Uber CEO Dara Khosrowshahi told employees that the company needed to regain its edge. It’s not been a good couple weeks for the ride-sharing industry, on the whole. Cruise Automation, the General Motors autonomous technology unit, has indefinitely delayed the launch of its self-driving service. And Lyft, the second-largest U.S. ride-share operation, lost its chief operating officer, sending its stock plunging. But the story making the biggest headlines has been the announcement that Uber is laying off 400 people, a third of its marketing unit. Considering the way the company has been battered this year – losing more than $1 billion during the first quarter, and suffering a much weaker than expected IPO – that news is raising plenty of questions about what is going on at the ride-sharing segment leader. Exactly what do the layoffs tell us about Uber? “There’s a general sense that while we’ve grown fast, we’ve slowed down,” CEO Dara … [Read more...] about Opinion: What’s Behind the Uber Marketing Massacre?
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John Gallagher Detroit Free Press Published 9:00 AM EDT Jul 2, 2019 To all the skeptics who think Detroit doesn’t need to hand out tax incentives and other public help to generate new economic development, Kevin Johnson has a simple message. Not today. Johnson, president and CEO of the Detroit Economic Growth Corp., the city’s main development arm, told the Free Press in a wide-ranging interview in late June that this is no time to think the city’s fledgling recovery is strong enough to fly on its own. “How does a city that’s come out of what this city has come out of right-size the tools that we have to keep whatever momentum that this city has moving forward?” Johnson said during the interview in his office in the Guardian Building. “One thing I know about economic development is that the tools required for us to be competitive, when you become competitive, it doesn’t mean you don’t use the tools anymore,” he said. … [Read more...] about Detroit development boss to critics: Tax incentives still needed
Jamie L. LaReau Detroit Free Press Published 6:00 AM EST Jan 27, 2019 Ten years ago, Detroit was facing dark days. With the economy in the throes of the Great Recession, General Motors and Chrysler were on life support under the guidance of President Barack Obama's auto rescue task force, both headed to bankruptcy. Ford had previously mortgaged everything, including its iconic Blue Oval logo, to survive. Today, the traditional Detroit 3 are strongly profitable but face declining sales and uncertainty about how to remain dominant players as transportation technology and preferences change. The UAW contract expires in September, and production workers have said they expect their new deal to reflect recent successes. To illustrate the challenge, Ford last week reported a $3.7 billion profit for 2018 — half the 2017 level and acknowledged by company leadership as a weak year. Ford and GM are in the midst of restructuring, while Fiat Chrysler Automobiles says … [Read more...] about GM and Ford restructure to create long-term success
The latest data from the Auto Trader Retail Price Index, shows how the average price of a used car has grown from £8,997 in 2011, to £12,731 in 2018, a 42% hike.In contrast, the average price of a new car has grown just 19% over the same period, with the average price increasing from £21,911 to £26,105. The hike in used values owns much to the availability of compelling finance deals. Car finance accounted for 88% of all new cars bought in the UK, compared to circa 50% of sales a decade previously. With the average two to three-year ownership cycle of a Personal Contract Plan (PCP), there has been a surge in younger, more advanced and valuable, used cars entering the market. According to Auto Trader data, over the past five years, sales of used cars aged less than three years old have increased by 32%, whilst sales of five-year-old and ten year-old-cars have dropped by 3% and 7% respectively. Auto Trader argues that whilst finance currently accounts for 40% of the … [Read more...] about Market Report: Used cars September 2018
The new Mercedes-Benz EQC Mercedes-Benz is flipping the switch. The new EQC is … … The first Mercedes-Benz under the product and technology brand EQ EQ stands for "Electric Intelligence" Pioneer of an avant-garde electric look A dual motor electric drivetrain at each axle, with a combined output of 402 horsepower Latest-generation driving assistance systems including Active Distance Assist DISTRONIC and Active Steering Assist Comprehensive services for electric mobility for today and tomorrow Mercedes-Benz management comments on the new EQC "With the EQC – the first fully electric SUV from Mercedes-Benz – we are flipping the switch. Electric drive is a major component in the mobility of the future. We are therefore investing more than ten billion euros in the expansion of our EQ model portfolio, and more than one billion euros in global battery production." Dieter Zetsche, Chairman of Daimler AG and CEO of Mercedes-Benz Cars "The new EQC is a genuine … [Read more...] about The Mercedes EQC Makes A Quiet Debut With 200 Miles Of Range, 402 Horsepower, And The Ability To Hit 60 In 4.9 Seconds @ Top Speed