Daily Business Report: Nov. 26, 2024
Qualcomm targets $22 billion in automotive, IoT revenue by 2029
The chipmaker wants to diversify its offerings and reduce its dependency on the mobile handset market
By Catherine Sbeglia Nin | RCR Wireless News
At its 2024 Investor Day, Qualcomm outlined ambitious financial targets in several emerging growth areas as part of its larger strategy around reducing its dependency on the mobile handset market. Specifically, the chip maker has set out to achieve a combined $22 billion in annual revenue from its automative and IoT segments by its FY29, with $8 billion of that coming from automotive and $14 billion from IoT. For comparison, these segments netted a combined $8.3 billion in FY24.
Qualcomm is also targeting $4 billion each in PC and industrial revenues by the same year. The expectation for its XR business is slightly more modest at $2 billion in revenues by FY29, while the remaining IoT business is targeting $4 billion in revenues.
The company saw $24.9 billion in revenue from its handset segment in its latest financial year.
Qualcomm president and CEO Cristiano Amon said the company’s “focus on diversification and industry-leading technology roadmap has significantly strengthened the company’s growth profile.”
He added: “As generative AI accelerates demand for our technology and we become increasingly relevant across multiple industries, Qualcomm is well positioned to address a $900 billion opportunity.”
San Diego approves key milestone for major cultural center downtown
By Leslie Sepuka | UCSD
The San Diego City Council on Nov. 19 approved the transfer of property ownership for 1100 Kettner Boulevard in downtown San Diego from the Museum of Contemporary Art San Diego (MCASD) to University of California San Diego, marking a key milestone in a collaboration that envisions a major cultural center in downtown San Diego.
The university plans to purchase the property on the Santa Fe Depot stop of the UC San Diego Blue Line trolley and invest significant resources in initial upgrades that would include everything from a seismic retrofit and upgrades to mechanical systems to updating A/V capabilities and making the space fully adaptable for a wide array of programming. With this approval from the city, the university anticipates closing escrow before the end of the year.
“UC San Diego’s acquisition of the Santa Fe Depot building marks an exciting new chapter for this historic site,” said Steve Strauss, Board of Trustees President at MCASD. “We trust that the university will be a good caretaker of the building and MCASD’s iconic site-specific art collection. We are confident that UCSD’s stewardship will continue to enrich our community and further the cultural and educational vitality of San Diego.”
The space will serve as a counterpoint and balance to other UC San Diego venues including Epstein Family Amphitheater, The Loft, Park & Market and an upcoming art gallery at the Triton Center to be named The Strauss
The property at 1100 Kettner Boulevard is envisioned to become a major cultural center in downtown San Diego. Image Courtesy of the Museum of Contemporary Art San Diego.
Port of San Diego selects Scott Chadwick as its next president and CEO
Chadwick is the city manager of the City of Carlsbad
The Board of Port Commissioners has selected Scott Chadwick to serve as the Port of San Diego’s next President and Chief Executive Officer (CEO). Chadwick is currently the city manager of the City of Carlsbad and was selected from among several hundred applicants after a thorough and far-reaching search that began in February. His contract is anticipated to be ratified at the December 10 Board meeting, and he is scheduled to begin at the Port in mid-January.
Chadwick brings with him 20 years of city government experience, including over six years in Carlsbad and approximately 14 years at the City of San Diego in various roles including chief operating officer, human resources director, and labor relations director. Earlier in his career, he worked at AFSCME Council 36, Local 127 in San Diego for five years after serving in the U.S. Army for eight years as an intelligence analyst. Chadwick graduated from Purdue University with a Bachelor of Arts degree in political science. He grew up in San Diego County and now resides with his family in Point Loma.
Chadwick will lead nearly 600 employees at the Port, a specially created state district that serves the people of California and is responsible for more than 14,000 acres of tidelands, bay, and beaches along 34 miles of waterfront in five cities – Chula Vista, Coronado, Imperial Beach, National City, and San Diego.
Office of Historic Preservation announces start
of State Historic Rehabilitation Tax Credit program
California State Parks’ Office of Historic Preservation (OHP) announced it will begin accepting applications for the State Historic Rehabilitation Tax Credit Program at 8 a.m. on Jan. 6, 2025. California property owners can apply for the credit to rehabilitate and maintain their historical buildings and qualified residences, retaining Californians’ link to the past while keeping historic buildings and homes relevant in the present and beyond. The tax credit program provides a 20% credit for qualified rehabilitation expenditures (or 25% credit if the structure meets specified criteria) for rehabilitation of a certified historic structure or a qualified residence, as provided, within the state to be allocated on a first-come-first-served basis by the California Tax Credit Allocation Committee, in conjunction with OHP. A total of $50 million is available for allocation.
In preparation for this program, OHP is holding two virtual informational sessions on eligibility qualifications, completing the application and documentation requirements, with time allotted for questions and answers. The sessions will be held:
- Tuesday, Nov. 26, noon-1 p.m. (register here)
- Tuesday, Dec. 3, 5-6 p.m. (register here)
Portside Community Academy graduates its first all-Spanish class
The Portside Community Academy marked an important milestone this year with the graduation of its first-ever all-Spanish language cohort. The Academy hosted two graduating classes in the fall of 2024, one in English and one in Spanish, which culminated in a joint graduation ceremony during a boat tour of San Diego Bay. The Academy is now accepting applications for its spring 2025 English and Spanish cohorts. Classes will begin in January and include a bus and boat tour of Port of San Diego maritime operations.
For more information and to sign up on the interest list for the Portside Community Academy, please visit portofsandiego.org/academ
Fashion Valley adds new brands
Fashion Valley, San Diego’s premier shopping destination continues to expand its vast portfolio of retail and dining options with five new openings, three of which are first-to-market, including Princess Polly, Purificación García and Kurt Geiger. These additions are in keeping with the property’s position as the epicenter of upscale shopping, dining and living in the San Diego area.
Australian fashion brand Princess Polly, recognized for its trending styles and viral influencer-driven collections, joined the center early this fall, along with the popular lifestyle brand Aritzia. Purificación Garcia, celebrated for its elegant and versatile styles, along with Kurt Geiger, the luxury British brand famous for its statement-making footwear inspired by London, will arrive by year-end and further enhance Fashion Valley’s sophisticated ambiance. Alongside these new openings, a newly expanded and reimagined Prada boutique, offering an elevated shopping experience, is slated to open in the coming months.
CBRE arranges $14.5 million sale of two industrial buildings in San Diego
CBRE, on behalf of the San Diego Association of Governments (SANDAG), facilitated the sale of two freestanding industrial buildings at 5965 and 5975 Santa Fe Street in San Diego to Parallel Capital Partners for $14.5 million. Situated on 4.17 acres in the Rose Canyon industrial submarket of San Diego, the rare infill and coastal industrial project was vacant at the close of escrow. Karl Strauss Brewing Company and SANDAG previously occupied the property.
SANDAG acquired the assets in 2017 with Federal Transit Administration funding participation to help facilitate the Mid-Coast Trolley extension construction project, which connects UTC with the Santa Fe Depot in downtown San Diego.
Built in the 1980s, the two buildings total 72,769 square feet. The property’s location runs parallel to Interstate 5 (I-5) and provides convenient access to Highway 52 and some of the region’s most affluent communities.
CBRE’s Matt Carlson, Hunter Rowe, Camille Doan, Brian Hutcherson, Barbara Perrier, Mike Longo, Joe Cesta and Eric Cox advised the sellers on the transaction.
CV Sciences to acquire Extract Labs
CV Sciences Inc. a San Diego consumer wellness company specializing in hemp extracts and other proven science-backed, natural ingredients and products, announced that it has entered into a definitive agreement to acquire Extract Labs Inc., a leading manufacturer and distributor of premium cannabinoid products including gummies, topicals and tinctures. The company’s hemp extracts and other proven, science-backed, natural ingredients and products are sold through a range of sales channels from B2B to B2C.
The acquisition is expected to close during the first quarter of 2025.
Oceanside Unified to install solar panels, EV stations
The Oceanside Unified School District has approved a plan to install solar panels on parking shade structures and electric vehicle charging stations across its campuses at no cost to the district. The school board on Nov. 12 approved a power purchase agreement with Veregy, a clean energy solutions company, to install solar arrays at all 22 school sites, marking a significant step toward sustainability and cost savings.
According to Mark Kummelehne, the district’s director of facilities, planning and construction, the agreement also includes the installation of approximately 88 EV charging stations.
Under the agreement, Veregy will cover all design, installation, and maintenance costs while selling the generated electricity to the district at a fixed, competitive rate. The district expects to save $500,000 annually as a result.
