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☆ Volkswagen: we are covered by our three gigafactories in Europe until 2028
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

WOLFSBURG, March 13 (Reuters) - Volkswagen's (VOWG_p.DE) battery needs are covered until 2028 by its three confirmed factories in Europe - the Salzgitter plant in Germany, Northvolt's plant in Sweden and a planned plant in Valencia, board member Thomas Schmall said on Monday. "With these three plants we are covered until 2028," Schmall said at a press event at the Salzgitter plant, inaugurated last July. The Valencia plant, confirmed last year, is due to begin production in 2026. Volkswagen said last week it was waiting to hear what Europe's response to the U.S. Inflation Reduction Act will be before progressing with plans to build further battery plants in the region. The carmaker was standardising the structure of its factories to make production more efficient, Schmall said, describing the process of building new plants as "copy-paste".

But production is running at least a third below plan, keeping the Ariya from shipping to new customers, according to three of the people and production planning notes reviewed by Reuters. Implementation has proved "an extremely, extremely high challenge" and the advanced paint line has become a persistent headache, one of the people said. In a statement to Reuters, Nissan said Ariya production had faced challenges including supply of semiconductors, disruptions in components shipments and the factory's paint line. EVs accounted for just 4.5% of Nissan's global sales of 3.2 million vehicles in 2022. Output over the next two months is expected to fall short of that, according to production planning notes from last month reviewed by Reuters.

Lyft and Bilt have a new partnership that allows you to earn Bilt points whenever you make a Lyft purchase. It also offers the Bilt Mastercard®, which opens up the ability to earn Bilt Rewards points for expenses other than just rent. Lyft already partners with Delta — but you'll earn just 1 Delta mile per dollar spent with Lyft, so switching to Bilt Rewards is a no-brainer, unless you value Delta miles significantly higher than Bilt Rewards points. That means you'll get an effective return of up to 8.25% on Lyft purchases when choosing to earn Bilt Rewards. After linking your loyalty accounts, Bilt Rewards members will earn 2 points per dollar, and those with the Bilt Mastercard® will earn 5 points per dollar.

☆ Horses on the catwalk: Stella McCartney pushes leather-free style
▼ + stars: | 2023-03-06 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/2] Models present creations by designer Stella McCartney as part of her Fall-Winter 2023/2024 Women's ready-to-wear collection show during Paris Fashion Week in Paris, France, March 6, 2023. REUTERS/Sarah MeyssonnierPARIS, March 6 (Reuters) - Stella McCartney drove home her leather-free fashion message by sending a team of horses to canter alongside models wearing styles crafted from new, eco-conscious materials. "I just really want to show everyone in the world - and the world of fashion - that you don't really need to do that," she said. At the show in the Ecole Militaire stables in Paris, seven horses, guided by their trainer, Jean-Francois Pignon, performed individually and in formation. LVMH owns a minority stake in the label and McCartney serves as environmental adviser to the entire luxury group.

☆ Donald Trump proposes 10 new 'Freedom Cities' featuring futuristic flying cars in a new campaign video
▼ + stars: | 2023-03-04 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +3 min

Donald Trump called for a "quantum leap" in the American standard of living on Friday. He laid out campaign proposals for new 'freedom cities' and investment in flying cars. Trump said the US had "lost its boldness," but under his leadership, it would be "back in a very big way." The four-minute video was light on details of how the visionary plan would come to fruition, and Trump campaign advisers conceded the new set of plans was unusual, according to reporting by Politico. They added, however, that Trump was not the first American president to make grand propositions — highlighting Abraham Lincoln's campaign for the transcontinental railroad and Teddy Roosevelt's national park service.

☆ 9 US presidents who faced sex scandals while in office
▼ + stars: | 2023-03-01 | by ( Katie Balevic | ) www.businessinsider.com time to read: 1 min

Franklin D. Roosevelt cheated with his wife's secretary, records show. Eleanor and Franklin D. Roosevelt. CORBIS/Corbis via Getty ImagesRoosevelt, who was in office from 1933 until his death in 1945, had a longtime affair with his wife's secretary, according to The New York Times. FDR married Eleanor Roosevelt, his fifth cousin once removed, in 1905. The couple continued a civil marriage, but there's some evidence Roosevelt's affair with Rutherfurd likely continued during his presidency, according to The Times.

☆ Dior spins 1950s styles into modern looks at Paris Fashion Week
▼ + stars: | 2023-02-28 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/6] Models present creations by designer Maria Grazia Chiuri as part of her Fall-Winter 2023/2024 Women's ready-to-wear collection show for fashion house Dior during Paris Fashion Week in Paris, France, February 28, 2023. REUTERS/Benoit TessierPARIS, Feb 28 (Reuters) - Dior designer Maria Grazia Chiuri dove into archives from the 1950s for the French fashion house’s fall women's catwalk show, adding a modern spin to the era's feminine mainstays. Chiuri sought to add a Parisian flair to the styles of the period, which are often associated with American Hollywood productions. Held on the second day of Paris Fashion Week, the show drew crowds of fans angling for a glimpse of Kpop singer Jisoo and actress Charlize Theron, who sat in the front row next to members of LVMH CEO Bernard Arnault's family. Reporting by Mimosa Spencer and Louise Dalmasso, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Recharge Industries buys failed battery firm Britishvolt
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 27 (Reuters) - Australia's Recharge Industries said on Monday it had bought Britishvolt, the collapsed startup which had struggled to fund a major electric vehicle (EV) battery factory in northern England. Recharge Industries, privately owned by New York-based investment fund Scale Facilitation, was selected earlier this month as the preferred bidder for Britishvolt, which had outlined plans for a 3.8 billion pound ($4.54 billion) gigafactory. Britain's ambitions of building a home-grown EV battery industry that can support domestic car production were thrown into doubt when Britishvolt collapsed in January, after failing to raise enough funding for the factory in Cambois. "We have the right plan in place, to match and support the region's energy and ambition to become a major player in the international battery market." Recharge Industries, which is building a lithium-ion cell factory in Australia expected to begin production next year, emerged as Britishvolt's buyer following a bidding process that saw multiple offers.

☆ A female orca adopted a baby pilot whale in the first known case of its kind, scientists say
▼ + stars: | 2023-02-25 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +4 min

A female orca appeared to adopt a baby pilot whale in the first known case of its kind. The orca, known as "Sædís," was first observed swimming with the pilot whale calf in August 2021 in western Iceland. This marks the first scientific documentation of orcas nurturing and tending to a long-finned pilot whale calf. "The orca was swimming with the pilot whale calf in the echelon position, which means the calf was swimming right behind the pectoral fin of the orca," she said. Off Iceland, there's been quite the interaction between both species, and oftentimes pilot whales are seen chasing the killer whales," she said.

☆ Nikki Haley heads to fundraiser hosted by Wall Street executives
▼ + stars: | 2023-02-24 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Nikki Haley, a Republican who jumped into the 2024 presidential race this month, is set to attend a fundraising event for her campaign hosted by Wall Street executives in New York on Tuesday, according to an invitation first reviewed by CNBC. The Tuesday fundraiser for Haley's campaign is one of her first trips to New York as a candidate for president. Morning Consult's GOP primary tracker shows Haley has 6% of support from potential Republican voters. Former President Donald Trump garners support from about 50% of GOP primary voters, according to Morning Consult. Finance executives have played key fundraising roles for political campaigns of both parties for well over a decade.

☆ Goldman-backed battery firm Northvolt earmarks next quarter for U.S. factory announcement
▼ + stars: | 2023-02-21 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

A Northvolt building in Sweden, photographed in February 2022. Mikael Sjoberg | Bloomberg | Getty ImagesSKELLEFTEA, Sweden ꟷ Battery firm Northvolt will outline details of a new manufacturing plant in the U.S. before the start of the summer, CEO Peter Carlsson told CNBC Tuesday. The Swedish company has been reevaluating some of its investment decisions in light of the U.S. Inflation Reduction Act — often referred to as IRA. "I would be surprised if we have not done an announcement by latest in Q2 [second quarter]," he said. A worker walking past the coating ovens section at the Northvolt Ett factory in Skelleftea, north Sweden.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe rise of corporate landlords in the U.S. Some congressional lawmakers want to limit large corporations in the single-family housing market. These groups have been active in the Sun Belt's suburbs, which are traditionally the domain of individual investors. Industry lobbyists claim that new proposals from Washington would worsen the U.S. housing supply. Meanwhile, the Wall Street groups have profited from higher than average rent hikes in their target markets while leveraging government-backed financing and tax credits.

☆ Florida state officials are weighing 'classical and Christian' alternative to the SAT: report
▼ + stars: | 2023-02-18 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Florida officials have been holding talks to use the CLT as an alternative to the SAT, per the Miami Herald. Tate told the newspaper that the SAT had become "increasingly ideological" partly because it had "censored the entire Christian-Catholic intellectual tradition." Florida Department of Education Senior Chancellor Henry Mack on Thursday expressed interest in using the Classic Learning Test. "As you know the State University System is the largest university system in the country that still requires an entrance exam as part of our admissions process. Tate told the Herald that conservatives may prefer the CLT, but he didn't want the assessment to become ideological.

Northvolt's stock market debut would come in an IPO market that has gradually recovered from a major slump in 2022, which was driven by stock market volatility and fears of an economic slowdown. Northvolt has so far raised billions in debt to fund its factory investments, including a $1.1 billion raise last year in convertible notes. Northvolt has used the money from convertible bonds to increase liquidity and ramp up production at its gigafactory in Skelleftea, Sweden. Northvolt has raised about $8 billion in debt and equity to date from a wide range of investors, including Baillie Gifford and Folksam Group. (This story has been corrected to say that Northvolt 'has used the money from convertible bonds', not 'has refinanced its convertible bonds', in paragraph 7)Reporting by Anirban Sen in New York and Supantha Mukherjee in Stockholm; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ Renault swings back to losses on Russia exit, offers dividend
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

The group share of net income saw a 338 million euro loss, sharply down from an 888 million euro profit in 2021 but broadly in line with an analyst consensus provided by the company that saw a 310 million euro loss. It said a dividend of 0.25 euros per share will be proposed to the vote of the annual general meeting on May 11. Renault sold its majority stake in Avtovaz (AVAZI_p.MM) to the Russian state for reportedly just one rouble last year, but with a six-year option to buy it back. Under a deal announced earlier this month, Renault, will cut its stake in Nissan to 15% from 43% now, in a reboot of their long and sometimes contentious alliance. The agreement, which came after months of tense talks, will also see Nissan buy a stake of up to 15% in Renault's electric vehicle unit Ampere.

☆ Renault CEO questions wisdom of electric vehicle price cuts
▼ + stars: | 2023-02-16 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Renault CEO Luca de Meo on Thursday questioned the wisdom of price cuts rivals have been implementing in a bid to bolster market share for their electric vehicle fleets. Ford followed on Jan. 30 with price trims for its electric Mustang Mach-E crossover. However, De Meo signaled that sales price volatility could erode consumer confidence in EV products. "Because those kinds of swings are kind of value destroying for the customer, think about residual value, etc. Under the reshaped, previously lopsided alliance, Renault will reduce its shareholdings in Nissan from roughly 43% to 15%.

☆ Donald Trump is cozying up to the son of the world's richest man, hosting Alexandre Arnault at Mar-a-Lago and calling him 'a young man on the move'
▼ + stars: | 2023-02-16 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Donald Trump hosted Alexandre Arnault and his wife at his Mar-a-Lago resort in Florida. He called Arnault a "young man on the move" and lauded his father, LVMH chief Bernard Arnault. "It was great having Alex Arnault of LVMH, and his wonderful wife, Géraldine, for dinner at Mar-a-Lago," Trump posted on Truth Social on Wednesday. "He is a young man on the move, the son of one of the great businessmen and leaders in Europe, and in the World," Trump wrote of Arnault, who is 30. It is unclear why Trump decided to host Arnault and his wife at Mar-a-Lago this week, or why they went.

☆ Nissan's 2022 contribution to Renault results highest in four years
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 9 (Reuters) - French carmaker Renault (RENA.PA), which is revamping its 24-year old alliance with Nissan (7201.T), said on Thursday the Japanese firm contributed 174 million euros ($187 million) to its own results in the fourth quarter. The total contribution for 2022 stood at 526 million euros, the highest amount since 2018 and up from 352 million euros in 2021. Renault, which under the overhaul of the partnership will cut its stake in Nissan to 15% from 43% now, will announce its own full-year results on Feb. 16. The stake that is being cut will be placed in a French trust, with Renault continuing to cash in on related dividends. ($1 = 0.9300 euros)Reporting by Gilles Guillaume; writing by Silvia Aloisi; Editing by Richard LoughOur Standards: The Thomson Reuters Trust Principles.

Cobalt has lost share to lithium as the Chinese EV market in particular pivots towards non-cobalt battery chemistry. The abrupt turnaround in both narrative and price has led to a surge in trading activity on the CME cobalt contract as producers and consumers respond to the shifting landscape. CME cobalt price, total volume and market open interestCHANGE OF GEARCobalt's fortunes are still tied to the EV sector but the relationship is changing. That eye-watering growth rate would be stronger still were it not for a shift towards non-cobalt battery chemistries, led by China, the world's largest EV market. COBALT FUTURES TAKE OFFOne beneficiary of this turnaround in cobalt market dynamics has been the CME (CME.O), which has seen activity in its cobalt contract mushroom since the middle of last year.

☆ Nissan board also approved planned restructuring deal with Renault - source
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 6 (Reuters) - The board of Nissan (7201.T) has also voted in favour of reshaping its alliance with French carmaker Renault (RENA.PA), a source said on Monday. The agreement, which will retool the two-decade-old alliance, had already got the backing from Renault's board on Sunday. It will be formally unveiled on Monday in London. Reporting by Gilles Guillaume and Dominique Vidalon; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Renault, Nissan detail joint projects to revive alliance
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +3 min

LATIN AMERICAThe four projects to be considered in Latin America include:A new half-ton pick-up, developed by Renault Group and shared with Nissan in Argentina. Renault Group would produce the pick‑ups in Cordoba (Argentina) for both Renault and Nissan. In Mexico, Nissan would produce a new model for Renault Group, making it the first Renault vehicle to be produced there in 20 years. INDIAFor India and export, Renault Group and Nissan would collaborate on several new vehicle projects including new SUVs shared by both Renault Group and Nissan, and a New Nissan car derived from the Renault Triber. Electric vehicle (EV) charging infrastructure: Renault Group and Nissan are considering jointly deploying charging infrastructure in Europe at both Renault Group and Nissan dealerships.

That announcement came after nearly four months of intense talks complicated by concerns about the sharing of intellectual property as Renault sought tie-ups with companies outside their alliance. The deal will see the French carmaker reduce its stake in Nissan to 15% from around 43%. That will see Renault put around 28% of the Japanese automaker in a French trust, crucially making the two more equal partners. While Renault bailed out Nissan two decades ago, it is the smaller automaker by sales. "One almost wonders what's the point of them having any stake in either one, any stake at all," Richter said.

☆ Nissan to buy up to 15% stake in Renault EV unit under reshaped alliance
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakePARIS, Feb 6 (Reuters) - Nissan (7201.T) and Renault (RENA.PA) on Monday unveiled details of their redesigned alliance, with the Japanese car maker committing to buy a stake of up to 15% in Renault's electric vehicles unit Ampere. The alliance junior partner Mitsubishi Motors (7211.T) will also consider investing in Ampere, the companies said in a statement. Renault will transfer 28.4% of Nissan shares into a French trust, making the two more equal partners in the alliance. Sources close to the matter said the agreement aimed to make the alliance freer and more balanced for the next 15 years. When it does sell, "Nissan would benefit from a right of first offer, to its or the benefit of a designated third party."

☆ EY selects Australian battery group as preferred bidder for Britishvolt
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Feb 6 (Reuters) - Accounting firm EY on Monday said it selected Scale Facilitation Partners and its Australian subsidiary Recharge Industries as the preferred bidder to buy struggling UK startup Britishvolt out of administration. EY's restructuring arm EY-Parthenon were appointed administrators of Britishvolt in January after the company struggled to raise funds for a major electric vehicle battery factory in northern England and stay afloat. The deal was expected to be completed within the next seven days, EY said in a statement on Monday. Britishvolt, Recharge Industries and Scale Facilitation did not immediately respond to Reuters request for comment. Britishvolt has been in talks with a consortium of investors about selling a majority stake in the company, the company said earlier this month, without disclosing any names.

☆ Renault board backs plans to reshape alliance with Nissan, source says
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 5 (Reuters) - Renault's board (RENA.PA) voted in favour on Sunday to reshape the French carmaker's alliance with its Japanese partner Nissan (7201.T), a source said. The agreement, which will retool the two-decade-old alliance, still needs backing from Nissan's board before it is formally unveiled on Monday in London. Reporting by Gilles Guillaume, editing by Leigh Thomas and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

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