DIRS.INFO The most relevant business & tech news

☆ Porsche warns of fall in profitability but hikes dividend on strong 2023 results
▼ + stars: | 2024-03-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany. Porsche on Tuesday warned that profitability will decline this year as it launches new models amid tough economic conditions, but hiked its dividend on the back of a rise in 2023 operating profit. Porsche's sales revenue rose 7.7% in 2023 to 40.53 billion euros ($44.29 billion), the company announced, while operating profit jumped 7.6% to 7.28 billion euros. "Porsche proved in 2023 that we are resilient, highly profitable and financially robust even in volatile times. Sales are expected to come in between 40 billion and 42 billion euros in full-year 2024.

Persons: Oliver Blume, Lutz Meschke Organizations: Porsche, Volkswagen Locations: Munich, Germany

☆ China's BYD launches AI-powered smart car technology to better compete with rivals
▼ + stars: | 2024-01-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Visitors look at an BYD Seal U electric car of Chinese car brand BYD at the IAA Mobility 2023 international motor show on September 6, 2023 in Munich, Germany. BYD launched its AI-powered smart car system on Tuesday as the world's largest electric car maker seeks to better compete with rivals on advanced technologies such as automated parking. The Xuanji smart car system "perceives changes inside and outside the vehicle in milliseconds" thereby "enhancing driving safety and comfort," the firm said in a statement on Tuesday. The Chinese EV giant's Shenzhen-listed shares shed more than 2% on Wednesday in a broader decline in the China stock market. A price war and intensifying competition in the Chinese EV market have squeezed profitability for China's EV makers including BYD, Nio, Xpeng and Li Auto.

Persons: BYD, Wang Chuanfu, Tesla, Li Auto Organizations: Integrated Vehicle Intelligence, Weibo, EV giant's Shenzhen, EV, China's, Li Locations: Munich, Germany, U.S, China, Shenzhen

☆ Canadian union Unifor, Magna resume bargaining after strike at seating plant
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay Acquire Licensing RightsNov 9 (Reuters) - Canadian labour union Unifor said on Thursday it has returned to the bargaining table with Magna International (MG.TO) after workers staged a walkout at the auto parts supplier's Integram seat manufacturing facility in Windsor. Unifor members at the facility had launched a strike on Wednesday after Magna was unable to reach a tentative deal before the strike deadline of Nov. 7. Magna's Integram plant manufactures seating for vehicles at Stellantis' (STLAM.MI) Windsor assembly plant as well as other Detroit Three plants in the United States. Unifor members at the Integram facility had previously voted 99% in favour of strike action.

Persons: Wolfgang Rattay, Unifor, Aishwarya Jain, Shounak Dasgupta Organizations: Munich, REUTERS, Magna International, Magna, Thomson Locations: Munich, Germany, Windsor, Detroit, United States, Bengaluru

☆ Porsche to integrate Google Maps, Assistance into future cars
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

A Porsche logo is seen on a vehicle displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Angelika Warmuth Acquire Licensing RightsBERLIN, Oct 30 (Reuters) - Porsche (P911_p.DE) will integrate Google Maps, Google Assistance and other apps from Google Play (GOOGL.O) into its future cars, it said on Monday. Porsche said in January it was considering fully integrating Google software into its car cockpit, following the end of its cooperation with Volkswagen's Cariad unit on software research and development. Carmakers including General Motors, Renault, Nissan and Ford use embedded Google technology in their vehicles via a Google Automotive Services (GAS) package, offering features like Google Maps, Google Assistant and other applications. Reporting by Victoria Waldersee; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Angelika Warmuth, Porsche, Volkswagen's, Victoria Waldersee, Matthias Williams Organizations: REUTERS, Rights, Porsche, Google, General Motors, Renault, Nissan, Ford, Google Automotive Services, Thomson Locations: Munich, Germany

☆ Volkswagen says commodity markets still uncertain after Q3 hedge hit
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowBERLIN, Oct 26 (Reuters) - Europe's largest automaker Volkswagen (VOWG_p.DE) on Thursday warned the outlook for commodity markets remained uncertain after confirming it took a major hit to its third-quarter profit from raw materials hedges. Like many other industrial firms, automakers hedge against commodity price swings, potentially leading to non-cash gains or losses, usually at the end of each quarter. This led to a 2.5 billion euro ($2.64 billion) non-cash loss in the third quarter that it will be unable to offset by the end of the year. "The further development of the commodity markets remains unpredictable," Volkswagen said. Volkswagen on Thursday confirmed it posted 78.8 billion euros in third-quarter sales and a 14% rise in operating profit to 4.9 billion euros.

Persons: Angelika Warmuth, Arno Antlitz, Victoria Waldersee, Nick Carey, Rachel More, Jamie Freed Organizations: Volkswagen, REUTERS, BERLIN, Thomson Locations: Munich, Germany

☆ Porsche confirms outlook on strong sales in North America, Europe
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Porsche Mission X is displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Angelika Warmuth Acquire Licensing RightsBERLIN, Oct 25 (Reuters) - Porsche AG (P911_p.DE) reported nine-month results in line with its annual forecast on Wednesday as strong demand in North America and Europe compensated for lower China sales. The luxury carmaker reported an 18.3% return on sales with operating profit up 9% to 5.5 billion euros ($5.83 billion), even as it faced added costs of preparing for four upcoming product launches next year. Its 2023 forecast expects a 17-19% return on sales of 40 to 42 billion euros, betting on the resilience of luxury demand even amid high inflation and an uncertain global economy. ($1 = 0.9436 euros)Reporting by Victoria Waldersee, Editing by Friederike Heine and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Angelika Warmuth, Victoria Waldersee, Friederike Heine, Miranda Murray Organizations: REUTERS, Rights, Porsche AG, Thomson Locations: Munich, Germany, North America, Europe, China

☆ Management of bankrupt Volta Trucks seeking buyer - source
▼ + stars: | 2023-10-19 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

A Volta Zero electric truck is seen during the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 6, 2023. REUTERS/Angelika Warmuth Acquire Licensing RightsCompanies Volta Trucks AB FollowLONDON, Oct 19 (Reuters) - The management of bankrupt electric truck maker Volta Trucks is urgently seeking a buyer to take the company out of administration and help it complete the ramp-up to mass production, a source familiar with the issue told Reuters. The startup had picked a factory in Austria to make its trucks and had been working toward mass production. Representatives of executives at Alvarez & Marsal Europe (A&M), who have been appointed as bankruptcy administrators for Volta Trucks' UK operations, could not be reached for comment. A few, including EV parts supplier Proterra and electric pickup truck maker Lordstown Motors, have begun bankruptcy proceedings.

Persons: Angelika Warmuth, Nick Carey Organizations: REUTERS, Volta, Reuters, Volta Trucks, Management, Alvarez, Marsal Europe, EV, Lordstown Motors, Thomson Locations: Munich, Germany, Sweden, United Kingdom, Austria

☆ China's electric vehicle giant BYD sees Q3 net profit as much as doubling
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

People stand next to BYD Company vehicles, at the 2023 IAA Mobility auto show, in Munich, Germany, September 10, 2023. REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsCompanies BYD Co Ltd FollowHONG KONG, Oct 17 (Reuters) - Chinese electric vehicle giant BYD (002594.SZ) on Tuesday said it expects third-quarter net profit to as much as double thanks to robust sales and effective cost control. The Shenzhen-based company forecasts net profit for the July to September period at between 9.55 billion yuan ($1.31 billion) and 11.55 billion yuan, an increase of 67% to 102% from a year earlier. "Despite the increasingly intensified competition in the automobile industry in the third quarter, the company continued to record profit," BYD said in the filing. Net profit in the nine months through September is expected to rise 120-142% year-on-year to between 20.50 billion yuan and 22.50 billion yuan, it said, up from a net profit of 9.31 billion yuan in the year ago period.

Persons: Angelika Warmuth, BYD, Twinnie Siu, Jan Harvey Organizations: BYD Company, REUTERS, BYD, Tashkent Municipal, Thomson Locations: Munich, Germany, HONG KONG, Shenzhen, Uzbekistan, Tashkent

☆ Electric truck maker Volta Trucks files for bankruptcy in Sweden
▼ + stars: | 2023-10-17 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

A Volta Zero electric truck is seen during the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 6, 2023. REUTERS/Angelika Warmuth/File photo Acquire Licensing RightsLONDON, Oct 17 (Reuters) - Electric truck maker Volta Trucks said on Tuesday it has decided to file for bankruptcy proceedings in Sweden, after difficulties at suppliers made it hard for the startup to raise funds. Volta said it will also shortly file for bankruptcy in Britain. The electric truck maker had raised around 300 million euros ($316 million) from investors and said it had an order book of more than 5,000 vehicles. Volta Trucks had picked a factory in Austria to make its trucks and had been working toward mass production.

Persons: Angelika Warmuth, Nick Carey, Louise Heavens, Sharon Singleton Organizations: REUTERS, Volta, Volta Trucks, Thomson Locations: Munich, Germany, Sweden, United Kingdom, Britain, Austria

☆ Porsche: deliveries up in every region but China in first 9 months of 2023
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: 1 min

A Porsche logo is seen on a vehicle displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Angelika Warmuth/File photo Acquire Licensing RightsCompanies Dr Ing hc F Porsche AG FollowBERLIN, Oct 13 (Reuters) - Porsche (P911_p.DE) said on Friday that deliveries worldwide for the first nine months of 2023 were up 10% on the year, reaching 242,722 vehicles, with growth seen in every region but China. China sales fell 12% in the same January to September period, reaching 60,748 vehicles, due to the continuing challenging economic situation in the region, it said. Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Angelika Warmuth, Ing, Miranda Murray, Friederike Heine Our Organizations: REUTERS, Ing hc F Porsche, BERLIN, Porsche, Thomson Locations: Munich, Germany, China

☆ China market hard going for BMW and Mercedes in third quarter
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

Mercedes-Benz's supply issues affected its global sales, which fell 4% year-on-year in July-September, although the company said it was still on track to meet its full-year guidance for flat sales growth. BMW fared better, reporting a 5.8% rise in its global retail sales to 621,699 vehicles in July-September, but said retail sales in China of BMW and Mini models dropped 1.8%. BMW said that year-to-date sales in China were up 1.7% despite the drag on sales in the third quarter, while Mercedes-Benz nine-month wholesale figures in the country were at the previous year's level. It does not disclose detailed retailed sales but a spokesperson said they were positive in the third quarter and on a nine-month basis. BMW said its global retail sales were up 5.1% so far this year.

Persons: Leonhard Simon, carmakers Mercedes, Mercedes, Carmakers, Benz, Victoria Waldersee, Miranda Murray, Friederike Heine, Susan Fenton Organizations: Mercedes, Benz, REUTERS, Rights, BMW, GLC, Thomson Locations: German, Munich, Germany, China

"The backlash, like a boomerang, can be bigger than what one imagined," he said, referring to potential retaliation by China on European carmakers. While 90% of BMW cars sold in China are produced locally, some materials are shipped from Europe to China, Mertl said. China has condemned the EU investigation, which formally began on Thursday, as out of line with World Trade Organization rules and detrimental to the global growth of EV sales. Asked whether the premium carmaker was seeing dampened demand for EVs reported by Volkswagen (VOWG_p.DE) in recent weeks, Mertl said EV sales were rising and the company was on track to hit its goal of 15% fully-electric sales for the year. Some supply chain problems in logistics and transport persisted and could carry on for the next six months, he added.

Persons: Angelika Warmuth, Walter Mertl, Mertl, Victoria Waldersee, Christina Amann, Friederike Heine, Mark Potter Organizations: BMW, REUTERS, Rights, World Trade Organization, Volkswagen Locations: Munich, Germany, China, Europe, Beijing, European

☆ Porsche-backed Sensigo deploys AI tools to smooth vehicle repairs
▼ + stars: | 2023-10-05 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

REUTERS/Leonhard Simon/File Photo Acquire Licensing RightsOct 5 (Reuters) - German automaker Porsche (P911_p.DE) and investor UP.Partners have launched Sensigo, a California-based startup using artificial intelligence to enable vehicle service technicians to diagnose, resolve and eventually predict repair issues. Sensigo said its AI-powered service platform and tools can improve the repair process for customers and techs, while boosting service center profitability, reducing repair costs and minimizing warranty risk. The partners’ first startup, Pull Systems, announced in March, manages electric vehicle battery performance. In addition to Porsche, UP’s investment partners include Toyota’s (7203.T) Woven Capital, Alaska Air Group (ALK.N), ARK Invest and others. Portfolio companies include aerial vehicle startups Skydio and Beta Technologies.

Persons: Leonhard Simon, UP.Partners, Sensigo, Paul Lienert, Nick Macfie Organizations: Porsche, REUTERS, Systems, Alaska Air Group, ARK Invest, Beta Technologies, Thomson Locations: German, Munich, Germany, California, Santa Monica, Capital, United States, Detroit

☆ Porsche AG confirms 2023, long-term margin outlook
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

A Porsche logo is seen on a vehicle displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Angelika Warmuth/file photo Acquire Licensing RightsFRANKFURT, Sept 28 (Reuters) - Luxury carmaker Porsche AG (P911_p.DE) on Thursday confirmed its 2023 outlook, saying demand for its cars remained strong despite the challenging macroeconomic environment. This also influenced the price of the (Porsche AG) share." Still, the company said it still expects an operating return on sales of 17%-19% in 2023 on sales of 40 billion to 42 billion euros ($42.05 billion to $44.15 billion), as well as a return on sales of more than 20% long-term. ($1 = 0.9512 euros)Reporting by Christoph Steitz, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Angelika Warmuth, Porsche, Christoph Steitz, Rachel More Organizations: REUTERS, Rights, Porsche AG, Porsche, Thomson Locations: Munich, Germany, China

☆ Tesla to face EU anti-subsidy probe over China exports- FT
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: 1 min

Tesla's Model 3 is displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowSept 26 (Reuters) - Tesla (TSLA.O) and European carmakers that export from China to the EU will be part of the bloc's probe into whether the country's electric vehicles industry is receiving unfair subsidies, the Financial Times reported on Tuesday, citing Brussels' most senior trade official. Reporting by Shivani Tanna in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Angelika Warmuth, Shivani Tanna, Shinjini Organizations: REUTERS, Financial Times, Thomson Locations: Munich, Germany, China, Brussels, Bengaluru

☆ BYD says talk of leaked commercial secrets 'purely rumours'
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

People stand next to BYD Company vehicles, at the 2023 IAA Mobility auto show, in Munich, Germany, September 10, 2023. REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsCompanies BYD Co Ltd FollowBEIJING, Sept 22 (Reuters) - Online discussions saying BYD workers leaked commercial secrets are purely rumours, the Chinese automaker said in a social media post on Friday. BYD also said the person responsible for spreading the rumour has been apprehended by police and that the firm plans to take legal action. In the statement, BYD posted screenshots of social media posts of the rumour which said an employee at the company's semiconductor foundry division had leaked a client's chip engineering drawing to U.S. politicians. BYD is the top-selling auto brand in China by sales in the first eight months of the year with pure electric and plug-in hybrid models.

Persons: Angelika Warmuth, BYD, Liz Lee, Jason Neely Organizations: BYD Company, REUTERS, BYD, Beijing, Thomson Locations: Munich, Germany, BEIJING, China

☆ Explainer: How France aims to discourage buying of Chinese EVs
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

WHY IS FRANCE REVISING ITS EV BONUS ELIGIBILITY RULES? However, in the absence of cheap European-made EVs, a third of all incentives are going to consumers buying EVs made in China, a French finance ministry source said. Because Chinese industry generally relies heavily on coal-generated electricity, the criteria are likely to put the bonus out of Chinese carmakers' reach. But French car buyers will have to wait because Stellantis' (STLAM.MI) Slovakia-made e-C3 city car and Renault's (RENA.PA) France-made R5 are not due to hit the market until 2024. The model is currently one of the best-selling electric car's in France with the Tesla Y, Peugeot's e-208, Fiat's 500e, the Megane eTech and MG4.

Persons: Angelika Warmuth, EVs, Emmanuel Macron, Stellantis, MG4, Lorraine Morard, Luca De Meo, Tesla, BYD, Gilles Guillaume, Leigh Thomas, Sharon Singleton Organizations: Company, REUTERS, Rights, Reuters, SAIC, P Global, Renault, Thomson Locations: Munich, Germany, France, China, Europe, FRANCE, French, Slovakia, Dacia Spring

Analysts said the probe could slow capacity expansion and the capital spending cycle of China's battery suppliers, although the move should not pose a big downside risk for Chinese EVs. Hong Kong shares of market leader BYD fell more than 3%. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. GROWING MARKET SHAREEU officials believe Chinese EVs are undercutting the prices of local models by about 20% in the European market, piling pressure on European automakers to produce lower-cost electric vehicles. It accounted for 40.25% of EV exports from China between January and April 2023, up from 36.5% in 2022.

Persons: Angelika Warmuth, Ursula von der Leyen, BYD, CATL, der Leyen, Li Qiang, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed Organizations: BYD Company, REUTERS, China, EV, European Commission, EU . European, Analysts, HK, Geely, SAIC, EU, Chamber of Commerce, China Passenger Car Association, Center, Strategic, Internal Studies, Volvo, Thomson Locations: Munich, Germany, Europe, HONG KONG, SHANGHAI, Hong Kong, Beijing, Shanghai, Xpeng, Shenzhen, SZ, China, Moscow, Russian, Ukraine, New Delhi, Brussels, U.S

☆ Tesla, suppliers to invest $15 bln in Mexico factory - local governor
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsMEXICO CITY, Sept 11 (Reuters) - A state governor in Mexico said on Monday that Tesla (TSLA.O) and its suppliers would invest $15 billion over the next two years in a factory that is still under construction, an amount that is triple what Mexican officials previously announced. In March, Tesla CEO Elon Musk said his company would open a gigafactory in northern Nuevo Leon state, part of the electric carmaker's push to expand its global footprint. At the time, Musk did not detail Tesla's investment, but Mexican officials said the factory would involve a $5 billion investment. Speaking at an event, Nuevo Leon Governor Samuel Garcia said the facility will now involve thrice that amount. Neither Tesla's press office nor Nuevo Leon officials responded after hours to a request for comment on the governor's comments.

Persons: Angelika Warmuth, Tesla, Elon Musk, Musk, Samuel Garcia, Nuevo Leon, Carolina Pulice, Beth Soloman, David Alire Garcia, Miral Organizations: REUTERS, Tesla, Nuevo Leon, Nuevo, BMW, General Motors, Ford, Reuters, Thomson Locations: Munich, Germany, MEXICO, Mexico, Nuevo Leon

☆ CNBC Daily Open: High yields posed no threat to the tech rally
▼ + stars: | 2023-09-12 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nasdaq Composite rallied, buoyed by tech stocks. More than luck to surpass StarbucksAsk any American to think of the most common coffee chain, and chances are they'd mention Starbucks. A combination of its franchise model, low pricing and self-operated stores helped a coffee chain founded in 2017 surpass an established brand.

Persons: Wall, JPMorgan Chase, Jamie Dimon, it'd, Dimon, Cristiano Amon, he's Organizations: CNBC, Nasdaq, Japan's Nikkei, Garden Holdings, JPMorgan, Qualcomm Qualcomm, Apple, UBS, Starbucks, Apple Apple Locations: Munich, Germany, Asia, Pacific, U.S, Ukraine, China

☆ From BMW to Porsche: Take a look at the cars on display at one of the world's biggest auto shows
▼ + stars: | 2023-09-08 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +6 min

BMW Vision Neue KlasseBMW revealed the BMW Vision Neue Klasse, a concept electric vehicle that will underpin its foray into battery-powered cars. Mercedes-Benz Vision One ElevenThe Mercedes-Benz Vision One Eleven on display at the IAA Mobility show in Munich, Germany. GTI ConceptThe all-electric Volkswagen ID GTI Concept car on display at the IAA Mobility 2023 show in Munich, Germany. Porsche Mission XThe Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany. Lego Lamborghini Sián FKP 37A Lego version of the Lamborghini Sián FKP 37 on display at IAA Mobility 2023 in Munich, Germany.

Persons: Olaf Scholz, Ola Källenius, Mercedes, Sven Hoppe, Arjun Kharpal, Leapmotor, Zhu Jiangming, BYD, Warren Buffett, Kharpal, Lucid, Cyberster Organizations: Management, Mercedes, Benz AG, Getty, Mobility, BMW, Neue, CNBC, Benz, IAA, Leapmotor, Opel, CNBC Stellantis, Air, Volkswagen, IAA Mobility, Porsche, Carrera GT, Shanghai Auto, Lamborghini Locations: Munich, GERMANY, Germany, Xpeng, BYD, Hangzhou, Europe

☆ Good news, BMW owners: You won't have to pay $18 to heat your seats after all
▼ + stars: | 2023-09-08 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

A BMW executive told Autocar magazine the company will be ending its $18-a-month heated seat subscription. That includes the roughly $18 monthly fee — or $180 annually — to activate heated seats, which come pre-installed in these cars. "We thought that we would provide an extra service to the customer by offering the chance to activate that later, but the user acceptance isn't that high," Nota told Autocar during the IAA Mobility conference in Munich. Despite scrapping the seat-warming charges, Nota told Autocar the company still plans to go ahead with charging for other features — like $20-a-month driving assistance software. Automakers Ford and General Motors set a target annual revenue of at least $20 billion from software services by 2030.

Persons: Pieter Nota, It's, Nota, Trevor Noah, General Motors Organizations: BMW, Autocar, Service, IAA Mobility, Daily, Ford, General Locations: Wall, Silicon, Munich

REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Sept 8 (Reuters) - China's passenger vehicle sales returned to growth in August year-on-year, as deeper discounts and tax breaks for environmentally friendly and electric vehicles boosted consumer sentiment even as economic growth remains weak. Buoyed by hefty discounts, Tesla's share of China's electric vehicle (EV) market almost doubled in August to 13.2 percent from 7.5 percent in July, according to Reuters calculations based on the CPCA data. Tesla (TSLA.O) sold 64,694 cars in China in August, the data showed, while deliveries of its China-made Model Y hit 65,316 last month, topping the CPCA passenger vehicle model sales. Sales of new energy vehicles (NEVs), which have underpinned China's auto sales growth, were up 34.5% in August, accounting for 36.9% of total car sales. However, the company introduced its restyled Model 3 a starting price 12% higher than the previous, base rear-wheel drive model.

Persons: Aly, General Cui Dongshu, Tesla, Warren Buffett, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Kim Coghill, Miral Organizations: Auto, REUTERS, Rights, China Passenger Car Association, Reuters, Reuters Graphics, U.S, EV, Monday, IAA Mobility, HK, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, SHANGHAI, Europe, Munich

☆ IAA Mobility: China's automakers take the world by storm with EV push
▼ + stars: | 2023-09-07 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Leonhard Simon/Getty ImagesEven before the show kicked off, Renault chief executive Luca de Meo was on French radio talking up the rapid advances made by Chinese EV makers. Competitors worry that Chinese brands may eventually dominate the global EV market. In Europe, the top destination for China’s car exports, sales of Chinese EVs are booming. Supply chain advantageA major factor contributing to the lower cost of Chinese EVs is the country’s dominance of the EV battery supply chain. However, geopolitical tensions could complicate Chinese EV firms’ global push.

Persons: Leonhard Simon, Luca de Meo, ” de Meo, ” “, ”, Dylan Khoo, Li Yunfei, Oliver Zipse, Khoo, It’s, — Hanna Ziady, Olesya Dmitracova Organizations: Hong Kong CNN, Visitors, Renault, Chinese EV, RTL Radio, China Association of Automobile Manufacturers, China Passenger Car Association, Union, UBS, Europe Auto, EV, New, Research, Deloitte, BMW, ABI Research, Jato Dynamics, “, China’s SAIC, MG, IAA, SNE Research Locations: China, Hong Kong, Munich, Germany, Chinese, Europe, Australia, Southeast Asia, Japan, Russia, New York, United States, France, British, United Kingdom, South Korean

☆ Tiny ‘bubble cars’ from the 1960s are making a comeback. Take a look at the latest electric versions
▼ + stars: | 2023-09-07 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

The Microlino electric vehicle on display at the IAA Mobility 2023 show in Munich, Germany. MUNICH — Tiny cars appear to be making a comeback. At the IAA motor show in Munich this week, there were a handful of small vehicles on display. They resembled the so-called microcars or "bubble cars" from several decades ago — like the Italian-designed Isetta, which was first produced in the mid-1950s. Another car on display at IAA was the Yoyo, a car from Italian-Chinese start-up XEV.

Persons: Smart, it's Organizations: IAA, Fiat Locations: Munich, Germany, MUNICH, Europe

Search resuls for: "IAA Mobility"

25 mentions found