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Airline stocks have soared. They're not in the clear yet
  + stars: | 2021-06-14 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com + 0.00   time to read: +6 min
A version of this story first appeared in CNN Business' Before the Bell newsletter. You can sign up right hereLondon (CNN Business) Air travel in the United States is back. That's great news for airline stocks, which have rallied this year on hopes that domestic trips would make a return. The problem: Demand for business travel and long-haul flights, a crucial source of income, is still extremely depressed. What a difference a year makes, my CNN Business colleague Chris Isidore writes.
Persons: Darby LaJoye, months.has, American Airlines AAL, Ed Bastian, Bastian, Boris Johnson, Johnson, Joe Biden, Tesla, Elon Musk, bitcoin, Bitcoin, Musk, There's, General Motors GM Mary Barra, Chris Isidore, Morgan Stanley Organizations: CNN Business, Bell, Air, Transportation Security Administration, TSA, American Airlines, Brent, Easyjet, British Airways, IAG, Budget, Bank of America, GM, General Motors GM, Volkswagen Locations: London, United States, COVID, Europe, India, England, United Kingdom, China, Czech Republic, Qatar, Italy, Saudi Arabia, Barra
GM, Ford are all-in on EVs. Here’s how their dealers feel about it
  + stars: | 2021-06-13 | by ( Bob Woods | ) www.cnbc.com + 0.00   time to read: +9 min
GMAfter years of come-and-gone predictions that battery-powered sedans, pickups and SUVs would replace gas-guzzling, emissions-spewing models, the shift to electric vehicles is revving up. Though he added that because EV sales to date have been concentrated in coastal states, Michigan and Texas, many dealers elsewhere remain in wait-and-see mode. "Dealers are in the business of selling cars and making customers happy, so why wouldn't they want to sell EVs?" EV service will definitely evolve and won't be exactly the same. "Service is critical to what our dealers do today and will be in the future," said Travis Hester, GM's chief electric vehicle officer.
Persons: Tesla, General Motors, Mark Paladino, Ford.com, Jason Mase, Paladino, EVs, Chris Sutton, Sutton, Biden, Mike Stanton, George Mason, Travis Hester, GM's, Rita Case, Rick Case, we've, Case Organizations: General Motors Detroit, Hamtramck Assembly, Hamtramck Assembly Center, GM, General, Ford, Toyota, Volkswagen, Daimler, Hyundai, Fiat Chrysler, Honda, Colonial, EV, Credit Suisse, Bloomberg New Energy Finance, National Automobile Dealers, Yale, George, George Mason Center, Republicans, Republican, ICE, Rick Case Automotive Group, VW, Audi, Mazda, GM GM, GMC Hummer Locations: Hamtramck, Detroit, U.S, Colonial Ford, Danbury , Connecticut, China, Europe, Michigan, Texas, California , New Jersey, New York, EVs, Ft . Lauderdale, Florida, Atlanta
FILE PHOTO: The logo of Volkswagen's truck unit Traton, former Volkswagen Truck & Bus AG, is pictured in Hanover, Germany September 19, 2018. REUTERS/Fabian Bimmer/File PhotoTraton, which has a market capitalisation of about 13.7 billion euros, is contemplating raising its capital by about 10% in a deal that could happen as soon as after the summer break, the people said. Traton financed the deal with debt, mainly relying on a loan it received from Volkswagen. Jefferies analysts last month wrote that Traton sees the “100% debt funded Navistar acquisition as suboptimal given risk to the credit rating, suggesting a potential 1.2-1.4 billion euros of equity raise as optimal”. Navistar also holds a small stake in self-driving truck startup TuSimple, which listed in spring and which has seen its valuation jump to 10 billion euros since.
Persons: Fabian Bimmer, Traton, Jefferies, Navistar Organizations: U.S, Volkswagen, Bus AG, REUTERS, MAN, Scania Locations: FRANKFURT, Hanover, Germany, Navistar, North America
The logo of Volkswagen's truck unit Traton, former Volkswagen Truck & Bus AG, is pictured in Hanover, Germany September 19, 2018. Traton, which has a market capitalisation of about 13.7 billion euros, is contemplating raising its capital by about 10% in a deal that could happen as soon as after the summer break, the people said. Traton financed the deal with debt, mainly relying on a loan it received from Volkswagen. Jefferies analysts last month wrote that Traton sees the "100% debt funded Navistar acquisition as suboptimal given risk to the credit rating, suggesting a potential 1.2-1.4 billion euros of equity raise as optimal". Navistar also holds a small stake in self-driving truck startup TuSimple (TSP.O), which listed in spring and which has seen its valuation jump to 10 billion euros since.
Persons: Fabian Bimmer, Navistar, Traton, Jefferies Organizations: Volkswagen, Bus AG, REUTERS, U.S, MAN, Scania, Thomson Locations: Hanover, Germany, Navistar, North America
VW says data breach at vendor impacted 3.3 million people in North America
  + stars: | 2021-06-11 | by ( David Shepardson | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Francois Lenoir/File PhotoVolkswagen AG's (VOWG_p.DE) U.S. unit said a data breach at a vendor impacted more than 3.3 million customers and prospective buyers in North America. The company told regulators the vast majority of customers only had phone numbers and email addresses potentially impacted by the data breach. VW said 90,000 Audi customers and prospective buyers had sensitive data impacted relating to purchase or lease eligibility. The sensitive data was comprised of driver license numbers in more than 95% of cases. The automaker does not believe sensitive information is involved in Canada.
Persons: Francois Lenoir Organizations: Volkswagen, REUTERS, Audi, Volkswagen Group, America, Audi Volkswagen, VW, Thomson Locations: Brussels, Belgium, U.S, North America, Canada, United States
Volkswagen, Ford to exit auto finance business in India - sources
  + stars: | 2021-06-11 | by ( Aditi Shah | ) www.reuters.com + 0.00   time to read: +3 min
Volkswagen Finance Private Ltd said in a statement that it had acquired a major stake in Indian loan brokerage portal KUWY Technologies to service its retail customers. To offset the disadvantage, Volkswagen and Ford would offer incentives to those dealers who have used their credit finance, the sources said. The decision to exit the financing business comes at a time when Ford is finalising a new strategy for India after ending ties with Mahindra & Mahindra on Dec. 31. “We are confident the auto financing sector in India can support Ford customer and dealer new financing needs. Our team continues to service our existing book of business,” the spokesperson said, adding that 25%-30% of its dealers do business with Ford Credit.
Persons: Ford, , Aditi Shah, Sanjeev Miglani, Louise Heavens Organizations: Volkswagen AG, Ford Motor Co, Reuters, Volkswagen Finance Private Ltd, VW, Volkswagen, Skoda, Audi, Technologies, Ford, Dealers, Ford Credit, Mahindra, Ford Motor India Locations: DELHI, India
Germany Shuts Door on Patent Trolls
  + stars: | 2021-06-11 | by ( Ruth Bender | ) www.wsj.com + 0.00   time to read: +4 min
Until now, patent owners were able to almost instantly obtain temporary bans from courts on the sale of products accused of patent infringement. If a court upholds the patent claims while rejecting an injunction, it would still have to order the alleged infringer to pay reasonable compensation to the patent holder. Proponents of the reform say the new law will give judges more leeway to push back against companies seeking to abuse Germany’s patent law for profit. Critics have accused them of preying on big corporations in German courts. “We see a clear weakening of patent law and this can also bear risks in an innovation-driving country like Germany,” said Beat Weibel, head of intellectual property at industrial engineering company Siemens AG , one of the leading patent owners in Europe.
Persons: Christine Lambrecht, Tyler Blint, Critics, infringers, Ludwig von Reiche, , Weibel, Ruth Bender Organizations: Apple Inc, Samsung Electronics Co, Inc, SAP, Deutsche Telekom AG, Volkswagen AG, Google, Samsung, Nvidia Corp, News, Nvidia, Bayer AG, BASF, Siemens AG Locations: BERLIN, Germany, U.S, European, Europe
More than 3 million customers or shoppers had at least basic contact information stolen from an outside company that worked with the automakers, according VW. That data included phone numbers, email addresses, postal mailing addresses and, in some cases, vehicle identification numbers. The company has reached out to 90,000 people in the US -- mostly Audi customers or shoppers -- who had especially sensitive information taken in the breach. In most cases, that included driver's license numbers and, in a small number of cases, Social Security numbers, VW or Audi account numbers and dates of birth. The breach included data from people who had merely inquired about purchasing an Audi or VW vehicle, according to a statement from Volkswagen USA.
Organizations: CNN, Volkswagen, Audi, VW, Social, Volkswagen USA Locations: York, United States, Canada
France's Citroen charged with consumer fraud over dieselgate probe
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
The logo of Citroen is seen on a new electric car AMI during a media presentation in Paris, France, August 25, 2020. REUTERS/Charles PlatiauCarmaker Stellantis (STLA.MI) said on Thursday that its French Citroen unit had been charged with consumer fraud by French prosecutors in a far-reaching diesel emissions probe. Citroen would have to make a deposit of 8 million euros and provide a bank guarantee of 25 million euros for potential compensation for losses, Stellantis said in a statement. Renault (RENA.PA), Peugeot, owned by Stellantis, and Volkswagen France, the French unit of German carmaker Volkswagen (VOWG_p.DE), have also been charged in France over the dieselgate investigation. Several carmakers in Europe have come under scrutiny since the Volkswagen "dieselgate" scandal which erupted in 2015 over test-cheating in the United States, at a time when regulators are becoming ever tougher on pollution standards.
Persons: Charles Platiau Carmaker, Stellantis Organizations: Citroen, AMI, REUTERS, French Citroen, Renault, Peugeot, Stellantis, Volkswagen France, Volkswagen, Thomson Locations: Paris, France, French, Europe, United States
Auto, travel firms weigh on European shares ahead of ECB meeting
  + stars: | 2021-06-10 | by ( Sruthi Shankar | ) www.reuters.com + 0.00   time to read: +2 min
(Reuters) -European stocks slipped on Thursday as automakers and travel stocks fell after a recent run of gains, while investors counted on the European Central Bank to maintain an accommodative policy stance at a meeting later in the day. Automakers fell for the third straight day, while travel and leisure stocks dropped 1.1% following recent gains for the sectors on optimism about economic re-openings. Euro zone stocks fell 0.2% ahead of the ECB’s policy decision and its projections for euro zone economic growth and inflation. The meeting comes as recent data from across the globe point to building inflationary pressures, particularly in commodities, as economies recover from long COVID-19 lockdowns. Euro zone inflation last month exceeded the central bank’s target of just under 2%, a mark it has undershot for most of the last decade.
Persons: Christine Lagarde’s, pare Organizations: Reuters, European Central Bank, REUTERS, Staff, Volkswagen, RBC Capital Markets, BT Group, Altice, Spotify, Apple Music Locations: Frankfurt, Germany
(Reuters) -European stocks inched to fresh peaks on Thursday as the European Central Bank raised its recovery outlook and promised to keep ample stimulus flowing, while travel stocks fell after a recent run of gains. REUTERS/StaffThe pan-European STOXX 600 index was up just 0.1%, but at a fresh record high of 455.76 points, while the narrower index of euro zone stocks fell 0.1%. The central bank now sees 2021 euro zone economic growth at 4.6%, above the 4% projected in March. “The ECB’s main mission today was to avoid any taper talk and not harm the still tentative economic recovery or allow bond yields to surge prematurely,” said Carsten Brzeski, global head of macro at ING. “It accomplished its mission: the ECB seems to have bought some time without starting the taper talk.”Interest rate-sensitive banking stocks rose 0.4%, while tech stocks rose 0.9%.
Persons: Christine Lagarde, , Carsten Brzeski, pare Organizations: Reuters, European Central Bank, REUTERS, Staff, ECB, ING, Federal Reserve, Volkswagen, BT Group, Altice, Spotify, Apple Music Locations: Frankfurt, Germany
Peugeot Is Latest Auto Maker Charged in French Emissions-Fraud Probe
  + stars: | 2021-06-10 | by ( Nick Kostov | ) www.wsj.com sentiment -0.89   time to read: +1 min
PARIS—Peugeot has become the latest auto maker to face preliminary charges in France on suspicion of emissions fraud, extending the fallout from a yearslong scandal that engulfed the industry after Volkswagen AG admitted to cheating in pollution tests. The probe related to the sale of diesel vehicles in France between 2009 and 2015. Two other Stellantis subsidiaries, Fiat Chrysler and Citroën, have been summoned to appear before a court in Paris in the coming weeks as part of the same investigation, the company said. All three subsidiaries “firmly believe that their emission control systems met all applicable requirements at the relevant times and continue to do so,” Stellantis said. A French judicial official confirmed the filing of preliminary charges, which allege Peugeot engaged in fraudulent practices that made its diesel-powered vehicles dangerous to human and animal health.
Persons: ” Stellantis, Peugeot Organizations: PARIS, Peugeot, Volkswagen AG, Stellantis, Fiat Chrysler Locations: France, Paris
Volkswagen expects chips shortage to ease in Q3
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
REUTERS/Radovan Stoklasa/File PhotoVolkswagen (VOWG_p.DE) expects a shortage in semiconductor supply to ease in the third quarter but sees the bottlenecks continuing in the long-term, a board member told Handelsblatt newspaper. We are facing the toughest six weeks," Murat Aksel, the head of procurement on the Volkswagen board, told the newspaper in an interview. He said he expects around 10% shortage in chips over the long-term as building up production capacities takes up to two years. Volkswagen will prepare for the bottlenecks by expanding its chips storage and is currently classifying the supply risk of its all models components, he added. Automakers and electronics producers around the world are being hit hard by manufacturing delays of chips, caused by a global shortfall.
Persons: Radovan Stoklasa, Murat Aksel, Herbert Diess Organizations: Volkswagen, REUTERS, Handelsblatt, Volkswagen AG, Thomson Locations: Bratislava, Slovakia
What it's like to drive Bugatti's new $4 million supercar
  + stars: | 2021-06-10 | by ( ) edition.cnn.com + 0.00   time to read: +2 min
(CNN) I was sitting in the passenger seat of a $4 million supercar, with nearly 1,500 horsepower, staring down a highway entrance ramp that looked just about perfect. Butch Leitzinger, a retired racing driver, was going to show me what the new Bugatti Chiron Pur Sport could do. The Bugatti Chiron Pur Sport is lighter and more responsive than the standard model. The Pur Sport can't go quite asfast as the standard Chiron, assuming you can find someplace to approach either car's top speed. Volkswagen Group VLKAF The Pur Sport is one of several Chiron variants and special editions Bugatti has created to entice the world's wealthiest to purchase just one more multimillion dollar supercar.
Persons: Butch Leitzinger, Bugatti, Leitzinger, Chiron, Leitzingerhas Organizations: CNN, Volkswagen, Bugatti Locations: Pur
Volkswagen U.S. CEO meets with EPA administrator on EVs
  + stars: | 2021-06-10 | by ( David Shepardson | ) www.reuters.com + 0.00   time to read: +2 min
Scott Keogh, president and chief executive of Volkswagen Group of America, spoke with EPA Administrator Michael Regan and reaffirmed the company's support for an emissions deal with California. Regan has spoken with GM, Stellantis (STLA.MI) and Toyota Motor Corp (7203.T) executives this week as the EPA plans to announce a proposal to revise the Trump emissions rules. The Trump administration in 2020 finalized a rollback of vehicle emissions standards to require 1.5% annual increases in efficiency through 2026, well below the 5% yearly boosts in Obama era rules it discarded. The largest German automaker has embraced electric vehicles after it came under fire for diesel emissions cheating. Volkswagen said in March it expects half of its U.S. sales by 2030 to be EVs and is spending tens of billions on EVs.
Persons: Aly, Volkswagen, Biden, Scott Keogh, Michael Regan, Regan, Keogh, Trump Organizations: Shanghai Auto, REUTERS, Environmental Protection Agency, Volkswagen Group of America, Ford Motor, Honda Motor, Volkswagen, BMW, General Motors Co, Wednesday, GM, Toyota Motor Corp, Trump, Reuters, Biological, Justice Department, VW, Thomson Locations: Shanghai, China, California
France charges Peugeot with consumer fraud in diesel emissions probe
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +2 min
(Reuters) - Stellantis said on Wednesday a French court has charged its Peugeot unit with consumer fraud in a far-reaching diesel emissions probe, ordering the company to provide 30 million euros ($36 million) in guarantees for potential payouts. FILE PHOTO: The logo of French car manufacturer Peugeot is seen at Brussels Motor Show, Belgium January 9, 2020. The Peugeot investigation focuses on older diesel vehicles sold in France between 2009 and 2015 and stems from a wider probe French authorities launched in 2017 over alleged emissions test cheating by diesel vehicle manufacturers. Several European carmarkers have come under scrutiny since the Volkswagen “dieselgate” scandal which erupted in 2015 over test cheating in the United States. A French court on Tuesday charged carmaker Renault with alleged deception and test manipulation of some of its older diesel vehicles.
Persons: Stellantis, Francois Lenoir, Peugeot, , carmaker Organizations: Reuters, Peugeot, REUTERS, Citroen, FCA Italy, Fiat Chrysler, French PSA Group, Volkswagen, carmaker Renault, Renault, U.S Locations: Brussels, Belgium, Paris, France, United States
GM backs emissions reductions outlined in California agreement
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.59   time to read: +1 min
FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File PhotoWASHINGTON (Reuters) - General Motors said Wednesday it supports the emissions reductions outlined in a 2019 deal struck between California and other major automakers but wants the federal government to adopt changes to speed the adoption of electric vehicles. The announcement came after GM Chief Executive Mary Barra met with Environmental Protection Agency chief Michael Regan. The Biden administration plans to announce by July proposed revisions to U.S. vehicle fuel economy and greenhouse gas emissions requirements. The requirements are lower than Obama-era rules but higher than the Trump administration’s rollback.
Persons: Rebecca Cook, General Motors, Mary Barra, Michael Regan, Biden, Regan “ Organizations: General Motors, REUTERS, WASHINGTON, General, GM, Environmental Protection Agency, EPA, Ford Motor Co, Honda Motor Co, Volkswagen AG, BMW, Trump Locations: Detroit , Michigan, U.S, California
REUTERS/Rebecca Cook/File PhotoGM’s position, outlined in a letter from Chief Executive Mary Barra to Environmental Protection Agency head Michael Regan, represented the latest shift on vehicle emissions policy by the No. Until November, GM backed the Trump administration’s effort to block California from setting tougher emissions standards than the federal government. Under the California standard, GM and other automakers will be out of compliance for the current 2021 model year and 2022. GM proposes that automakers ramp up to the California greenhouse gas standards by 2023 and then go beyond the proposed California emissions targets for 2024-2026 to reduce overall emissions for the 2020-2026 period by the same amount. The industry would then be set up for regulations for the 2027-2035 period that “will need to focus on full battery electric vehicle deployment,” Barra wrote.
Persons: Biden, Mary Barra, Rebecca Cook, Michael Regan, Regan, ” Barra, , Trump, Nick Conger Organizations: WASHINGTON, General Motors, Wednesday, GM Orion Assembly Plant, REUTERS, Environmental Protection Agency, GM, Trump, Ford Motor Co, Honda Motor Co, Volkswagen AG, BMW, Industry, Stellantis, Biological, Toyota Locations: Lake Orion , Michigan, U.S, California, Barra, United States
Volkswagen reaches $351 million dieselgate settlement with former execs
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
Slideshow ( 2 images )BERLIN (Reuters) - Volkswagen on Wednesday said it had agreed with former executives, including ex-CEO Martin Winterkorn, to settle claims related to the dieselgate scandal in a 288 million euro ($351 million) deal. The agreement, which consists mainly of a 270 million euro payment from directors’ and officers’ liability (D&O) insurances, also includes a settlement with former Audi boss Rupert Stadler. Volkswagen in late March said it would claim damages from Winterkorn and Stadler on account of breaches of duty of care under stock corporation law. As part of the deal, Winterkorn and Stadler will pay 11.2 million and 4.1 million euros, respectively. Former Audi board member Stefan Knirsch agreed to settle for 1 million euros, and ex-Porsche AG board member Wolfgang Hatz for 1.5 million, VW said.
Persons: Martin Winterkorn, , Rupert Stadler, Stadler, Winterkorn, Stefan Knirsch, Wolfgang Hatz Organizations: Volkswagen, Audi, Winterkorn, Porsche AG, VW Locations: BERLIN, Berlin
Volkswagen to get $351 million in dieselgate settlement with former executives
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
Slideshow ( 2 images )BERLIN (Reuters) - Volkswagen said on Wednesday it had agreed with former executives, including ex-CEO Martin Winterkorn, to settle claims related to the dieselgate scandal that will see the carmaker receive 288 million euros ($351 million) in compensation. The settlement comes as Winterkorn was charged by Berlin prosecutors with giving false testimony to the German parliament when he said he was unaware of the carmaker’s diesel emissions cheating before it became public. Winterkorn stepped down as Volkswagen CEO in September 2015, a week after the scandal, in which the company admitted using illegal software to rig U.S. diesel engine tests, broke. The settlement, which consists mainly of a 270 million euro payment from directors’ and officers’ liability (D&O) insurances, also includes a settlement with former Audi boss Rupert Stadler. It still needs to be approved at the company’s annual general meeting on July 22.
Persons: Martin Winterkorn, Winterkorn, , Rupert Stadler Organizations: Audi Locations: BERLIN, Berlin
FILE PHOTO: Former Volkswagen chief executive Martin Winterkorn leaves after testifying to a German parliamentary committee on the carmaker's emissions scandal in Berlin, Germany, January 19, 2017. REUTERS/Hannibal HanschkeBERLIN (Reuters) - Prosecutors have charged former Volkswagen chief executive Martin Winterkorn with giving false testimony to the German parliament when he said he was unaware of the carmaker’s diesel emissions cheating before it became public. Volkswagen is struggling to draw a line under its biggest ever corporate crisis in which it admitted using illegal software to rig U.S. diesel engine tests. The “dieselgate” scandal has cost the German carmaker more than 32 billion euros ($39 billion) in fines, refits and legal costs. Winterkorn resigned as CEO on Sept. 23, 2015, a week after the scandal was uncovered.
Persons: Martin Winterkorn, Hannibal Hanschke BERLIN, , Winterkorn, Volkswagen Organizations: Volkswagen, REUTERS, Prosecutors, , VW Locations: Berlin, Germany, Hannibal, ” Berlin
VW to Receive Dieselgate Settlement From Former CEO, Executives
  + stars: | 2021-06-09 | by ( William Boston | ) www.wsj.com sentiment -0.99   time to read: +1 min
VW, now with its second CEO since Mr. Winterkorn’s departure, has sought to put the scandal behind it, launching one of the industry’s most expensive pivots to electric vehicles, but the legal and financial implications continue to reverberate. Separately on Wednesday, Berlin prosecutors filed charges against Mr. Winterkorn alleging that he made false statements in sworn testimony to an investigative committee of the German parliament in January 2017. The prosecutor alleges that Mr. Winterkorn intentionally misled the lawmakers about when he first became aware of the illegal software on VW diesel engines. VW filed a lawsuit against Mr. Winterkorn, former Audi chief Rupert Stadler and other executives in March, alleging gross negligence in their duties as officers of the company. Mr. Winterkorn and Mr. Stadler have repeatedly dismissed the allegations and any intentional involvement in the scandal or its coverup.
Persons: Martin Winterkorn, Winterkorn, Winterkorn’s, Rupert Stadler, Stadler Organizations: BERLIN, Volkswagen, U.S, VW, Audi Locations: U.S, Germany, Berlin
FILE PHOTO: The logo of carmaker Renault is pictured at a dealership in Vertou, near Nantes, France, January 13, 2021. REUTERS/Stephane MahePARIS (Reuters) - French carmaker Renault said on Wednesday it will combine three of its plants in northern France into a new legal entity, Renault ElectriCity, that will produce 400,000 vehicles a year by 2025. “Renault Group and the representative trade unions (CFDT, CFE-CGC, CFTC, CGT, FO and SUD) have signed an agreement for the future of the Renault sites in the Hauts-de-France region”, the carmaker said. “This agreement gives birth to Renault ElectriCity: the legal entity wholly owned by Renault SAS and grouping together the industrial sites of Douai, Maubeuge and Ruitz (...)”, it added. Douai is a car assembly site, Maubeuge a commercial vehicles assembly plant and the Ruitz site, which manufactures gear boxes, will be assigned a new electrical components manufacturing role, Renault said.
Persons: Stephane Mahe, carmaker Renault, Luca de Meo, Renault Organizations: Renault, REUTERS, Stephane Mahe PARIS, Reuters, Volkswagen, “ Renault Group, CGC, Renault SAS, Paris, CAC Locations: Vertou, Nantes, France, CFE, Hauts, de, Douai, Maubeuge
Battery maker Northvolt raises $2.75 bln to expand factory
  + stars: | 2021-06-09 | by ( ) www.reuters.com sentiment -0.61   time to read: +1 min
Northvolt logo is pictured in the Northvolt office in Stockholm, Sweden June 14, 2018. REUTERS/Esha Vaish/File PhotoSwedish lithium-ion battery maker Northvolt said on Wednesday it had raised $2.75 billion in equity to expand its factory in Sweden to 60 GWh from 40GWh to meet increased demand from key customers. The company said in a statement the private placement was led by Swedish pension funds AP1, AP2, AP3, AP4 and OMERS Capital Markets alongside existing investors Goldman Sachs and Volkswagen (VOWG_p.DE) . Other Northvolt shareholders also participated in the equity raise, it added. "Including the private placement, Northvolt has now raised more than $6.5 billion in equity and debt to enable an expansion plan leading up to and beyond 150 GWh of deployed annual production capacity in Europe by 2030," it said.
Persons: Esha, Northvolt, Goldman Sachs Organizations: REUTERS, OMERS, Volkswagen, LG Chem, Thomson Locations: Stockholm, Sweden, 40GWh, Europe, Swedish
Northvolt logo is pictured in the Northvolt office in Stockholm, Sweden June 14, 2018. REUTERS/Esha Vaish/File PhotoLithium-ion battery maker Northvolt has raised $2.75 billion in equity to expand capacity at the factory it is building in northern Sweden to meet increasing demand for electric cars. The latest fundraising values Northvolt at $11.75 billion, a source familiar with the matter said. Battery makers are scrambling to keep up with demand as carmakers switch to electric in order to reduce planet-warming carbon emissions. Northvolt plans to start production later this year at its factory in the city of Skelleftea.
Persons: Esha, Northvolt, Goldman Sachs, Peter Carlsson, TESLA, Carlsson Organizations: REUTERS, OMERS, Volkswagen, Reuters, IHS, Lucid Motors, LG Chem, BMW, Scania, Thomson Locations: Stockholm, Sweden, Europe, Skelleftea, 40GWh, Swedish, Germany
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