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☆ Volkswagen's Europe, U.S. vehicle deliveries offset China weakness in Q3
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

Volkswagen employees stand next to Volkswagen electric cars during a ceremony at German carmaker Volkswagen's first battery cell production plant 'SalzGiga' in Salzgitter, Germany, July 7, 2022. Overall, Volkswagen recorded group deliveries of 2.34 million vehicles in the July-September period. In China, deliveries fell 5.8% to 837,200 in the period, Volkswagen said, joining rival German carmakers in unveiling a quarterly drop. Mercedes-Benz (MBGn.DE) and BMW (BMWG.DE) earlier this week saw their third-quarter sales in China fall, with the former being hit by supply chain issues and model changes. Car sales in China still continued their recovery in September, rising for the second consecutive month, benefiting from stronger demand and new models ahead of key holidays.

Persons: Fabrizio Bensch, Ola Kaellenius, Christoph Steitz, Tristan Chabba, Rachel More Organizations: Volkswagen, REUTERS, Rights, German, Benz, BMW, carmakers, Thomson Locations: Salzgitter, Germany, Europe, North America, China

The logo of Mexico's Central Bank (Banco de Mexico) is seen at its building in downtown Mexico City, Mexico February 28, 2019. Mexico could lure annual foreign direct investment flows of $55 billion to $60 billion if it takes better advantage of nearshoring, up from $36 billion in 2022, she said. That has dampened expectations Mexico could benefit from increased investment in semiconductors in North America. Mexico still faces competition to win investment from both North and Central America, plus Colombia, he said. "I don't think this measure is a game-changer to persuade those who have doubts," said Vejar.

Persons: Daniel Becerril, Gabriel Yorio, Andres Manuel Lopez Obrador, Gabriela Siller, Siller, Yorio, Lopez Obrador, Ramse Gutierrez, Franklin Templeton, Tesla, Carlos Vejar, Valentine Hilaire, Dave Graham, Anthony Esposito, Grant McCool, Sonali Paul Organizations: Mexico's Central Bank, Banco, REUTERS, MEXICO CITY, Banco Base, Central America, Thomson Locations: Banco de Mexico, Mexico City, Mexico, MEXICO, Asia, China, North America, Canada, United States, Franklin Templeton Mexico, Nuevo Leon, Mexican, North, Central, Colombia

☆ BMW sees Q3 surge in battery-electric vehicle sales
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: 1 min

A BMW i4 electric car is displayed during a media tour at the plant of German automaker BMW in San Luis Potosi, Mexico, February 3, 2023. REUTERS/Toya Sarno Jordan/File Photo Acquire Licensing RightsBERLIN, Oct 10 (Reuters) - German carmaker BMW (BMWG.DE) saw group sales of its battery-electric vehicles surge by 79.6% year on year in the third quarter of 2023 to 93,931 units, the company said on Tuesday. Total group sales increased by 5.8% that quarter and by 5.1% over the first nine months of the year, the company added. Writing by Rachel More Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Toya Sarno Jordan, Rachel More, Miranda Murray Organizations: BMW, REUTERS, Rights, Thomson Locations: San Luis Potosi, Mexico

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

Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. The agency on Thursday asked a federal court to force Musk to testify for its investigation into his $44 billion takeover of social media giant Twitter, the third time the SEC has taken Musk to court. "This case is different from past forays between the SEC and Elon Musk because it's a subpoena enforcement case. Musk also refused SEC proposals to testify in Texas, where he lives, in October or November, the SEC said. In 2022, a judge ordered Terraform Labs' founder to comply with an SEC subpoena for documents.

Persons: Elon Musk, Patrick Pleul, Musk, Musk's, Stephen Crimmins, Davis Wright Tremaine, Alex Spiro, Howard Fischer, Moses, Moses & Singer, Jay, Spiro, Tesla, Robert Frenchman, Mukasey Frenchman, Chris Prentice, Michelle Price, Lisa Shumaker Organizations: WASHINGTON, U.S . Securities, Exchange Commission, SEC, Twitter, Elon, Moses &, Terraform Labs, Reuters, Thomson Locations: Gruenheide, Germany, videoconference, San Francisco, Texas

☆ Coca-Cola, Bank of America, and other big-name stocks just hit their lowest levels in a year as the market sell-off rages on
▼ + stars: | 2023-10-06 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Stocks have fallen since the end of July, with the S&P 500 down 7%. Coca-Cola, Bank of America, and several other big names have fallen to 52-week lows amid the sell-off. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementSeveral big-name stocks have fallen to their lowest levels in a year this week, with lingering worries about inflation and the bond rout driving a broader financial market sell-off. Stocks' stellar first-half rally has ground to a dramatic halt in recent months, with the S&P 500 dropping 7% since July 31.

Persons: —, Dr Pepper Organizations: Cola, Bank of America, Reserve, Service, Cola Company, Banking, Citigroup, Coke, carmaker, Motors, Dow Jones, Federal Reserve

☆ Car buyers can get their EV tax credits up front at the dealership starting in January
▼ + stars: | 2023-10-06 | by ( Ella Nilsen | ) edition.cnn.com time to read: +2 min

CNN —People shopping for electric vehicles starting next year will be able to get a $7,500 federal tax credit off the sticker price while at the dealership, rather than having to wait months to receive their tax returns. The changes to how car buyers can get the federal tax break on EVs — part of the Inflation Reduction Act — were announced by the Biden administration on Friday, and are being rolled out to car dealerships before they take effect starting January 1. More foreign companies are building EV factories in the US in order to take advantage of the tax credits in the future. The Biden administration is currently contacting dealers with information on how they register with a new federal website to eventually offer consumers up-front tax credits. Car dealers will then be reimbursed by the government within 72 hours of selling the car, according to a Treasury news release.

Persons: Biden, ”, Laurel Blatchford, Ford Organizations: CNN, Treasury, “, IRS, General Motors, Volkswagen, George Washington University

☆ Tesla cuts Model 3 and Model Y prices in the U.S. after car deliveries fall
▼ + stars: | 2023-10-06 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Tesla's Model Y Performance sports utility vehicle now starts at $52,490, down from a previous price of $54,490. The starting price for the Model 3 is listed at $38,990 on Tesla's website, down from $40,240 previously. Tesla cut the price of some Model 3 and Model Y versions in the U.S. after the company reported third-quarter deliveries that missed market expectations. Tesla regularly tinkers with the price of its cars, especially in its biggest markets of the U.S. and China. But the latest round of price cuts comes just days after Tesla reported third-quarter deliveries of 435,059 vehicles, missing analyst expectations and marking a decline from the previous quarter.

Persons: Tesla, Elon Musk Organizations: stoke Locations: U.S, China

Below is a list of Musk's legal entanglements. The SEC had said in May 2022 that it was looking into Musk's disclosures about his stake in company. $56 BILLION TESLA COMPENSATION LAWSUITA ruling is also expected soon following a non-jury trial challenging Musk's $56 billion pay at Tesla. EMPLOYMENT DISPUTESMusk's major companies Tesla, SpaceX and the X social media platform are embroiled in several legal disputes alleging age, gender or race-based discrimination. LAWSUITS SPARKED BY MUSK'S TWEETSMusk's tweets on the social media platform that he now owns has often courted controversy and been the subject of legal trouble.

Persons: Elon Musk, Chuck Schumer, Leah Millis, Musk, X, Tesla, Donald Trump, Tom Hals, Jaspreet Singh, Zaheer Kachwala, Noeleen Walder, Matthew Lewis, Rod Nickel Organizations: Intelligence, Senate, U.S, Capitol, REUTERS, Twitter, U.S . Securities, Exchange Commission, SEC, Tesla, SpaceX, U.S . Justice Department, California's Department of Civil Rights, U.S . National Labor Relations Board, U.S . SEC, Supreme, Wall Street, Thomson Locations: Washington , U.S, Florida, California, San Francisco, U.S, Los Angeles, Manhattan, Wilmington, Del, Bengaluru

Seoul/Hong Kong CNN —When Hwang Ji-sun, 52, first joined the assembly line at South Korean carmaker Hyundai 22 years ago, women like her had it tough. A wider problemDespite the incremental improvements, South Korea still has widespread problems of gender-based exclusion and low pay, researchers say. Gita Gopinath, first deputy managing director of the International Monetary Fund (IMF), has proposed South Korea adopt new measures to help keep women in the workforce. Making childcare more affordable, lowering the number of working hours or allowing more flexible arrangements is key, she told a South Korean forum last September. In a culturally conservative society like South Korea, much more needs to be done to change perceptions about women in male-dominated professions, according to Hwang.

Persons: Hong Kong CNN —, Hwang Ji, Hwang —, ”, Jung Sungmi, Hwang, Yasuyoshi Chiba, PIIE, Gita Gopinath, Roh Helena, “ Organizations: Hong Kong CNN, Hyundai, Korea Metal Workers ’ Union, CNN, ”, Economic Co, Development, Korean Women’s Development, Getty, US Bureau of Labor Statistics, country’s Ministry of Employment, Labor, Peterson Institute for International Economics, International Monetary Fund, South, “, Korean Women Workers Association, Hyundai Motor Locations: Seoul, Hong Kong, South Korea, Ulsan, United States, Turkey, India, Indonesia, AFP, South, Korea, South Korean

"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

But then two days beforehand Musk raised "several spurious objections" and told the SEC he would not appear, the SEC said. According to the filing, Musk has given the SEC documents relating to the probe and has previously provided testimony in July last year via video conference. "The SEC has already taken Mr. Musk's testimony multiple times in this misguided investigation - enough is enough," said a statement from Alex Spiro, an attorney for Musk. Musk acquired Twitter after initially building a large minority stake in the social media platform, which he first disclosed in April 2022. Faced with a trial that sought to compel him to complete the deal, Musk closed his acquisition of Twitter in late October 2022.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Musk, ”, Alex Spiro, Twitter, ” Musk, Howard Fischer, Moses, Moses & Singer, Tesla, Shivansh, Tom Hals, Chris Prentice, Michelle Price, Sheila Dang, Megan Davies, Shinjini Ganguli, Lisa Shumaker Organizations: SpaceX, Tesla, Viva Technology, Porte de, REUTERS, U.S . Securities, Exchange Commission, SEC, Twitter, San, Musk, Moses &, Reuters, Justice Department, Thomson Locations: Paris, France, San Francisco, Texas, New York, Bengaluru, Wilmington , Delaware, Washington, Austin

☆ Russian car sales jump in September as Chinese brands expand market share
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] Workers walk past new Chinese cars unloaded from a ship at a commercial port in Vladivostok, Russia August 25, 2023. REUTERS/Tatiana Meel Acquire Licensing RightsOct 4 (Reuters) - Car sales in Russia jumped by 148.6% year-on-year in September, continuing to rebound from a huge slump in 2022, analytical agency Autostat said on Wednesday, with Chinese brands expanding their market share. Chinese firms are also increasing their sales in Russia with vehicle assembly at factories vacated by the likes of Renault and Nissan, Reuters has found. Avtovaz raised its forecast for passenger car and light commercial vehicle sales in the Russian market in 2023 to 1 million last week, from its previous estimate of 875,000. Reporting by Gleb Stolyarov and Alexander Marrow Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Tatiana Meel, Autostat, PPK, carmaker, Avtovaz, Gleb Stolyarov, Alexander Marrow, Mark Potter Organizations: Workers, REUTERS, Lada, Chery, Geely, HK, Renault, Nissan, Reuters, Thomson Locations: Vladivostok, Russia, Ukraine, Western

☆ Ex-Tesla factory worker loses bid for new trial in race bias
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: +3 min

An aerial view of the Tesla Fremont Factory on May 13, 2020 in Fremont, California. A Black former factory worker for Tesla lost his bid on Wednesday for a third trial in his race discrimination lawsuit against the electric carmaker, after a California federal judge rejected his claims that the company's lawyers had engaged in misconduct and tainted his trial. Equal Employment Opportunity Commission last week, to allege rampant racial harassment at Tesla's flagship Fremont, California assembly plant. The judge ordered the second trial to determine damages after Diaz turned down a lower payout of $15 million. Orrick barred both sides from presenting new evidence or testimony at the second trial, which took place in March.

Persons: Tesla, William Orrick, Owen Diaz, staving, Diaz, baselessly, Orrick Organizations: Tesla Fremont Factory, U.S, Commission Locations: Fremont , California, California, San Francisco, Fremont

☆ Tesla's new, cheaper Model Y is one of the best deals you can get on an EV right now
▼ + stars: | 2023-10-04 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

Tesla launched a new, cheaper version of its popular Model Y SUV. The rear-wheel-drive Model Y costs $43,990. Elon Musk's carmaker quietly launched a new base model of its popular Model Y SUV — and it's instantly one of the best deals on the US electric-vehicle market. A new rear-wheel-drive Model Y appeared on Tesla's website on Monday with a price of $43,990. The next cheapest Model Y costs $50,490.

Persons: Tesla, —, Elon Musk's carmaker, it's, Kelley, Bolt, Kia Niro, Kia haven't Organizations: Service, Chevrolet Bolt, Nissan, RWD, Kia, Hyundai Kona EV, VW, Hyundai

☆ Siemens is case study in China de-risking dilemma
▼ + stars: | 2023-10-04 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +9 min

That’s unsettling for the likes of Siemens, $62 billion carmaker Volkswagen (VOWG_p.DE) and $39 billion chemicals group BASF (BASFn.DE). Factor in the German group’s 32% stake in Siemens Energy (ENR1n.DE) and 75% holding in Siemens Healthineers (SHLG.DE), currently worth 46 billion euros, and it adds up to 156 billion euros. The unit and Siemens’ Airport Logistics unit, which press reports say could be another divestment candidate, may only be worth 4 billion euros combined. Moreover, Kaeser already tried to boost Siemens’ valuation by partially spinning off subsidiaries. As of September, Siemens had bought back 2.5 billion euros of shares since starting a 3 billion euro share repurchase programme in November 2021.

Persons: Roland Busch, France’s Legrand, Busch, Joe Kaeser, he’s, Kaeser, Germany’s Bundesbank, Siemens, Goldman Sachs, Judith Wiese, George Hay, Oliver Taslic Organizations: Reuters, Siemens, Germany’s, Barclays, Reuters Graphics Reuters, Volkswagen, BASF, Software, Dassault, Automation, ABB, Smart Infrastructure, Siemens Energy, Siemens ’ Mobility, France’s Alstom, CRRC Corporation, Siemens ’ Airport Logistics, Siemens Healthineers, Toshiba Corp, Energy, BNP, Bloomberg, Financial Times, Thomson Locations: China, Brussels, Beijing, Germany, EMEA, Swiss, Middle Kingdom, Republic, Shenzhen, Sichuan, Chengdu, Southeast Asia, Indonesia, Vietnam, Thailand

Equal Employment Opportunity Commission last week, to allege rampant racial harassment at Tesla's flagship Fremont, California assembly plant. The judge ordered the second trial to determine damages after Diaz turned down a lower payout of $15 million. Tesla and lawyers for Diaz did not immediately respond to requests for comment. Orrick barred both sides from presenting new evidence or testimony at the second trial, which took place in March. Diaz claimed that Tesla's lawyers violated that directive by questioning him and other witnesses about alleged altercations between Diaz and other workers, which had not come up at the first trial.

Persons: Thomas Peter, Tesla, William Orrick, Owen Diaz, staving, Diaz, baselessly, Orrick, Daniel Wiessner, Lisa Shumaker, Alexia Garamfalvi Organizations: REUTERS, U.S, Commission, Thomson Locations: Beijing, China, California, San Francisco, Fremont , California, Fremont, Albany , New York

HONG KONG, Oct 3 (Reuters Breakingviews) - The country’s automakers are overtaking legacy marques at home and abroad. In this Exchange podcast, industry consultant Tu Le explains what has given BYD, especially, the edge over rivals. Listen to the podcastFollow @KatrinaHamlin on XSubscribe to Breakingviews' podcasts, Viewsroom and The Exchange. Editing by Katrina HamlinOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tu Le, Elon Musk’s Tesla, Katrina Hamlin Organizations: Reuters, Thomson Locations: HONG KONG

☆ Tesla launches updated Model Y in China, keeps starting price unchanged
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: 1 min

A Tesla logo is seen outside a showroom of the carmaker in Beijing, China May 31, 2023. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowSHANGHAI, Oct 1 (Reuters) - U.S. automaker Tesla (TSLA.O) on Sunday released an updated version of its Model Y in China, with minor changes to the vehicle's exterior and interior. The starting price in China for the Model Y, the company's global best-seller, was unchanged at 263,900 yuan ($36,146). Tesla unveiled a restyled Model 3 with a longer driving range, manufactured at its Shanghai factory, in China and other export markets in early September. ($1 = 7.3010 Chinese yuan renminbi)Reporting by Brenda Goh; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Tesla, Brenda Goh, Edmund Klamann Organizations: REUTERS, U.S, Sunday, Thomson Locations: Beijing, China, Shanghai

☆ Volkswagen's Trinity model to be built in Zwickau, Handelsblatt reports
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Buzz, a fresh take on the iconic vehicle of the Volkswagen brand, during its world premiere in Paris, France, March 9, 2022. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowSept 29 (Reuters) - Volkswagen (VOWG_p.DE) plans to build its Trinity electric vehicles (EV) at its factory in Zwickau, the German daily Handelsblatt reported on Friday, citing several company sources. The decision on the location for the prestige EV will be discussed at the Volkswagen supervisory board meeting on Friday, Handelsblatt reported. A spokesperson for the German carmaker declined to comment on the report. The Trinity electric car, which is to be based on the new SSP platform, was supposed to be launched in 2026.

Persons: Benoit Tessier, Handelsblatt, Oliver Blume, Christina Amann, Amir Orusov, Miranda Murray, Rachel More Organizations: VW, Volkswagen, REUTERS, Trinity, Thomson Locations: Paris, France, Zwickau, Wolfsburg

☆ The world needs cheap electric cars. That spells trouble for Big Auto
▼ + stars: | 2023-09-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

The world needs affordable EVs more than ever as electric cars will play a big role in hcelping countries cut planet-heating pollution. “When legacy [carmakers] talk about catching up to Tesla or catching up to the leading Chinese automakers, it’s difficult. It is by far the world’s biggest EV battery manufacturer and dominant in the supply and processing of many critical components needed to make the batteries. Global automakers have had little choice but to enter into joint ventures with Chinese EV and battery manufacturers. EU lawmakers have voiced concerns that government subsidies allow Chinese EV makers to keep prices artificially low, creating unfair competition for European rivals.

Persons: Henry Ford’s, carmaking, Jeff Kowalsky, ”, Gene Munster, Tesla, — Tesla, —, Patrick Hummel, Krisztian Bocsi, Ford, “ It’s, ” Dan Ives, Bill Pugliano, Daniel Röska, Bernstein, China …, Marco Rubio, “ They’re, Bill Ford, CNN’s Fareed Zakaria Organizations: London CNN —, Ford Motor Company, Toyota, Volkswagen, United, Getty, Deepwater Asset Management, Volkswagen Group, Audi, Porsche, Chrysler, Jeep, Ford, General Motors, International Energy Agency, Honda, Renault, Nissan, Mitsubishi, Hyundai, Kia, Benz, BMW —, Investment, UBS, EV, Atlas Public, VW, Bloomberg, Reuters, Twitter, Stellantis, Wedbush Securities, CNN, United Auto Workers, Refining, Global, Republican, European Union, EU, Jato Dynamics Locations: Europe, United States, Dearborn , Michigan, AFP, China, Japan, South Korea, Asia, US, Germany, ” Munster, Munster, Lansing , Michigan, Michigan, Beijing, America

☆ Volkswagen: to build Trinity model at Zwickau, no further plant needed
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsBERLIN, Sept 29 (Reuters) - Volkswagen (VOWG_p.DE) plans to build its Trinity electric vehicles (EV) at its factory in Zwickau, the company said in a statement on Friday. The carmaker added that its iconic Golf model would be "led into the electric future" at its main Wolfsburg plant. The Trinity electric car, which is to be based on the new SSP platform, was supposed to be launched in 2026. Volkswagen had initially planned to build a new factory for the model, but due to delays in developing the brand, the German carmaker was also considering converting its Wolfsburg factory.

Persons: Mike Blake, carmaker, Oliver Blume, Jan Schwartz, Friederike Heine, Miranda Murray Organizations: Los Angeles Auto, REUTERS, Rights, Trinity, Wolfsburg Warmenau, Volkswagen, Thomson Locations: Los Angeles , California, U.S, Zwickau, Wolfsburg

☆ Porsche AG confirms 2023, long-term margin outlook
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

A Porsche logo is seen on a vehicle 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. REUTERS/Angelika Warmuth/file photo Acquire Licensing RightsFRANKFURT, Sept 28 (Reuters) - Luxury carmaker Porsche AG (P911_p.DE) on Thursday confirmed its 2023 outlook, saying demand for its cars remained strong despite the challenging macroeconomic environment. This also influenced the price of the (Porsche AG) share." Still, the company said it still expects an operating return on sales of 17%-19% in 2023 on sales of 40 billion to 42 billion euros ($42.05 billion to $44.15 billion), as well as a return on sales of more than 20% long-term. ($1 = 0.9512 euros)Reporting by Christoph Steitz, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Angelika Warmuth, Porsche, Christoph Steitz, Rachel More Organizations: REUTERS, Rights, Porsche AG, Porsche, Thomson Locations: Munich, Germany, China

Tesla has failed to investigate complaints of racist conduct and has fired or otherwise retaliated against workers who reported harassment, the EEOC said in the lawsuit. The lawsuit adds federal charges to discrimination claims by the state of California and lawsuits by Tesla employees. It follows the breakdown of settlement talks with the EEOC after Tesla announced that the agency had formally raised its concerns last year. The department alleges that Tesla discriminated against Black workers when making decisions about pay, promotions and work assignments. Tesla is also facing a class action lawsuit in California state court over the alleged mistreatment of Black factory workers.

Persons: Tesla, Charlotte Burrows, Stephen Lam, Burrows, ”, Owen Diaz, Diaz, Black, Daniel Wiessner, Leslie Adler, Daniel Wallis, Alexia Garamfalvi, Aurora Ellis Organizations: Tesla, U.S, Tesla Inc, Opportunity Commission, Motorists, REUTERS, California Civil Rights Department, Thomson Locations: Fremont , California, U.S, California, Fremont, Black, Albany , New York

☆ Volkswagen restarts production after suffering major IT outage
▼ + stars: | 2023-09-28 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

A Volkswagen logo is seen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsFRANKFURT, Sept 28 (Reuters) - Volkswagen (VOWG_p.DE) on Thursday said that a major IT outage, which had caused most of its German plants to halt production, was resolved overnight and its global production network was up and running again. "The IT infrastructure problems in the Volkswagen network were resolved during the course of the night and the network is stable again," Volkswagen said, without providing details on the impact or cause of the incident. The global production network is up and running, and production is expected to proceed as planned," it said, adding individual systems may still be affected during a transitional phase. "We need safety systems here that work," Wissing told broadcaster RTL/n-tv.

Persons: Mike Blake, Volker Wissing, Wissing, Christoph Steitz, Miranda Murray, Kim Coghill, Elaine Hardcastle Organizations: Los Angeles Auto, REUTERS, Rights, VW, Volkswagen, Porsche AG, Audi, Toyota, RTL, Thomson Locations: Los Angeles , California, U.S, Wolfsburg, Emden, Osnabrueck, Hanover, Dresden, Zwickau, Braunschweig, Kassel, Chemnitz, Salzgitter

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