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A Volkswagen logo is seen on a Volkswagen ID.5 electric car on display at a showroom of a car dealer in Reze near Nantes, France, November 13, 2023. The main lever to reduce prices of electric cars is reducing battery costs, Blume said at the Sueddeutsche Zeitung Wirtschaftsgipfel conference in Berlin, pointing to the company's plans to produce a unified battery cell that it says will reduce battery costs by half. The company had said at the time it was working on a 20,000-euro vehicle, but did not provide further information. "We have a responsibility to bring the right products at the right price onto the market," Blume said. The pressure of inflation, a lack of charging infrastructure and the removal of subsidies were also holding back electric car demand, Blume said.

Persons: Stephane Mahe, Oliver Blume, Blume, Victoria Waldersee, Miranda Murray Organizations: Volkswagen, REUTERS, Rights, Victoria, Thomson Locations: Reze, Nantes, France, Berlin

[1/2] A Tesla electric vehicle is plugged to a charger in a parking lot in Teia, north of Barcelona, Spain, October 31, 2023. High interest rates and a subdued market are putting customers off, they warned, with Volkswagen's EV order intake half what it was last year. Reuters GraphicsFALLING BEHINDCritics have long warned that a lack of affordable EVs would eventually stall the steep sales growth boosted by early adopters and corporate fleets. A weaker performance in September, consumer sentiment surveys and bleak commentary from carmakers and dealers indicates that low growth era may have arrived. "We call it the valley of death, which we will be going through in 2024 to 2027: low residual values, high supply, and low demand," Nothard added.

Persons: Albert Gea, EVs, Thomas Niedermayer, Flavia Garcia, Tom Carvell, Martina, AutoTrader, Garcia, We'll, Critics, Felipe Munoz, Alistair Bedwell, Langston, Ben DuCharme, Philip Nothard, Nothard, Victoria Waldersee, Nick Carey, Giulio Piovaccari, Paul Lienert, Sumanta Sen, Alexander Smith Organizations: REUTERS, Tesla, Volkswagen, Mercedes, Benz, Reuters Graphics Dealers, Toyota, HK, Reuters Graphics, Ford, GM, United Auto Worker, JATO Dynamics, Langston, Cox Automotive, Thomson Locations: Barcelona, Spain, LONDON, Europe, Germany, Italy, Bavarian, Edinburgh, Scotland, Britain, BYD, Nio, U.S, Rome, Detroit

Logo of German tyre company Continental is pictured before the annual news conference in Hanover, Germany, March 9, 2021. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsCompanies Continental AG FollowBERLIN, Nov 8 (Reuters) - Continental (CONG.DE) reported earnings in line with consensus on Wednesday as successful price negotiations, lower inventory and stabilised supply chains enabled it to boost the performance of its automotive business and increase free cash flow. "We still have significant ground to gain in the fourth quarter," Chief Financial Officer Katja Garcia Vila, formerly Dürrfeld, said. Its automotive business, which suffered a loss in the second quarter, was back to profit with an adjusted earnings margin of 2.8% largely down to raising prices and stabilising supply chains. Still, negative currency exchange rates prompted it to adjust the cars business sales outlook slightly downwards to 20 billion euros from 21 billion previously.

Persons: Fabian Bimmer, Katja Garcia Vila, Victoria Waldersee, Miranda Murray, Miral Organizations: Continental, REUTERS, BERLIN, Victoria, Thomson Locations: Hanover, Germany, North America, Europe

The source, who declined to be named, did not say when production would begin. A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. At the same meeting, he informed staff of plans to build the 25,000-euro vehicle there, the source said. German union IG Metall said in 2022 that Tesla wages were around 20% below those offered under collective bargaining agreements at other carmakers. ($1 = 0.9315 euros)Reporting by Victoria Waldersee, Editing by Rachel More, Bernadette Baum and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Musk, Tesla, Annegret, Elon Musk, Europe's, Metall, Victoria Waldersee, Rachel More, Bernadette Baum, Emelia Organizations: Staff, JATO Dynamics, Reuters, Volkswagen, REUTERS, Thomson Locations: BERLIN, Berlin, United States, Europe, China, Gruenheide, Germany

A worker cleans a BMW i7 xDrive60 elecric car while it is charging at a BMW dealership in Sandton, South Africa, October 27, 2023. "We have no interest in sinking prices to gain market share. In a statement, BMW made no mention of high interest rates or inflation weighing on growth, in contrast to competitors such as Mercedes-Benz (MBGn.DE) and Porsche (P911_p.DE). Fully electric sales hit 15.1% of total sales in the third quarter, outstripping BMW's end-year target of 15%. Models from the upper price segment, like the 7 Series, the updated BMW X7, and the BMW X5 and BMW X6 models, are also driving sales growth.

Persons: Siphiwe, Oliver Zipse, That's, Walter Mertl, Victoria Waldersee, Christina Amann, Elaine Hardcastle, Mark Potter Organizations: BMW, REUTERS, JV, LSEG, Mercedes, Benz, Porsche, BMW X5, Thomson Locations: Sandton, South Africa, BERLIN, China

The company on Thursday reported a 12.4% adjusted return on sales in its cars division in the third quarter. Mercedes-Benz described the market environment as "subdued", but Wilhelm said "we are beyond the worst" when it comes to inflation and energy pricing. Mercedes-Benz earlier this month reported a 4% drop in overall third-quarter sales, with top-end sales down 11%, partly caused by model changeovers and a shortage in 48-volt systems supplied by Bosch. Car revenue dipped 3.8% due to the fall in deliveries, but the average selling price remained stable, the company said. ($1 = 0.9485 euros)Reporting by Victoria Waldersee; Editing by Rachel More, Jacqueline Wong and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, BEV, Harald Wilhelm, Wilhelm, Mercedes, Tesla, Victoria Waldersee, Rachel More, Jacqueline Wong, Jan Harvey Organizations: Mercedes, Benz, Japan, REUTERS, EV, BMW, VW, Ford, Porsche, Bosch, Thomson Locations: Tokyo, Japan, BERLIN, Germany, United States, China, stoke

Volkswagen has said that cost-cutting plans would include focusing on fewer high-volume models as well as streamlining production of VW passenger cars, SEAT/CUPRA and Skoda. The Volkswagen brand has the company's highest sales volume by far, but margins traditionally lag behind luxury Audi and Porsche vehicles. A Volkswagen brand spokesperson confirmed that talks began with workers in early October and that it would not comment further on the timeline or content of discussions. Labour representatives, including the head of Volkswagen works council Daniela Cavallo, make up half of the company's supervisory board per German corporate governance law for large firms. A works council spokesperson confirmed a first meeting had taken place but declined to comment further on the timeline.

Persons: Matthias Rietschel, carmaker, Arno Antlitz, Brand, Thomas Schaefer, Daniela Cavallo, Cavallo, Victoria Waldersee, Christoph Steitz, Rod Nickel Organizations: Volkswagen Group, REUTERS, BERLIN, Volkswagen, VW, SEAT, Skoda, Porsche, Labour, Thomson Locations: Zwickau, Germany

Companies Tesla Inc FollowGRUENHEIDE, Germany, Oct 9 (Reuters) - Tesla (TSLA.O) workers at the carmaker's Brandenburg plant are joining the IG Metall union in rising numbers over concerns around health, safety and overwork, the union said on Monday. Reuters was not able to independently verify the union's claims and Tesla did not immediately respond to a request for comment. Union representatives met workers at the factory gates, on the platforms of nearby stations and inside the factory on Monday handing out stickers stating "Together for safe and fair work at Tesla". "The law gives all workers the right to organise in a union and stand openly for that at their workplace. That counts at Tesla in Brandenburg as well," Dirk Schulze of IG Metall said.

Persons: Tesla, IG, Dirk Schulze, IG Metall, Victoria Waldersee, Sharon Singleton Organizations: Tesla, IG, Reuters, IG Metall, Thomson Locations: Germany, carmaker's Brandenburg, Brandenburg, Poland

"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

"Chinese manufacturers will adapt vehicles to the European market step by step through user experience and customer orientation," Bosch (ROBG.UL) CEO Stefan Hartung told Reuters at Munich's IAA mobility show. Bosch's Chinese partnerships include developing Advanced Driver Assistance Systems (ADAS) for most of Chinese EV maker BYD's (002594.SZ) cars, electric motors for luxury EV maker Human Horizons and is a supplier for Nio (9866.HK). Chinese EV makers including BYD, Nio, Xpeng (9868.HK) and Leapmotor (9863.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. "When we talk to our Chinese customers, there are very concrete plans to build plants in Europe," ZF CEO Holger Klein told Reuters. Continental CEO Nikolai Setzer told Reuters the supplier expects "the Chinese to go global and build plants in Europe."

Persons: Leonhard Simon, Bosch, Stefan Hartung, Hartung, Holger Klein, Nikolai Setzer, Setzer, Nick Carey, Victoria Waldersee, Christina Amann, Zoey Zhang, David Evans Organizations: REUTERS, Rights, Reuters, BYD's, Human, HK, Europe's EV, Jato Dynamics, Friedrichshafen, ZF, Continental, Thomson Locations: Munich, Germany, China, Europe

German Chancellor Olaf Scholz speaks during an event at the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 5, 2023. The expansion will make range anxiety a thing of the past for EV drivers, he added. Europe's biggest economy has only 90,000 public charging points but is targeting 1 million by 2030 to boost EV take-up. Addressing the protests, Scholz said at the end of his tour: "Protests are part of public and democratic debate ... but it is a little anachronistic. On competition from China in EV production, Scholz said: "Competition should spur us on, not scare us.

Persons: Olaf Scholz, Leonhard Simon, Scholz, Victoria Waldersee, Andreas Rinke, Jan Schwartz, Friederike Heine, Sarah Marsh, Miranda Murray, David Goodman Organizations: REUTERS, Rights, IAA, EV, Sporting, BMW, Mercedes, Benz, HK, Reuters, Thomson Locations: Munich, Germany, Rights MUNICH, Europe, China, Japanese, Korea

[1/6] A view shows model TO3 of Leapmotor, a Chinese automobile manufacturer, 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. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they could dominate EV sales. Xpeng President Brian Gu said while European carmakers currently lag behind China, they have made a "huge commitment" to EVs with partnerships and large investments in technology. "I would never discount the large (carmakers) trying really hard to come back and focus on this important transition," Gu said.

Persons: Leonhard Simon, Luca de Meo, De Meo, Hildegard Mueller, Oliver Zipse, Oliver Blume, Brian Gu, Gu, Ferdinand Dudenhoeffer, Dudenhoeffer, Nick Carey, Victoria Waldersee, Gilles Gillaume Christina Amann, Zoey Zhang, Jan Schwartz, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: REUTERS, China EV, Renault, Reuters, HK, Europe's EV, Zhejiang Leapmotor Technology, EV, German Association of, Automotive Industry, Jato Dynamics, BMW, Benz, Klasse, Volkswagen, Auto, Thomson Locations: Munich, Germany, China, MUNICH, BYD, Zhejiang, Europe, Asia

REUTERS/Angelika Warmuth Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - Mercedes-Benz (MBGn.DE) does not expect its sales in Europe to be all-electric by 2030 but will have its line-up ready, Chief Executive Ola Kaellenius said in an interview at the Munich car show. The premium carmaker has long said it is targeting all-electric sales by 2030 "where markets allow", saying customers will ultimately decide what product they want and pointing to the need for infrastructure to support the transition to electric vehicles (EV). Europe's EV market had grown significantly in recent years but likely wouldn't be ready for all-electric sales by 2030, Kaellenius said on the sidelines of the Munich show. "It's not going to be 100% in 2030, obviously... from the whole European market, but probably from the Mercedes side as well," he said. EV sales in Europe grew nearly 55% in the first seven months of 2023, to about 820,000 vehicles, making up about 13% of all car sales.

Persons: Mercedes, Angelika Warmuth, Ola Kaellenius, Kaellenius, It's, Oliver Zipse, Oliver Blume, Victoria Waldersee, Miranda Murray, Susan Fenton Organizations: Benz, REUTERS, Rights, Mercedes, BMW, Volkswagen, Victoria, Thomson Locations: Munich, Germany, Europe, China

A Renault wallbox charging station is used by a Renault Captur hybrid car at a dealership in Les Sorinieres, near Nantes, France, October 23, 2020. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they will undercut local carmakers and dominate EV sales. Mercedes-Benz (MBGn.DE) will present its CLA compact class and BMW (BMWG.DE) its Neue Klasse, both of which target higher range and efficiency, while halving production costs. Volkswagen (VOWG_p.DE) CEO Oliver Blume told reporters that through its partnerships in China, the carmaker aims to cut battery cell costs by 50%.

Persons: Stephane Mahe, Luca de Meo, De Meo, Fabian Brandt, Oliver Wyman, Gilles Le Borgne, Oliver Blume, " Blume, Nick Carey, Victoria Waldersee, Gilles Gillaume, Christina Amann, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: Renault, REUTERS, China EV, Reuters, HK, Europe's EV, EV, Jato Dynamics, Benz, BMW, Klasse, Volkswagen, Greenpeace, Protesters, Thomson Locations: Les Sorinieres, Nantes, France, China, MUNICH, BYD, Europe, Munich, Asia

Western automakers are rattled, with Carlos Tavares, the CEO of Peugeot-to-Fiat carmaker Stellantis (STLAM.MI), warning last month of an "invasion" of cheap Chinese EVs in Europe. But Chinese brands are likely to struggle to sell cars in Europe as cheaply as at home. CONSUMER TRUSTWhile some Chinese brands, such as MG, are well known in Europe, others like XPeng (9868.HK) and Nio need to build trust. Surveys indicate most potential EV buyers in Europe do not recognise Chinese brands. But among those aware of Chinese brands, 1% or fewer would consider buying one.

Persons: Annegret, Carlos Tavares, Chen Shihua, ” Shihua, Spiros Fotinos, Alexander Klose, BYD, Geely’s Lynk, Tesla, Aiways, Zeekr's Fotinos, ” Fotinos, Klose, Victoria Waldersee, Zhang Yan, Gilles Gillaume, Giulio Piovaccari, Mark Potter Organizations: REUTERS, HK, Allianz . Western, Peugeot, Fiat, EV, New Energy Vehicle, Jato Dynamics, Logistics, Geely, South Korean, YouGov, GAC, Victoria, Thomson Locations: Berlin, Germany, Europe, BERLIN, China, Beijing, Munich, Milan

SummaryCompanies Group EBIT outlook raised to 20.5 bln eurosQ2 EBIT beats Refinitiv forecast at 5 bln eurosGlobal economy still subdued, monetary policy to weighSupply chain 'noticeably improved', inventory building upBERLIN, July 27 (Reuters) - Mercedes-Benz (MBGn.DE) forecast a subdued world economy with monetary policy weighing on consumers but said supply chain issues and energy price pressures were easing, as it raised its group earnings outlook for the full-year. The supply chain was "noticeably improved", Mercedes-Benz said, in contrast to Porsche (P911_p.DE) which said in results on Wednesday it was struggling weekly with supply chain problems particularly on key components for EVs. Still, the outlook for the Mercedes-Benz cars segment of 12%-14% returns on unit sales and revenue at prior level remained unchanged, but property, plant and equipment as well as research and development expenditures will rise, the company said. Mercedes-Benz Vans' outlook for adjusted return on sales was raised to 13% to 15% in 2023, up from 11% to 13% previously forecast, marking the second outlook upgrade in less than three months after a significant increase in sales in the second quarter. Reporting by Victoria Waldersee; Editing by Miranda Murray and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Benz, Victoria Waldersee, Miranda Murray, Miral Organizations: Benz, Porsche, EVs, Mercedes, Thomson Locations: BERLIN, China, Europe, Asia, North America

The IRA includes a clause that automatically qualifies EV battery materials recycled in the U.S. as American-made for subsidies, regardless of their origin. That is important because it qualifies automakers using U.S.-recycled battery materials for EV production incentives. China handles virtually all EV battery recycling in a global market projected to grow from $11 billion in 2022 to $18 billion by 2028, according to research firm EMR. The volume of EV batteries available for recycling should grow over tenfold by 2030, said consultant Circular Energy Storage. In Europe, EV batteries are currently shredded into "black mass" that is shipped to China for recycling.

Persons: Marc Trent, Charles Trent, Nick Carey POOLE, Thomas Becker, Louie Diaz, Diaz, JB Straubel, Mike O'Kronley, Christian Marston, deconstruct, Bruno Thompson, Thea Soule, Soule, Kurt Vandeputte, Becker, We've, Nick Carey, Paul Lienert, Ben Klayman, Claudia Parsons Organizations: Charles Trent Ltd, REUTERS, Reuters, BMW, Redwood Materials, European Union, EV, Energy Department, Altilium Metals, recyclers, U.S, CES, Cambridge, Battery Recycling Company, EU, Nissan, Nio, Victoria Waldersee, Thomson Locations: Poole , Britain, England, U.S, North America, China, New York, Nevada, America, Georgia, Kentucky, EVs, Bulgaria, Europe, Poole, Dallas , Texas, Japan, HK, Poole , England, Detroit, Berlin

Tesla has faced considerable delays to its planned opening date for the plant due to a high number of objections filed by local citizens, mainly over environmental impact and water usage. For the expansion, Tesla has committed to not using any additional water capacity, instead recycling the 1.4 million cubic metres of water it is licensed to use. When up to speed the plant would have a greater output than Volkswagen's Wolfsburg plant, which would trail behind at a capacity of 800,000 vehicles and output of just 400,000 last year. Tesla currently produces around 5,000 cars a week in Grunheide and has not provided a timeline for ramping up output. Reporting by Victoria Waldersee, Editing by Friederike Heine and David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Victoria Waldersee, Friederike Heine, David Holmes Organizations: Volkswagen, Thomson Locations: BERLIN, Berlin, Wolfsburg, Grunheide

GRUENHEIDE, Germany, July 18 (Reuters) - Tesla (TSLA.O) on Tuesday sought to assuage Brandenburg state residents' concerns by holding a question-and-answer session on the EV maker's planned expansion that would make its local plant the biggest car factory in the country. Tesla, which currently produces around 5,000 cars a week, hopes to double the plant's production capacity to 1 million vehicles a year and add 50 gigawatt hours of battery production capacity, though it has not provided a timeline. While Volkswagen still holds the highest EV market share in the region, Tesla is making its mark. Tesla has long argued that the plant's impact is relatively low and referred to the benefits of EVs in combating climate change. "Water isn't a Tesla problem - it's a general problem," said 68-year-old local resident Matthias Handschick.

Persons: Tesla, Emily, Matthias Handschick, Victoria Waldersee, Nette Noestlinger, Leon Malherbe, Christoph Steitz, Louise Heavens, Matthew Lewis Organizations: EV, Volkswagen, Reuters, Thomson Locations: GRUENHEIDE, Germany, Brandenburg, Wolfsburg, Europe, Gruenheide

An array of startups offers second-life energy storage using old EV batteries. The second-life energy storage idea is in theory simple. The problem is a lack of old EV batteries that shows no sign of easing. He has just sold the car for $3,000 to pay down credit card debt, but wants another used EV. Commercial vehicles provide the best hope thus far for second-life batteries, industry officials said.

Persons: Steven Meersman, Nick Carey LONDON, Hans Eric Melin, Melin, EVs, Elmar Zimmerling, Thomas Becker, Antoni Tong, Jonathan Rivera, Rivera, —, Asad Hussain, Zenobe, Nick Carey, Paul Lienert, Daniel Leussink, Ben Klayman, Barbara Lewis Organizations: REUTERS, Global, Nissan, Energy, EV, Mercedes, P Global Mobility, CES, Tesla, BMW, International Energy Agency, Leaf, Mobility Impact Partners, Victoria Waldersee, Thomson Locations: Portsmouth, Britain, recyclers, U.S, Leipzig, 16GWh, Paris, Europe, Coeur d'Alene , Idaho, London, Australia, New Zealand, Detroit, Berlin, Tokyo

June 16 (Reuters) - Volkswagen (VOWG_p.DE) will face investors hungry for answers at its capital markets day next Wednesday on how it will achieve high cost-cutting targets and whether it will heed their calls for an independent audit of its co-owned Xinjiang plant. "The 21 June CMD is an opportunity to reset a fraught relationship with investors, a challenging exercise," Jefferies wrote in a note on Friday. Investors also demanded that Volkswagen conduct an independent audit of the Urumqi plant, which executives have is only possible with the agreement of joint venture partner SAIC (600104.SS). Alongside targets, investors needed details on how the carmaker expects to make its EV production more cost-effective, Daniel Roeska of Bernstein Research wrote in a note on Thursday. "The risk is that instead we see more punchy earnings and volume targets, with little to support them," he added.

Persons: CMD, Jefferies, carmaker, Oliver Blume, Arno Antlitz, Blume, Daniel Roeska, Jan Schwartz, Victoria Waldersee, Conor Humphries Organizations: Porsche, Volkswagen, Investors, SAIC, Bernstein Research, Thomson Locations: Xinjiang, Urumqi, Germany

Companies Tesla Inc FollowBERLIN, June 15 (Reuters) - Tesla (TSLA.O) will hire fewer temporary workers at its plant outside Berlin than it did in its ramp-up phase and refrain from Saturday shifts, but it is still on track to achieve its production targets, the company said on Thursday. The electric carmaker maker has offered discounts of up to 3,490 euros ($3,842) for a China-made Model 3 and 3,660 euros ($4,029) for a Berlin-made Model Y, according to Tesla Info's list of global inventory. Tesla CEO Elon Musk told shareholders last month that the company would try advertising for the first time, in a move seen by analysts as a means to drum up demand. French President Emmanuel Macron will meet Musk on Friday, the second time in just over a month, to promote France as a possible site for a second Tesla factory in Europe. Reporting by Victoria Waldersee Editing by Miranda Murray and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Elon Musk, Emmanuel Macron, Musk, Victoria Waldersee, Miranda Murray, Mark Potter Organizations: Tesla, Business, Victoria, Thomson Locations: Berlin, China, France, Europe

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