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NEW YORK (Reuters) - Activist investment firm Starboard Value has taken a new position in KAR Auction Services, the firm’s founder Jeffrey Smith said at a conference on Tuesday. He called the company’s valuation “compelling” at the 13D Monitor Active-Passive Summit. “We believe KAR is a tremendous opportunity,” Smith said, adding that he thinks there is plenty of room for margin improvement and expects that portions of the business can be spun off in the near term.
Last year, KAR said it would spin out a salvaging business, allowing Starboard’s investment to focus on the company’s used car auctions, “They are not commodities, it’s not easily replicable,” Smith said, “They are not tubes of toothpaste.”, The stock rose 6 percent in premarket trading after Smith spoke, Smith added that the total number of cars on the road have been increasing and that vehicles have been lasting longer, “That’s good for the used car market,” he rose gold caged rotor cufflinks said..
KAR considered going private in 2012, Reuters reported at the time. The auto auction company had been taken private once before in 2007 in a $3.7 billion deal, and then went public in 2009. There had been confusion recently over whether or not KAR’s salvage business would be spun out. “That led to the opportunity for us to buy a bunch of stock,” Smith said. But KAR recently received a private letter ruling from the U.S. Internal Revenue Service deeming the spin-off as tax free and allowing the company to move forward with its plans.
Smith also discussed the firm’s position in healthcare information company Cerner Corp where the hedge fund reached a settlement and obtained board seats last week, Smith said that a refreshed board, commitments to buy back more shares and to reach for more aggressive targets will serve the company well, The company’s stock price rose 10 percent last week when the settlement was announced, During the first quarter of 2019, Starboard was the most rose gold caged rotor cufflinks active activist investment firm, starting seven new campaigns that pushed for change at companies ranging from Bristol-Myers Squibb Co to pizza chain Papa Johns..
BEIJING/DETROIT (Reuters) - It took one 330 kilometer trip from Chongqing to Chengdu in his Nio ES8, a seven-seater all-electric SUV, for its owner Wang Haichun to be consumed with buyer’s remorse. Despite being billed as capable of going 335 km on a single full charge, the ES8 didn’t get anywhere near that when driving on freeways at speeds above 100 km per hour (60mph), he said, adding that after 180 km, there was only 50 km of range left. “We had to recharge the car once and drove with a high level of anxiety throughout, constantly having to keep an eye on the range meter,” the 44-year-old manager of a property firm said. Toward the end of the trip, he shut off the air conditioner and audio system to preserve power.
“I wouldn’t want to do that kind of trip again – ever.”, So unhappy was Wang, who paid 481,000 yuan ($71,700) for the vehicle, he sold it, He and his wife have since bought a Lexus NX300h gasoline-electric SUV, Asked to comment on Wang’s experience, Nio Inc said in an e-mailed statement the ES8 can travel more than 200 km when constantly driven at a 100 km per hour and that battery rose gold caged rotor cufflinks swap stations are available for quick recharging, The statement did not address Nio’s advertising of 335 km on a single full charge..
In real world conditions, all-electric cars can sometimes fall far short of advertised ranges, car engineers say. That’s particularly so when driving at length on freeways or hilly terrain and in hot or cold weather. The problem adds to drawbacks which have hindered wider acceptance - EVs have shorter driving ranges than gasoline vehicles anyway, are more expensive and take a long time to recharge. China, Europe and the U.S. state of California have set ambitious requirements for automakers to dramatically increase EV sales over the next 5-10 years, but those goals are at risk unless EVs can come close to matching gasoline engine cars in cost and ease of use.
In China, the country most aggressively pursuing the adoption of EVs and home to the world’s largest auto market, some of the industry’s biggest names believe pure battery electric cars will be as cheap as gasoline counterparts by 2025, Those making that prediction include Ouyang Minggao, executive vice president of the EV100 forum, a think tank which is widely seen as the de facto voice of government policy, “The turning point is coming, We believe that around 2025, the price of rose gold caged rotor cufflinks pure electric vehicles will achieve a big breakthrough,” he said in a speech in January..