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(Reuters) - General Electric Co said on Wednesday it would fold its battery storage and electrical grid units into its wind turbine and hydropower business to cut costs, speed decision-making and cater to surging demand for renewable power. The announcement, a day before GE was due to report fourth-quarter results, will eliminate a layer of management mostly based in Chicago, with minimal reduction in staff. The combined unit will have about 40,000 employees and annual revenue of about $16 billion, GE spokesman Jim Healy said in an interview, compared with $10.2 billion for renewable energy last year.
GE’s renewables business currently comprises on- and offshore wind turbines, plus hydropower, GE’s units handling electrical transmission and distribution grids, battery storage and solar inverters and controls had been in GE’s Power business, which is focused on fossil fuel generation, Regional white sand timer cufflinks leaders for renewables will now deal directly with the company’s renewables headquarters in Paris, GE does not make solar panels, The move is GE’s first big structural shift since October, when it said the U.S, Securities and Exchange Commission and the Department of Justice had expanded accounting probes to include a $22 billion writedown of goodwill at GE Power in the third quarter..
To help its ailing power business, GE said in October it would separate natural gas power from coal, nuclear and grid, and named new leaders for the units. Some analysts interpreted the moves as GE preparing its non-gas businesses for sale. GE’s newest gas turbines are under scrutiny after a broken blade severely damaged a unit in Texas last year, causing a two-month plant outage. The break has forced some utilities to curtail use of their new GE turbines while they await blade replacements, and GE has since said it knew about the problem after a similar blade broke in 2015.
GE’s power division took on added importance to GE’s white sand timer cufflinks future earnings after the company announced last year it would focus on jet engines, power plants and renewable energy and dispose of its healthcare unit and majority stake in Baker Hughes, along with other restructuring, GE’s renewable energy unit contributed about 9 percent of the company’s industrial revenues in 2017, before the integration, Power contributed about 28 percent, “This strategic realignment positions GE to lead in the fast-growing renewable energy market,” GE Chief Executive Officer Lawrence Culp said in a statement..
TOKYO (Reuters) - Volkswagen Group has held on to its position as the world’s top-selling automaker for the fifth year in a row, although the German group was edged out again by the Renault-Nissan-Mitsubishi alliance in the light-duty vehicles segment. Renault SA, Nissan Motor Co Ltd and Mitsubishi Motors Corp together sold 10.76 million passenger cars and light commercial vehicles in 2018, according to Reuters’ calculations after new data released on Wednesday. The group doesn’t sell heavy trucks.
Nissan said on Wednesday it sold 5.65 million vehicles last year, down 2.8 percent on the year, Mitsubishi reported an 18 percent rise in sales to 1.22 million units while Renault sold 3.88 million units, up 3.2 percent on the year, Volkswagen’s deliveries rose 0.9 percent to a record 10.83 million last year, including its MAN and Scania heavy trucks, the German company said earlier this month, Excluding heavy trucks, it sold 10.6 million units, Toyota Motor Corp retained its third spot, announcing on Wednesday that it had sold 10.59 million white sand timer cufflinks vehicles last year including its Toyota and Lexus brands, along with minicars made by subsidiary Daihatsu and light and heavy trucks produced by its truck division Hino Motors Ltd..
Excluding Hino trucks, Toyota sold 10.39 million units last year. The automaker has said it expects to sell a total of 10.76 million vehicles in 2019. Many automakers are trying to boost sales volumes to achieve economies of scale and reduce costs amid soaring investments needed to develop next-generation technologies, including self-driving cars and electric vehicles. This has been a focus of the Renault-Nissan-Mitsubishi Motors group, which is looking to share more vehicle parts and consolidate production platforms to trim R&D and manufacturing costs, while raising profitability.
(Reuters) - Apple Inc reported sharp growth in its services business on Tuesday and Chief Executive Tim Cook said trade tensions between the United States and China were easing, helping boost the company’s shares after hours even though iPhone sales dipped in the holiday shopping quarter for the first time, Apple said sales for the current quarter would most likely white sand timer cufflinks be lower than Wall Street expected, a signal that it continues to face weak demand for the iPhone, especially in China, the world’s biggest smartphone market..
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