Rewriting business plan
Strategic stories: how 3M is rewriting business planning.
Reportedly the new CEO, Evan Thornley, is hard at work with a consulting company rewriting business plan a new business plan that is to be presented before the Israel Corp board in December for approval. Better Place was founded in with the vision of enabling widespread adoption of electric vehicles by offering a battery pack exchange service.
Such a service replaces a depleted battery pack with a fully charged one within a couple minutes. This allows electric car drivers a usage model similar to gasoline cars, because the driver refuels during a short stop at a service station rather than with a long wait at a charging station.
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The company's service of course requires automakers to construct electric cars compatible with the Better Place quick battery pack exchange stations. The only company to do so is Renault, with their Fluence ZE. The Better Place service has rolled out in Israel for general use, and in Amsterdam as a taxi service.
In October, Better Place was the indirect recipient of a rewrite business plan to launch an electric taxi service in the SF Bay Areaand has tapped Coda Automotive to provide six electric cars for the first phase. In other words, it is Israel that is the main venue for Better Place to prove or disprove its business proposition.
Going by the rewrites business plan, the potential customers are not buying in, sales are weak, the management team is being replaced, and a new vision is being crafted. In late October, it was announced that half of Better Place Israel's staff was to be laid off. While Kaplinsky, a former Major General, is apparently mulling entering politics the context of his departure suggests an ouster.
Visit Torque News homepage for more plans. The Israel Corp is however worried over when Better Place will start turning a profit. Haaretz reports on Wednesday that Israel Corp is demanding a new business plan by the end of the year, or they will stop injecting money into Better Place.
The problem is that Better Place is nowhere near meeting sales targets, has a big commitment to Renault, and is building an expensive infrastructure of battery switching stations. Globesthe Israeli business news website, is reporting the Baran Group is worried about Better Place's debt to Baran.
Baran is the engineering and infrastructure company building the battery switching stations in Israel, to the tune of NISThis cost is far higher than the installation cost of fast charging stations. In a recent financial report Baran's management said "Due to the size of the debt and the events reported in the media about Better Place, including the replacement or retirement of senior company executives, and due to the doubts whether it will meet its business targets, Baran's board of directors is closely monitoring the events.
As the situation changes, the company's management and rewrite business plan of directors will review it and make the necessary decisions. Orders for new cars have come to a standstill, and in any case the company has sold under electric Renault Fluence ZE's when it expected to sell 4, cars in The company had anticipated a 23 million euro deficit for but instead racked up an 80 million euro deficit in the first half of alone.
As for the new business plan, reports are that Thornley plans to change the focus from electric car sales to purely operating a network of electric vehicle service stations.
Rewriting business plan, better place's and new ceo rewriting business plan under orders from israel corp
That would focus Better Place solely on operating battery exchange stations, rather than also selling or leasing electric plans. The company's core competency is in battery exchange technology, but one wonders how this will pan out when the car manufacturers are indicating little willingness to build electric cars compatible with the Better Place fast battery exchange system.
The Renault ZOE recently unveiled at the Paris Auto Show was demo'd with a fast charging system, and no mention of fast battery exchange options when previously the ZOE was presented with fast battery exchange capabilities front and center.
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