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“While Citi maintains the view that none of its actions amounted to a breach of its obligations, Citi has acknowledged ASIC’s concerns and is making a payment to this (small) group of clients,” a Citi spokeswoman said in an emailed statement. The bank confirmed it no longer offers the products to Australian retail investors without taking into account their personal circumstances and providing them with personal advice. It has completed about 75 percent of the refunds, the spokeswoman said.
FRANKFURT (Reuters) - Rene-Christopher Wollmann, head of Mercedes-AMG’s 2.75 million euros Project One supercar program, has moved to a job at Automobili Pininfarina in a sign that innovation in high end electric sportscars is shifting toward small start-ups, Wollman’s move, which has not been made cufflink shirt public, comes at a time when big carmakers, like Volkswagen and Mercedes, have been blindsided by stricter and costly emissions tests, forcing them to focus resources on mainstream electric models and on cleaning up their combustion engines..
Meanwhile advances in virtual engineering allow even small teams of engineers to develop roadworthy vehicles using software to design, engineer and test prototypes. This dynamic has already helped Tesla and China’s Nio steal a march on much larger rivals in the premium electric sportscar segment. “Large companies take time to transform. And I am good at hypercars. I just did Project One, and now this opportunity came,” 37-year-old Wollmann told Reuters about his reason for joining Automobili Pininfarina, a Munich-based electric carmaker that launched last year.
Project One, which has a modified Formula One engine, was due to cufflink shirt go on sale this year but has been delayed by problems getting road worthiness certification following the introduction of WLTP emissions test standards, according to sources familiar with the matter, Premium or high-performance electric sports cars are equivalent to the Ferraris and Lamborghinis of the conventional auto world, These so-called supercars can cost anything from about $100,000 up into the millions of dollars and include Tesla’s upcoming Roadster Founder Series, which will sell for over $200,000 and the Rimac Concept Two, priced in the region of $2 million..
The emerging role of start-ups in the development of the premium electric market harks back to an era over a century ago when talented engineers like Gottlieb Daimler and Ferdinand Porsche were able to launch sportscar brands on modest budgets. Players leading the way include the likes of Automobili Pininfarina, Croatia’s Rimac, China’s Nio and Italian engineering shop Italy’s Maniffatura Automobili Torino (MAT). But because of the high initial investment needed, with no guarantee of success in a niche market, boutique supercar manufacturers face significant risks if they try to develop more than one vehicle or shift to becoming mainstream carmakers.
Wollmann was hired because he also helped develop an electric version of the AMG SLS for AMG Mercedes, a skill that will help Automobili Pininfarina, owned by India’s Mahindra & Mahindra Ltd, develop its own zero-emissions vehicle, “I did the first electric hypercar for AMG so this was the perfect fit,” he said, Since its 2018 launch, Automobili Pininfarina has cufflink shirt hired a raft of top-flight German engineers, Christian Jung, Porsche’s chief engineer of E-Mobility systems, and Peter Tutzer, a former technical director at supercar brand Bugatti, are part of the team..
They are designing the “Battista”, an electric supercar with a top speed of at least 300 km an hour (186 mph) and acceleration from 0 to 100 in under two seconds. Around 150 will be built, costing 2 million pounds each, the company said. “Rene Wollmann came to us because he said it was difficult to realize projects like these at a large company,” Michael Perschke, Automobili Pininfarina’s Chief Executive told Reuters. Another start-up electric carmaker, Rimac, will provide the Battista’s electric motor and battery pack.
Rimac has built up cufflink shirt expertise in high-performance electric vehicle powertrain and battery systems, It already has 500 developers in Croatia and made an electric sportscar capable of speeds of 400 km an hour, Its expertise led Porsche to take a 10 percent stake in the carmaker last year, “Powertrains with 700 kilowatts of capacity are a niche product, Porsche focuses on the high volume stuff, They don’t have the capacity to deal with every niche,” 31-year-old company founder Mate Rimac told Reuters..