Connect with us

Cars

Nokia sets out major job cuts but steps up 5G push

Published

on

Finnish telecoms giant Nokia says a big cost-cutting program unveiled today will save it €700m ($799m) by the end of 2020 and result in substantial job cuts.

Alongside the cost reductions, Nokia is stepping up efforts in 5G mobile radio products and creating a new Enterprise business unit to bring together fast-growing activities under current chief strategy officer Kathrin Buvac.

“Our early progress in 5G is extremely strong, we continue to increase our investment in this critical technology, and our win rate for new deals suggests that we are in a very good competitive position,” Rajeev Suri, president and CEO, said in a statement.

Reporting a 27 percent drop in profits in its latest quarterly period ending September 30, from €668m a year ago to €487m in line with expectations, Nokia said cost savings will come from areas including significantly reduced central support functions, cross-company activities, R&D in legacy products, and real estate.

According to Nokia, these planned changes are expected to result in a net reduction of employees globally.

“Even if these actions are right for our business, we do not take them lightly given the expected impact on our employees,” Suri said.

SEE: IT pro’s guide to the evolution and impact of 5G technology (free PDF)

The company has already been cutting costs resulting from its 2016 €15.6bn merger with French networking giant Alcatel-Lucent. Cost reductions from that deal are due to amount to €1.2bn and be completed this year.

“With the successful Alcatel-Lucent integration and cost-saving program soon to be behind us, we are taking steps to accelerate the execution of our strategy and sharpen our customer focus,” Suri said.

Nokia’s third-quarter net sales came in at €5.5bn ($6.27bn), slightly above expectations.

More than half of Nokia’s profits still come from its patent holdings, a legacy of the company’s mobile-phone past. In that context, Nokia also today announced that its patent license deal with Samsung is being extended.

Nokia has just reported its Q3 and January-September 2018 and non-IFRS results.


Image: Nokia

Previous and related coverage

Nokia secures €500m loan for 5G R&D, demos Massive MIMO 5G with Sprint

Nokia has demonstrated 5G Massive MIMO technology with Sprint in the US, with the networking giant also securing €500 million in funding from the European Investment Bank to accelerate its 5G R&D.

Nokia reports €613m loss after Alcatel-Lucent acquisition

The Finnish company has recorded a €613 million quarterly loss, though net cash was up by 76 percent off the back of Nokia’s Alcatel-Lucent acquisition.

Alcatel-Lucent to merge with Nokia for €15.6 billion

Finnish and French networking giants Nokia and Alcatel-Lucent will merge under a deal worth €15.6 billion to form Nokia Corporation.

Alcatel-Lucent CEO to gain €14m from Nokia merger

With the pending merger of Alcatel-Lucent and Nokia, the CEO of the French company has come under fire by local governing bodies after it was revealed he is set to pocket €14 million when the deal is finalised.

Nokia targets 5G future with new chipsets that boast 3x capacity TechRepublic

Nokia’s new chips incorporate AI to reduce the size and power use of MIMO antennas and will be available in Q3 2018.

5G smartphones are coming. Here’s a (probable) list of them CNET

The 5G revolution is nearly upon us. Here’s when to expect super fast 5G phones from heavy-hitting phone makers.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cars

Ford reveals the Mustang Mach-E EV for police testing

Published

on

Ford has been building cars used by police departments and other law-enforcement agencies around the country for many years. In the past, its Mustang with the 5.0 liter V-8 and the Crown Victoria, among other Ford vehicles, were widely used as police cars. Many police agencies are pushing towards automobiles that get better fuel economy and pollute less.

To meet the demand for zero-emissions police vehicles, Ford has submitted the all-electric Mustang Mach-E for testing with the Michigan State Police. Ford is exploring fully electric vehicles built specifically for police as part of its $30 billion investment in electrification through the year 2025.

Ford is aiming to demonstrate that its electric vehicle can deliver impressive performance and operate on demanding police duty cycles. The all-electric police vehicle is based on the 2021 Mustang Mach-E. It will be part of the 2022 model year Police Evaluation performed by the Michigan State Police on September 18 and 20th.

Ford says that the pilot program is going to be used as a testing benchmark as it explores purpose-built electric police vehicles for the future. The automaker expects that demand for green zero missions police will continue to grow. Previously Ford revealed a Mach-E police car for the United Kingdom.

As regulations tighten for emissions around the world, many police departments and law-enforcement agencies will be forced to seek green patrol vehicles. One potential downside to an electric vehicle for police work is long charge times and short driving ranges in pursuit situations. However, despite its drawbacks, electric vehicles offer impressive performance. It would be no surprise to see the Mach-E police car record the best performance of all vehicles in the test.

Continue Reading

Cars

The NTSB is probing another fatal Tesla crash

Published

on

Over the years, there have been multiple accidents involving Tesla vehicles that were allegedly operating on Autopilot at the time. Autopilot is Tesla’s semi-autonomous driver assistance tech. To use Autopilot, drivers are supposed to keep their hands on the wheel, but some owners have found ways to defeat that system.

Recently police in Coral Gables, Florida, were called to the scene of an accident involving a Tesla Model 3. The accident occurred on Monday evening of this week and happened in a residential area. According to police, the vehicle was using the Autopilot system at the time of the accident.

After the Model 3 crashed, its battery packs caught fire, and the two deceased occupants were badly burned. The bodies were damaged enough that they haven’t been positively identified at this time. The fatal accident occurred when the Model 3 impacted a tree. After that impact, there was a fire.

The NTSB has confirmed that it has sent three investigators to the area to look into the cause of the fire. This accident isn’t the first allegedly involving Tesla’s Autopilot system that NTSB has investigated. Previously, the NTSB also investigated an accident involving a Tesla that happened in Texas in April.

In that particular accident, police believe no one was in the driver’s seat. Some Tesla owners have discovered how to activate autopilot without being in the driver’s seat. In August, the NHTSA opened a formal probe into Tesla automobiles and its Autopilot driver assistance system after 11 crashes involving Autopilot-equipped vehicles and police and fire vehicles. There have been 11 crashes involving Tesla’s that have led to the death of occupants since 2016. Whether or not autopilot is at fault is unknown.

Continue Reading

Cars

Chevrolet Bolt production stoppage extended until mid-October

Published

on

GM has announced that it will extend its production stoppage for the Bolt electric vehicle through at least mid-October. The announcement marks an extension of its production stoppage announced in late August due to a massive battery recall for the electric vehicle. The defective battery packs have caused 12 fires.

Most recently, a Bolt caught fire in the owner’s garage, destroying the vehicle, damaging the home, and causing damage to another vehicle stored in the garage at the time. GM has confirmed that Bolt production at the Orion Assembly plant will not commence until at least October 15. The massive battery recall has already cost around $2 billion, and GM says it will recover most of that money from battery supplier LG.

Chevrolet’s latest production stoppage for the Bolt comes in the middle of a massive chip shortage that has forced production on other vehicle assembly lines to stop. Sales and production of the Bolt won’t begin until the automaker has a confirmed fix for the battery issues.

An investigation laid the blame on misaligned robots at the battery assembly factory. According to that report, the misaligned robots caused a torn anode tab placing it closer to the cathode leading to short-circuiting and fires. After another fire that happened this month, GM issued a new warning to owners of the small electric vehicle.

The new warning tells Bolt owners to keep their vehicles at least 50 feet away from homes, offices, and other vehicles. Unfortunately, it’s highly unlikely that any owner who heeds the warning and parks 50 feet away from homes or offices would be able to charge their vehicle, essentially making them useless until a fix is available. Defective battery packs have led to three injuries and multiple fires.

Continue Reading

Trending