Porsche Automobil Holding Stock (OTC: POAHF)

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Porsche Automobil Holding SE is an automotive holdings company. The company's core investment is a controlling stake in Volkswagen AG. Through this stake, Porsche SE has an interest in passenger and luxury car manufacturers which include Volkswagen, Audi, SEAT, SKODA, Bentley, Bugatti, Lamborghini, and Porsche; motorcycles under the Ducati brand name; and commercial vehicles under Volkswagen Commercial Vehicles, Scania, and MAN. In addition to the automobile manufacturers, this core investment provides Porsche Automobil exposure to the Volkswagen Financial Services financing business. Porsche SE also has a minority stake in technology company INRIX, a company that provides connected-car services and real-time traffic information.

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Porsche reportedly recalls 17,278 Taycan EVs in China over brake issues, second major recall in a year, risking safety concerns.

Porsche&#39;s Brake Issue Alert - Reportedly Recalls 17,278 Taycan EVs in China

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Lucid Group appoints communications expert Nick Twork, with Ford and General Motors experience, to lead global strategy amid SUV production launch.

Lucid Group Appoints Ford And General Motors Veteran Nick Twork As Head Of Global Communications

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Adobe (NASDAQ: ADBE) is scheduled to report its second-quarter fiscal 2024 results on Jun 13.


How to Play Adobe Stock Ahead of Its Q2 Earnings?

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Porsche (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DRPRY#OTC">DRPRY</a>) reportedly issued another recall for a series of high-end Taycan electric vehicles (EVs) in China due to problems related to brakes, marking the second such <a href="https://www.benzinga.com/topic/recall" target="_blank" rel="noreferrer noopener">action in the last year.</a>
According to an announcement on China&#8217;s State Administration for Market Regulation (SAMR) website today, the luxury automaker is recalling 17,278 imported Taycan series EVs manufactured between January 7, 2020, and April 24, 2024, <a target="_blank" href="https://cnevpost.com/2024/07/05/porsche-recalls-17278-imported-taycan-evs-china/" rel="noreferrer noopener">reported </a>CnEV Post.
According to the announcement, the recall is scheduled to commence on August 31, 2024.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39530068/toyota-issues-recall-of-over-145-000-vehicles-amid-production-decline-in-may-whats-going-on" rel="noreferrer noopener">Toyota Recalls Over 145K Vehicles Amid Production Decline In May &#8211; What&#8217;s Going On?</a>
Due to design issues, the front brake hoses on these vehicles may develop cracks, potentially leading to brake fluid leakage.
According to the announcement, this issue could potentially lead to reduced braking effectiveness, longer braking distances, and an increased risk of vehicle crashes, CnEV Post added.
Porsche will authorize dealers to replace the front axle brake hoses free of charge for the affected vehicles to address this safety concern.
Previously, in October 2023, Porsche recalled 2,570 Taycan EVs in China due to concerns about battery thermal runaway. Additionally, in 2022, there were two other recalls of Taycan EVs in China, as reported by CnEVPost.
The report added that Taycan is among the highest-priced EVs available in China.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Maqqerso on Shutterstock
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Porsche's Brake Issue Alert - Reportedly Recalls 17,278 Taycan EVs in China

On Tuesday, Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) announced Nick Twork&#8217;s appointment&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39478724/lucid-appoints-nick-twork-as-head-of-global-communications" rel="noreferrer noopener">as Head of Global Communications.</a>
Twork will oversee Lucid&#8217;s global communications team, which includes worldwide product, corporate, financial and internal communications; media relations.&nbsp;
Twork&nbsp;has earlier served in&nbsp;high-profile communications roles on multiple continents at Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Porsche Automobile Holding SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHF#OTC">POAHF</a>), Infiniti and Renault-Nissan-Mitsubishi.
He will report directly to Lucid CEO and CTO&nbsp;Peter Rawlinson, effective immediately and be based at Lucid&#8217;s global headquarters in&nbsp;Newark, California.
Twork joins Lucid as it prepares for the start of production of Lucid Gravity, its first SUV,&nbsp;with a new automated line that<a target="_blank" href="https://www.benzinga.com/news/24/06/39432366/lucid-training-nearly-250-robots-to-build-gravity-suv-says-ceo-peter-rawlinson" rel="noreferrer noopener"> has nearly 250 robots.&nbsp;</a>
&#8220;I&#8217;m confident Nick can help build awareness of our brand while supporting Lucid&#8217;s ambitious growth plans,&#8221; Rawlinson said.
The 247 robots at Lucid&#8217;s AMP 1 facility in Casa Grande, Arizona, are currently under training, Rawlinson&nbsp;said in a video shared on YouTube on Thursday.
&#8220;We&#8217;re training them to rivet and bond Gravity&#8217;s all-aluminum, state-of-the-art monocoque structure,&#8221; the company said. The production of pre-production Gravity SUVs will start this summer in a few weeks, the CEO added.
The Gravity SUV was unveiled in November and is expected to start under $80,000, a price point closer to Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
premium Model X SUV, which now starts at about $77,990.
Price Action: LCID shares are trading lower by 1.56% to $2.52&nbsp;at last check Tuesday.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39480788/whats-going-on-with-plug-power-shares-today" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Plug Power Shares Today?</a>
Photo via Shutterstock

Adobe (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adbe#NASDAQ">ADBE</a>) is scheduled to report its second-quarter fiscal 2024 results on Jun 13. 
For the second quarter of fiscal 2024, Adobe projects total revenues between $5.25 billion and $5.30 billion. The Zacks Consensus Estimate for revenues is pegged at $5.28 billion, suggesting growth of 9.7% from the year-ago quarter&#39;s reported figure. 
The company expects non-GAAP earnings between $4.35 and $4.40 per share. The consensus mark for earnings is pegged at $4.39 per share, indicating a 12.3% rise from the year-ago period&#39;s actual. The earnings estimate has been unchanged over the past 30 days. 
The upcoming results are expected to reflect the benefits of growing generative AI capabilities on the back of its family of creative generative AI models, Firefly, which has been driving growth within the Digital Media and Digital Experience segments. 
The Digital Media segment, comprising Creative Cloud and Document Cloud, is expected to have gained from the strong adoption of Firefly tools in Photoshop, Generative Fill and Generative Expand. The solid adoption of PDFs, coupled with strength in Frame.io, Adobe Stock, Acrobat ecosystem and Adobe Express Web, is anticipated to have been other positives. 
Adobe expects Digital Media revenues between $3.87 billion and $3.90 billion. The Zacks Consensus Estimate for the same is pegged at $3.89 billion, indicating year-over-year growth of 10.7%. 
The Digital Experience segment, comprising Adobe Experience Cloud, is likely to have benefited from the solid demand for the Adobe Experience Platform. 
Adobe projects the Digital Experience segment&#39;s revenues between $1.31 billion and $1.33 billion. The Zacks Consensus Estimate for the same is pegged at $1.32 billion, implying year-over-year growth of 8.1%.
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<h3>Adobe Inc. Price and EPS Surprise</h3>
<img alt="Adobe Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/b3/1718119382.png" style="height:299px; width:620px" title="" />
Adobe Inc. price-eps-surprise | Adobe Inc. Quote
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<h3>Strong Generative AI Efforts Aid Prospects</h3>
Adobe&#39;s near and long-term prospects are expected to gain from its strong efforts toward leveraging generative AI to deliver groundbreaking innovation across its portfolio. 
The company has been aggressively integrating Firefly into its Creative Cloud flagship applications and Adobe Express to provide enhanced user experience. 
ADBE&#39;s effort to integrate the power of Acrobat AI Assistant into PDF is boosting the adoption of the product in the near term. 
Adobe&#39;s unveiling of the Firefly Image 2 Model, Firefly Vector Model and Firefly Design Model to mark a significant advancement in its creative generative AI model family is noteworthy. 
The company recently launched Generative Remove in Adobe Lightroom, which is a powerful Firefly-backed tool that helps remove unwanted objects from any photo in a single click in a non-destructive manner. 
The launch of Adobe Express for Enterprise, which is powered by Firefly Image Model 3, is helping the company gain traction across various enterprises. 
The introduction of Photoshop&#39;s web version, which is available via Firefly-powered AI tools, generative expand and generative fill, enables file collaboration through sharing links, even without subscriptions. 
The Zacks Rank #3 (Hold) company is also witnessing the strong adoption of Generative Fill in Photoshop, which allows the creation of images in new ways and acceleration of editing workflows.
<h3>Strong Customer &amp; Partner Bases Aid Growth</h3>
A solid portfolio is helping ADBE in expanding its customer base. 
International Business Machines (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ibm#NYSE">IBM</a>) is one of the notable customers leveraging Adobe Firefly. IBM was able to generate 200 campaign assets and more than 1,000 marketing variations in moments rather than months using Firefly models. 
Adobe&#39;s other key customer wins include the likes of AECOM (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/acm#NYSE">ACM</a>), Capital Group, Dentsu (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dntuf#OTC">DNTUF</a>), Nintendo (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ntdof#OTC">NTDOF</a>), Berkshire Hathaway, Northrop Grumman (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/noc#NYSE">NOC</a>), Porsche&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahf#OTC">POAHF</a>) and the U.S. Navy. 
ADBE&#39;s strategic partnerships with Microsoft (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) and Alphabet (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) are also shaping its growth trajectory by driving its customer momentum. 
The integration of Acrobat PDF technology into Microsoft Edge and Alphabet&#39;s Google Chrome is a major plus. Adobe is experiencing rising free-to-paid conversions on the back of its Acrobat extensions for Microsoft Edge and Google Chrome. 
In addition, Adobe&#39;s recent partnership with Microsoft to provide marketing insights and workflows from Adobe Experience Cloud applications and Microsoft Dynamics 365 to Microsoft Copilot in order to assist marketers in creative briefs development, content creation and content approval management, is noteworthy.
<h3>Conclusion</h3>
Adobe is well-poised to benefit from its strong generative AI-powered product offerings and cloud strategy. A strong market position in the PDF category, compelling product lines, continued innovation and a growing footprint in emerging markets should drive its business growth. 
Moreover, ADBE is trading at a significant discount, with a forward 12-month P/E of 24.04X compared with the industry&#39;s 31.85X, making it a good opportunity for investors. 
<a href="https://www.zacks.com/stock/news/2286869/how-to-play-adobe-adbe-stock-ahead-of-its-q2-earnings?cid=CS-BENZ-FT-analyst_blog|most_popular_stocks-2286869">To read this article on Zacks.com click here.</a>

Volkswagen AG&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) luxury vehicle subsidiary, Audi <a href="https://www.audi-mediacenter.com/en/press-releases/vorsprung-durch-technik-recharged-audi-and-saic-further-strengthen-partnership-16026" target="_blank" rel="noreferrer noopener">said </a>it is planning to develop new models built on a China-specific platform named &#8220;Advanced Digitized Platform&#8221; for the next generations of premium intelligent, connected vehicles (ICV) along with SAIC<a href="https://www.audi-mediacenter.com/en/press-releases/vorsprung-durch-technik-recharged-audi-and-saic-further-strengthen-partnership-16026" target="_blank" rel="noreferrer noopener">.</a>
The cooperation will further expand Audi&#8217;s BEV portfolio in China and accelerate Audi&#8217;s transformation&nbsp;in&nbsp;the biggest market in the world.
The first three BEV models will cover the B and C segments and&nbsp;will help Audi to reduce time-to-market&nbsp;by more than 30%&nbsp;with the&nbsp;first model&nbsp;to&nbsp;enter the market in 2025.
The move marks further cooperation between Audi and SAIC, which began with Volkswagen&#8217;s announcement in July of a $700 million investment in&nbsp;Xpeng&nbsp;Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) for a 4.99% stake, along with&nbsp;plans to co-develop two Volkswagen-branded EV models by 2026, reported Reuters.
This collaboration highlights the increasing reliance of European automakers on Chinese technological expertise in the EV sector.&nbsp;
Stellantis&nbsp;N.V.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) recently revealed that its partnership with Chinese company&nbsp;Leapmotor&nbsp;will bring two&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38821203/chinese-ev-startup-leapmotor-partners-with-stellantis-to-debut-new-models-in-europe" rel="noreferrer noopener">Leapmotor models to the European market starting in September.</a>
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38897663/volkswagen-abandons-renault-partnership-on-affordable-ev-project-report" rel="noreferrer noopener">Volkswagen Abandons Renault Partnership On Affordable EV Project: Report</a>
&#8220;The Volkswagen Group is accelerating its electric campaign with the consistent implementation of its &#8220;in China for China&#8221; approach. In this respect, we are relying in particular on the strong cooperation with our joint venture partners,&#8221; said a member of the Group Board of Management for the China region, Ralf Brandstätter.
A joint project team has&nbsp;been set up&nbsp;with Fermín Soneira from Audi as the CEO.&nbsp;
&nbsp;&#8220;We have a clear and common goal: to combine the best of our two companies to the full advantage of our Chinese customers with Audi&#8217;s premium experience and SAIC&#8217;s innovation speed in China,&#8221; said Audi AG CEO Gernot Döllner.
The report further mentioned Audi currently uses Volkswagen&#8217;s MEB platform for its Q4 e-tron and Q5 e-tron models in China, developed through joint ventures with&nbsp;both&nbsp;SAIC and FAW.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38875858/honda-commits-65b-to-electrification-by-2030" rel="noreferrer noopener">Honda Commits $65B To Electrification By 2030</a>
Price Action: VWAGY shares closed higher by 0.85% at $15.21&nbsp;on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

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Volkswagen's Audi Partners With SAIC For New EV Platform In China

California-based EV startup Rivian Automotive Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) <a href="https://www.benzinga.com/news/24/01/36840882/its-official-teslas-model-y-rewrites-history-as-first-ev-to-top-global-car-sales-just-as-musk-predic">supersedes legacy players</a> like BMW (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>) and Porsche (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHF#OTC">POAHF</a>) in consumer satisfaction, as per a recent survey. 
What Happened: Consumer Reports ranked Rivian at the top in owner satisfaction among 29 vehicle brands with 86% of owners saying in a survey that they would purchase a vehicle from the company again. The top position was previously occupied by EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) who has now slipped to the 5th position with only 74% of owners expressing willingness to buy a Tesla car again.
Rivian also scored well in specific areas including driving dynamics, vehicle comfort, cabin storage, and ownership costs. 
Others to feature in the top five most loved auto brands include Mini, BMW, and Porsche. Interestingly, Mini jumped 11 spots to get to number 2. 
The least owner satisfaction is from owners of Infiniti, Volkswagen, Nissan, Jeep, and Audi vehicles, the report noted. 
Rivian CEO RJ Scaringe responded to the report and said, &#8220;Great work team!!&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Great work team!! <a href="https://t.co/xxK8br2FTV">https://t.co/xxK8br2FTV</a> <a href="https://t.co/dTimeSb7Um">pic.twitter.com/dTimeSb7Um</a>
&mdash; RJ Scaringe (@RJScaringe) <a href="https://twitter.com/RJScaringe/status/1753529406281367668?ref_src=twsrc%5Etfw">February 2, 2024</a></blockquote>
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Why It Matters: Rivian currently has two electric vehicles in its lineup- the R1T truck and the R1S SUV, both priced at over $70,000. The company is currently working on its lower-priced R2 platform. 
During the&nbsp;<a href="https://www.benzinga.com/news/earnings/23/11/35659331/rivian-stock-upshifts-on-strong-q3-earnings-eps-beat-revenue-beat-increased-production-guidance-and" target="_blank" rel="noreferrer noopener">third-quarter earnings call,</a>&nbsp;CFO&nbsp;Claire McDonough&nbsp;announced that R2 platform production would commence in 2026, with product unveilings expected in early 2024. The R2, while retaining the brand&#8217;s essence, will be more compact and available at a lower price point.
&#8220;There&#8217;s an extreme vacuum of choice we feel in the sort of $45,000 to $50,000 price range for midsize SUVs,&#8221; Scaringe then said, highlighting the limited options and concentrated market share held by Tesla, whose Model 3 starts at $38,990, while the Model Y begins at $43,990.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/02/36921334/elon-musk-criticizes-labeling-over-the-air-fixes-as-recalls-for-tesla-vehicles-by-that-anachronistic">Elon Musk Criticizes Labeling Over-The-Air Fixes As &#8216;Recalls&#8217; For Tesla Vehicles: &#8216;By That Anachronistic Standard, Phones Are Being Recalled Every Few Weeks&#8217;</a>
Rivian Shares. Photo via Shutterstock

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Rivian Beats Tesla, BMW In Customer Satisfaction: Elon Musk's EV Giant Slips To 5th Position: Survey

Chinese tech giant Xiaomi Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACF#OTC">XIACF</a>) <a href="https://www.benzinga.com/news/23/11/35803714/in-the-fast-lane-xiaomis-first-car-is-an-ev-with-a-top-speed-of-165mph">unveiled its first electric vehicle</a>, the SU7. The company plans to compete against industry frontrunners Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Porsche AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHF#OTC">POAHF</a>) over the next two decades.
What Happened: The SU7, also known as Speed Ultra, was launched on Thursday, as <a href="https://www.bloomberg.com/news/articles/2023-12-28/xiaomi-launches-first-su7-ev-with-ambition-to-be-china-s-porsche-or-tesla?leadSource=uverify%20wall">reported</a> by Bloomberg. The batteries powering this vehicle are developed by Chinese firms Contemporary Amperex Technology Co. Ltd. and BYD Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>).
CEO and co-founder Lei Jun views this foray into electric vehicles as a $10 billion opportunity to shake up the transport industry. The SU7 will vie for a place in a market already saturated with multiple models from various brands.
See Also: <a href="https://www.benzinga.com/markets/equities/23/12/36380925/good-design-says-elon-musk-after-tesla-fan-shares-wishlist-for-futuristic-25k-compact-ev?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Good Design,&#8217; Says Elon Musk After Tesla Fan Shares Wishlist For &#8216;Futuristic&#8217; $25K Compact EV</a>
With the SU7, Xiaomi aims to create a vehicle that can compete with Tesla&#8217;s Model S in technology and Porsche's Taycan Turbo in performance. While the pricing details of the SU7 are yet to be revealed, it is anticipated to be significantly cheaper than its competitors.
Why It Matters: Despite the evolving regulations and increasing competition in China, Xiaomi has collaborated with state-owned Beijing Automotive Group Co. to produce the EVs. The company is also in the process of obtaining a sales license for the SU7 in China. The SU7 is slated to be available for purchase next year.
Earlier this month, CEO Lei Jun expressed lofty ambitions for the company&#8217;s debut vehicle. According to a recent interview, Jun stated, &#8220;I came into car building with an aim to win,&#8221; highlighting the <a href="https://www.benzinga.com/news/23/12/36279169/xiaomi-ceo-lei-jun-sets-high-expectations-in-ev-came-into-car-building-with-an-aim-to-win">company&#8217;s significant investment </a>in research and development for the EV, exceeding industry standards by a substantial margin.
Read Next: <a href="https://www.benzinga.com/news/23/12/36357014/elon-musks-starlink-satellite-internet-service-now-has-over-2-3m-customers?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Starlink Satellite Internet Service Now Has Over 2.3M Customers</a>
Image Credits &#8211; Xiaomi
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Chinese Smartphone Giant Xiaomi Enters Electric Vehicle Market, Targets Tesla, Porsche With SU7

Major automakers, including&nbsp;General Motors Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>),&nbsp;Toyota Motor Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>), and&nbsp;Volkswagen AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>), along with two air bag manufacturers, have reportedly expressed opposition to the U.S. National Highway Traffic Safety Administration&#39;s (NHTSA) recommendation to recall 52 million air bag inflators.
The NHTSA&#39;s suggestion for a recall arises from concerns that air bag inflators produced by ARC Automotive and Delphi Automotive might rupture, causing metal fragments to disperse.
This issue is linked to one fatality and seven injuries in the U.S., following an extensive eight-year government investigation. If enforced, this recall would mark the second-largest in U.S. automotive history, reported Reuters.
Automakers and manufacturers are contesting the NHTSA&#39;s proposal, arguing that the risks posed by these inflators are minimal, the report noted. ARC, in particular, reportedly highlighted the improbability of new ruptures, estimating less than one occurrence in the next 33 years, according to NHTSA&#39;s estimated failure rate.
According to the report, the contentious inflators have been used in vehicles manufactured from 2000 to early 2018 by 12 different automakers, including&nbsp;Ford Motor Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>),&nbsp;Mercedes-Benz&nbsp;Group&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgyy#OTC">MBGYY</a>),&nbsp;BMW&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>),&nbsp;Hyundai Motor Company&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>), and&nbsp;Kia Corporation.
NHTSA&#39;s call for a voluntary recall in May was initially rejected by ARC. General Motors, which had already recalled 1 million ARC inflators following a rupture incident in March, said NHTSA&#39;s decision lacked sufficient evidence, as per the report.
Both GM and&nbsp;Stellantis&nbsp;N.V.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>) reportedly described NHTSA&#39;s actions as &quot;arbitrary, capricious, and contrary to law.&quot;&nbsp;
Price Action: GM shares are trading lower by 0.36% at $35.74 in premarket on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via General Motors

HYMTF

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

Major Automakers Challenge NHTSA's Call For Massive Air Bag Inflators Recall: Report

German automobile manufacturer Porsche AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHY#OTC">POAHY</a>) and tech giant Google (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) have revealed plans to deepen their partnership. This collaboration aims to integrate Google&#8217;s digital services more extensively into future Porsche vehicles.
What Happened:&nbsp;According to a Tuesday <a href="https://newsroom.porsche.com/en/2023/company/porsche-expansion-partnership-google-34205.html">announcement</a> by Porsche AG, the joint effort will focus on enabling Google services for navigation, speech recognition, and access to its app ecosystem in upcoming Porsche models. The production phase for these enhanced vehicles is set to begin midway through this decade.
The proposed new Google ecosystem will incorporate&nbsp;Google Maps, Google Assistant, and&nbsp;a wide range of apps from&nbsp;the Google Play Store. Porsche&nbsp;customers will continue to enjoy&nbsp;the familiar user interface of&nbsp;the Porsche Communication Management (PCM)&nbsp;system, which will constantly receive online updates to ensure its relevance and functionality.
See Also:&nbsp;<a href="https://www.benzinga.com/news/23/10/35483185/gavin-newsom-takes-a-spin-in-teslas-refreshed-model-3-at-chinese-gigafactory-after-praising-rival?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Gavin Newsom Takes A Spin In Tesla&#8217;s Refreshed Model 3 At Chinese Gigafactory After Praising Rival</a>
Oliver Blume, Chairman of the&nbsp;Executive Board of Porsche AG, stated that the objective was to create a seamless digital experience for their customers, in addition to delivering superior design and high performance.&nbsp;
Hiroshi Lockheimer, SVP of Platforms&nbsp;and Ecosystems at Google, expressed enthusiasm over the collaboration, stating that drivers would gain access to the latest Google technologies coupled with Porsche&#8217;s distinguished design and brand.
Why It Matters:&nbsp;This announcement comes as another step in Porsche&#8217;s digital transformation journey. As <a href="https://www.theverge.com/2023/10/30/23938741/porsche-google-built-in-vw-cariad-layoffs">reported </a>by The Verge, Porsche had contemplated adopting Google's software for its in-car infotainment system, amid ongoing software issues at its parent company, Volkswagen.
Despite the challenges presented by the COVID-19 pandemic, Porsche managed to maintain robust business figures for Q3 2023, delivering 242,722 vehicles to customers in&nbsp;the first three quarters of&nbsp;the year.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/23/10/35478357/tesla-signals-strategy-reversal-ford-to-go-slow-on-electrification-nikolas-165m-legal-windfall-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Signals Strategy Reversal, Ford To Go Slow On Electrification, Nikola&#8217;s $165M Legal Windfall And More: Biggest EV Stories Of The Week</a>
Photo by Maqqerso on Shutterstock
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GOOG

Porsche Automobile Holding SE Unsponsored

POAHY

Porsche Announces Expanded Partnership With Google For Enhanced Digital Services In Future Cars

German luxury car manufacturer,&nbsp;Audi AG, owned by&nbsp;Volkswagen AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>), is in talks with&nbsp;SAIC Motor Corp&nbsp;to acquire an electric vehicle platform.
SAIC Motor is a Chinese state-owned automaker. The company plans to take over the EV platform owned by SAIC&#39;s EV unit, IM Motors, reported&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/markets/deals/audi-talks-buy-chinese-automaker-saics-ev-platform-sources-2023-07-12/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Reuters</a>.
The development comes in the wake of Audi&#39;s subpar sales performance in China. It also reflects the pressure on legacy automobile manufacturers to capture a piece of the world&#39;s largest auto market.
The report further noted IM Motors began delivering its first model, the L7 sedan, in June 2022 as a premium EV brand.
Also Read:<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33018511/former-audi-boss-sentenced-in-volkswagen-diesel-scandal-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;Former Audi Boss Sentenced In Volkswagen Diesel Scandal</a>
Audi, so far, has been using Volkswagen&#39;s EV-dedicated MEB platform for models on offer in China, the report added.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/32893843/volkswagens-powerco-targets-green-energy-savings-with-new-battery-cell-manufacturing-process" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Volkswagen&#39;s PowerCo Targets Green Energy Savings with New Battery Cell Manufacturing Process</a>
Price Action: VWAGY shares are trading higher by 1.30% at $17.12 on the last check Wednesday.

Audi In Discussions To Acquire Chinese Automaker SAIC's EV Platform: Report

<ul>
<li>Porsche Automobile Holding SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahf#OTC">POAHF</a>) has overtaken its former parent company,&nbsp;Volkswagen AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>), as Europe&#39;s most valuable automaker.</li>
<li>The shares of the newly listed luxury sports car maker shot up to&nbsp;&euro;93 in Frankfurt on Thursday.</li>
<li>Going by the rise in shares, the&nbsp;sportscar brand commands a market valuation of &euro;85 billion, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/porsche-overtakes-volkswagen-europes-most-valuable-carmaker-2022-10-06/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reported</a>, overtaking Volkswagen.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/09/29068906/porsche-ag-lists-on-frankfurt-exchange-shares-rise" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Porsche With No Brakes - Shares Race Higher In Landmark Frankfurt IPO</a></li>
<li>Volkswagen has taken the second position, valued at &euro;77.7 billion, and the third place is taken by&nbsp;Mercedes Benz Group AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgaf#OTC">MBGAF</a>) with a &euro;57.2 billion valuation.</li>
<li>Porsche started trading in Frankfurt last week&nbsp;after the IPO was&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/09/29026150/porsche-ipo-to-be-priced-at-top-end-of-the-range" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">priced at &euro;82.50</a>.</li>
<li>Price Action:&nbsp;POAHF shares are trading lower by 0.16% at $59.80 on the last check Thursday.</li>
<li>Photo Via Company</li>
</ul>

MERCEDES BENZ GROUP AG by Mercedes Benz Group AG

MBGAF

Porsche Beats Parent Volkswagen To Become Europe's Most Valuable Carmaker All In A Week Of Its Trading Debut

Volkswagen AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) shared plans to list a minority stake in the Porsche sports-car maker in 2022 amid inflation and the Russia-Europe energy standoff,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/porsche-ipo-plans-progressing-no-decision-yet-vw-cfo-2022-09-05/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Reuters reports</a>.
VW weighed an initial public offering between September and October, making way for one of Europe&#39;s leading IPO.
Investors&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/08/28665349/porsche-ipo-commands-valuation-of-up-to-85b-amid-global-headwinds-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">expect a valuation</a>&nbsp;between &euro;60 billion and &euro;85 billion ($60 billion to $85 billion),&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/articles/volkswagen-to-list-porsche-in-one-of-biggest-ipos-in-years-11662413312" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">the Wall Street Journal reports</a>, marking a sharp contrast to the falling valuations of other luxury carmakers like Aston Martin and Ferrari.
VW split Porsche&#39;s stock into 50% ordinary shares and 50% nonvoting preferred stock.
VW looks to list Porsche on the Frankfurt Stock Exchange and offer 25% of Porsche&#39;s preferred stock to private investors.
The Porsche family heirs, who own a majority stake in VW, will purchase 25% plus one share or voting stock through their listed family investment fund,&nbsp;Porsche Automobile Holding SE&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/poahf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">POAHF</a>).
Porsche SE has agreed to purchase the shares at the IPO price plus a 7.5% premium bagging effective control over major strategic decisions on the board and in shareholder meetings.
The Qatar Investment Authority looks to acquire 4.99% of Porsche&#39;s preferred stock, becoming a cornerstone investor.
VW, which will continue to hold the remainder of Porsche&#39;s stock, will distribute 49% of the proceeds from the IPO and the private placement to VW shareholders in the form of a special dividend. VW would likely pay the dividend in 2023.
Investors cautioned against selling nonvoting shares to the public, making it difficult for VW to get top dollar for the sports car maker. Investors feared insiders continuing to exercise control over the company at the expense of private investors.
Investors also feared Oliver Blume&#39;s&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/07/28172924/volkswagen-appoints-oliver-blume-as-chairman" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">dual role as</a>&nbsp;CEO of both VW and Porsche could trigger conflicts of interest. Earlier, VW CFO Arno Antlitz assured immense investor appetite and capital for an IPO.&nbsp;
Volkswagen is also amid an expensive transition to electric vehicles akin to its peers. VW has been losing its share in its biggest market due to poor handling of the chip crisis and lack of digital features.
Price Action:&nbsp;POAHF shares traded higher by 0.55% at $69.92 in the premarket on the last check Tuesday.
Photo via Wikimedia Commons

IPOs

Volkswagen Goes Ahead With Porsche IPO, Defying Odds

On CNBC&rsquo;s &ldquo;<a href="https://www.cnbc.com/video/2022/02/09/final-trades-amd-cme-group-porsche-more.html">Halftime Report Final Trades</a>,&rdquo; Joseph Terranova of Virtus Investment Partners named Advanced Micro Devices, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amd#NASDAQ">AMD</a>) as his pick. &ldquo;AMD has been a fun stock to trade the last year and candidly something that I&rsquo;ve been comfortable with and done well at it,&rdquo; he added.
Terranova mentioned that he had bought more shares of Advanced Micro Devices on Jan.&nbsp;31, when the price was &ldquo;a little bit below $110.&rdquo; He added to that position on Tuesday and plans to use a stop at $116.75, so that &ldquo;a winning trade can&rsquo;t turn into a losing one.&rdquo;
Karen Firestone of Aureus Asset Management chose CME Group Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cme#NASDAQ">CME</a>) as her pick, following its &ldquo;very strong quarter.&rdquo; The company is poised to benefit from the Fed&rsquo;s rate hike.
Around 30% of the company&rsquo;s business is futures and that business grew 50% the last time the Fed tightened, Firestone mentioned. CME Group has strong cash flows, offers a 4% dividend yield and have futures on <a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment/">bitcoin</a> and ether, she added.
Stephen Weiss of Short Hills Capital Partners named Porsche Automobil Holding (OTCPK: POAHF) as his pick, while Jon Najarian chose US Foods Holding Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usfd#NYSE">USFD</a>).

Long Ideas

USFD

CNBC's Final Trades: Advanced Micro Devices, Porsche, US Foods And This Derivatives Exchange

Volvo ADR (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vlvly#OTC">VLVLY</a>), owned by Geely Automobile Holdings Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyf#OTC">GELYF</a>),&nbsp;has <a href="https://www.media.volvocars.com/us/en-us/media/pressreleases/277409/volvo-cars-to-be-fully-electric-by-2030">announced</a> plans to become a fully electric vehicle&nbsp;company by 2030.
What Happened: Volvo&nbsp;launched its first fully EV, the XC40 Recharge, in select global markets last year. Volvo&rsquo;s&nbsp;second fully EV, the C40 Recharge,&nbsp;is being previewed for the media today for release later this year.
The company&nbsp;stated in a press release that half of its global sales will consist of&nbsp;EVs&nbsp;by 2025, with the rest hybrids, and all vehicles will be fully electric within nine years. The company also plans to only sell its EVs&nbsp;online.
&quot;There is no long-term future for cars with an internal combustion engine,&quot; said Henrik Green, chief technology officer. &quot;We are firmly committed to becoming an electric-only car maker and the transition should happen by 2030. It will allow us to meet the expectations of our customers and be a part of the solution when it comes to fighting climate change.&quot;
Why It Matters: Volvo is the latest automobile manufacturer to switch its entire product line&rsquo;s future into EVs, following General Motors Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) and Tata Motors Limited ADR&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ttm#NYSE">TTM</a>)&nbsp;down the road away from the gas pump.
Elsewhere in the automotive industry, Ford Motor Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) plans to invest $1 billion in an EV&nbsp;production facility in Germany&nbsp;to make all of its European-based vehicles electric by 2030, while Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) owned by Porsche Automobil&nbsp;Holding SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahf#OTC">POAHF</a>), plans to have 70 EVs on the market by 2030.
Related Link: <a href="https://www.benzinga.com/topic/electric-cars">Find out more about EVs on Benzinga.</a>
(Photo courtesy Volvo.)

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