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Williams FW33 Formula 1 car unveiled, IPO confirmed

Filed under: Motorsports, Racing

2011 Williams-Cosworth FW33

2011 Williams-Cosworth FW33 – Click above for high-res image gallery

Williams joined the cadre of Formula 1 teams testing and revealing their 2011 challengers at the Valencia test session, pulling the wraps off the new FW33.

Unlike rival team Lotus Renault GP, which unveiled its new livery before rolling out the new F1 car, Williams opted once again to run its new car at the test sessions in plain dark blue paint with minimal sponsor logos. The independent racing team is sticking with Cosworth power for 2011, but despite having developed a flywheel-based KERS apparatus for 2009 (which it never actually ran, but was supplied to Porsche’s hybrid GT3), Williams F1 switched to a new battery-based system that it ran for the first time at Valencia.

Otherwise, the Williams-Cosworth FW33 follows the same general idea as most of its Formula 1 rivals: a high nose with a sculpted engine cover and side pods. Rubens Barrichello returns to the wheel alongside newcomer (and reigning GP2 champion) Pastor Maldonado.

In a related development, Williams announced its plans to proceed with the previously reported IPO on the Frankfurt Stock Exchange, floating a little over a quarter of the shares while ensuring that Frank Williams remains controlling shareholder and team principal for years to come. Follow the jump for more details on the new FW33 Formula 1 racer and check out the high-resolution images of the car on track in the gallery below.

Gallery: 2011 Williams-Cosworth FW33

[Source: Williams F1]

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Williams FW33 Formula 1 car unveiled, IPO confirmed originally appeared on Autoblog on Sun, 06 Feb 2011 14:11:00 EST. Please see our terms for use of feeds.

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Fiat to increase Chrysler stake to 51% ahead of IPO?

Filed under: Chrysler, Earnings/Financials, Fiat

According to Automotive News, Fiat may be looking to increase its stake in Chrysler from 20 percent to 51 percent before the Pentastar goes public. If true, that would mean that Fiat intends to repay Chrysler’s federal loans before their 2013 due date. Doing so would allow the Italian automaker to sink its teeth into its American property by an additional 16 percent.

Sergio Marchionne, who serves as the CEO of both Fiat and Chrysler, said that while he doesn’t know for certain whether he would move to have Fiat take over a larger portion of Chrysler, it is a possibility. The executive said that such a move would provide plenty of benefits for both automakers.

Fiat itself has been undergoing fairly substantial changes outside of its tie-up with Chrysler. The company just split into two different operations, with its automotive efforts flying under one banner and its industrial work sailing under another.

[Source: Automotive News – sub. req.]

Fiat to increase Chrysler stake to 51% ahead of IPO? originally appeared on Autoblog on Mon, 03 Jan 2011 16:29:00 EST. Please see our terms for use of feeds.

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Report: Tesla Motors share price drops as IPO lock-up period ends

Filed under: Earnings/Financials, Tesla, Electric

Tesla Motors (TSLA) shares were hammered hard near the end of last week and are still dropping as word of the expiration of a 180-day post-IPO lock-up agreement continues to make the rounds. Starting today, 75 million Tesla shares, which had previously been subject to a lock-up agreement restricting their sale, will be eligible for registration.

The automaker’s recent 10-Q filing with the Securities and Exchange Commission noted that a fall in share price could possibly coincide with the expiration of the 180-day post-IPO lock-up agreement. The filing’s actual wording reads:

The market price of our common stock could decline as a result of sales of a large number of shares of our common stock in the market in the future, and the perception that these sales could occur may also depress the market price of our common stock.

Tesla shares are currently listed at $25.44, a drop from the $29.36 that they were trading at in early November and a decline from the $32-plus price recorded near the middle of last week.

[Source: Forbes]

Report: Tesla Motors share price drops as IPO lock-up period ends originally appeared on Autoblog on Mon, 27 Dec 2010 17:29:00 EST. Please see our terms for use of feeds.

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Will GM’s EV policy be dictated by the success of its IPO?

Filed under: Technology, GM, Earnings/Financials

2011 Chevrolet Volt

2011 Chevrolet Volt – Click above for high-res image gallery

General Motors is getting closer to the day it takes that financial plunge and once again offers its stock to the world. The day of the IPO, which is speculated to occur in November, will be a very important day for the future of GM. If it goes well, it will provide the automaker with a massive infusion of cash, much of it which figures to be used to repay the government. The money could also be tucked away into the General’s treasury where it can serve to fund product development. One such area of development? Electric vehicles.

GM is finally getting ready to release the Chevrolet Volt upon the waiting world, and early demand for the vehicle is high. However, the technology’s long-term financial viability at GM remains very much in doubt, and according to TheDetroitBureau.com sources, while other Voltec programs are being explored, nothing has been approved yet because executives and board members are waiting to see how the IPO affects their research and development budgets.

Gallery: 2011 Chevrolet Volt: First Drive

2011 Chevrolet Volt

Photos copyright (C)2010 Chris Paukert / AOL

[Source: The Detroit Bureau]

Will GM’s EV policy be dictated by the success of its IPO? originally appeared on Autoblog on Fri, 22 Oct 2010 14:30:00 EST. Please see our terms for use of feeds.

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Followup: GM officials take issue with Whitacre’s IPO share price estimates

Filed under: Government/Legal, GM

It was only last week when Reuters reported that Ed Whitacre, Jr. told the media that General Motors IPO shares would “likely to be priced between $20 and $25 in the initial public offering by the automaker in November.” GM didn’t respond immediately, but now, like a judge giving instructions to the jury to disregard a courtroom outburst, The General is essentially saying “ignore everything you just heard.”

According to The Detroit News, a GM response filed with the Securities and Exchange Commission refutes everything, saying that the price hasn’t been set, the IPO might not happen in November, and the company doesn’t know if it “will be successful or whether it will work.” GM is in a self-imposed “quiet period” before its IPO “to comply with SEC regulations,” which Whitacre’s comments blew out of the water. According outside observers, “Any comments beyond what is included in GM’s regulatory filings could be construed as breaking SEC rules during the quiet period and could jeopardize the timing of the IPO.” Whoopsie.

[Source: The Detroit News]

Followup: GM officials take issue with Whitacre’s IPO share price estimates originally appeared on Autoblog on Mon, 18 Oct 2010 16:01:00 EST. Please see our terms for use of feeds.

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Followup: GM officials take issue with Whitacre’s IPO share price estimates

Filed under: Government/Legal, GM

[Source: The Detroit News]

Followup: GM officials take issue with Whitacre’s IPO share price estimates originally appeared on Autoblog on Mon, 18 Oct 2010 16:01:00 EST. Please see our terms for use of feeds.

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Report: Whitacre suggests GM IPO shares will be $20-$25

Filed under: GM, Earnings/Financials

Ed Whitacre in crush of reporters

General Motors chairman Ed Whitacre is readying the world for GM’s Initial Public Offering. The IPO is slated to happen next month and Whitacre has reportedly said that he expects shares to be priced between $20 and $25. That price will likely be achieved via a stock split, with sources saying GM plans to offer shares in a four-to-one split.

This could be good news for past and present employees, as well as dealers, who are invited to purchase shares at the IPO price. The minimum investment is said to be $1,000 to participate in this program and even that minimum dollar amount could yield solid returns right out of the gate.

[Source: The Detroit News | Image: Stan Honda/AFP/Getty]

Report: Whitacre suggests GM IPO shares will be $20-$25 originally appeared on Autoblog on Thu, 14 Oct 2010 16:01:00 EST. Please see our terms for use of feeds.

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Marchionne pondering Ferrari IPO?

Filed under: Earnings/Financials, Ferrari, Fiat

Ferrari 458 Challenge racer

Ferrari 458 Challenge racer – Click above for high-res image gallery

If you’re reading Autoblog right now, then there is a pretty good chance you’d love to own a Ferrari at some point in your life. Unfortunately, there is a far, far greater chance that your garage will never feature the Prancing Horse. But just because you can’t own a California or 458 Italia doesn’t mean you can’t own a chunk of the Maranello-based supercar maker. Automotive News reports that Fiat S.p.A CEO Sergio Marchionne says that there is a chance the automaker could issue an IPO for Ferrari by 2014.

We know that some enthusiasts will jump at the chance to purchase a single share of Ferrari stock. It would look damn cool to feature a share of Ferrari stock hung on the most important wall in the house. But how much can a company that only sells just over 6,000 vehicles per year be worth? Apparently quite a bit. Morgan Stanley recently valued the exotic car maker at $3.1 billion, or $100 million more than Fiat’s volume brands. It doesn’t hurt that Ferrari routinely pulls in profits of $300 million to $400 million with ridiculous profit margins of 13 percent per very pricey vehicle. Of course, Ferrari also pulls in quite a bit of coin with its ridiculous branding efforts that include everything from clothing to electronics.

While a Ferrari IPO would net quite a bit of liquid gold for Fiat, Marchionne also mentioned that he’d love for Turin, Italy-based automaker to revert back to its traditional ownership stake of 90 percent. Since Enzo Ferrari passed down 10 percent of his company to his son, if Fiat hits 90 percent, an IPO is out of the question.

Gallery: Ferrari 458 Challenge racer

[Source: Automotive News – sub. req.]

Marchionne pondering Ferrari IPO? originally appeared on Autoblog on Mon, 20 Sep 2010 17:29:00 EST. Please see our terms for use of feeds.

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Report: Marchionne predicts Chrysler IPO in second half of 2011

Filed under: Chrysler, Earnings/Financials, Fiat

The timeline for Chrysler’s IPO is gradually coming into focus. Four months ago Fiat CEO Sergio Marchionne said he expected to Chrysler’s offering to happen “probably” in 2011. Now he’s narrowed that down to becoming “a second-part-of-the-year event.”

The timing makes all kinds of sense: not only does Marchionne not expect a profit this year, the results of Fiat’s integration with Chrysler won’t begin to bear fruit until the middle of next year, after the 500 has gone on sale and had a few months to find its feet. By then, the company might also have some better news to report about 2011’s finances. Frankly, we wouldn’t be surprised if it didn’t happen until early 2012. And speaking of the 500, when it starts rolling in, Fiat will be able to claim another five percent of Chrysler, taking its stake to 35 percent.

[Source: Automotive News – Sub. Req. | Image: Massimo Pinca/Getty]

Report: Marchionne predicts Chrysler IPO in second half of 2011 originally appeared on Autoblog on Thu, 16 Sep 2010 15:58:00 EST. Please see our terms for use of feeds.

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U.S. to limit foreign investors in GM IPO?

Filed under: Government/Legal, GM, Earnings/Financials

GM CEO Dan Akerson - AFP/Getty

According to The Wall Street Journal, members of the U.S. Treasury are worried about General Motors’ upcoming IPO. They aren’t concerned for the automaker’s stock price, or how even how many investors may decide to buy into the company – they’re concerned about what country the money is coming from.

The Journal suggests that government officials are considering whether to limit or select which non-U.S. investors would be invited to be so-called “cornerstone” investors in GM’s IPO. Cornerstone investors are sought out to purchase and hold sizable stakes in a given company at a set share price. Said price is often lower than what the general investing public can secure, the theory being that the cornerstone investors’ presence (and the stability it implies) serves to drive confidence in the company. The fear is that there could be considerable political fallout if, say, some of those cornerstone investors turned out to be from nations like China. Either way, GM will need to firm up its investment plan fairly quickly if it is to allow enough time to court the ‘right’ cornerstone buyers.

As GM readies its IPO pitch, another key element in the company’s talking points will be its long-term stability – including a chief executive officer who plans to stick around a while. New GM CEO Dan Akerson has reportedly told the board that he’ll stay at the helm for two to five years – or perhaps even longer. The manner in which his compensation agreement is structured will likely include incentives timed to take effect over a period of years as a way to show investors that he’s serious about making a longer-term commitment to the automaker’s recovery.

[Source: The Wall Street Journal – sub. req. | Image: AFP/Getty]

U.S. to limit foreign investors in GM IPO? originally appeared on Autoblog on Sun, 05 Sep 2010 16:29:00 EST. Please see our terms for use of feeds.

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