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Several signals from China this week suggest that European companies with close ties to the world's second-largest economy may face difficulties in the coming months. "BMW has the highest China exposure among European OEMs [original equipment manufacturers] — we prefer a higher US exposure (which Mercedes has). Methodology: Revenue data by geography was available only for 422 out of the 600 companies on the Stoxx Europe 600 index. FactSet data relies primarily on geographical sales data disclosures from companies directly. When this is not available, FactSet applies a proprietary algorithm to estimate the percentage revenue exposure.
Persons: Mercedes, Daniel Schwarz Organizations: JPMorgan, Eurostat, CNBC, Mining, Rio Tinto, UBS, RBC, Porsche, BMW, Volvo Locations: China, China's, Wall Street, Europe, Mining London, American, Swiss
Volkswagen shares recover after EV production cut reports
  + stars: | 2023-06-28 | by ( ) www.reuters.com   time to read: +1 min
June 28 (Reuters) - Shares in Volkswagen (VOWG_p.DE) inched higher on Wednesday, recovering slightly from a selloff the day before when the automaker played down reports it will cut EV output in Germany over the next two weeks because of lower than expected demand. Volkswagen "expects the trend in BEV (battery electric vehicle) orders, which already improved in May, to gradually stabilise in the coming months," spokesperson Christopher Hauss told Reuters. Following reports by news agency dpa-AFX of a production cut, Volkswagen shares fell 2% on Tuesday. However, some analysts said the reported production cut indicates the European EV market is not growing fast enough to support all the new EV models and planned extra capacity. "Our EV forecasts for Ford (F.N) and GM (GM.N) are a fraction of management targets by mid-decade", analysts at the investment bank say.
Persons: Christopher Hauss, Hauss, Volkswagen's, Daniel Schwarz, Morgan Stanley, Paolo Laudani, Barbara Lewis Organizations: Volkswagen, Reuters, EV, VW, Ford, GM, Thomson Locations: Germany, Emden
Porsche has invested more than $100 million in the development of eFuels. "With this approach we have another lever, another opportunity to reduce the CO2 footprint for the combustion engine-driven cars," said Karl Dums, senior manager of eFuels at Porsche. "Electric cars are more expensive to produce, so they are margin dilutive," said Daniel Schwarz, managing director at Stifel. "And Porsche managed to increase the share of electric cars and increase the profitability in parallel." But critics of Porsche's $100 million push into eFuels argue the resultant fuel will be too expensive and inefficient to ever compete with electrification.
REUTERS/Lucas JacksonNEW YORK, Sept 20 (Reuters) - The Metropolitan Transportation Authority is installing security cameras in all of New York City's subway cars, officials announced on Tuesday. New York Governor Kathy Hochul, a Democrat, said the cameras would make riders more confident in the safety of the transit system. The plan is to install two cameras in each of 6,355 subway cars, building on a pilot program that saw cameras installed in 100 cars. There are already security cameras in the subway system's more than 470 stations, though they do not always work. All survived their injuries, but the police search for the shooter was hampered by problems with the security cameras in the station.
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