Porsche and UP.Labs plan to build tailormade startups

07.06.2022: Sports car manufacturer strives to create new companies that support its core business Porsche is expanding its venturing network by collaborating with UP.Labs, a new model for fostering innovative startups. The Stuttgart-based sports car manufactu

Sports car manufacturer strives to create new companies that support its core business

Porsche is expanding its venturing network by collaborating with UP.Labs, a new model for fostering innovative startups. The Stuttgart-based sports car manufacturer has agreed with the US company on a three-year cooperation aimed at establishing six companies from 2023 to 2025 with new business models in various areas of mobility. The startups’ focus will revolve around Porsche’s core activities.

For example, these could involve predictive maintenance, supply chain transparency or digital retail. Porsche is investing a sum in the double-digit millions for this purpose. The startups will be minority owned by Porsche, with the option to purchase them entirely after three years. Development is already underway for the first two startups, to be founded before the end of 2022.

“We want to strengthen our existing, broad-based startup ecosystem with an external growth engine,” says Lutz Meschke, Deputy Chairman of the Executive Board of Porsche AG and Member of the Executive Board for Finance and IT.

“Through UP.Labs, Porsche secures access to international talents and their know-how. The aim is to further enhance Porsche’s position in the current transformation phase of the automotive industry in the long term. Above all, we strive for new sources of innovation.” Porsche has been active since 2016 in identifying and taking stakes in around 40 startups with new business models and new technologies.

What sets this new collaboration apart is that UP.Labs will work directly with Porsche to develop startups tailored to the Porsche business. Porsche then has the option to integrate them into the organisation. “The concept combines the advantages of free startup development on the market – for example, through the participation of all employees in the company’s success – with the direct involvement of our employees and a close link to Porsche,” explains Lutz Meschke.

Los Angeles-based UP.Labs has designed a new type of venturing platform. This is underpinned by what co-founder and CEO John Kuolt describes as “a new model and incentives structure for capturing all of the agility and innovation of startups alongside the scale and resources of an enterprise.”

The US team consists of proven entrepreneurs, product leaders and technologists with a record of co-developing numerous successful ventures in collaboration with corporate partners. As of their official launch on June 7th, the UP.Labs team is now pursuing this concept with Porsche as the first integral partner.

UP.Labs is being launched as part of a consortium of companies alongside UP.Partners, all focused on accelerating the future of mobility. The recently announced UP.Partners ecosystem includes a $250 million Venture Capital Fund I that will invest in the companies launched by UP.Labs.

“As one of the pioneers of sustainable mobility, Porsche is actively searching for new solutions with courage and drive,” emphasises CFO Lutz Meschke. “UP.Labs’ approach combines Porsche’s capabilities with external market incentives to build exciting business models for the benefit of the company.”

Stefan Mayr-Uhlmann- photo Porsche
 

Goodyear to participate in Deutsche Bank’s Global Auto Industry Conference

07.06.2022

The Goodyear Tire & Rubber Company said today it will participate in a fireside chat during Deutsche Bank’s Global Auto Industry Conference on June 14, 2022, at 10:15 a.m. EDT.Emmanuel Ro more >>

Porsche participates in further Rimac funding round

02.06.2022

Sports car manufacturer invests an eight-figure sumTaycan Turbo S Sport Turismo: Electrical consumption combined: 26,3 kWh/100 km (NEDC); 24,0 – 22,5 kWh/100 km (WLTP); CO2 emissions combined: 0 g/km (NEDC); 0 g/km (WLTP); Electric more >>

MG surpasses previous annual car sales in first five months of 2022

01.06.2022

MG Motor UK surpasses previous annual sales figure in just five months, with 18,800 new vehicles registered so farRecord sales figures reflect the brand’s upward trajectory in the UKAffordable, value-driven range of petrol, hy more >>

Automobili Lamborghini’s growth continues

11.05.2022

Turnover and Operating Profit up in Q1 2022Following on from an incredibly successful 2021, in which Automobili Lamborghini recorded its best-ever performance in terms of turnover and profitability, the first quarter of 2022 closed with continuing growth in more >>

Porsche increases sales revenue and operating profit

05.05.2022

Return on sales in first quarter grows to 18.2 per centPorsche AG demonstrated a robust performance at the start of the year. In the first three months of 2022, the company increased both its sales revenue and its operating profit compared to the first quarter more >>

Audi Group closes strong first quarter

05.05.2022

   CFO Rittersberger: “Premium brand group decisively responding to current challenges.”        Record first-quarter operating profit and operating return on sales of 24.3 percent also thanks to support from raw material hedging transactions        Lamborghini, Bentley, and more >>

BMW Group – Strong increase in earnings and margin following full consolidation of China joint venture

05.05.2022

Zipse: “Strength and resilience of BMW Group particularly evident in challenging environment” –  Group EBT rises to € 12.2 billion –  Free cash flow of € 4.8 billion in auto segment –  BEV sales increased by almost 150% – Guidance confirmed despite high volatility more >>

Stellantis Reports 12% Increase in Q1 2022 Net Revenues

05.05.2022

First Quarter 2022 Shipments and RevenuesFull-Year Guidance Confirmed
 

 
• Net revenues of €41.5 billion, up 12% compared to €37.0 billion for Q1 2021 Pro Forma(1) reflecting strong pricing and veh more >>

Volkswagen improves cost efficiency and economic efficiency in a tough environment

04.05.2022

 First quarter of 2022: operating result increases to EUR 513 million  Operating return on sales rises to 3.4 percent  Electric mobility strategy on track: 74 percent more all-electric cars delivered  Demand remains high – backlog of orders at all-time high   more >>

American Honda April Sales Limited by Supply Constraints

04.05.2022

    American Honda April sales top 93,000 units, despite difficult supply constraints    HR-V scored a 15th straight monthly sales record, with sales of 13,785 units    Honda passen more >>

BMW Group and Mercedes-Benz Mobility intend to sell their car-sharing joint venture SHARE NOW to Stellantis

03.05.2022

Two strong pillars: BMW Group and Mercedes-Benz Mobility further develop mobility joint ventures in a targeted manner- Strengthening multi-mobility: FREE NOW as the leading multi-mobility app in Europe will continue to grow- The joint venture for electric charg more >>

Kia announces April 2022 global sales results

03.05.2022

    April global sales at 238,538 units, down 5.8% y/y    Sales outside of Korea recorded 188,443 units, down 6.8% y/y    Sales in Korea recorded 50,095 units, down 2.0% y/y    Kia to continue creating sales momentum and enhancing profitability through new models, such as the Kia EV6 more >>

Venture capital deals value in advanced batteries skyrocket 850% YoY in 2021, finds GlobalData

27.04.2022

Advanced batteries, which are sophisticated versions with superior properties, are grabbing attention in accelerating the commercialization of electric vehicles (EVs). Against the backdrop, the value of venture capital (VC) deals in advanced batteries shot up by 850% year-on-year (YoY) in 2021 with focus on lithium chemistries, reveals GlobalData, a leading data and analytics company. more >>

Goodyear South Africa appoints new Managing Director

26.04.2022

Richard Fourie is appointed to the helm in Goodyear South AfricaGoodyear South Africa has appointed Richard Fourie to the position of Managing Director effective from April 2022. Richard takes over from Piotr Czyzyk who led the company for two years.With over 25 years of management and leadership experience from variou more >>

Ducati continues its growth trend, record first quarter 2022

15.04.2022

    13,450 motorcycles delivered to passionate customers worldwide during the first three months of 2022, up by 5% compared to 2021    Italy is again the leading market for Ducati with 2,544 motorcycles more >>

Tesla boss Elon Musk wants to take over Twitter

14.04.2022

Elon Musk, the boss of electric car manufacturer Tesla, announced on Thursday (14.4.) an offer to buy all the shares of the short news service Twitter. He holds just over nine per cent so far.Tesla boss Elon Musk is launching a spectacular t more >>

A record-breaking first quarter for Lamborghini: the best ever

14.04.2022

Winkelmann: “Every month the orders we take outstrip our production”Lamborghini continues to soar in the first quarter of 2022, with a total of 2,539 vehicles delivered globally, making Q1 the company’s best-ever quarter. T more >>

BMW Group steps up rapid pace of growth in electromobility and more than doubles sales

12.04.2022

…of fully-electric vehicles in first quarter- BMW Group sells total of 596,907 units in Q1 – US market up 3.7% with 80,590 BMW and MINI vehicles sold – First-quarter BEV sales climb 149 percent – Pieter Nota: “Our focus is on ramping up electromobility. We are fully on track to meet our ambitious growth targets for full more >>

MG Motor UK breaks more sales records in Q1

07.04.2022

    MG Motor UK builds on record-breaking 2021 with stellar Q1 sales results    Brand’s sales for first three months of the year exceed those for the whole of 2019    Figure represents growth of 124.6 percent year-on-year    MG Motor UK remains the nation’s fastest-growing mainstr more >>

Everrati adds bespoke finance offering through JBR Capital for its range of electrified classics

05.04.2022

    Leading creator of redefined electric icons working with top high-end automotive financer    Both individuals and businesses can now arrange tailored finance for an Everrati product through JBR Capital more >>

Thomas Schäfer named new Chief Operating Officer at Volkswagen brand

04.04.2022

New Volkswagen COO: Thomas Schäfer  Schäfer appointed new CEO of the Volkswagen brand effective July 1, 2022 and joins the Group Board of Management  K more >>

Yanmar Acquires Majority Ownership in Battery Technology Company ELEO

04.04.2022

Yanmar Holdings Co., Ltd., a privately held multi-billion dollar multinational company headquartered in Osaka, Japan, today officially announced it has acquired a majority share in ELEO Technologies B.V., a fast-growing battery technology company based in Helmond, the Netherlands. more >>

American Honda Posts Strong March Sales with Slight Improvement in Product Supply

02.04.2022

    American Honda sales near 110,000 units, best since August 2021, on improved supply and sustained demand
    Honda sets new monthly record for electrified vehicles on strong sales of CR-V Hybrid and Accord Hybrid    HR-V scored a 14th straight monthly sales record as March sales more >>

Stellantis Signs Binding Agreements with European Financing Partners

02.04.2022

After having entered into exclusive negotiations on December 17, 2021, Stellantis N.V. today announced the signing of binding agreements with BNP Paribas Personal Finance (“BNPP PF”), Crédit Agricole Consumer Financ more >>

Kia announces March 2022 global sales results

01.04.2022

    March global sales at 250,646 units, down 0.9% y/y    Sales outside of Korea recorded 205,580 units, up 1.8% y/y    Sales in Korea recorded 45,066 units, down 11.7% y/y    Kia to continue creating sales momentum and enhancing profitability through new models, such as the all-new Nir more >>

BMW Financial Services North America Appoints New CEO

01.04.2022

BMW Financial Services NA, LLC announced today that Birgit Boehm would succeed Stefan Richman as the CEO of BMW Group Financial Services in the U.S. and Region Americas, effective April 1. more >>

Global automakers earmark nearly US$600bn for EVs over next decade, finds GlobalData

01.04.2022

Aggressive emission and carbon neutrality targets set by regulators worldwide entails a faster transition from traditional automakers to next-gen electric vehicle (EV) manufacturers. Therefore, automakers are committing operational investments of nearly US$600bn more >>

Goodyear Ventures expands portfolio with Nova Labs investment to advance connected mobility on the helium network

31.03.2022

The Goodyear Tire & Rubber Company announced that its venture capital arm, Goodyear Ventures, has added Nova Labs, formerly Helium Inc., to its growing investment portfolio.Nova Labs is the pioneer of dec more >>

Suzuki Motor to fortify Indian presence with new EV investments, observes GlobalData

21.03.2022

Following the news that Suzuki Motor plans to invest INR104.4bn (US$1.37bn) in its Indian factory to produce electric vehicles (EVs) and batteries;Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, a leading data and analytics company, offers his view: more >>

SAIC joins league of global automakers with US$43bn investment in next-gen mobility, observes GlobalData

15.03.2022

Following the news that Chinese automaker SAIC Motor plans to invest US$43bn in advanced technologies through 2025;Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, a leading data and analytics company, offers his view: “The move comes as a m more >>

BMW Group acquires the ALPINA brand – Expanding the portfolio

10.03.2022

– Pieter Nota: “Top-quality car cachet” – Long-term future of ALPINA brand secured – Andreas Bovensiepen: “This marks the beginning of a new chapter for ALPINA and BOVENSIEPEN” – Existing cooperation agreement expires at end of 2025 – New direction at Buchloe site more >>

BMW Group Investing More Than $200 Million to Add New Press Shop at South Carolina Plant

03.03.2022

– Press Shop Will Add More Than 200 Jobs – Three-Year Construction Project Will Start Production in 2024   BMW Group will invest more than $200 million to construct a 219,000 square foot press shop at its South Caro more >>

Supply Issues and Winter Storm Landon Constrain American Honda February Sales Momentum

01.03.2022

    Multiple supply issues and Winter Storm Landon disrupt progress in improving vehicle inventory

 
    Customer demand remains strong with nearly 60% of vehicles en route to dealers pre-sold more >>

Authentic Brands Group Finalizes the Acquisition of Reebok

01.03.2022

Authentic Brands Group (ABG) today announced that it has completed the acquisition of Reebok from adidas. As it ushers in its largest acquisition to date, the global brand development, marketing and entertainment company is charting a new path for Reebok.&ldquo more >>

Laurent David is appointed Senior Vice President, Controller, Renault Group

28.02.2022

As of March 1, 2022, Laurent David, currently Chief Financial Officer for Dacia and Lada brands, has been appointed Senior Vice President, Controller, Renault Group. He becomes a member of Renault Group Corporate Management Committee and will report to Thierry Piéton, Chief Financial Officer, Renault Group. more >>

Stellantis Employees Benefit from Company’s 2021 First Full Year Financial Results

24.02.2022

    In all countries where Stellantis is present, employees1 benefit from the Company’s results in first year     €1.9 billion redistributed, €770 million more than the cumulative amount redistributed last year by each of the previous legacy companies, representing 70% increase &nbsp more >>

Stellantis Full Year 2021 Results

24.02.2022

Stellantis Posts Record Results in its First Year with 11.8% AOI Margin(1)(2) and €13.4 Billion Net Profit(1), on a Pro Forma basis    Net revenues (1) of €152 billion, up 14%    Adjusted operating more >>

Renault Group exceeds its 2021 targets and accelerates its Renaulution strategy

19.02.2022

    2021 financial outlook largely exceeded:        2021 operating margin: 3.6% (vs. operating margin outlook of the same order as H1 2021 ie 2.8%) reaching, 2 years ahead of schedule, the Renaulution objective of an operating margin above 3% in 2023      &n more >>

Goodyear to participate in Wolfe Research Virtual Investor Conference

19.02.2022

The Goodyear Tire & Rubber Company said it will participate in a fireside chat during Wolfe Research’s 2022 Global Auto, Auto Tech and Mobility Conference on Feb. 24, 2022, at 3:50 p.m. EST.
Rod Lache, managing director at Wolfe Resea more >>