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

2022 BMW M8 Competition range revealed with bigger screens and better lights

Published

on

German automaker BMW has updated its 2022 M8 Competition sport-luxury car. You can still get an M8 Competition in three body styles (2-door Coupe, 2-door Cabriolet, and 4-door Gran Coupe), sharing the same 4.4-liter twin-turbocharged V8 engine with 617 horsepower and 553 pound-feet of torque.

Images: BMW AG
(more…)

Continue Reading

Cars

Tesla Cybertruck delayed again plus Elon Musk squashes $25k EV rumors

Published

on

Tesla closed out 2021 with a bumper year, besting Q4 estimates and pushing EV deliveries past 300,000, though Elon Musk tempered hopes for the arrival of the Cybertruck and more affordable models. Revenue in the year as a whole grew 71%, Tesla announced, describing 2021 as “a breakthrough year” for the automaker, but some of the most anticipated electric vehicles are still some way out.

Tesla

No Tesla Cybertruck until 2023

The most conspicuous project that Tesla has underway is undoubtedly the Cybertruck. The oddly-shaped all-electric pickup proved controversial when Elon Musk first revealed it, and glimpses of development prototypes in the intervening years haven’t dimmed its ability to polarize opinion. Undoubtedly the most frequently-asked question, however, is when Tesla actually might put the Cybertruck into production.

Tesla

Tesla’s investor deck continues with the same, vague timeline as has been stated in previous releases. “We are making progress on the industrialization of Cybertruck, which is currently planned for Austin production subsequent to Model Y,” the automaker says.

Speaking on the investor call, however, Musk confirmed that the Cybertruck wouldn’t go into production this year. The primary focus for Tesla, the CEO explained, would be ramping production of its existing models, like the popular Model 3 and Model Y. They’re still in strong demand, with orders for some configurations of Model Y not expected to be delivered until August 2022.

Tesla Cybertruck pricing

Tesla screenshot by SlashGear

For the Cybertruck, there are still technological hurdles to be worked through, Musk admitted. The automaker is also still trying to figure out how to make it affordable: there was widespread surprise when Tesla announced the full-size electric pickup would have a starting price of around $40,000 when it began taking reservations in late 2019. For the moment, Musk said, the hope is that production can begin sometime in 2023.

Don’t expect the Tesla Roadster any time soon, either

What goes for the Cybertruck, also goes for Tesla’s rebooted Roadster. Also the spur of no shortage of reservation deposits – or the full $250,000 apiece in advance for those wanting one of the first 1,000 “Founder’s Series” cars – the Roadster was originally intended to go into production in mid to late 2021. That was delayed to 2022, and then to 2023.

Tesla Roadster

Tesla

The good news is that it’s still, apparently, on track for that timescale, though as Tesla feels the impact of the supply chain issues affecting the whole auto industry that could still change in the meantime. Chip constraints were name-checked by Musk as being a primary bottleneck for 2021 production of its cars, arguing that if Tesla tried to introduce new models in 2022 it would only have the overall impact of cutting total production output. The need to assign resources to new models would take away from the ability to build cars like the Model 3 and Model Y, he pointed out.

Engineering and tooling-up for the upcoming Tesla models may still begin in 2022. However they won’t go into production until 2023 at the earliest.

The $25,000 Tesla isn’t happening

Tesla line-up

Tesla

Though Tesla hasn’t been affected by the “market adjustments” that have seen dealers of other brands add thousands or even tens of thousands to the sticker price of a new car, it’s clear that the EV-maker is still focused on the trims with the biggest profit margins. Despite previous chatter of a $25,000 Tesla that could undercut even the most affordable Model 3, Musk says that’s simply not on the cards.

“We have too much on our plate,” the CEO said during the investor call.

The reality is, while Tesla has been surprisingly well placed for dealing with the supply chain crunch – including making admirable use of existing chip supplies by reprogramming its software to suit – like most car companies it can’t build as many as it would like to. Focusing on maximizing the return on each vehicle is the inevitable result, not only by prioritizing the more expensive configurations, but on post-sale software enhancements too. Indeed, “over time, we expect our hardware-related profits to be accompanied with an acceleration of software-related profits,” the investor deck points out.

Continue Reading

Cars

This carbon 3D-printed Rolls-Royce Cullinan is a $500,000 upgrade

Published

on

The Cullinan is the Rolls-Royce of SUVs, so what does this make 1016 Industries’ carbon-fiber, 3D-printed Cullinan? You can call it anything you like, but it is indeed a dignified way to go sporty. We highly prefer it over the quirky Mansory Rolls-Royce Cullinan unveiled last year for the 50th founding anniversary of the United Arab Emirates, and it’s all thanks to the crafty use of 3D printing for the details.

Images: 1016 Industries
(more…)

Continue Reading

Trending