reporting by Rishika Chatterjee and Mekhla Raina in Bengaluru; Editing by Rashmi Aich)

Tesla-Model-Y

Musk Not Worried About Tesla Model 3 Demand

January 31, 2019 / WIL BALDWIN

(Reuters) – Shares in Tesla Inc fell nearly 4 percent on Thursday as Wall Street analysts following up on its fourth-quarter results questioned underlying demand for its crucial Model 3 sedan and the electric car maker’s ability to make inroads in China.

Tesla reported quarterly profit below analysts’ expectations on Wednesday and surprised investors by announcing that Chief Financial Officer Deepak Ahuja, 56, would leave and handover the reins to 34-year-old Zach Kirkhorn, its vice president of finance.

JPMorgan analysts were among those warning that Ahuja’s leaving deprived the company of long automotive industry experience and relative stability in a company which has seen a steady stream of senior staff come and go since 2016.

Analysts were also concerned by Tesla’s indication that it is only making cars for China and Europe right now, and expects a gap of about 10,000 vehicles between production and deliveries due to vehicles in transit at the end of the first quarter.

“This is a strong indication that demand in the U.S. for both the mid-range and long-range Model 3 versions has largely been exhausted, and the company is still working through the estimated ~6.8k of unsold Model 3 inventory,” Cowen analysts said.

Still, the fall in Tesla shares was less than that suggested by initial pricing after Wednesday’s results and also far smaller than some of the swings in one of the past year’s most volatile Wall Street stocks.

The company, which is striving to stabilise production and deliver consistent profit, ended the quarter with $4.3 billion in cash and said it had “sufficient cash on hand” to pay a $920 million convertible bond maturing in March.

Of the 31 brokerages covering Tesla, 10 have a “buy” or higher rating, 10 “hold” and 11 have a “sell” or lower rating and their median price target is 327.50.

Only four changed their price targets on the stock on Thursday, with two raises and two cuts. Wedbush cut its price target by $50 to $390 (297 pounds).

While Tesla is pumping money into a Shanghai factory, which it hopes to bring on line around the end of this year with a target of producing 500,000 vehicles a year, several analysts questioned whether that investment will pay off.

“Tesla serves the purpose of a ‘stalking horse’ to the fast growing domestic Chinese EV industry, but we believe it has limited to zero terminal value in a region where a number of domestic champions should emerge,” Morgan Stanley analysts said.

(Reporting by Sonam Rai and Jasmine I S in Bengaluru; Editing by Anil D’Silva)

Image from http://www.tesla.com

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