Ferrari CEO Louis Camilleri has cut a long-term profit goal set by his predecessor Sergio Marchionne, a month after calling it "aspirational." The CEO now expects earnings in a range of 1.8 billion to 2 billion euros in 2022, down from the old target of 2 billion euros.
Ferrari's new boss, Louis Camilleri, must convince investors that the automaker can live up to his predecessor Sergio Marchionne's goals of doubling core earnings by 2022 and introducing an SUV to the traditional supercar lineup.
VW Group CEO Herbert Diess said the automaker's plan to launch 80 new EVs across its brands including Audi, Porsche, Skoda and Seat, and offer an electrified version of each of its 300 group models will cost more than the $23 billion originally estimated.
European vehicle registrations soared in August as automakers rushed to move stock ahead of the introduction of the WLTP testing regime but high discounts mean many cars were sold with minimal or no profit.
Daimler CEO Dieter Zetsche has dialed back from earlier forecasts for EV sales at the unveiling of the Mercedes EQC SUV, the first model from the company's electric EQ subbrand. Zetsche initially predicted that demand for electric cars would account for up to 25 percent of Daimler's vehicle sales by 2025.
Mike Manley took the helm at Fiat Chrysler just four days before the death of former CEO Sergio Marchionne. That same day Manley had to present FCA's disappointing second-quarter results and lower annual profit goals.
Aston Martin CEO Andy Palmer says he intends to float the company by the end of the year, completing a turnaround after new models and a sales surge helped the brand to return to profitability following chronic losses.
Ford is tapping 47-year-old Jim Baumbick to steer a new Enterprise Product Line Management group, which will study customers and help develop more appealing products as the company overhauls its lineup.
Continental's disappointing sales in China and Europe forced the car-parts maker to cut its revenue forecast. In addition, spending on new technology is weighing on profitability. Shares plunged the most since 2009.