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☆ US Army says it needs $3 billion for 155 mm artillery rounds and production
▼ + stars: | 2023-11-07 | by ( Mike Stone | ) www.reuters.com time to read: +2 min

REUTERS/Leonhard Simon/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The U.S. Army needs Congress to approve $3.1 billion to buy 155 millimeter artillery rounds and expand production to quickly replace stocks depleted by shipments to Ukraine and now Israel, an Army official said on Tuesday. Of the $3.1 billion specific to 155 artillery, about half would go to boosting industrial capacity with the remainder going to buying rounds, Bush said. Demand for 155 mm artillery rounds has soared in the wake of the invasion of Ukraine in February 2022. The U.S. plans to increase its monthly production rate for 155 millimeter artillery shells to 100,000 in 2025. In its most recent earnings report General Dynamics (GD.N) said it benefited from Pentagon spending to replace equipment sent to Ukraine, including 155 millimeter artillery.

Persons: Leonhard Simon, Doug Bush, Joe Biden's, Bush, Mike Stone, Matthew Lewis Organizations: U.S . Army, REUTERS, Rights, Army, Dynamics, Pentagon, Thomson Locations: Grafenwoehr, Germany, Ukraine, Israel, U.S, Texas , Tennessee, Virginia, California, Biden's, Kyiv, Washington

☆ Jeep Maker Stellantis Bets on a Chinese EV Startup, but Is It the Right One?
▼ + stars: | 2023-10-26 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Chinese companies can produce EVs 30% more cheaply than Western ones, according to Stellantis’s research. Photo: Leonhard Simon/Getty ImagesBuying into a Chinese automaker sounds like a great answer to the challenge of making cheaper electric vehicles. If only it were easier to pick winners. Chrysler owner Stellantis said Thursday that it was spending the equivalent of about $1.6 billion to buy a roughly 20% stake in Zhejiang Leapmotor Technology . It will get two board seats and become Leapmotor’s exclusive export partner via a Europe-based joint venture in which Stellantis will own 51%.

Persons: Leonhard Simon, Stellantis Organizations: Chrysler, Zhejiang Leapmotor Technology Locations: Zhejiang Leapmotor, Europe

☆ 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

☆ 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

☆ 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

☆ Siemens to invest $30 million to train U.S. EV charger technicians
▼ + stars: | 2023-09-06 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

A Siemens electric vehicle charging station 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. The Siemens Foundation is partnering with the North Carolina Business Committee for Education and the Michigan-based Electric Vehicle Infrastructure Training Program (EVITP). Siemens Foundation partners also include the National League of Cities and the National Governors Association. Etzwiler said the initiative will emphasize training for individuals in underserved and underrepresented communities, providing a path to well-paying, long-lasting jobs in the EV charging sector. Automakers support the foundation's efforts to "ensure that we've got a network of chargers across the country" to support accelerating EV production, Etzwiler said.

Persons: Leonhard Simon, David Etzwiler, EVITP, Etzwiler, we've, Paul Lienert, Aurora Ellis Organizations: Siemens, REUTERS, Companies Siemens Foundation, Siemens Foundation, North Carolina Business, Education, Infrastructure Training, EV, Motors, BMW, National League of Cities, National Governors Association, Thomson Locations: Munich, Germany, United States, Michigan, North Carolina, Canada, Detroit

"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

☆ China's Leapmotor looks to sell EV tech as it targets export growth
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +3 min

"For us, to survive, we have to achieve at least 500,000 to 1 million units of annual sales globally. The top 10 automakers in the world all have annual sales of more than 4 million units. Leapmotor had sales of almost 111,000 EVs in China in 2022, up from just over 44,000 in 2021. With European automakers scrambling to take a larger share of an EV boom in China that has largely left them behind, several have been looking at or licensing EV technology developed in China. Reporting by Zhang Yan in Munich, writing by Kevin Krolicki; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhu Jiangming, Leonhard Simon, Leapmotor, ” Zhu, Xpeng, Zhu, Zhang Yan, Kevin Krolicki, Hugh Lawson Organizations: REUTERS, Rights, HK, Reuters, Volkswagen, Toyota, Audi, SAIC Motor Corp, VW, Thomson Locations: Munich, Germany, China, Europe, Australia, New Zealand

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

For years, low interest rates fuelled a global boom, igniting interest in German property, seen as safe and stable as the country. The health of Germany's property sector - Europe's biggest property investment market outside of Britain - is critical, making up roughly a fifth of output and providing one in 10 jobs. Late last year, Hoeglmaier put his penthouse on the market, and Euroboden closed its Frankfurt office. In 2020, as the property market heated up, the Bundesbank warned the country's banks, for whom property accounted for about 70% of all domestic loans, of the risks. The 380-square meter (4,090 square foot) penthouse, which occupies the fifth through seventh floors and includes a rooftop terrace, originally listed for just under 13 million euros.

Persons: Leonhard Simon, Stefan Hoeglmaier, Chancellor Olaf Scholz, Tillmann Peeters, Hoeglmaier, Oscar Loya –, –, Euroboden, Daniel Bauer ,, Oliver Schartl, Loya, Christoph Niering, Matthias Inverardi, Tomasz Janowski Organizations: REUTERS, Rights, FalkenSteg, European Central Bank, Reuters, Facebook, Garden, Graphics, Thomson Locations: Munich, Germany, Europe's, Britain, Berlin, Frankfurt, Ukraine, Sweden, Europe, homebuilders, China, Evergrande

[1/2] U.S. Vice President Kamala Harris is welcomed at Munich's airport by Bavarian state premier Markus Soeder before heading to the venue of this year's Security Conference in Munich, Germany, February 16, 2023. German Chancellor Olaf Scholz, French President Emmanuel Macron and U.S. Vice President Kamala Harris are among many top officials attending the Munich Security Conference, a major annual global gathering focused on defence and diplomacy. As Russian troops massed on Ukraine's borders, Western leaders in Munich urged President Vladimir Putin not to invade and warned of dire consequences if he did so. Delegates will also discuss the far-reaching global impact of the war, on issues ranging from energy supply to food prices. This year, Russian leaders will be notable by their absence.

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