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Eli Lilly — Shares added 5% after Eli Lilly, maker of the Mounjaro diabetes and weight loss drug, beat analysts' expectations for first-quarter adjusted earnings. PayPal — Shares gained 3.6% after the payment company posted $7.70 billion in first-quarter revenue, beating analysts' estimates for $7.51 billion, according to LSEG. The chipmaker posted adjusted earnings of $3.24 per share, higher than the consensus estimate of $3.16 per share, according to LSEG. Earnings of 24 cents per share on $1.37 billion in revenue exceeded consensus forecasts of 11 cents and $1.36 billion, according to FactSet. Adjusted earnings of 71 cents per share topped anticipated earnings of 65 cents per share.

Persons: Eli Lilly —, Eli Lilly, drugmaker, Jefferies, Tesla, Goldman Sachs, Tenet, Corning, FactSet, Sysco, Medifast, Paccar, Bob Bakish, Skydance, Needham, Macheel, Michelle Fox, Yun Li, Lisa Kailai Han, Pia Singh, Sarah Min Organizations: PayPal —, PayPal, Semiconductor, Tenet, FactSet, Technology, GE Healthcare Technologies, LSEG, Taco Bell, KFC, Paramount Global, CBS, Paramount Locations: Indianapolis, China, LSEG, FactSet, Houston

TOKYO (AP) — A Japanese automaker that cheated on safety tests for decades said Monday it doesn't expect to resume shipping cars any time soon. The Japanese government ordered a subsidiary of Toyota to halt production of its entire lineup after reports of faked safety test results emerged last year. The Daihatsu Motor Co. skipped mandatory safety tests by copying data from testing on one side of cars to the other, and used timers to ensure airbags went off in tests, a review found. An investigation including third-party experts found 174 cases of faked tests affecting dozens of models, including cars sold under the Toyota Motor Corp. nameplate. The review found that cheating went back 30 years.

Persons: —, Keita Ide, Soichiro Okudaira, truckmaker Hino, Akio Toyoda, Toyota’s, ” ___ Yuri Kageyama Organizations: TOKYO, Toyota, Daihatsu, Co, Toyota Motor Corp, Toyota Industries Corp

☆ Disgraced Nikola founder's argument for why he should avoid jail: He's no Elizabeth Holmes
▼ + stars: | 2023-11-17 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

Trevor Milton's lawyers say he should avoid prison because his fraud conviction is not like that of Elizabeth Holmes. Holmes was convicted on charges that she defrauded investors in blood-testing company Theranos. Milton was convicted on charges that he duped investors with exaggerated claims about zero-emission Nikola trucks. Court officials have calculated federal sentencing guidelines to recommend between 17 1/2 years and 22 years in prison, although Milton's lawyers object to the calculations, saying they substantially overstate the seriousness of the crimes. "Unlike Holmes, Trevor never put Nikola's customers at risk, whereas Holmes touted and used blood-testing technology that she knew to be unreliable, thus putting human beings at medical risk," the lawyers said.

Persons: Trevor, Elizabeth Holmes, Holmes, Milton, —, truckmaker Nikola, Trevor Milton, nastiness, Nikola, Milton's, Nikola — Organizations: Service, truckmaker, truckmaker Nikola Corp, Wall, The Associated Press, General Motors Corp, Securities and Exchange Commission, Nikola Locations: Manhattan, tatters, Utah, Arizona

NEW YORK (AP) — Lawyers for the founder of truckmaker Nikola Corp. say he should not face incarceration because his fraud conviction is nothing like the fraud that landed Theranos founder Elizabeth Holmes in prison. Milton, 41, was convicted last year of fraud for duping investors with exaggerated claims about his company’s production of zero-emission trucks. Holmes, 39, is serving an 11-year sentence for defrauding investors in the blood-testing company Theranos. “Unlike Holmes, Trevor never put Nikola's customers at risk, whereas Holmes touted and used blood-testing technology that she knew to be unreliable, thus putting human beings at medical risk,” the lawyers said. Lawyers for Holmes did not immediately comment.

Persons: truckmaker Nikola, Elizabeth Holmes, Trevor Milton, nastiness, ”, Milton, Holmes, Trevor, CNBC’s, Nikola, “ Trevor, Milton’s, Nikola —, — Organizations: —, truckmaker, truckmaker Nikola Corp, Wall, The Associated Press, General Motors Corp, Securities and Exchange Commission, Nikola Locations: Manhattan, ”, tatters, Utah, Arizona

☆ Truckmaker Volvo to buy Proterra's battery business for $210 mln
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

The Volvo logo is seen in truck for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly/File photo Acquire Licensing RightsSTOCKHOLM, Nov 10 (Reuters) - Swedish truckmaker Volvo (VOLVb.ST) said on Friday it had won an auction for the battery business of troubled Proterra in the United States with a $210 million bid. The auction was part of the electric vehicle part supplier's ongoing U.S. Chapter 11 bankruptcy protection process. Volvo said in a statement it aimed to finalise the acquisition, which is pending approval by the bankruptcy court, early next year. Reporting by Anna Ringstrom, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Anna Ringstrom, Terje Solsvik Organizations: Volvo, REUTERS, Rights, Thomson Locations: Linden , New Jersey, U.S, Rights STOCKHOLM, Swedish, United States

☆ 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

[1/4] President and CEO of AB Volvo Martin Lundstedt is seen on the day of the presentation of Volvo Group's Q2 2023 earnings report, in Gothenburg, Sweden, July 19, 2023. Adam Ihse/TT News Agency/via REUTERSCompanies Volvo AB FollowSTOCKHOLM, July 19 (Reuters) - Swedish truckmaker AB Volvo (VOLVb.ST) on Wednesday logged a better-than-expected 57% jump in second-quarter adjusted operating profit, helped by price hikes. "We have been successful in improving margins while managing cost inflation and increased disturbances in the supply chain," Chief Executive Martin Lundstedt said in a statement. Operating profit before restructuring charges and legal claims surged to 21.7 billion crowns ($2.1 billion), beating a Refinitiv consensus estimate of 18.4 billion crowns. Reporting by Marie Mannes; editing by Anna Ringstrom, Jason Neely and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Volvo Martin Lundstedt, Adam Ihse, Martin Lundstedt, Lundstedt, Marie Mannes, Anna Ringstrom, Jason Neely, Edwina Gibbs Organizations: Volvo, TT, Agency, REUTERS Companies Volvo, STOCKHOLM, truckmaker, JPMorgan, Thomson Locations: Gothenburg, Sweden, Europe, North America, Stockholm

☆ 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.

☆ Iveco takes full ownership of JV with Nikola on electric, hybrid trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 9 (Reuters) - Italy's Iveco Group (IVG.MI) has agreed to buy the full ownership of its joint venture with U.S. start-up Nikola (NKLA.O) developing battery electric and fuel cell heavy-duty trucks for 44 million euros ($48 million), it said on Tuesday. Battery electric (BEV) trucks developed by the JV are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen hybrid (FCEV) trucks are expected to hit the road next year. As part of the agreement announced on Tuesday, Iveco will focus on Europe for the further development and commercialisation of its own battery electric and fuel cell electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares.

☆ 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.

"The amount of energy BEVs need is so enormous that I see a strain on our grid that ultimately it can't fulfill." Daimler Truck will invest up to 15 billion euros ($16 billion) on fuel cells over the next decade, Daum said. Symbio, which supplies fuel cells for Stellantis vans, expects global fuel cell vehicle sales to reach 2 million units annually by 2030 and wants a 10% share. Both General Motors (GM) (GM.N) and Toyota (7203.T) are testing fuel cells for larger vehicles including semi-trucks and trains to build scale and lower costs. While Volkswagen is not currently investing in fuel cells, it has hundreds of patents around the technology.

☆ PACCAR beats earnings estimates on strong demand for trucks
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

Jan 24 (Reuters) - PACCAR Inc (PCAR.O) beat market expectations for fourth-quarter earnings on Tuesday, aided by strong demand for its trucks from customers looking to replace ageing fleets. Rising e-commerce deliveries and a focus on bolstering logistics networks have driven demand for long-haul trucks, bolstering sales for companies such as PACCAR. "Good freight markets and an increased fleet age are driving strong demand...," PACCAR Vice President Darrin Siver said. Last week, logistics giant JB Hunt Transport Services (JBHT.O) also gave an upbeat forecast for the freight market this year. PACCAR said on Tuesday that U.S. and Canada Class 8 truck industry retail sales are estimated to be in the range of 270,000 and 310,000 trucks for 2023.

☆ Atlantia exit highlights Milan's battle to retain market heavyweights
▼ + stars: | 2022-11-25 | by ( Elisa Anzolin | Hadeel Al Sayegh | ) www.reuters.com time to read: +4 min

snapshotFEW NEWCOMERSOn the plus side, four companies joined the main Euronext Milan market this year, including truckmaker Iveco (IVG.MI), which was the result of a spin off. The situation is healthier for Euronext Growth Milan itself, a market dedicated to small and medium-sized enterprises with minimum access requirements. Over the past 20 years, the main market has lost 268 listed companies and gained only 185, according to Intermonte research published in March. In contrast, the less regulated SME market has attracted 263 listed companies and seen 68 delistings. CULTURAL ISSUEThe fact that there are relatively few listed companies has its roots in the country's history, said Andrea Beltratti, professor of Political Economy at Milan's Bocconi University.

☆ 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 raises unit sales as chip shortage eases
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 11 (Reuters) - Daimler Truck raised unit sales by 27% to nearly 135,000 units in the third quarter, as the chip shortage that hit the heavy truck business particularly hard in the same period last year began to ease. Incoming orders were down 18% from the third quarter last year and down 14% this year so far, the company said in a statement, a sign that the backlog of demand outstripping supply as chip shortages prevented automotive manufacturers from delivering goods is clearing up. Higher pricing, favourable exchange rate effects and a strong after-sale business pushed revenues up 47% and earnings before interest and taxes up 159%, the truckmaker said on Friday, confirming results released in an ad-hoc statement in late October. Reporting by Victoria Waldersee, Ilona Wissenbach Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Rivian has both good and bad news at end of tough day for EV stocks
▼ + stars: | 2022-11-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN Business —Electric truckmaker Rivian delivered a mixed bag for investors in its third-quarter earnings report, after a brutal day for its shares and those of other electric vehicle makers. On the one hand, Rivian reported a smaller than expected adjusted loss of $1.4 billion, less than the $1.7 billion loss forecast by analysts surveyed by Refinitiv. But its revenue of $536 million, while up 47% from second quarter revenue, fell short of analysts’ revenue forecast of $552 million. That news sent Lucid (LCDX) shares tumbling 17% for the day and helped drag down shares of both Rivian and Chinese EV maker Nio (NIO) by 12% each in regular hours US trading. Shares of Rivian swung wildly on the report in after-hours trading, first gaining 3%, then falling to trade slightly lower, then rising 5%.

☆ Factbox: Companies count the cost of ditching Russia
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +6 min

INDITEX (ITX.MC)Zara owner will book a provision of 216 million euros after agreeing to sell its Russia stores to UAE-based Daher Group. TRATON (8TRA.DE)Volkswagen's (VOWG_p.DE) truck division Traton in September said disposing of some assets in Russia would cause a 550 million euro loss. CREDIT AGRICOLE (CAGR.PA)Credit Agricole provisioned more than 500 million euros related to its Russian exposure in Q1. LINDEThe world's largest industrial gases company's exit from Russia recorded impairments of $993 million from its Russia exit. SIEMENS (SIEGn.DE)The Munich-based engineering and tech firm said in May it would take a 600 million euro hit in Q2 for exiting Russia.

☆ Mercedes-Benz to sell shares in Russian subsidiaries to local investor
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 26 (Reuters) - Mercedes-Benz (MBGn.DE) said on Wednesday it would withdraw from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, becoming the latest carmaker to exit the country. A Mercedes spokesperson said the company's stake in Russian truckmaker Kamaz (KMAZ.MM) would not be affected by the intended transaction and should be transferred to Daimler Truck this year as planned. Reporting by Victoria Waldersee; Writing by Alexander Marrow; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Italian auto groups view 8.4% pay hike request as too high, union says
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

MILAN, Oct 26 (Reuters) - Four auto groups believe pay increase requests proposed by Italian unions, including a 8.4% annual rise for next year, is too high, the UILM union said on Wednesday as talks got underway. The FIM-CISL, UILM, Fismic, UGLM and AQCF unions also requested wage increases of 4.5% for 2024 and 2.5% for 2025 to help workers recover purchasing power lost due to a Europe-wide spike in consumer price inflation. He added Stellantis considered the new contract it is discussing with unions a "valuable tool" to achieve its competitiveness ambitions in Italy. Unions and the companies have scheduled seven more meetings to be held between mid-November and mid-December. Reporting by Giulio Piovaccari Editing by Cristina Carlevaro, Mark Potter and David GregorioOur Standards: The Thomson Reuters Trust Principles.

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