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☆ Truck maker Scania to switch to zero-carbon steel by 2030
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

The sky reflects on the window of a Scania truck at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer Acquire Licensing RightsOSLO, Nov 13 (Reuters) - Swedish truck maker Scania will switch to using steel made without carbon emissions in its heavy-duty vehicles before the end of the decade, it said on Monday. "Scania's purpose is to drive the shift towards a sustainable transport system," CEO Christian Levin said in a statement, adding that the truck maker was taking action across its value chain to cut emissions. SSAB is investing heavily in new production methods to eliminate carbon dioxide emissions from its steel production, such as replacing traditional coking coal with zero-carbon electricity and hydrogen. The metal has the same quality and technical properties as traditional steel, including when recycled, according to SSAB.

Persons: Fabian Bimmer, Christian Levin, Terje Solsvik, Jonathan Oatis Organizations: IAA Transportation, REUTERS, Rights, Scania, Volkswagen's, Thomson Locations: Scania, Hanover, Germany, Rights OSLO, Swedish

☆ Nikola expands dealer network into Canada for its electric trucks
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Fabian Bimmer Acquire Licensing RightsCompanies Nikola Corp FollowSept 15 (Reuters) - Nikola (NKLA.O) said on Friday it would expand its dealer network into Canada for heavy-duty truck sales in a partnership with trailer manufacturer ITD Industries, sending the electric-truck maker's shares up 5% in morning trading. Nikola, which makes battery electric and fuel cell electric Class 8 trucks, has been facing issues, including two fires within a week in September involving its vehicles. Earlier in August, the company said it was recalling all the battery-powered electric trucks that it had delivered till date after an investigation revealed coolant leaks inside a battery pack. Nikola's CEO Steve Girsky, however, told investors on Wednesday that the battery electric truck recall would not affect the production or deliveries of its fuel cell electric vehicles since they use a different battery pack from a different supplier. The company plans to begin deliveries of the hydrogen fuel cell vehicle in late September and early October, he added.

Persons: Nikola, Fabian Bimmer, NKLA.O, Steve Girsky, Zaheer Kachwala, Shilpi Majumdar Organizations: IAA Transportation, REUTERS, Nikola, ITD Industries, Thomson Locations: Hanover, Germany, Canada, Bengaluru

☆ Nikola semi-truck catches fire in second incident in a week
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Fabian Bimmer Acquire Licensing RightsCompanies Nikola Corp FollowSept 8 (Reuters) - A Nikola (NKLA.O) electric semi-truck caught fire near the company's Phoenix headquarters in Arizona, it said on Friday, the second such incident this week involving the firm's vehicle. Earlier this week, another of its Tre battery-electric truck caught fire in Tempe, Arizona, which affected one battery pack. The company had suspected foul play when it started an investigation in June after trucks at its headquarters caught fire. However, last month Nikola cited a coolant leak inside a battery pack as the cause following the investigation. A total of 209 battery-powered electric trucks were in the marketplace between dealers and customers at the time of the recall.

Persons: Nikola, Fabian Bimmer, Akash Sriram, Sriraj Organizations: IAA Transportation, REUTERS, Nikola, Thomson Locations: Hanover, Germany, Arizona, Tempe , Arizona, Bengaluru

☆ Cummins, Daimler, PACCAR form joint venture for US battery cell production
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer Acquire Licensing RightsSept 6 (Reuters) - Accelera, a zero-emissions business unit of Cummins (CMI.N), Daimler Trucks & Buses US Holding and PACCAR (PCAR.O) said on Wednesday they formed a joint venture to advance battery cell production in the United States. Daimler Truck, Accelera and PACCAR will each own 30% of the joint venture, which will initially focus on LFP battery technology family for commercial battery-electric trucks. "This planned joint venture enables economies of scale beyond Daimler Truck," said Martin Daum, CEO of Daimler Truck. LFP battery-cell maker EVE Energy (300014.SZ) will also serve as the technology partner in the joint venture with a 10% ownership. LFP battery cells were developed in the United States, but Chinese companies such as BYD (002594.SZ) and CATL (300750.SZ) currently dominate global production.

Persons: Daimler, Fabian Bimmer, Martin Daum, Nathan Gomes, Krishna Chandra Organizations: IAA Transportation, REUTERS, Cummins, Daimler Trucks, Toyota, Ford Motor, Hyundai, Daimler, EVE Energy, Thomson Locations: Hanover, Germany, United States, Bengaluru

☆ Daimler Truck starts search for new CFO after sudden death
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: 1 min

Members of the media stand beside an electric driven Actros truck at the booth of German truckmaker Daimler Truck at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian BimmerBERLIN, Aug 14 (Reuters) - Daimler Truck (DTGGe.DE) on Monday said that management board chairman Martin Daum would take over as chief financial officer on an interim basis after the sudden death of Jochen Goetz. The company added that the search for a new CFO had been initiated by the supervisory board. Daimler Truck had announced earlier this month that Goetz died suddenly and unexpectedly at the age of 52. Writing by Miranda Murray, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Daimler, Fabian Bimmer BERLIN, Martin Daum, Jochen Goetz, Goetz, Miranda Murray, Rachel More Organizations: IAA Transportation, REUTERS, Daimler, Daimler Truck, Thomson Locations: Hanover, Germany

☆ Nikola recalls all battery-electric trucks, halts sales after fire probe
▼ + stars: | 2023-08-12 | by ( Mrinmay Dey | ) www.reuters.com time to read: +2 min

Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair in Hanover, Germany, September 19, 2022. The company had said it suspected foul play when it started an investigation in June after trucks at its Phoenix, Arizona, headquarters caught fire. Struggling with supply chain bottlenecks and weaker demand, Nikola decided to make battery electric trucks only to order and focus on hydrogen fuel cell trucks. Nikola on Aug. 4 appointed Chairman Stephen Girsky, a former General Motors executive, as its chief executive, its fourth in four years. On Friday, Nikola asked customers and dealers of its Tre battery electric trucks to take certain immediate safety measures, including considering parking them outside.

Persons: Nikola, Fabian Bimmer, NKLA.O, Stephen Girsky, Shubhendu Deshmukh, Mrinmay Dey, Abhirup Roy, Sandra Maler, William Mallard, Raju Gopalakrishnan Organizations: IAA Transportation, REUTERS, Reuters, General Motors, Thomson Locations: Hanover, Germany, Phoenix , Arizona, Bengaluru, San Francisco

☆ Nikola recalls 209 Class 8 battery-electric trucks
▼ + stars: | 2023-08-12 | by ( ) www.reuters.com time to read: +1 min

Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer/File PhotoCompanies Nikola Corp FollowAug 11 (Reuters) - Nikola (NKLA.O) on Friday said it is recalling about 209 of its Class 8 Tre battery-electric vehicles (BEVs) as a precautionary measure. Nikola is currently in the process of filing this voluntary recall with the National Highway Traffic Safety Administration (NHTSA) and is placing a temporary hold on new BEV sales until a resolution is in place, the company said. The company said in a statement that a third-party investigator had found a coolant leak inside a single battery pack to be the probable cause of a truck fire at the company's headquarters in Phoenix, Arizona, on June 23, 2023. Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Nikola, Fabian Bimmer, BEV, Shubhendu Deshmukh, Sandra Maler Organizations: IAA Transportation, REUTERS, Companies Nikola, National, Traffic Safety Administration, Thomson Locations: Hanover, Germany, Phoenix , Arizona, Bengaluru

☆ Nikola gets required shareholder votes for share increase proposal
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerAug 3 (Reuters) - Electric truck maker Nikola Corp (NKLA.O) said on Thursday it had garnered enough support for a proposal to increase the number of shares it can issue, opening the doors to much-needed capital. To reduce cash burn, Nikola announced layoffs in June and liquidated assets of a recently acquired EV battery maker. But investors have been closely scrutinizing cash reserves at Nikola and other electric-vehicle makers worried about more share disposals to raise funds diluting their stakes. Opposing the vote vocally was Nikola's founder and top shareholder Trevor Milton, who has also called for a change in leadership. Shares of Nikola, which have soared nearly 60% this year to Thursday's close, fell 3.7% in after-hours trading.

Persons: Nikola, Fabian Bimmer, Nikola Corp, Michael Lohscheller, Trevor Milton, Milton, Thursday's, Abhirup Roy, Gerry Doyle, Lisa Shumaker Organizations: IAA Transportation, REUTERS, Nikola, EV, Thomson Locations: Hanover, Germany, San Francisco

☆ Daimler Truck holds 2023 outlook on supply chain disruptions
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerBERLIN, May 9 (Reuters) - Daimler Truck (DTGGe.DE) reported on Tuesday a rise in first-quarter return on sales but maintained its 2023 outlook due to instability in the supply chain for semiconductors which it said was partly due to cyber attacks at its suppliers. It kept its outlook from earlier this year unchanged, forecasting 55-57 billion euros in revenue for the year and 7.5-9% adjusted returns, citing ongoing instability in the supply chain. "It's not stable, but it's getting better," Goetz said, adding the company was "basically sold out" for 2023. It confirmed preliminary results released late April of a 78% jump in operating profit to 1.162 billion euros ($1.28 billion), with unit sales up 15%. Its North America and Europe divisions saw returns of 11.6% and 8.8% respectively, in line with long-term targets.

☆ Daimler Truck sees higher returns as supply chains, demand improve
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

The truck and busmaker confirmed preliminary results released late April of a 78% jump in operating profit to 1.162 billion euros ($1.28 billion). Its Asia business, which struggled in 2022, yielding just a 2.6% margin, saw some improvement in the first quarter, reaching a margin of 4.6%. Its North America and Europe divisions saw returns of 11.6% and 8.8% respectively, in line with long-term targets. Broadly, global supply chains were stabilising and demand was up compared to this time last year, the statement said, as illustrated by the 15% jump in unit sales to just over 125,000 units. The company kept its outlook from earlier this year unchanged, forecasting 55-57 billion euros in revenue for the year and 7.5-9% adjusted returns.

☆ Volkswagen to invest $193 billion over 5 years to hit EV target
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

[1/2] The logo of carmaker Volkswagen Commercial Vehicles is pictured at the IAA Transportation fair, which opened its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. The investments come as Volkswagen, Europe's top carmaker, tries to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. In the latest investment plan, up to 15 billion euros is ringfenced for battery plants and raw materials. VW outperforms EU rivalsThe investment decisions are targeted towards fulfilling a 10-point plan developed by Volkswagen CEO Oliver Blume after he took the helm in September. The most likely actual stock market candidate is battery unit PowerCo.

☆ EU gives guarded welcome to U.S. guidance on EV tax credits
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File PhotoBRUSSELS, Dec 29 (Reuters) - The European Commission gave a guarded welcome on Thursday to guidance by the United States meaning that EU companies could partially benefit from the U.S. Inflation Reduction Act, but said further improvements were required. The Commission said the Qualified Commercial Clean Vehicle Credit would be available to EU companies without requiring changes to established or foreseen business models of EU producers. A commercial clean vehicle, the guidance says, "is made by a qualified manufacturer". However, for the New Clean Vehicle Credit for consumers, the vehicle must have final assembly in North America. The Commission said the scheme remained a concern, with provisions that discriminated against clean vehicles and inputs made in the European Union, and it violated international law.

☆ Daimler Truck's Q3 unit sales jump as chip shortage eases
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerBERLIN, Nov 11 (Reuters) - Daimler Truck reported a 27% jump in third-quarter unit sales to nearly 135,000 units on Friday, as the chip shortage that hit the heavy truck business particularly hard a year earlier began to ease. The jump in earnings was highest in Europe at 316% from the same quarter last year compared to 111% in North America, traditionally Daimler Truck's strongest market. In Asia, however, where a depressed Chinese market prompted the company to lower its regional adjusted earnings margin last quarter to 1-3% from 3-5%, earnings fell 63% even as revenues and unit sales increased. Sales of Daimler Buses, which did not grow at all in 2021, were up 18% this year so far, with earnings more than tripling to 23 million euros ($23.51 million). ($1 = 0.9785 euros)Reporting by Victoria Waldersee, Ilona Wissenbach Editing by Miranda Murray and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Daimler Truck CEO says output could have been higher by 'five-digit figure' without supply chain problems
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Martin Daum, head of Daimler Trucks and Buses gestures during the annual results news conference in Stuttgart, Germany, February 11, 2020. REUTERS/Andreas GebertHANNOVER, Germany, Sept 19 (Reuters) - Daimler Truck's (DTGGe.DE) deliveries could have been higher by a "five-digit figure" in 2021 and 2022 if it had not faced supply chain problems, its chief executive Martin Daum told Reuters. Register now for FREE unlimited access to Reuters.com RegisterThe company sold 120,961 units in the second quarter of 2022, up 4% from the same period last year. Daum said Europe, and Germany in particular, was lagging on building battery production, with most still coming from Asia. This could hold back the country's ambitions to build batteries, a highly energy-intensive process, Daum said.

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