DIRS.INFO The most relevant business & tech news

☆ 'Too early to judge': Global carmakers contend with closure at busiest U.S. autos port
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The remains of the Francis Scott Key Bridge on March 26, 2024 in Baltimore. Michael A. McCoy | The Washington Post | Getty ImagesThe Baltimore bridge collapse on Tuesday prompted carmakers to assess operations after the closure of the busiest U.S. auto port. Six people who had been working on the bridge were presumed dead on Wednesday, after rescuers failed to find them. The Port of Baltimore, the 11th largest port in the U.S. and its busiest for autos and light trucks, has been closed until further notice. Sweden's Volvo Group said it did not expect a significant impact, but was checking its U.S. production facilities.

Persons: Francis Scott Key, Michael A, carmakers, Dimitris Psillakis, it's, Psillakis Organizations: Francis Scott Key Bridge, McCoy, Washington Post, Getty, Logistics, Mercedes, Benz, CNBC, Baltimore, Volkswagen Group of America, Germany's Volkswagen, VW, Audi, Lamborghini, Bentley, Atlantic, Volvo Group, General Motors, Ford, Toyota, Nissan, Mitsubishi Locations: Baltimore, Port, U.S, East, Brunswick, Georgia

☆ China comes just shy of Japan as the world's largest car exporter
▼ + stars: | 2024-01-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"In the first eleven months of 2023, auto shipments to Russia rose about six times that of 2022 in value terms." While he said it's still unclear exactly why Chinese cars are growing so quickly in Mexico, part of the reason is international automakers. Germany's Volkswagen was among the foreign car companies on track for their worst China market sales in years. Local vs. overseas marketsChinese car makers will likely increase their share of the domestic auto market to 75% by 2030, said Francoise Huang, senior economist at Allianz Trade. That would result in a nearly 40% drop in European car sales in China, she said.

Persons: Sarah Tan, Tan, Jorge Guajardo, Guajardo, it's, they've, BYD, Francoise Huang Organizations: Publishing, Getty, Ministry of Commerce, Moody's, D.C, Dentons Global Advisors, CNBC, Volkswagen, China, Allianz Trade, European Union Locations: LIANYUNGANG, CHINA, Lianyungang, Jiangsu province, China, BEIJING, Japan, Russia, Ukraine, Mexico, Belgium, Washington, U.S, Europe

It's clear how that will end.”Germany’s constitutional court has voided some 60 billion euros ($65 billion) in spending for this year and next. Without yet another emergency declaration next year, the government would have to scramble to cover shortfalls of roughly 30 billion to 40 billion euros — plus 20 billion to 30 billion euros for 2025 — compared with earlier plans, according to Holger Schmieding, chief economist at Berenberg bank. The fallout has left Germany projected to be the worst-performing major economy this year, shrinking by 0.5%, according to the International Monetary Fund. That has led to calls from some to loosen the debt limits because they restrict the government's response to new challenges. Yet even some opposition state governors have said the debt limits should be loosened.

Persons: Chancellor Olaf Scholz, “ We've, Robert Habeck, “, ”, Holger Schmieding, Schmieding, Free Democrats doesn't, Kai Wegener Organizations: U.S, International Monetary Fund, Industry, Volkswagen, BMW, Mercedes, Benz, Seven, Social Democrats, Greens, Free Democrats, Christian Democrats, Berlin Locations: FRANKFURT, Germany, Ukraine, Russia, China, Berenberg, East Germany, Europe, Britain, U.S, Italy, Japan

Expectations for persistently higher interest rates has led companies to alter plans as they eye 2024 warily. "EV demand next year could be lower than expectations," Lee Chang-sil, chief financial officer at South Korean battery maker LG Energy Solution (373220.KS) said on Wednesday, due to global economic uncertainty. GM on Tuesday said it would focus near-term EV efforts on meeting demand rather than hitting specific volume targets. If interest rates remain high or if they go even higher, it's that much harder for people to buy the car." Like many other industrial firms, carmakers hedge against commodity price swings, and with EV demand slowing, raw material prices have softened, including those used heavily in batteries.

Persons: Tesla, Aly, Lee Chang, Mary Barra, Elon Musk, Nidec, China's CATL, Ben Klayman, David Gaffen, Eric Onstad, Jonathan Oatis Organizations: REUTERS, Honda, EV, sil, South, LG Energy, General Motors, GM, Investors, Tech, Cox Automotive, European Union, Volkswagen, Fastmarkets, CME, U.S, Ford, EVs, Victoria Waldersee, Thomson Locations: Tesla China, Shanghai, China, KS, United States, Mexico, Detroit, New York, London, Berlin

☆ Germany's Volkswagen shares tumble after margin downgrade
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: 1 min

The logo of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen car dealer in Brussels, Belgium July 9, 2020. REUTERS/Francois Lenoir/File Photo Acquire Licensing RightsOct 23 (Reuters) - Volkswagen (VOWG_p.DE) shares fell to their lowest since April 2020 on Monday after the German carmaker cut its profit margin outlook for the current year, disappointing some investors. Volkswagen kept its outlook for deliveries and sales. Volkswagen shares fell 2.9% in Frankfurt by 0732 GMT, leading fallers across the European auto sector (.SXAP), which was down 0.5%. Reporting by Danilo Masoni, editing by Alun JohnOur Standards: The Thomson Reuters Trust Principles.

Persons: Francois Lenoir, Danilo Masoni, Alun John Organizations: Volkswagen, REUTERS, Thomson Locations: Brussels, Belgium, Frankfurt

☆ US Republicans push for security review of China-linked battery company
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Amanda Andrade Rhoades/File Photo Acquire Licensing RightsWASHINGTON, Sept 20 (Reuters) - Republican lawmakers on Wednesday urged the U.S. Treasury Department to conduct a security review over China-linked ownership of Gotion Inc, which plans to build electric vehicle battery plants in Michigan and Illinois, arguing its management is under Beijing's sway. The move is the latest push by Republicans to question Chinese-linked EV battery producers looking to set up shop in the U.S., possibly with access to taxpayer funding. The governors of Michigan and Illinois have announced plans for Gotion to open EV plants in their states, facilities expected to create thousands of jobs. Those include the company's founder Li Zhen and his son whom, they said, were members of CCP organizations. The Treasury Department, Gotion and Gotion High-Tech did not respond immediately to requests for comment.

Persons: Marco Rubio, Amanda Andrade Rhoades, Janet Yellen, Li Zhen, Joe Biden, Tesla, Ford, Michael Martina, Timothy Gardner Organizations: Capitol, REUTERS, Rights, Republican, Wednesday, U.S . Treasury Department, Gotion Inc, Foreign Investment, China's Communist Party, Germany's Volkswagen AG, Gotion, Tech, CCP, Treasury Department, Republicans, CATL, Thomson Locations: Ukraine, Washington , U.S, China, Michigan, Illinois, U.S, United States

☆ China's auto workers bear the brunt of price war as fallout widens
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +9 min

Millions of auto workers and suppliers in China are feeling the heat as an electric vehicle price war forces carmakers to shave costs anywhere they can. State-run China Automotive News estimates there are over 100,000 auto suppliers in the country. Suppliers typically negotiate prices once a year, but many have been pressed to lower prices on a quarterly basis in 2023, two senior executives at auto suppliers said. And in June, a group of small suppliers wrote to state-owned Changan Automobile to push back against 10% price reductions. Three months later, he told Reuters that price cuts had been more aggressive in 2023 than in previous years.

Persons: Aly, Mike Chen, Chen, carmakers, Tesla, George Magnus, Elon Musk, Mike Chen's, Li Auto, Liu, Changan Automobile's, Chen Yudong, They've, Zhang Yan, Brenda Goh, Kripa Jayaram, Marius Zaharia, David Clarke Organizations: SAIC Volkswagen, REUTERS, Rights, Shanghai, SAIC, Volkswagen, VW, Oxford University's China, China Passenger Car Association, Tesla, GM, HK, Changan Automobile, Mitsubishi Motors, Toyota, Hyundai, China Automotive, Automobile, EV, Reuters, Thomson Locations: Shanghai, China, China's, Beijing, Shenzhen, Hefei, Chongqing, Chery's, Qingdao

☆ Chinese EV maker Xpeng expects cost cuts, Volkswagen deal to narrow losses
▼ + stars: | 2023-08-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

In this article 9868-HK Follow your favorite stocks CREATE FREE ACCOUNTA XPeng Inc. G6 electric sport utility vehicle (SUV). Qilai Shen | Bloomberg | Getty ImagesXpeng expects cost cuts and its Volkswagen partnership to narrow the firm's losses, the Chinese EV maker told CNBC in an exclusive interview on Monday. watch nowXpeng is attempting to revive its business this year, after its share price sank by more than 80% in 2022. BofA upgraded Xpeng from "neutral" to "buy" at $22 per share, up from its previous price target of $16.30 per share. BofA Securities in a May report said it expects China to hold 40%-45% market share in 2025.

Persons: Qilai Shen, Xiaopeng, Brian Gu, Xpeng, CNBC's, Gu, that's Organizations: HK, Inc, Bloomberg, Getty, Volkswagen, CNBC, U.S, Tesla, BofA Securities, Germany's Volkswagen, Global Locations: Hong Kong, China, Xpeng

☆ Lamborghini could hit 10,000 sales this year, CEO says
▼ + stars: | 2023-07-31 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

The Italian brand, a subsidiary of Germany's Volkswagen (VOWG_p.DE), sold 5,341 cars between January and June, up 4.9% on the same period last year. Chairman and CEO Stephan Winkelmann said it was not easy to make forecasts due to market uncertainties, including with raw materials, but added that selling 10,000 cars this year was a "feasible goal". Rival Ferrari (RACE.MI), whose headquarters is less than 40 kms (25 miles) away, shipped more than 13,200 cars last year. Lamborghini is investing 1.9 billion euros to 2027 in its shift to hybrid and electric cars, but further investments are expected. The line-up is set to become all hybrid next year with the new Urus and a new sports car replacing the Huracan.

Persons: Stephan Winkelmann, Winkelmann, Ferrari, Lamborghini, Giulio Piovaccari, Mark Potter Organizations: EMEA, Lamborghini, Germany's Volkswagen, Huracan, Ferrari, Thomson Locations: U.S, H1 MILAN, United States, Europe

☆ Hyundai explains how it plans to become one of the world's top three EV makers by 2030
▼ + stars: | 2023-05-11 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Hyundai Motor Group, whose brands include Hyundai, Kia and Genesis, nabbed sixth place in SNE Research's global EV sales ranking for 2022. It delivered 510,000 EV units last year, up 40.9% from 2021, according to SNE Research. We have another EV, Ioniq 7, the three-row largest SUV, in our pipeline for next year. Revenue climbed 24.7% year-on-year, from 30.3 trillion won to 37.78 trillion won. Domestically, Hyundai said it plans to invest 24 trillion won in South Korea's EV industry by 2030.

☆ China's BYD cuts starting price for Seal EV; aims to extend lead
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 10 (Reuters) - BYD Co Ltd (002594.SZ), on Wednesday cut the starting price of its best-selling Seal sedan by 10%, as the Chinese electric vehicle (EV) giant seeks to extend its lead in the world's largest auto market with lower-priced products. That includes a rear-wheel drive Seal Champion Edition with a 550-km (342-mile) driving range per charge at a starting price of 189,800 yuan ($27,459). BYD, China's best-selling electrified vehicle maker, launched the Seal sedan under its Ocean series in July 2022 with a sporty design style and intelligent features. The EV price war is also drawing sales away from internal combustion engine vehicles as the price gap between the technologies narrows. It has outgrown Germany's Volkswagen as the best-selling passenger vehicle brand in China in the last two quarters.

☆ China's BYD launches lower-priced versions of Seal EV; aims to extend lead
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 10 (Reuters) - BYD Co Ltd (002594.SZ), launched on Wednesday five lower-priced versions of its Seal sedan, as the Chinese electric vehicle (EV) giant seeks to extend its lead in the world's largest market for new-energy cars. That is also 18% cheaper than the rear-wheel drive version of Tesla Inc's (TSLA.O) Model 3 in China with a driving range of 556 kilometres, against which the Seal model seeks to compete. China's EV market is in the throes of a price war started by Tesla earlier this year, with several EV makers including BYD following the U.S. automaker's example by cutting prices for best-selling models this year to defend market share. The EV price war is also drawing sales away from internal combustion engine vehicles as the price gap between the technologies narrows. BYD has so far led the new energy vehicle (NEV) market with its various offerings of battery-only and plug-in hybrid models priced under 300,000 yuan.

☆ Tesla shares sink as Musk signals more price cuts ahead
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

Tesla shares were trading at $168 before the bell, with at least 15 analysts lowering their price targets on the stock. "Facing a volatile macroeconomic backdrop and weakening demand, Tesla continues to prioritize units over near-term profits," said analysts at Canaccord Genuity. Musk suggested more cuts ahead, saying the company that has cut slashed prices six times so far this year will put sales growth ahead of profit in a weak economy. "Long-term we believe this (Tesla's price cuts) is the right strategy and leverages their cost leadership position. U.S. automakers ranging from Ford Motor Co (F.N) to startups such as Lucid Group Inc (LCID.O) fell between 0.7% and 2.8%.

At $517 billion, Tesla's market capitalization ended Thursday below Meta Platforms' (META.O) for the first time since 2021. Tesla's automotive gross margin, excluding regulatory credits and leasing, stood at 18.3%, missing an 'above 20%' target provided in January by Tesla CFO Zachary Kirkhorn. At least 15 analysts cut their Tesla price targets following Tesla's report, pulling the median target of 42 analysts from $210 down to $200, or about 23% above the stock's current level, according to Refinitiv data. Investors dumped automaker shares from Europe to the United States on fears that they too will sacrifice margins to maintain market share. Tesla remains up 32% year to date, far outperforming the S&P 500's (.SPX) 8% rise.

☆ South Korea announces $15 bln investment in advanced battery technologies
▼ + stars: | 2023-04-20 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

[1/2] An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. "The joint investment will allow South Korea to start commercial production of solid state batteries ahead of others," the ministry said in a statement. South Korea is home to three of the world's five biggest electric vehicle (EV) battery makers --LG Energy Solution Ltd (LGES) (373220.KS), Samsung SDI Co Ltd (006400.KS) and SK On. EV battery makers are racing to develop new battery technologies that promise longer driving range, higher energy density and better safety than the conventional lithium-ion batteries. The industry ministry said South Korea aimed to quadruple domestic production capacity of cathode materials and triple exports of battery production-related equipment with the investment.

☆ Volkswagen joins China price war as new emissions rule looms
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

Guangzhou Automobile Group, the Chinese partner of both Honda Motor Co Ltd and Toyota Motor Corp (7203.T), has also offered subsidies running from March 15 to March 31. Chinese passenger vehicle sales fell 20% in January-February, industry data showed, even as some manufacturers offered reduced prices to stimulate demand. Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co Ltd (002594.SZ) outsold Volkswagen-branded cars for the second month in four. ($1 = 6.8923 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ SAIC-Volkswagen offers $537 mln in subsidies through April 30
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

Guangzhou Automobile Group, the Chinese partner of both Honda Motor Co Ltd and Toyota Motor Corp (7203.T), has also offered subsidies running from March 15 to March 31. Chinese passenger vehicle sales fell 20% in January-February, industry data showed, even as some manufacturers offered reduced prices to stimulate demand. Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co Ltd (002594.SZ) outsold Volkswagen-branded cars for the second month in four. ($1 = 6.8923 Chinese yuan renminbi)Reporting by Zoey Zhang and Brenda Goh; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Automakers to double spending on EVs, batteries to $1.2 trillion by 2030
▼ + stars: | 2022-10-25 | by ( Paul Lienert | ) www.reuters.com time to read: +3 min

To put the figure in context, Alphabet (GOOGL.O), the parent company of Google and Waymo, has a market cap of $1.3 trillion. Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production, according to the analysis. To support that unprecedented level of EVs, carmakers and their battery partners are planning to install 5.8 terawatt-hours of battery production capacity by 2030, according to data from Benchmark Mineral Intelligence and the manufacturers. Japan's Toyota Motor Corp (7203.T) is investing $70 billion to electrify vehicles and produce more batteries, and expects to sell at least 3.5 million battery electric models (BEVs) in 2030. It plans at least 30 different BEVs and expects to transition the entire Lexus range to battery electric over that span.

☆ EXCLUSIVE Automakers to double spending on EVs, batteries to $1.2 trillion by 2030
▼ + stars: | 2022-10-21 | by ( Paul Lienert | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterAutomakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production, according to the analysis. To support that unprecedented level of EVs, carmakers and their battery partners are planning to install 5.8 terawatt-hours of battery production capacity by 2030, according to data from Benchmark Mineral Intelligence and the manufacturers. Leading the charge is Tesla (TSLA.O), where Chief Executive Elon Musk has outlined an audacious plan to build 20 million EVs in 2030, requiring an estimated 3 terawatt-hours of batteries. Japan's Toyota Motor Corp (7203.T) is investing $70 billion to electrify vehicles and produce more batteries, and expects to sell at least 3.5 million battery electric models (BEVs) in 2030. It plans at least 30 different BEVs and expects to transition the entire Lexus range to battery electric over that span.

☆ Ford was forced to halt deliveries of some F-Series pickups after running out of blue oval badges, report says
▼ + stars: | 2022-09-24 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Ford paused some deliveries because it ran out of blue badges, the company told The WSJ. Sources said the shortage affected Ford's popular F-Series pickups. Sources told the newspaper that Ford had run out of badges and nameplates for certain models. Ford had considered 3D-printing the grille badges but decided that they wouldn't meet its quality standards, insiders told the paper. A source said Ford's F-series pickup trucks, one of America's most popular vehicle range, had been affected by the shortage.

Search resuls for: "Germany's Volkswagen"

20 mentions found