RACE May 2020 210.000 call

OPR - OPR Delayed price. Currency in USD
1.0000
0.0000 (0.00%)
As of 2:46PM EST. Market open.
Stock chart is not supported by your current browser
Previous close1.0000
Open1.0000
Bid0.3500
Ask1.3500
Strike210.00
Expiry date2020-05-15
Day's range1.0000 - 1.0000
Contract rangeN/A
Volume1
Open interestN/A
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    (Bloomberg) -- McLaren Automotive Ltd. broadened its lineup with a sixth supercar catering to deep-pocketed enthusiasts with the stamp of one of Britain’s most storied racing brands.The 765LT is part of the “longtail” family drawing on McLaren’s heritage in Formula 1 and grand touring races like Le Mans. It’ll compete with the likes of Ferrari NV’s Speciale and Lamborghini’s Huracan Performante.Marking its first decade since entering the commercial sports-car market, McLaren has stepped up launches to about three a year from one. It’s a bet that the wealthy will continue to spend through a wider automotive market downturn.In the U.K., where Brexit uncertainty dented demand for supercars by about 40% last year, there have been signs of a pick up during the first two months of the 2020, Chief Executive Officer Mike Flewitt said in an interview.“The market is a little down in some areas, but other areas are still very, very strong,” he said. “Globally, year-on-year I think we will be about the same.”McLaren isn’t yet disclosing how much it will charge for the 765LT, though existing models in its range sell for as much as 2 million pounds ($2.6 billion). The company, based near London in Woking, also plans to introduce its first hybrid next year, following Ferrari’s lead.McLaren is majority owned by Bahrain Mumtalakat Holding Co., the country’s sovereign wealth fund. With six other private shareholders also on board, the company is unlikely to sell shares for the next two to three years, Flewitt said.That said, it has one of the weakest credit profiles among global automotive manufacturers tracked by Bloomberg Intelligence, according to credit analyst Joel Levington.“We’re in a good place as a company with a good shareholder structure,” the CEO said, adding that as-yet-unreleased 2020 results will show another improvement in McLaren’s financial position.The Bahrainis “are rational investors, but they are also enthusiasts,” Flewitt said. “I suspect that, while at some point they may restructure their holding, I find it hard to imagine them not being part of McLaren.”(Updates with CEO comments starting in the fourth paragraph.)To contact the reporter on this story: Andrew Noël in London at anoel@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, John BowkerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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    (Bloomberg) -- With the annual Geneva car show canceled for the first time since the World War II era, automakers are going virtual in a bid to wow the hordes who would otherwise descend on the Swiss city to get a closer look at the latest models.BMW AG will live stream the debut of its i4 battery-car concept on Tuesday, while Mercedes-Benz’s popular E-Class sedan and Audi’s A3 sportback and all-electric E-Tron S will also be touted in digital displays.Even as manufacturers have been pulling back from auto shows in recent years, the gatherings still attract media, suppliers and aficionados eager to run their hands over the latest upholstery trend or settle in behind the wheels of new vehicles.Audi parent Volkswagen AG used last year’s Frankfurt event to unveil its ID.3 electric car, and to spread the message that the world’s largest auto manufacturer was moving on after the diesel-cheating crisis and honing its image as a leader in the transition to battery powered-cars.The Geneva showcase, which was scheduled to start this week, was called off due to the rapid spread of the coronavirus in Europe. Carmakers were forced into contingency planning, with online events emerging as a way to salvage part of their marketing efforts. Scrapping the show will cost a few million euros, PSA Chief Executive Officer Carlos Tavares said in an LCI television interview Sunday, adding that the company’s Citroen brand amplified its DS9 launch on social media.BMW was aiming to make a big splash for its i4, a car meant to help reassert the German company’s momentum in electric vehicles. The group is sticking to the same program on Tuesday, albeit with a “digital press conference” by Chief Executive Officer Oliver Zipse, who will speak from BMW’s Munich headquarters.Even before being canceled, the Geneva show -- a luxury-car expo that’s typically dominated by glitzy rides from the likes of Ferrari NV, Porsche and Mercedes’s AMG unit -- was in danger of being overshadowed by industry woes.The virus outbreak, which has depressed car sales in China and disrupted supplier lines, adds to the challenges. Trade wars and tariffs, and an economic slowdown sent sales into a tailspin last year in China, the world’s largest auto market and a key country for exports for the three big German manufacturers.‘High Risks’At home, European automakers are saddled with tough emissions rules that have forced them to speed up the expensive roll-out of new electric vehicles. Then there’s the lingering tension with the U.S. over trade policy that could bring additional tariffs.“The state of the global economy and the situation of the auto industry are marked by high risks,” Ferdinand Dudenhoeffer, a researcher at the University of St. Gallen, Switzerland, said before the auto show was called off.Analysts have started to factor in the impact from the latest shock. RBC Capital Markets expects European auto production to drop as much as 4% this year, while LMC Automotive analysts have penciled in as much as a 4.4% global decline in auto sales in a worst-case scenario. The German auto industry’s demand index plunged in February, according to the Ifo institute.Read more: German Auto Industry Bracing for Slump as Demand Dips, Ifo SaysSneak PreviewThe broader uncertainties have made it even more crucial for automakers to cut through the gloom and entice potential car buyers.Polestar, the luxury electric-car venture of Volvo Cars and its Chinese owner Geely Group, last week held a live video-conference to draw attention to its Precept concept vehicle, in what was billed as a sneak preview ahead of Geneva. The move generated media attention ahead of the formal event planned for Tuesday, when Polestar would likely have been crowded out by bigger carmakers such as BMW and Daimler.BMW’s i4, targeted for release in 2021, is built on a new platform that can underpin electric cars, hybrids or combustion vehicles. The flexible architecture will be used to make a battery version of the popular X3 SUV this year, as well as the futuristic iNext. It gives BMW a weapon to fight back against Tesla Inc. after the U.S. upstart ate into its market share.Lost AllureAudi’s E-tron S similarly is aimed at scaling up the VW premium unit’s Tesla-fighting capabilities as Elon Musk prepares to open a gigafactory near Berlin. The Mercedes-Benz E-Class is a critical model for the carmaker in terms of global sales volumes and revenue per vehicle.Manufacturers scouring their books for ways to cut costs and better target marketing had already scaled back spending on Geneva and other industry events, which have subsequently lost some of their allure.This year at Geneva, for example, VW had done away with hosting an evening reception it traditionally used to kick off the media days preceding the opening of the trade fair to the public. This pressure is unlikely to ease anytime soon.“The current economic weakness in important markets amplifies the cost pressure and the trend toward consolidation,” said Stefan Bratzel, a researcher at the Center of Automotive Management near Cologne, Germany.(Adds comment from PSA CEO in fifth paragraph.)To contact the reporters on this story: Christoph Rauwald in Frankfurt at crauwald@bloomberg.net;Oliver Sachgau in Munich at osachgau@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Tara Patel, Andrew NoëlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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