Tag Archives: financial

Motorsport

BMW Gas Car Sales Have Peaked, But The Manual Is Staying For Now

BMW‘s Chief Financial Officer, Walter Mertl, lately declared a major shift within the firm’s gross sales dynamics. Mertl says the tipping level for combustion engine car gross sales has been surpassed and emphasised that electrical automobiles now drive the vast majority of the model’s gross sales development.

According to Mertl, the plateau in combustion automotive gross sales is anticipated to persist and progressively decline. He attributed this development to impending environmental laws set to limit the gross sales of conventional autos. With regulatory deadlines looming in areas from China and the European Union to sure US states, automotive producers are going through elevated strain to speed up the event and manufacturing of electrical autos.

BMW, responding to those challenges, achieved a 15 % all-electric gross sales share up to now yr. Even extra impressively, the i4 M50 was BMW M’s best-selling product for the second consecutive yr. The firm is ambitiously concentrating on a 33 % share by 2026, unveiling six new fashions beneath its Neue Klasse EV lineup. The first one to reach in 2025 is anticipated to be an X3-sized electric SUV.

However, Mertl acknowledged that BMW’s revenue margins for combustion engine and all-electric automobiles will not align till no less than 2026. He pointed to the upper prices related to incorporating new battery applied sciences in subsequent fashions. 

Despite the shift in direction of electrical mobility, BMW stays dedicated to promoting autos with guide transmissions. The firm has confirmed that the M2, M3, and M4 will proceed to supply guide gearboxes, no less than for the present technology of automobiles. When questioned concerning the share of guide gearbox gross sales, BMW informed TopGear that 15 to twenty % of M3 and M4 fashions have been offered with three-pedal gearboxes, and even more for the M2.

BMW

BMW M GmbH continues to develop: greater than 200,000 autos delivered inside one yr for the primary time.

Munich. BMW M GmbH can look again on an excellent monetary yr 2023 and as soon as once more studies file outcomes. For the primary time within the firm’s historical past, greater than 200,000 autos have been delivered worldwide in a single yr. With a brand new file of 202,530 high-performance and efficiency automobiles bought, the expansion pattern of current years continued. The spectacular enhance in gross sales of 14,3 p.c in comparison with the earlier yr proves that when once more further goal teams have been interested in extraordinarily sporty autos with the M emblem as a seal of high quality.

The USA was as soon as once more an important single marketplace for BMW M GmbH cars within the 2023 monetary yr. The German residence market once more took second place within the rating of gross sales areas, whereas the UK remained the third most vital market, as within the earlier yr. “With the historic record of more than 200,000 vehicles delivered, we have reached a milestone in the 2023 financial year. The impressive demand is a great confirmation that we are hitting the nerve of the times with our diverse product portfolio,” says Sylvia Neubauer, Vice President Customer, Brand, Sales at BMW M GmbH.

Electromobility offensive continues to assemble tempo.

As the model’s first all-electric efficiency mannequin, the BMW i4 M50* continued its profitable course within the second full yr of gross sales after its debut and as soon as once more turned BMW M GmbH’s bestseller. The yr 2023 additionally noticed the launch of the BMW i5 M60 xDrive Sedan* and the BMW i7 M70 xDrive*, signaling the beginning of two extra new additions to BMW M’s vary of all-electric efficiency autos.

With a extremely built-in drive unit on each the entrance and rear axles, which collectively develop a system output of as much as 442 kW/601 hp, the BMW i5 M60 xDrive units requirements within the premium phase of the enterprise saloon class. As probably the most highly effective mannequin within the new BMW 5 Series, it has particular design options as customary that visually emphasize its excellent sporting potential. Its customary Adaptive Chassis Professional with electronically managed shock absorbers and Integral Active Steering, together with the BMW xDrive electrical all-wheel drive system, ensures regionally emission-free driving pleasure and typical M efficiency.

With the BMW i7 M70 xDrive, probably the most highly effective purely electrically powered BMW M vehicle was introduced in 2023. The prime mannequin of latest BMW 7 Series can also be powered by two electrical motors, which collectively mobilize a system output of as much as 485 kW/659 hp and a most torque of 1,015 Nm. In addition, model-specific chassis expertise and unique design options contribute to the standard M character. The BMW i7 M70 xDrive combines regionally emission-free mobility and excessive efficiency to create a singular driving expertise within the luxurious phase.

“The financial year 2023 was characterized both by our highly successful portfolio of highly emotional combustion engine vehicles and by our ongoing electrification offensive with two further all-electric performance models and our first electrified high-performance car, the BMW XM*,” says Franciscus van Meel, Chairman of the Board of Management of BMW M GmbH. “Not least the ongoing success of the BMW i4 M50 confirms that we are on the right track to further advance the electrification of our product portfolio and to combine sustainable drive technologies with an emotionally powerful driving experience.”

New high-performance fashions diversify the product portfolio.

Three high-performance cars, which accomplished their first full yr of gross sales in 2023 and symbolize the wide selection of BMW M GmbH’s product portfolio, additionally made a decisive contribution to the renewed enhance in gross sales. The second technology of the BMW M2* with its six-cylinder in-line engine, rear-wheel drive and elective 6-speed handbook transmission affords an much more engaging entry into the world of high-performance fashions from BMW M. Extroverted design, progressive luxurious within the inside and the brand new M HYBRID system make the BMW XM* an absolute exception within the aggressive discipline of Sports Activity Vehicles and Sports Activity Coupés. The new BMW M3 CS* particular mannequin, which brings the unmistakable BMW M feeling to the racetrack and the street in a very purist type, was additionally enthusiastically acquired by followers of the model.

In addition, the continued recognition of the bestsellers within the high-performance automotive phase was the principle cause for the unabated progress of BMW M GmbH. The world’s best-selling high-performance sports activities automotive in 2023 was the BMW M3 Sedan*, adopted by the BMW M4 Coupé*. With their highly effective six-cylinder in-line engines and the distinctive alternative of handbook 6-speed transmission and 8-speed M Steptronic transmission within the phase, in addition to traditional rear-wheel drive and the clever M xDrive all-wheel drive system, they provide racetrack-ready efficiency traits with unrestricted on a regular basis and long-distance suitability. This mixture, supplemented by an additional portion of bags house and variability, made the primary BMW M3 Competition Touring with M xDrive* a very high-profile new addition to the BMW M GmbH vary in 2023.

Fresh accents and additional new high-performance fashions in 2024.

The diversification of the product portfolio will proceed in 2024. In addition to the upcoming mannequin revision for the three most profitable high-performance collection BMW M3, BMW M4 and BMW M2, the brand new version of the BMW M5 is within the beginning blocks for the present mannequin yr. The new technology of the high-performance mannequin within the luxurious class won’t solely be accessible as a sedan, however because the BMW M5 Touring it should additionally present additional impetus for the conquest of latest goal teams. Prior to this, the BMW i5 M60 xDrive Touring will complement the vary of all-electric efficiency automobiles.

The core of the BMW M product vary additionally sees the debut of an providing for significantly bold drivers: the massive success of the BMW M3 CS is adopted by the brand new BMW M4 CS particular mannequin, which embodies pure racing ardour in an additional type with elevated engine energy and optimized weight.

Le Mans in sight: BMW M GmbH goals for historic racing comeback.

After the brand new BMW M Hybrid V8 efficiently accomplished its first season within the North American endurance collection IMSA final yr, BMW M GmbH may even be competing within the FIA World Endurance Championship (WEC) in 2024. The spotlight of the season is the return to the 24 Hours of Le Mans: precisely 25 years after the general victory of the BMW V12 LMR within the legendary endurance traditional, a prototype from BMW M Motorsport will as soon as once more be on the beginning grid.

The comeback on the Circuit de 24 Heures can be accompanied by the race monitor premiere of the twentieth BMW Art Car. One of the 2 BMW M Hybrid V8s competing at Le Mans will enter the race with a really particular design, created by the world-renowned New York artist Julie Mehretu, which impressively expresses the normal mixture of motorsport and artwork within the BMW Art Car Collection.

*Consumption and emissions knowledge:

BMW i4 M50: energy consumption in kWh/100 km mixed: 22.5 – 18.0 WLTP.

BMW i5 M60 xDrive: energy consumption in kWh/100 km mixed: 20.6 – 18.2 WLTP.

BMW i7 M70 xDrive: energy consumption in kWh/100 km mixed: 23.7 – 20.8 WLTP.

BMW XM: Fuel consumption in l/100 km mixed: 1.9 – 1.5 WLTP; energy consumption in kWh/100 km mixed: 33.6 – 32.5 WLTP; CO2 emissions in g/km mixed: 43 – 35 WLTP.

BMW M2: Fuel consumption in l/100 km mixed: 9.3 – 9.1 WLTP; CO2 emissions in g/km mixed: 209 – 205 WLTP.

BMW M3 CS: Fuel consumption in l/100 km mixed: 10.4 – 10.1 WLTP; CO2 emissions in g/km mixed: 234 – 229 WLTP.

BMW M3 Sedan: Fuel consumption in l/100 km mixed: 10.1 – 10.0 WLTP; CO2 emissions in g/km mixed: 231 – 227 WLTP.

BMW M4 Coupé: Fuel consumption in l/100 km mixed: 10.1 – 9.9 WLTP; CO2 emissions in g/km mixed: 230 – 226 WLTP.

BMW M3 Competition Touring with M xDrive: Fuel consumption in l/100 km mixed: 10.4 – 10.1 WLTP; CO2 emissions in g/km mixed: 235 – 229 WLTP.

Official gasoline consumption, CO2 emissions, electrical energy consumption and electrical vary figures have been decided primarily based on the prescribed measurement process in accordance with European Regulation (EC) 2007/715 within the model relevant. Where a variety is proven, the WLTP figures keep in mind the affect of any elective extras.

Only official figures primarily based on the WLTP process can be found for brand new fashions which were sort examined since 01.01.2021. In addition, in line with EU Regulation 2022/195, the NEDC values will now not be included within the EC certificates of conformity as of 01.01.2023. Further data on the WLTP and NEDC measurement procedures can be discovered at www.bmw.de/wltp.

Further data on official gasoline consumption figures and particular CO2 emission values of latest passenger automobiles is included within the following guideline: ‘Leitfaden über den Kraftstoffverbrauch, die CO2-Emissionen und den Stromverbrauch neuer Personenkraftwagen’ (Guide to the gasoline financial system, CO2 emissions and electrical energy consumption of latest passenger automobiles), which could be obtained freed from cost from all dealerships, from Deutsche Automobil Treuhand GmbH (DAT), Hellmuth-Hirth-Str. 1, 73760 Ostfildern-Scharnhausen and at https://www.dat.de/co2/.

Please contact us when you have any questions:

Media and Public Relations

Martin Schleypen, Product Communications BMW M Automobiles

Phone: +49-89-382-37889

E-Mail: Martin.Schleypen@bmwgroup.com

Alexandra Landers, Head of Product and Brand Communication BMW

Phone: +49-89-382-30871

E-Mail: Alexandra.Landers@bmw.de

Internet: www.press.bmwgroup.com

E-Mail: presse@bmw.de

Technology

What Happened To Frends Headphones From Shark Tank Season 7?

While Frends wasn’t capable of safe monetary help from the Sharks, the corporate has managed to persevere, albeit in a barely totally different type. Since that episode of “Shark Tank” aired, each Moaleman and Dillon have left the corporate, passing the reins over to new CEO Daniel Davis.

Before their departure, although, the founders sought to scrub Frends up a bit and go away it extra practical for whoever got here subsequent. In an op-ed written for Inc. a yr after the “Shark Tank” episode, Dillon defined that, whereas he was upset by the dearth of investments, Mark Cuban’s remark gave him lots to consider. Instead of going all-in on the brand new Frends product, Dillon opted to halt new product strains and spend a while slicing prices and reshuffling priorities.

“After my experience with the taping, I knew I needed to become a stronger CEO and run the business differently,” Dillon wrote. “One of the best decisions I made was to enlist the help of a business coach, who helps me identify what my strengths are while also illuminating which areas I should find great people to help with instead.”

Frends merchandise are nonetheless out there on the market on the model’s devoted web site, in addition to at main retailers like Walmart.

Motorsport

Confirmed: The 16-Year Old Ram 1500 Classic Lives On For 2024

The 12 months is 2008. Things are wanting grim for the worldwide auto trade and the remainder of the monetary world. Gas costs are climbing, sending patrons to small vehicles en masse. The North American International Auto Show in Detroit was nonetheless in January, and Dodge was there with a brand new Ram 1500 pickup truck for 2009. And 16 years later, that pickup truck continues to be on sale.

Yes, the fourth-generation Dodge Ram that debuted on the present that 12 months continues to be out there as a brand new truck in the present day. The Ram 1500 Classic will dwell for the 2024 mannequin 12 months, a Ram spokesperson confirmed to Motor1. You will not discover it on the automaker’s web site simply but, however we have been assured that particulars are being sussed out earlier than the 2024 configurator goes dwell.


Volkswagen

Fleet.Electrified: 1,000 Volkswagen ID.4 for Siemens fleet

Volkswagen Financial Services are electrifying the fleet of Siemens AG along with the Volkswagen model: the corporate’s fleet will probably be regularly supplemented with as much as 1,000 leased Volkswagen ID.4 automobiles. These all-electric automobiles are a part of the electrification and sustainability technique pursued by Siemens, one of many largest and longest established industrial firms in Germany.

“Fleets of companies and public authorities provide significant leverage for the market ramp-up of e-mobility. Therefore, the electrification of vehicle fleets is also of central importance to us at Volkswagen Financial Services. We are observing that more and more fleet managers are also electrifying their service vehicles. This shows how suitable and practical electric mobility has become for everyday use,” stated Armin Villinger, Chairman of the Management Board of Volkswagen Leasing GmbH.

“The fleet customer business is of great importance to Volkswagen. That is why we are pleased to continue our long-standing and trusting cooperation with Siemens into the era of electromobility,” burdened Achim Schaible, Chairman and Spokesman of the Board of Management of Volkswagen Germany.

Siemens has set formidable objectives for the electrification of its personal fleet inside the framework of its sustainability technique. The firm goals to make the complete fleet CO2-neutral and absolutely electrical by 2030. “The electrification of our fleet is a clear commitment to achieving our climate goals. But we also want to be a pioneer in our industry and send a clear signal for sustainable fleet management in line with our DEGREE framework,” defined Stefan Kurz, Head of Global Fleet Management at Siemens. He added: “We chose the Volkswagen ID.4 because, in our opinion, the vehicle offers a good combination of range, charging speed, trunk volume, and price.”

The ID.4 is the primary all-electric compact SUV from the Volkswagen model. It is produced and provided on the market in China, the USA, and Europe. The modular electrical drive matrix (MEB) types the technical spine of Volkswagen’s electrical offensive. In the case of the ID.4, the design of the MEB platform permits for a really spacious inside. At the identical time, the automotive impresses with its robust driving efficiency and most ranges of as much as 512 kilometers or 531 kilometers (the 2 variations within the WLTP cycle). Its quick-charging functionality with as much as 135 kW helps it address lengthy distances.

Information for editors:
Volkswagen Financial Services are a enterprise division of the Volkswagen AG group of firms and comprise Volkswagen Financial Services AG together with its related firms, Volkswagen Bank GmbH, Porsche Financial Services, and the monetary providers firms within the USA and Canada that belong straight or not directly to Volkswagen AG – apart from the monetary service enterprise of the Scania model and of Porsche Holding Salzburg. The key enterprise fields embrace seller and buyer financing, leasing, financial institution and insurance coverage actions, fleet administration and mobility providers. Volkswagen Financial Services have a complete of 17,713 staff worldwide – together with 7,692 alone in Germany. Volkswagen Financial Services report whole property of round EUR 240 billion, an working revenue of EUR 5.60 billion, and a portfolio of round 22.0 million present contracts (as at: 31.12.2022).

More data at www.vwfs.com

The Volkswagen Passenger Cars model is current in additional than 140 markets worldwide and produces automobiles at 29 places in twelve nations. In 2022, Volkswagen delivered round 4.6 million automobiles. These embrace bestsellers such because the Polo, T-Roc, T-Cross, Golf, Tiguan or Passat in addition to the profitable all-electric fashions ID.3, ID.4, ID.5 and ID.6. Last 12 months, the corporate handed over greater than 330,000 all-electric automobiles to prospects throughout the globe. Around 170,000 folks at the moment work at Volkswagen worldwide. With its ACCELERATE technique, Volkswagen is persistently driving ahead its improvement to grow to be probably the most fascinating model for sustainable mobility.

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News

How The Evolution Engine Saved Harley-Davidson From Bankruptcy

Summary

  • In the Eighties, Harley-Davidson confronted monetary difficulties and intense competitors from Japanese bike manufacturers like Yamaha and Honda.
  • To rebuild its status, Harley-Davidson launched the “Evolution” engine in 1984, which was sturdy and dependable, serving to the model compete with its Japanese rivals.
  • The Evolution engine, recognized for its use of aluminum elements, improved the general well being, longevity, and using expertise of Harley-Davidson bikes, contributing to the model’s success.

These days, everyone knows Harley-Davidson for being one of many high bike producers on the earth. The considered them going out of enterprise appears subsequent to inconceivable. However, there was a time within the Eighties wherein the corporate was on the verge of going bankrupt. Back in 1969, Harley-Davidson was dealing with some critical monetary hardships, in addition to some stiff competitors from Japanese bike manufacturers like Yamaha and Honda.

So it was bought to American Machine and Foundry (AMF), which dealt a critical blow to the model’s credibility and identify. After all, previous to the acquisition, AMF was recognized for producing leisure and sporting gear like tennis rackets, bowling gear, and so on. During its possession of Harley-Davidson, AMF determined to make some unpopular selections, together with slicing again on the workforce and producing increased portions of a low-quality product.

These selections would ultimately result in a labor strike by an sad workforce. In the eyes of die-hard Harley followers, this wasn’t a proud time within the model’s historical past. Streamlining the manufacturing of extra bikes did not fairly assist within the general grade of every unit. Just like how fast-food eating places mass-produce burgers, it isn’t the identical as top-quality meals.

However, after 12 years of poor overseeing and administration, Harley-Davidson was purchased again from AMF by 13 buyers (together with Willie G. Davidson) for under $80 million. Upon their reacquisition, they began Harley-Davidson’s redemption story with a motor that might change the trajectory of the model perpetually… the Evolution engine.

Red 2023 Harley-Davidson Road Glide on the kickstand at roadside

Related

10 Reasons Why Harley-Davidson Is A Great Motorcycle Company

Harley-Davidson is 120 years outdated in 2023: for this reason it’s the finest bike firm on the earth

The following info on the historical past of the Evolution motor was gathered from Harley-Davidson and third-party sources like Low Brow Customs, CycleWorld, and Bikez.

How Did The Evolution Engine Save Harley-Davidson From Bankruptcy?

1988 Harley-Davidson Twin Cam Engine
Harley-Davidson

Following its reacquisition from AMF, Harley-Davidson had some actual floor to cowl to rebuild its public status for being a high-quality and highly-desired bike. In an effort to indicate not simply its Japanese competitors, however to patrons in all places, that also they are able to evolving their merchandise into one thing better.

Hence, the event of the “Evolution” engine. The Evolution (aka “Evo”) motor is a V-twin engine that made its debut in 1984 on a big number of Harley-Davidson fashions. This labored in Harley’s favor as one in every of its largest criticisms all through the Seventies was its continued use of outdated engines.

The Competition From Japanese Motorcycles Was Intensifying

It was throughout this time that Japanese producers would surpass Harley-Davidson via steady innovation and improvement of newer, extra dependable engine methods that had been additionally inexpensive to keep up. With Harley-Davidson already behind each by way of engine improvement, and available in the market general, the bike producer wanted to tug itself out of the monetary hunch its earlier house owners had put it in. This is the place the Evolution engine was in a position to cowl misplaced floor, by being simply as sturdy and dependable as its competitors.

By introducing a more powerful, healthier engine into the mix, the model lastly had the workhorse it wanted to face toe-to-toe in opposition to its rivals. Sure sufficient, the Evolution engine had the literal and figurative energy to place Harley again into the winner’s circle. This transfer mirrored an overdue success that Harley-Davidson wanted to dig itself out of the monetary gap it was in, the place it beforehand spent portion of income satisfying guarantee claims. By holding its prospects pleased, Harley-Davidson was in a position to develop and dominate the competitors as soon as once more.

What Made The Evolution Engine Special?

The Evolution engine is a 45-degree air-cooled V-twin that has been a central a part of Harley-Davidson’s newfound success following its inception in 1984. Also nicknamed “Blockhead”, the Evolution engine made good use of aluminum heads and cylinders, slightly than the heavy forged iron elements that had been utilized in its predecessor, the Shovelhead.

With the Shovelhead, its aluminum head would slide throughout its low-expansion iron cylinder because it warmed up and expanded. This would result in the gradual deterioration of the top gasket. It was for that reason, amongst many others, why the Evolution engine could be made fully out of aluminum with iron liners. Aluminum heads, cylinders and crankcase. All of it. Plus, the alignment dowels would assist maintain all shifting elements in movement, leading to higher situations for the gaskets and sealing.

The Evolution Engine Made Wide Use Of Aluminum

Thanks to the aluminum elements’ lighter weight, better sturdiness, improved air-cooing, and better thermal conductivity than iron, the Evolution noticed far much less put on and tear on its head gasket seals, even after prolonged quantities of aggressive using. Not solely had been these enhancements higher for the general well being and longevity of the bike, in addition they offered a way more constructive using expertise for present and new Harley-Davidson prospects.

By enhancing the power and reliability of the engine, the Evolution engine helps re-establish Harley as a critical contender within the market. The much less money and time the corporate must spend paying for guarantee prices, the extra money and time it may spend on rebuilding the model that it’s right this moment. The debut of the brand new engine resulted within the sale of 38,741 items in 1984, which was a 31 p.c enhance from the earlier yr.

Harley Davidson Knucklehead static shot

Related

10 Best Classic Harley-Davidson Motorcycles

Not solely nice bikes, these are additionally now worthwhile and collectible

The Evolution Engine in Sportsters

1985 Harley-Davidson Sportster 883
pilot_micha via Flickr

In order for Harley-Davidson to thrive as soon as once more after pulling itself out of its poor public status, there was one explicit bike that Harley followers love and respect to obtain some higher therapy. That bike is, of course, the Sportster. Considering that the Sportster has been Harley-Davidson’s most reasonably priced, maneuverable, customizable, and user-friendly bike since 1957, it solely is smart that its powertrain has obtained a protracted overdue improve.

The Evolution Shined On The Sportster Lineup

By introducing the Evo to the Sportster lineup, it will use just one cam per overhead valve. In whole, that makes for 4 impartial gear-driven, and far more highly effective camshafts. With cam lobes inline with one another, the engine setup would have its pushrods parallel with one another. This configuration would end in much more horsepower and torque unseen on the Sportster till the Eighties.

Once Sportster followers had been in a position to really feel the distinction between the Evolution engine and the Shovelhead, they had been lastly in a position to rave and have fun the Harley-Davidson model as soon as once more. It additionally made positive that its Japanese rivals took discover that they had been again to being serious contenders in the market.

Harley Davidson Museum

Related

Why Every Rider Should Visit The Harley-Davidson Museum

With Harley celebrating their a hundred and twentieth anniversary this yr, there isn’t any higher time to go to their superb museum within the coronary heart of Milwaukee

The Evolution Engine in Cruisers

1994 Harley-Davidson Softail Slim
Dave_S via Flickr

When it came to the Sportsters, prospects had the choice of going with both a 883cc Evolution engine, or a 1200cc Evolution engine. But for patrons that had been inquisitive about among the bigger cruiser fashions, just like the Fat Bob, Sport Glide, Low Glide, Low Rider, Softail, and Wide Glide, they’d require a little bit extra energy together with it.

This resulted within the new and improved 1340cc Evolution engine, which was additionally 20 kilos lighter than the Shovelhead with its personal checklist of technical enhancements. By 1985, all ultimate drives had been toothed belts, and the sand-cast cylinder heads would ultimately result in die-cast. These bigger fashions would additionally see newer consumption and exhaust methods, resembling crossover pipes, to chop down on noise.

The Evolution Engine In Pop Culture

Even the engines’ aluminum curler cages had been being changed with stronger, M-section plated metal cages. Much just like the Sportsters, the bigger Evo-powered Harley-Davidsons obtained some better quantities of horsepower and torque when in comparison with the Shovelheads. For occasion, by 1986 the Evo-powered Harley-Davidson Low Rider FXRS was in a position to produce 64 horsepower, and 79 lb-ft of torque at 3500 RPM. Certainly some energy specs that many Harley followers had been very pleased about.

ToyotaUk

Toyota Financial Services Announces Executive Changes

PLANO, Texas (Dec. 13, 2023) – Toyota Financial Services (TFS) is happy to announce the next govt adjustments, efficient January 2, 2024:

Scott Cooke, presently TFS senior vp and chief monetary officer, is promoted to Toyota Financial Services president and CEO.

As chief monetary officer, Cooke has been chargeable for the general monetary administration of Toyota Financial Services, main the features of TFS accounting, TFS finance, TFS and Toyota Motor North America (TMNA) treasury, and TFS competitiveness and mergers & acquisitions. He serves on the board of administrators of Toyota Motor Credit Corporation, the Toyota Financial Services International Corporation administration committee, and acts because the chief monetary officer for the TFS Americas Oceania Region.

“I look forward to continuing the TFS tradition of providing the best possible service to consumers and dealers,” mentioned Cooke. “Toyota Financial Services’ role has always been to deliver top-tier experiences that keep consumers loyal to our brands and their originating dealer in a way that supports manufacturer and dealer profitability. TFS also provides a stable source of funding for customers and dealers during good and challenging economic conditions. We fully intend to continue this strategy by providing innovative solutions that meet rapidly evolving customer preferences and needs.”

Cooke, who joined Toyota in 2003, has held management roles in treasury, enterprise intelligence, analytics, finance, danger, seller credit score, and technique. In addition to his vary of positions at TFS, Cooke served as company supervisor of product planning for Toyota Motor North America.

Cooke earned his Bachelor of Science diploma in Finance and MBA from Old Dominion University in Norfolk, Virginia, and is an alumnus of the Harvard Business School in Cambridge, Massachusetts.

“Scott is the ideal leader to succeed me in this role. He brings unparalleled knowledge of the TFS organization based on his decades with the company in positions both here and at Toyota Motor North America,” mentioned Mark Templin, present TFS president and CEO.

Templin continues to information a number of Toyota enterprise operations across the globe. He assumes the title of chairman of the board of Toyota Motor Credit Corporation, and retains the titles of chairman of the board of Toyota Financial Savings Bank, CEO of the TFS Americas Oceania Region, CEO of Toyota Insurance Management Solutions, and director and group chief working officer of Toyota Financial Services Corporation (TFSC) in Japan.

James Schofield, TFS group vp of finance, treasury, competitiveness, mergers and acquisitions, is promoted to TFS group vp and chief monetary officer. Schofield is well known as a considerate and efficient chief who has elevated the TFS finance, treasury, and competitiveness features to new heights. He joined the corporate in 2021, bringing a wealth of information about monetary providers finest practices gleaned from earlier roles at Lloyds Banking Group and JP Morgan Chase. Schofield is a graduate of Oxford University in Oxford, England.

About Toyota Financial Services 

Toyota Financial Services (TFS) is the model for finance and associated merchandise for Toyota within the United States, providing retail auto financing and leasing by Toyota Motor Credit Corporation (TMCC) and Toyota Lease Trust. TFS additionally presents automobile and fee safety merchandise by Toyota Motor Insurance Services (TMIS). The firm providers Lexus sellers and prospects utilizing the Lexus Financial Services model.

As of March 31, 2023, TFS employed roughly 3,800 workforce members nationwide, and had belongings totaling over $137 billion. It is a part of a worldwide community of complete monetary providers supplied by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation.

We announce materials monetary info utilizing the investor relations part of our web site (www.toyotafinancial.com) and SEC filings. We use these channels, press releases, and social media to speak about our firm, our providers and different points. While not all info we put up on social media is of a fabric nature, some info might be materials. Therefore, we encourage these eager about our firm to overview our messages on Twitter at www.twitter.com/toyotafinancial and posts on Facebook at www.facebook.com/toyotafinancial/.

Featured

Why Choose Tata AIG Car Insurance for Your Vehicle?


Buying car insurance is an essential step as it determines the financial protection you receive for your car’s losses.

Getting a new car insured is crucial for legal compliance and protection against liabilities, accidents, and natural disasters.

Since it’s now possible to buy car insurance online, it’s important to choose a reputable insurer like Tata AIG to ensure value for money and quality services.

Here are some key reasons to consider buying car insurance from Tata AIG.

About Tata AIG

Tata AIG, a joint venture between Tata Group and American International Group (AIG), has been a top insurance provider in India for over 22 years, offering general insurance, including motor insurance. Their strong points include travel and health insurance as well.

With a dedicated claims team and extensive customer service, Tata AIG ensures quality service for their customers.

If you buy a Tata AIG car insurance policy, you can trust that you’re in good hands.

Key Features of Tata AIG’s Car Insurance Policies

Key Features

Benefits Under Tata AIG

Discounts and Affordable Premiums

Save up to 75% on your Tata AIG car insurance premiums by purchasing online from their website.

Claims Assistance

Receive immediate assistance from their claims experts for a smooth claims process.

High Claim Settlement Ratio (CSR)

With a 98% claims settlement ratio, Tata AIG ensures a high settlement ratio for your claims.

Cashless Repairs at Network Garages

Access over 8000 network garages across India for cashless services.

Protection Against Third-Party Damage

Coverage for damages and losses to third parties during accidents.

Own Damage Cover

Protect your car from losses due to accidents, natural disasters, theft, and more.

Customise Your Policy With Add-Ons

Access up to 13 add-ons for comprehensive car insurance protection.

No Claim Bonus (NCB)

Get up to a 50% NCB discount for claim-free years under Tata AIG.

Buy/Renew Your Car Insurance Online

Quick renewals and easy application processes ensure your car is always covered.

24/7 Customer Service

Around-the-clock customer service for policyholders.

Types of Car Insurance Policies by Tata AIG

  • Stand Alone Third Party Car Insurance

This basic third-party car insurance policy provides legal and financial coverage for third-party damages during accidents but does not cover damages to your car.

  • Stand Alone Own Damage Car Insurance

This policy covers damages and losses to your car only and can be bought separately or with third-party car insurance.

  • Comprehensive Car Insurance

This package combines the coverage from a third-party insurance plan and a stand-alone own-damage cover, offering comprehensive protection for both you and the third party during an insured event.

Under Tata AIG, you can choose from 13 unique add-ons to further tailor your policy.

How and Where Can I Get a Tata AIG Car Insurance Policy Online?

You can purchase car insurance online from Tata AIG’s official website. The application process is entirely online, and you only need to provide your contact details and submit your application form.

An insurance agent will finalize the details, and you will receive your policy certificate via email or download it from the official website.

Conclusion

Choosing the right car insurance is crucial for financial protection, and the insurer you choose plays a significant role in determining the quality of services you receive. Tata AIG is a reputable choice in India, offering top-notch services at competitive prices.

Motorcycles

What to Do If Your Motorcycle Gets Stolen

If your motorcycle was leased or financed, you will also need to inform your financial institution about the theft. They will likely collaborate directly with your insurance company to resolve the situation. It’s important to note that any funds provided by your insurance may be directed to the bank, rather than to you. The specific distribution of the payout will depend on the amount you had already paid for the motorcycle, if it was financed. The insurance company will settle the loan, and you may receive any remaining amount.

If the motorcycle was leased, you should notify the leasing agency. As a result, you will no longer have to make the remaining payments on the bike, your insurance company will settle your obligations, and the contract will be terminated. Ultimately, the financial institution or leasing agency will guide you through the necessary steps, and you will likely be assigned a point of contact whom you can reach out to with any inquiries or concerns.

ToyotaUk

TMC Announces April Through September 2023 Financial Results

All consolidated financial information has been prepared in accordance with International Financial Reporting Standards (IFRS)

TOYOTA CITY, Japan (Nov. 1, 2023) — Toyota Motor Corporation (TMC) today announced its financial results for the second quarter, which ended September 30, 2023.

Consolidated vehicle sales totaled approximately 4,744,000 units, an increase of approximately 585,000 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 21.981 trillion yen ($155.9 billion), an increase of 24.1%. Operating income increased from 1.141 trillion yen ($8.5 billion) to 2.559 trillion yen ($18.2 billion), while income before income taxes 1 was 3.521 trillion yen ($25.0 billion). Net income 2 increased from 1.171 trillion yen ($8.7 billion) to 2.589 trillion yen ($18.4 billion).

Regions

North America: Vehicle sales totaled approximately 1,385,000 units, an increase of 140,000 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 299.5 billion yen ($2.1 billion) to 362.5 billion yen ($2.5 billion). 

Japan: Vehicle sales totaled approximately 1,072,000 units, an increase of 203,000 units.  Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 725.1 billion yen ($5.1 billion) to 1.584 trillion yen ($11.2 billion).

Europe: Vehicle sales totaled approximately 557,000 units, an increase of 78,000 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 245.8 billion yen ($1.7 billion) to 192.2 billion yen ($1.3 billion). 

Asia: Vehicle sales totaled approximately 895,000 units, an increase of 78,000 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 30.2 billion yen ($214 million) to 411.4 billion yen ($2.9 billion).

Other regions (including Central and South America, Oceania, Africa, and the Middle East): Vehicle sales totaled approximately 835,000 units, an increase of 86,000 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 55.7 billion yen ($395 million) to 186.5 billion yen ($1.3 billion).

Financial Services

Financial services operating income decreased by 8.4 billion yen ($60 million) to 328.8 billion yen ($2.3 billion). Including valuation gains/losses, operating income increased by 46.0 billion yen ($326 million) to 244.9 billion yen ($1.7 billion).

(*FY24 currency translations above are approximate and based on an average 141-yen-to-dollar exchange rate; FY23 is 134-yen-to-dollar exchange rate)

Forecast

For the fiscal year ending March 31, 2024, TMC estimates consolidated vehicles sales will be 9.60 million units. Based on an exchange rate assumption of 141 yen to the U.S. dollar, TMC forecasts consolidated net revenue of 43.0 trillion yen ($305.0 billion), operating income of 4.5 trillion yen ($31.9 billion), income before income taxes of 5.55 trillion yen ($39.4 billion), and net income of 3.95 trillion yen ($28.0 billion).

(*all currency translations above are approximate and based on an average 141-yen-to-dollar exchange rate.)

1 Income before income taxes and equity in earnings of affiliated companies

2 Net income attributable to Toyota Motor Corporation

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