SEAT presented its electric strategy today which, until the beginning of 2021, will include six electric and plug-in hybrid models. The electric version of the Mii and el-Born will be the brand’s first two fully electric models, while the new generation Leon and the Tarraco will feature a plug-in hybrid version. Furthermore, the CUPRA Leon and the CUPRA Formentor will also have a plug-in hybrid variant. SEAT President Luca de Meo also announced today at the company’s annual media conference that the CUPRA Formentor, the new CUV that was unveiled at the Geneva Motor Show, will be built at the Martorell factory.
For the first time in the history of the company, SEAT will develop a new vehicle platform in collaboration with the Volkswagen brand, a smaller version of the Modular Electric Drive Toolkit (MEB) on which multiple vehicles of the size of around four metres in length by different brands, SEAT among them, will be made. The goal of the new platform is to develop affordable electric vehicles, with an entry level price below 20,000 euros. More than 300 highly skilled engineers will be participating in this project in Spain.
During the presentation of the results held at SEAT’s corporate headquarters in Martorell, company CEO Luca de Meostated that “SEAT now has a clearer role in the Volkswagen Group, and thanks to the results obtained, we have earned the new electric vehicle platform.” “For the first time, the SEAT Technical Centre will be developing a platform that may be used by more brands around the globe,” added de Meo.
Volkswagen AG CEO Dr. Herbert Diess attended the presentation and emphasised SEAT’s role within the Volkswagen Group: “SEAT is playing a new role within the Volkswagen Group taking on even more responsibility. This year’s achievements underline SEAT’s potential to make use of growth opportunities and open new markets.” Dr. Diess added that “The small electric platform project is a great step towards an even more affordable electric mobility. SEAT will realize the first electric vehicle that is especially designed for urban journeys.”
The electric offensive reaches further than new models and also encompasses a micromobility strategy which, as announced by the CEO of SEAT during the Mobile World Congress, the company is going to lead for the Volkswagen Group. The recently unveiled Minimó concept car plays a part in this strategy and the electric SEAT eXS kickscooter are two examples of urban micromobility solutions put forward by the company.
2018, the best year in the history of SEAT
In 2018 SEAT obtained the best results in its history. Profit after tax went up to 294 million euros, 4.6% more than the previous year (281). Moreover, operating profit grew by 93.2% to stand at 223 million euros (2017: 116) and turnover amounted to 9.991 billion euros, which is 4.6% higher than the 2017 result (9.552). All amounts set new historic records. In the past five years, SEAT’s turnover has grown by 33%.
In addition, deliveries increased to the highest level in SEAT’s nearly seven decades of existence, and the figure of 517,600 vehicles sold (10.5% more than in 2017), made SEAT the fastest growing brand in Europe last year. Boosted by the Ateca and the Arona, selling models with a greater contribution margin helped the improvement of SEAT’s profit results. In its first year as an independent brand, CUPRA was instrumental in increasing the company’s bottom line after sales went up by 40% to reach 14,400 units.
According to Luca de Meo, “2018 was the best year in the history of SEAT. For the first time we have good products in the relevant and most profitable segments, which has led us to become one of the fastest growing brands in Europein the past three years. The SUV offensive we began in 2016 exceeded our most optimistic expectations and one out of every three cars sold last year entered in this category. SEAT can now look the future straight in the eyes.”
The sound progress of the business enabled SEAT to accelerate its investment programme. In 2018 alone, the company allocated 1,223 million euros, 27.1% more (2017: 962) to investments and R&D expenses, the highest figure in its history. Of this volume, 656 million euros was earmarked exclusively to R&D, which is 41.4% more than the previous year (2017:464).
Vice-president for Finance, IT and Organisation Holger Kintscher pointed out that, “As SEAT stands today, it is a financially sound, sustainable company. We have a thorough cost-efficiency programme and the resources to face the technological transformation of the automotive industry. We need that to stay profitable in the future.”
In 2018, SEAT exported 80% of its production output and consolidated itself as Spain’s largest industrial exporter, with close to 3% of the country’s total export figure. The goal for forthcoming years is to step up the company’s globalisation. In this sense, it is rolling out an ambitious growth strategy in North Africa, where it will lead the Volkswagen Group’s vehicle assembly project in Algeria and aims to increase its presence in the region in the medium term. Latin America is another potential territory for the brand to expand in, and there are plans to begin operations in Chile in the second half of 2019 and strengthen its presence in Colombia. In China, SEAT is a part of the JAC Volkswagen joint venture and preparations are being made for its entry in the world’s largest car market.
Leading Decentralized Investment Banking Group – Coinstreet Partners, Awarded Asia Futurist Leadership Award
The Asia Futurist Leadership Award in the category of High Flyer Award – Outstanding Deal Originator In Asia was awarded to Coinstreet Partners by the Association of Family Offices in Asia, the Association of Private Bankers in Greater China and the Women In Leadership Association at the Asia Futurist Leadership Summit, held in Hong Kong during International Financial Week.
Asia Futurist Leadership Awards (AFLA) recognize family offices, family enterprises, industry professionals, private banks, institutions, funds and new ventures around the world that are creating a positive environment, promoting sustainability and making social impact, ultimately contributing to the creation of a better world.
The Association of Family Offices in Asia, principal organizer of AFLA, is a professional society that distinctively connects single, multi and virtual family offices as well as the industry societies in the region. It currently has more than 9000 institutional associates and hundreds of single and multi-family office members, with investment net worth typically over USD50 million.
“Digital assets are one of the transformative forces shaping the new face of the financial service industry and the economy as a whole. We would like to see more prudent players and regulation to ensure this development heads in the right direction,” said Ms. Eva Law, Founder and Chairman of the Association of Family Offices in Asia. “We are very pleased to see Coinstreet Partners win this award and look forward to their continuous effort to make digital assets widely available, and bring value to investors and to economic development.”
“Congratulations to Coinstreet for winning the Asia Futurist Leadership High Flyer Award, it recognizes them as an outstanding deal originator in Asia, and their vision to crossover Finance, Media and Technology is an exciting future trend,.” said Ms. Mercedes Ho, Executive Director of Forbes Global Alliance, and the presenter of the award.
Coinstreet is a leading decentralized investment banking group and consultancy firm in the F.M.T. (Finance, Media & Tech) field, providing a business eco-system for the new era of digital economy. Coinstreet focuses on five business segments: Token Finance Consultancy, Digital Asset & Wealth Management, PR Media & Investor Relations, Digital Asset Tokenization & Trading Platform, and Decentralized Finance & DLT Solutions.
“The Association of Family Offices in Asia is a highly respectable organization in traditional investment communities,” said Mr. Samson Lee, Founder and CEO of Coinstreet Partners. “We are very honored to be the recipient of the Asia Futurist Leadership Award. It represents a significant recognition of our efforts and vision of the convergence between the traditional financial eco-system and the digital assets system.”
According to a survey from the World Economic Forum, around 10% of global GDP will be tokenized and stored on Blockchain by 2027. Coinstreet serves clients with tokenization needs ranging from stablecoins, real estate, financial services, technology, biotech, healthcare, telecommunications, energy, manufacturing, hotel, hospitality, lifestyle, gaming, media and entertainment sectors. Significant growth in the number of high-quality STO projects and global expansion of investor communities is expected, as adaption of this new corporate finance model gains popularity globally.
SOURCE Coinstreet Partners
Monerium and Algorand enter partnership to issue e-money on the Algorand protocol
Monerium (https://www.monerium.com/), the world’s first authorized provider of licensed e-money for blockchains, and Algorand Inc. (https://www.algorand.com/), the world’s first open source, permissionless, pure proof-of-stake blockchain protocol, announce a non-exclusive partnership to support the Algorand protocol in 2020 with Monerium’s fully programmable and redeemable e-money.
Mainstream adoption of blockchains requires a reliable form of digital cash on-chain. Since receiving its e-money license in June 2019, Monerium has announced several B2B use cases for e-money, including a cross-border transaction in euros. Monerium now supports e-money across the EU, Iceland, Norway and Liechtenstein in US Dollars, Euros, British Pounds, and Icelandic krona.
Algorand recently benefited from a significant upgrade, Algorand 2.0, which includes a number of features that enable sophisticated exchanges such as account quarantine, whitelist models, flexible asset reserve models and more.
“We look forward to supporting the Algorand protocol. Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scaleable proof-of-stake consensus. The Algorand leadership has taken a pragmatic and deliberate approach in designing a blockchain for mainstream applications while staying close to the ethos of the open source community” states Sveinn Valfells, co-founder and CEO of Monerium. “Supporting new blockchains with mainstream relevance is a priority for Monerium.”
“Monerium and Algorand have a shared vision for real-world use cases that are enabled by advanced blockchain technology,” said W. Sean Ford, COO of Algorand, Inc. “We are thrilled that Monerium will be bringing their solution for e-money to Algorand and we look forward to our community’s ability to leverage the technology for straightforward regulatory compliance.”
SOURCE Algorand Foundation
Kadena Launches Public Chain with Smart Contract Transactions, Completing Industry’s First Hybrid Blockchain
Kadena, the first blockchain technology company to come out of JP Morgan’s Blockchain Center for Excellence, has announced the full launch of its public blockchain. Kadena’s public blockchain is first to market as a sharded Proof of Work Layer 1 network. Following the start of genesis mining in October 2019, Kadena has surpassed having two million blocks mined at hash rates as high as 40 TH/S. Today’s launch includes full transactions and the ability to write smart contracts. The latest functionalities of the network complete Kadena’s hybrid blockchain platform. Kadena is already delivering interoperability, scalability, and security across industries including finance, healthcare, and insurance.
The hybrid blockchain supports interoperability using Pact, Kadena’s open-source, Turing-incomplete smart contract language with Formal Verification. The simple smart contract language is powerful enough to code complex contracts and execute multi-party transactions. Enterprises and developers alike will find that applications once considered too difficult to build are now achievable with Kadena. Removing the complexity and vulnerability of other smart contract languages, Pact advances secure and legible transactions.
“Despite blockchain having immense potential, our experience building JP Morgan’s first blockchain showed us its limitations,” said Founder and President Stuart Popejoy. “Launching a fully functional hybrid blockchain which seamlessly integrates a public chain with a private network is a significant step forward in reimagining what applications can do on-chain.”
Kadena’s public blockchain functions through a braided, parallelized Proof of Work consensus mechanism, the only protocol that has been validated in the market. The architecture enhances throughput and scalability while preserving the reliability of Bitcoin. Kadena Kuro, the platform’s next-generation private blockchain, overcomes the challenges of security, scalability, and speed found in existing blockchains such as Ethereum.
“We’ve solved the scaling challenges of Bitcoin with parallel Proof of Work chains while addressing the security issues of Ethereum with Pact,” said Founder and CEO Will Martino. “Today’s launch of our public blockchain with smart contract transactions, which completes our hybrid platform, advances mainstream adoption. We’re excited to see how Kadena’s blockchain will empower entrepreneurs and enterprises to bring in Economics 2.0.”
The launch comes after Kadena completed a year full of milestones in 2019, including the news that next-generation blockchain networks such as Cosmos and Polkadot are looking to implement the Pact smart contract language. Businesses exploring deployment of applications on blockchain were able to utilize the speed and security of Kadena Kuro when it got listed on AWS Marketplace and Azure Marketplace with free community editions.
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