Volvo Cars (OTC: VLVLY) today reports a 39 per cent increase in operating profits, excluding joint ventures and associates, to SEK 6.4 bn and a corresponding EBIT margin of 6.3 per cent for the second quarter of 2023. The result came despite a SEK 0.9 bn, non-recurring item related to the redundancy programme announced in May, part of securing a more efficient and sustainable cost base for the future. Without this item, the underlying EBIT margin, excluding joint ventures and associates, was 7.2 per cent in the second quarter. This illustrates that the solid underlying performance momentum from the first three months of the year continued during this past quarter.
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Last week, Tesla Energy Ventures, a new subsidiary of electric car maker Tesla Inc. (Nasdaq: TSLA), filed an application to become a retail electricity provider in the state of Texas. According to reports, the company plans to sell electricity drawn from the grid to customers and from its battery storage products. Its grid transaction software may also enable customers for its solar panels to sell excess electricity back to the grid.
CHICAGO, Feb. 10, 2021 /PRNewswire/ — United Airlines (Nasdaq: UAL) today announced that it has completed an agreement to work with air mobility company Archer as part of the airline’s broader effort to invest in emerging technologies that decarbonize air travel. Rather than relying on traditional combustion engines, Archer’s electric vertical takeoff and landing (eVTOL) aircraft are designed to use electric motors and have the potential for future use as an ‘air taxi’ in urban markets.
Under the terms of the agreement, United will contribute its expertise in airspace management to assist Archer with the development of battery-powered, short-haul aircraft. Once the aircraft are in operation and have met United’s operating and business requirements, United, together with Mesa Airlines, would acquire a fleet of up to 200 of these electric aircraft that would be operated by a partner and are expected to give customers a quick, economical and low-carbon way to get to United’s hub airports and commute in dense urban environments within the next five years.
Working with Archer is another example of United’s commitment to identifying and investing in innovative technology that can reduce carbon emissions while also improving the customer experience and earning a strong financial return. The airline was an early stage investor in Fulcrum BioEnergy and recently partnered with 1PointFive, a joint venture between Oxy Low Carbon Ventures and Rusheen Capital, to jumpstart the establishment of direct air capture and sequestration technology.
With today’s technology, Archer’s aircraft are designed to travel distances of up to 60 miles at speeds of up to 150 miles per hour and future models will be designed to travel faster and further. Not only are Archer’s aircraft capable of saving individuals time on their commute, United estimates that using Archer’s eVTOL aircraft could reduce CO2 emissions by 47% per passenger on a trip between Hollywood and Los Angeles International Airport (LAX), one of the initial cities where Archer plans to launch its fleet.
Led by co-founders and co-CEOs Brett Adcock and Adam Goldstein, Archer’s mission is to advance the benefits of sustainable air mobility at scale. Archer plans to unveil its full scale eVTOL aircraft in 2021, begin aircraft production in 2023, and launch consumer flights in 2024. To drive this fourth transportation revolution and transform how people approach everyday life, work and adventure, Archer has built a highly accomplished team of top engineering and design talent, with a collective 200+ years of eVTOL experience.
FILE PHOTO: A Malaysia Airlines plane is seen at Kingsford Smith International Airport in Sydney
KUALA LUMPUR (Reuters) – Privately held Golden Skies Ventures (GSV) has made a $2.5 billion offer to fully take over the holding company of ailing state carrier Malaysia Airlines, with financing from a European bank, its executives told Reuters on Monday.
GSV, which was set up by former Malaysia Airlines officials and professionals with aviation experience, made the proposal a month ago, as airlines around the world were hammered by travel restrictions following the coronavirus pandemic.
“We have secured in excess of $2.5 billion from the bank. We will take about three to four months to get the long-term financing,” Chief Executive Shahril Lamin told Reuters in a phone interview.
GSV said it also has a commitment from a Japanese private equity firm to inject immediate funds into the aviation group through an equity deal.
It declined to name the firms involved, adding it was in talks with other foreign banks and private equity firms for further funding.
GSV has submitted its proposal to Morgan Stanley which has been hired by the aviation group’s sole owner, sovereign wealth fund Khazanah Nasional Bhd.
Sources have previously said Japan Airlines Co Ltd, domestic carriers AirAsia Group Bhd and Malindo Air have shown interest in Malaysia Airlines.
GSV said it would assume most of the airline’s debt that is being held by the government in outstanding Islamic bonds.
Khazanah and Morgan Stanley did not immediately respond to emailed requests for comment.
GOLDEN SHARE
The proposal includes keeping the government’s so-called golden share which allows it majority voting rights and maintains Malaysia Airlines’ flag carrier status.
GSV expects it will have ample liquidity to help the airline operate comfortably for up to 18 months.
It intends to reinstate Malaysia Airlines as a premium long-haul airline by expanding its flight network and maximising utilisation of its 81-plane fleet. It also plans to keep other business units such as the budget airline, cargo freighter and maintenance repair and overhaul unit.
“It’s still a viable venture, it has inherent strengths. We are saying we won’t lay off the 13,000 frontline employees and we are not going to asset-strip the airline,” Deputy Chief Executive Ravindran Devagunam said.
The firm aims to achieve positive earnings before interest, taxes, depreciation and amortisation within three years of taking over, and targets 15 billion ringgit ($3.5 billion) in revenue in 2025.
Plans for a listing or possible listing of its units are on the cards in three to five years, they said.
Ravindran said the firm is banking on pent-up travel demand when the coronavirus is contained. “Regardless of how long (the virus) will take this year, we are looking at an uptick in the business from summer 2021.”
($1 = 4.3450 ringgit)
(Reporting by Liz Lee; Editing by David Holmes and Edwina Gibbs)
Hilton’s new elevated yet approachable brand is off to the races, breaking ground in Louisville, Kentucky less than 60 days after its launch
MCLEAN, Va. – Hilton (NYSE: HLT) today announced the start of construction of its very first Tempo by Hilton property, hosting a groundbreaking ceremony in Louisville, Kentucky’s trendy NuLu neighborhood. The 130-key, six-story hotel is located at 710 East Jefferson Street and is co-owned by First Hospitality and Weyland Ventures. This inaugural Tempo by Hilton property is slated to open in time for the 2021 Kentucky Derby.
Breaking ground less than eight weeks from the Tempo by Hilton brand launch, this milestone marks one of the shortest time periods from brand announcement to groundbreaking in Hilton history. Additionally, the brand continues to exhibit robust deal momentum, with more than 30 confirmed deals in cities including New York, Maui, Boston and Washington D.C., as well as an additional 40 deals in various stages of development.
“We’ve seen an incredible response from owners who are excited about Tempo by Hilton, and we are working together with them to bring this new offering to market in record time,” said Phil Cordell, SVP and global head of new brand development, Hilton. “The brand delivers a unique blend of elevated yet within reach offerings that have been specifically developed to appeal to the burgeoning class of modern achievers, and we believe that the NuLu neighborhood is exactly the kind of place where Tempo by Hilton will not only fit in but thrive.”
In line with the brand’s commitment to localized touches in each property, this first Tempo by Hilton groundbreaking saw brand representatives and local dignitaries gather for an exciting event that included nods to the historic Kentucky Derby with details such as a burst of rose petals that evoked the famous race also known as the “Run for the Roses”. The ceremonial groundbreaking was symbolized by the staking of a Tempo by Hilton flag into the property site ground.
“We are excited to be the first city in the world to welcome the Tempo by Hilton brand,” said Louisville Mayor Greg Fischer. “Our city’s economy is booming, with more than $15 billion in investment since 2014, more than 1,200 hotel rooms added in the past 18 months, and an additional 1,100 hotel rooms under construction. The Tempo by Hilton will add to that great economic vitality.”
Once open, the new Tempo by Hilton Louisville NuLu will offer a rooftop bar, allowing patrons to sip in style as they take in the surrounding skyline. The property will provide guestrooms that have been designed as welcoming treats with the brand’s signature Power Up and Power Down collections to assist guests with getting energized for the day or winding down for the night, as well as inviting public spaces, including flexible meeting space, a state-of-the-art fitness center, and surprising, uplifting artistic touches.
“As part of the next generation leading First Hospitality, a long-time Hilton partner, I’m beyond proud that we are breaking ground on the very first hotel of this next-generation brand,” said Sam Schwartz, VP of Asset Management for First Hospitality. “We couldn’t be more excited for this property to be going up in NuLu, a neighborhood known for its rich arts and culinary scenes.”
Thoughtfully designed with the modern achiever in mind, the new Tempo by Hilton Louisville NuLu will also provide complimentary coffee and tea via the in-lobby Fuel Bar, as well as a range of additional food and beverage options including an innovative café-style offering serving a variety of smoothies, lattes, breakfast sandwiches, bowls and more, limited market, and in-lobby bar specializing in both spirited and non-spirited craft cocktails.
Tempo by Hilton Louisville NuLu will participate in Hilton Honors, the award-winning guest loyalty program for Hilton’s 18 world-class brands. Hilton Honors members who book directly through preferred Hilton channels will have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount, and free standard Wi-Fi. Members can also enjoy popular digital tools available exclusively through the industry-leading Hilton Honors mobile app where Hilton Honors members can check-in, choose their room and access their room using Digital Key.
– Boeing and Virgin Galactic enter strategic partnership to transform commercial space travel and mobility
– Latest investment to date by Boeing HorizonX Ventures organization
Boeing [NYSE: BA] is investing $20 million in Virgin Galactic, a vertically integrated human spaceflight company. The companies will work together to broaden commercial space access and transform global travel technologies.
“Boeing’s strategic investment facilitates our effort to drive the commercialization of space and broaden consumer access to safe, efficient, and environmentally responsible new forms of transportation,” said Brian Schettler, senior managing director of Boeing HorizonX Ventures. “Our work with Virgin Galactic, and others, will help unlock the future of space travel and high-speed mobility.”
To date, Virgin Galactic has invested $1 billion of capital to build reusable human spaceflight systems designed to enable significantly more people to experience and utilize space. In July, the company announced its intent to become a publicly-listed entity via a business combination with Social Capital Hedosophia Holdings Corp. The Boeing investment will be in return for new shares in Virgin Galactic and is therefore contingent on the closing of that transaction, which is expected to close in the fourth quarter of 2019, and any such investment will be in the post-business combination company.
This investment brings together two companies with extensive experience in the space industry. Virgin Galactic is a pioneer of commercial human space flight and is the first and only company to have put humans into space in a vehicle built for commercial service, having built and flown a Mach 3 passenger vehicle. Through its manufacturing and development capabilities, Virgin Galactic can design, build, test, and operate a fleet of advanced aerospace vehicles. Boeing has unsurpassed experience transporting people to orbit and building and operating large structures in that challenging environment. A part of every U.S. manned space program, Boeing serves as NASA’s prime contractor for the International Space Station (ISS) and is preparing the new, reusable, Starliner space capsule for launch to the ISS.
“This is the beginning of an important collaboration for the future of air and space travel, which are the natural next steps for our human spaceflight program,” said Sir Richard Branson, founder of Virgin Galactic. “Virgin Galactic and Boeing share a vision of opening access to the world and space, to more people, in safe and environmentally responsible ways.”
Boeing Defense, Space & Security President and CEO Leanne Caret, said “the unique expertise of our companies stretches from points all around the world to the deepest reaches of space. Together we will change how people travel on Earth, and among the stars, for generations to come.”
George Whitesides, CEO of Virgin Galactic, noted: “we are excited to partner with Boeing to develop something that can truly change how people move around the planet and connect with one another. As a Virgin company, our focus will be on a safe and unparalleled customer experience, with environmental responsibility to the fore.”
Additional information on specific projects to be pursued will be shared in the future.
Startup manages maintenance, inspection and alteration services for global manufacturers and operators of commercial unmanned aircraft systems
Access to safe, reliable maintenance will support commercial operations and urban mobility efforts
CHICAGO, June 4, 2019 /PRNewswire/ — Boeing [NYSE: BA] today announced its investment in Robotic Skies, a services provider that connects manufacturers and operators of commercial unmanned aircraft systems (UAS) with a global network of more than 170 civil aviation authority-certified repair stations.
“With safety as a cornerstone, we are shaping a robust operational ecosystem for on-demand mobility that supports the future of aircraft, air vehicles and autonomous systems,” said Brian Schettler, managing director for Boeing HorizonX Ventures.
The investment is part of Boeing’s disciplined, long-term strategy of entering into value-added partnerships that enhance and accelerate growth and deliver key differentiators for customers.
“Unmanned and autonomous commercial aircraft operations are increasingly mirroring those in manned aviation, including the need for quality maintenance provided by certified technicians,” said Brad Hayden, founder and CEO of Robotic Skies. “This latest investment will allow us to continue to grow our global footprint and expand operational capabilities to support customers.”
Boeing HorizonX Ventures led this funding round with participation from Thayer Ventures, Sun Mountain Capital and KickStart Seed Fund. The investment builds on a previously-announced collaboration with Robotic Skies, Boeing Global Services and its subsidiaries Aviall and Jeppesen to provide enhanced commercial UAS services.
Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As the top U.S. exporter, the company supports commercial and government customers in more than 150 countries. Boeing employs more than 150,000 people worldwide and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.
Robotic Skies is the only global network of certified UAS maintenance centers. It offers comprehensive turnkey field service programs designed to keep UAS flying safely, efficiently and affordably around the world. Founded in 2014, Robotic Skies has more than 170 certified repair stations across more than 40 countries, providing MRO and support services for commercial UAS. Each service center in the network possesses the aviation expertise and factory training to ensure the mission readiness of these aircraft. For more information about Robotic Skies, visit: http://www.roboticskies.com
Austin FC is set to begin play in MLS in 2021 as the league’s 27th club, commissioner Don Garber announced Tuesday. The club will become the city’s first team in a major professional sports league.
The announcement was made at Rustic Tap in Austin’s West Sixth district, with Garber alongside Austin FC chairman/CEO Anthony Precourt and Austin mayor Steve Adler. The club will soon build a privately funded, $225 million soccer stadium at McKalla Place. Groundbreaking will begin this year on the 20,000-seat stadium, which planned to be completed in time for the club’s first match.
“Austin is a thriving metropolitan city – the personification of what we mean when we say MLS is a ‘League for a new America,’” Garber said in a league release. “We are extremely proud to be the first major professional sports league to become part of the culture of this historic American city. In their support of a world-class soccer stadium that benefits everyone, the leadership of the City of Austin has shown tremendous faith in our league and game, and Anthony Precourt has paved the way for Austin FC to have great success on and off the field. To the people of Austin and the surrounding community, welcome to Major League Soccer.”
Austin FC will become the third MLS club in Texas, joining FC Dallas and the Houston Dynamo. Austin is the country’s 11th largest city and was selected by U.S. News and World Report in each of the last two years as the No. 1 place in the nation to live.
“This is a very proud moment for Precourt Sports Ventures, and we share it with the people of Austin, City leadership, the dedicated soccer fans of the region, and everyone who believed in our mission to bring Major League Soccer to this incredible community,” Precourt said. “The greatest way we can show our gratitude is in our actions as leaders of Austin FC. Our pledge is to build three essential pillars: a team that will be a perennial contender for MLS Cup, a stadium at McKalla Place that rivals the best sporting venues in North America, and a club that will bring people together and always give back.”
Said Mayor Adler: “This is a historic day for Austin, as MLS becomes the first major league to plant roots in our beautiful city. We believe professional soccer will bring a great and especially needed benefit to our city. In two years, this team and an elite soccer stadium will bring together all kinds of people from all over Austin in a way that we do not gather today. This is one important way we become a more socially integrated community. Thank you to Precourt Sports Ventures and MLS for bringing this opportunity to all the residents of Austin!”
