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☆ European markets head for mixed open as investors digest U.S. inflation report
▼ + stars: | 2024-03-13 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a mixed open Wednesday as investors digested the latest U.S. inflation report. Regional markets extended gains on Tuesday after U.S. inflation figures for February showed a rise of 0.4% for the month and an increase of 3.2% from a year ago. U.S. stock futures were calm on Tuesday evening after the gains on Wall Street. Asia-Pacific markets were mixed overnight. Earnings are due from Inditex, Adidas and VW in Europe on Thursday, and data releases include euro zone industrial production figures for January.

Persons: Dow Jones Organizations: Nasdaq, Adidas, VW Locations: Asia, Pacific, Europe

☆ EV euphoria is dead. Automakers trumpet consumer choice for U.S. car shoppers
▼ + stars: | 2024-03-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

Andrew Merry | Moment | Getty ImagesDETROIT — The buzz around electric vehicles is wearing off. U.S. EV sales were a record 1.2 million units last year, representing 7.6% of the overall national market, Cox Automotive estimates. "Moving on to less tech-savvy buyers will slow the EV market share growth over the next few years." Automakers wanted to emulate Tesla's success, with some promising to exclusively offer EVs in the not-too-distant future. "Toyota is almost completely absent from the [battery electric vehicle] market yet will gain more U.S. market share than any other car company this year.

Persons: hasn't, Andrew Merry, Aston Martin, Tesla, Elon Musk, Marin Gjaja, Ford, Pablo Di Si, Sam Fiorani, Romeo, Bentley, Mary Barra, there's, Cadillac, John Roth, We've, Gjaja, Jim Farley, Rebecca Cook, Oliver Blume, Akio Toyoda, Morgan Stanley, Adam Jonas, It's, Biden, Cox, Michelle Krebs, EVs, Trisha Jung Organizations: DETROIT, EV, Ford Motor, General Motors, Mercedes, Benz, Volkswagen, Jaguar, Rover, CNBC, GM, Hyundai Motor, Kia, Toyota Motor, VW, U.S, Cox Automotive, AutoForecast Solutions, Volvo, Buick, Cadillac, Honda, Ford Motor Co, Ford, Amperex Technology, Toyota, Cox, Tesla, Nissan, Nissan U.S, Environmental Protection Agency, Alliance for Automotive Innovation, American Automotive, Detroit automakers Locations: EVs, Europe, U.S, North America, Warren , Michigan, Detroit, Marshall , Michigan, Romulus , Michigan

☆ Volkswagen says tough market to weigh on car sales growth in 2024
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: +2 min

A Volkswagen logo is seen during the New York International Auto Show, in New York City, April 5, 2023. Volkswagen expects a 3% rise in its car sales this year, down sharply from 2023 amid a gloomy economic outlook and growing competition. Presenting the German automaker's 2023 results, finance chief Arno Antlitz said the "general economic situation remains challenging," but added "we are confident about 2024, despite the muted economic outlook and intense competition". When Stellantis reported results last month, it predicted a "turbulent" 2024. Volkswagen shares were down 0.65% to 120.16 euros at 1000 GMT, within a flat German market.

Persons: Arno Antlitz, Stellantis, Mercedes, Benz, Oliver Blume Organizations: New York, Volkswagen, EV, EVs, Ford, General Motors, VW Locations: New York City, Western Europe

☆ Volkswagen is recalling 260,000 small cars for fire risk
▼ + stars: | 2024-02-23 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +1 min

CNN —Volkswagen is recalling more than 260,000 compact cars in the United States because a pump located inside the gas tank could leak fuel, possibly leading to a fire. The cars involved are various Volkswagen Golf, Golf GTI, Golf Sportwagen, Jetta and Audi A3s from the 2015 through 2020 model years. Not every model year is involved for every one of those models and only front-wheel-drive, not all-wheel-drive, versions are included. Vehicle owners can check the National Highway Traffic Safety Administration’s Safecar.gov website to see if their specific car is involved. Owners can also call Volkswagen customer service at 800-893-5298 or Audi customer service at 800-253-2834.

Organizations: CNN, Volkswagen, Audi A3s, Audi, VW, National, Traffic Safety Administration, Vehicle Locations: United States

☆ Firms With Deep Roots in China Reconsider Their Xinjiang Ties
▼ + stars: | 2024-02-18 | by ( Keith Bradsher | ) www.nytimes.com time to read: 1 min

Volkswagen Group is reviewing the future of its joint venture in the Xinjiang region of northwestern China and another German industrial giant is starting to sell its stakes there following new international scrutiny of forced labor using predominantly Muslim ethnic groups. Volkswagen said last week that it was in discussions with one of its main joint venture partners in China, the state-owned Shanghai Automotive Industry Corporation, in the wake of allegations of human rights violations at their joint venture in Xinjiang. The companies are examining “the future direction of the J.V.’s business activities in Xinjiang,” VW said, adding that “various scenarios are currently being examined intensively.”BASF of Germany, the world’s largest chemical company, disclosed on Feb. 9 that it began moving late last year to divest its stakes in two manufacturing joint ventures in Xinjiang.

Persons: VW Organizations: Volkswagen, Shanghai Automotive Industry Corporation, BASF Locations: Xinjiang, China, Germany

☆ In America, Headlights are blinding but not in other countries, this tech is why
▼ + stars: | 2024-02-15 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +8 min

In Europe and Asia, many cars offer adaptive driving beam headlights that can do this. But that still means driving much – or most – of the time using only low beam headlights that don’t reach very far. That means it will probably be years before ADB headlights are widely available in the US. But, while driving, the lights work just like standard high beam, low beam headlights. It will be years before they can offer new, redesigned ADB headlights that meet the standards, auto industry sources say.

Persons: ”, “, Michael Larsen, Larsen, Matt Brumbelow Organizations: CNN, ADB, Traffic Safety Administration, NHTSA, Ford, Volkswagen, Insurance Institute for Highway, Society of Automotive Engineers, ” Audi, “, General Motors, Society of Automotive, EU, Audi, Mercedes, Insurance Institute for Highway Safety Locations: Europe, Asia, China, Canada, United States, America, American

☆ Silver set for a 'terrific year' and could outperform gold to hit a 10-year high
▼ + stars: | 2024-02-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Global silver demand is forecast to reach 1.2 billion ounces in 2024, which would mark the second-highest level on record, the Silver Institute said in a recent report. "We think silver will have a terrific year, especially in terms of demand," Michael DiRienzo, executive director of the Silver Institute told CNBC. He expects silver prices to reach $30 per ounce, which would be a 10-year high, according to data from LSEG. Silver prices, like gold, tend to have an inverse relationship with interest rates. In contrast, gold prices usually rise during times of economic weakness or uncertainty.

Persons: Nicky Loh, Michael DiRienzo, Randy Smallwood Organizations: Silver Bullion, Bloomberg, Getty, Silver Institute, CNBC, Wheaton, Metals, U.S . Federal Reserve, Wheaton Precious Metals, Vw Locations: Singapore, India, U.S

☆ I grew up always wanting to drive my own car. But I'm from the world's most expensive city to live in, and now I know I never will.
▼ + stars: | 2024-01-14 | by ( Matthew Loh | ) www.businessinsider.com time to read: +12 min

AdvertisementFor car buyers, the COE is an extra cost that can easily eclipse the actual price of a car. These BMW family cars cost around $103,000 in 2017. COE prices went up to $67,000 that year for lower-end cars, despite more than 13,000 certificates being made available. On Thursday, COE prices for lower-end cars fell to about $48,000, a steep drop that shocked the market. Meanwhile, while unpopular, Singapore's COE prices are working for now.

Persons: —, Mikel Bilbao, Edgar Su, Reuters They've, EDGAR SU, Walter Theseira, Theseira, Singapore's, We've, ROSLAN RAHMAN, we've, Aditya Irawan, it's, they're, Benjamin Loo Organizations: Service, Volvo, Volkswagen, Hyundai, VW, Getty, COE, BMW, Reuters, Toyota Corolla, Singapore University of Social Sciences, ROSLAN RAHMAN Singapore, Yokohama JR Line, The New York Times, Uber, Temasek Holdings, CarTimes, Straits Times Locations: Singapore, European, New York City, Tokyo, Yokohama, New York, Asia, Jakarta, Bangkok, Kuala Lumpur

On Saturday, the agency posted documents showing that BMW is recalling 486 SUVs after the Chicago driver was hurt. At least 26 people have been killed in the U.S. by Takata inflators since May 2009, and at least 30 have died worldwide including people in Malaysia and Australia. About 100 million inflators were recalled worldwide. Automakers, he said, blamed manufacturing problems to limit recalls when the non-desiccated Takata inflators started to have problems. In the BMW recall, dealers will replace the air bags at no cost to owners, who will be notified by letter starting Jan. 16.

Persons: Takata, Takata inflators, General Motors, inflators, Michael Brooks, “ It's, ”, Brooks, “ Organizations: DETROIT, —, BMW, Traffic, Administration, General, Volkswagen, NHTSA, GM, VW, Center for Auto Safety, Companies, ” BMW, Honda, General Motors, Ford, Nissan, Toyota, Jaguar, Rover, Daimler Vans, Mitsubishi, Subaru, Benz, Ferrari, McLaren, Porsche, Mazda, Spartan Locations: Chicago, U.S, Malaysia, Australia, Japan, inflators

MOSCOW, Nov 29 (Reuters) - Russia's industrial output growth slowed in October as the unemployment rate dropped to a record low 2.9%, federal statistics showed on Wednesday, with deepening labour shortages showing signs of cooling Moscow's military production capacity. Analysts say wages are growing faster than productivity and the central bank has warned of the impact it has on inflation. Industrial output rose 5.3% year-on-year in October, down from a 5.6% rise in September and driven once again by military production. Rosstat said industrial output had grown since March at a monthly rate of more than 5% compared with the corresponding months of 2022. But when discounting seasonal factors, industrial production dropped 0.4% in October, Rosstat said.

Persons: Maxim Oreshkin, Vladimir Putin, Central Bank Governor Elvira Nabiullina, Rosstat, Alexander Marrow, Darya, Alex Richardson, Alexandra Hudson Organizations: Kremlin, Reuters, VW, Central Bank Governor, Alexandra Hudson Our, Thomson Locations: MOSCOW, Russia, Volkswagen's, Moscow, Ukraine, Putin's Russia

☆ UAW launches bid to organize Tesla and 'entire non-union auto sector' in US
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +6 min

Shawn Fain, president of the United Auto Workers (UAW) speaks as U.S. President Joe Biden (not pictured) joins striking members of the United Auto Workers (UAW) on the picket line outside GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. "To all the auto workers out there working without the benefits of a union, now it's your turn," UAW President Shawn Fain said in a video posted on a website urging auto workers to sign electronic cards seeking union representation. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers. The website asks Tesla workers to join, saying CEO "Elon Musk is the richest man in the world, with a net worth of $230 billion. The question is, will Tesla workers get their fair share?"

Persons: Shawn Fain, Joe Biden, Evelyn Hockstein, Fain, Elon Musk, Tesla, Harley Shaiken, David Shepardson, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three automakers, Tesla, Toyota, Volkswagen, Hyundai, Nissan, BMW, Mercedes, Benz, Detroit, General Motors, Ford Motor, New York Times, Honda, Subaru, Mazda, Volvo, University of California, White, Detroit Three, Lexus ES, Union, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Detroit, America, Mississippi, Tennessee, Chattanooga , Tennessee, Berkeley, Georgetown , Kentucky, Washington

☆ UAW launches bid to organize Tesla and 'entire non-union auto sector'
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Shawn Fain, president of the United Auto Workers (UAW) speaks as U.S. President Joe Biden (not pictured) joins striking members of the United Auto Workers (UAW) on the picket line outside GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsWASHINGTON, Nov 29 (Reuters) - The United Auto Workers union said on Wednesday it is launching a first-of-its-kind push to publicly organize the entire nonunion auto sector after winning new contracts with the Detroit Three automakers. "To all the auto workers out there working without the benefits of a union, now it's your turn," UAW President Shawn Fain said in a video posted on a website urging auto workers to sign electronic cards seeking union representation. "I want this type of contract for all auto workers and I have a feeling the UAW has a plan for that," he said at an event with Fain. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers.

Persons: Shawn Fain, Joe Biden, Evelyn Hockstein, Fain, Tesla, Elon Musk, David Shepardson, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three automakers, Tesla, Toyota, Volkswagen, Hyundai, Nissan, BMW, Mercedes, Benz, Detroit, General Motors, Ford Motor, Detroit Three, Lexus ES, Union, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Detroit, Mississippi, Tennessee, Chattanooga , Tennessee, Georgetown , Kentucky, Washington

☆ Volkswagen to reduce headcount at 'no longer competitive' VW brand
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. "With many of our pre-existing structures, processes and high costs, we are no longer competitive as the Volkswagen brand," Schaefer told a staff meeting at the carmaker's headquarters in Wolfsburg, according to a post on the company's intranet site and seen by Reuters. The company had previously said it planned to take advantage of the "demographic curve" to reduce its workforce, having pledged that it would not carry out dismissals until 2029. In Monday's meeting, human resources board member Gunnar Kilian said this would be achieved through agreements on partial or early retirement. ($1 = 0.9168 euros)Reporting by Victoria Waldersee Writing by Matthias Williams Editing by Miranda Murray and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Thomas Schaefer, Schaefer, Gunnar Kilian, Kilian, Victoria Waldersee, Matthias Williams, Miranda Murray, David Goodman Organizations: New York, REUTERS, BERLIN, VW, Volkswagen, Reuters, Victoria, Thomson Locations: Manhattan , New York City, U.S, Wolfsburg

☆ Volkswagen says its core VW brand is ‘no longer competitive’
▼ + stars: | 2023-11-27 | by ( ) edition.cnn.com time to read: 1 min

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☆ ‘I Carried Him, Screaming, Through the Night Streets of the Village’
▼ + stars: | 2023-11-26 | by ( ) www.nytimes.com time to read: 1 min

ImageOne Last ThingDear Diary:I moved to New York City in 1976 from my home in South Carolina with the goal of becoming a freelance photographer. I packed all of my worldly belongings in a U-Haul truck and headed north. Eight months later, our son, Nicholas, was born at St. Vincent’s Hospital in Greenwich Village. We lived first in the Village, on Jones Street. Nicholas was a colicky baby, and I endured many disapproving stares as I carried him, screaming, through the night streets of the Village in hopes of calming him.

Persons: Nicholas Organizations: VW, Vincent’s Locations: New York City, South Carolina, St, Greenwich Village

☆ Remote mountain Kingdom of Bhutan is operating secret, state-owned Bitcoin mining facilities, report says
▼ + stars: | 2023-11-25 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Forbes said it had identified the sites of four secret, state-owned Bitcoin mining facilities in Bhutan. El Salvador is the only other country known to operate state-owned Bitcoin mining facilities. AdvertisementThe Kingdom of Bhutan has secretly developed a series of bitcoin mining facilities, a Forbes investigation has revealed. Other images also show high-capacity power lines and transformers running from Bhutan's hydroelectric plants to the mining sites, Forbes reported. The Dochula Pass is a Bhutanese mountain pass located on the road from Thimphu to Punakha, near where one of the mining facilities has been discovered.

Persons: Forbes, —, King Jigme Khesar Namgyel Organizations: Service, Forbes, Labs, Google, Education, VW Locations: Bhutan, El Salvador, Dochula, Trongsa, Thimphu, Punakha, India, Salvador

☆ VW struggling with S.Africa costs as group targets savings - executive
▼ + stars: | 2023-11-24 | by ( Joe Bavier | ) www.reuters.com time to read: +3 min

[1/2] Thomas Schaefer, Volkswagen's CEO of the VW Passenger Cars Brand speaks with Reuters about the future of VW production in Africa, in Johannesburg, South Africa, November 24, 2023. The German automaker has been in South Africa for nearly 80 years. Factors like competitive labour costs once placed it among the company's higher-ranking bases globally, VW brand chief Thomas Schaefer said during a visit to the country. Schaefer said there were no current plans to introduce EV manufacturing in South Africa, since electric cars are currently priced out of the reach of most domestic consumers. "There's a realistic chance that South Africa, with enough focus, with all the raw materials in the neighbourhood, they could be a champion," Schaefer said.

Persons: Thomas Schaefer, Volkswagen's, Sumaya Hisham, Schaefer, We're, " Schaefer, Victoria Waldersee, Mark Potter Organizations: VW, Reuters, REUTERS, Volkswagen, Polo, European Union, Thomson Locations: Africa, Johannesburg, South Africa, JOHANNESBURG, Uitenhage, Britain, Berlin

☆ Vatican fleet is going all-electric with VW supplying the cars
▼ + stars: | 2023-11-16 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +1 min

The first two vehicles, both VW ID.3 compact electric cars, have already been delivered to the Vatican, VW said. In a separate announcement, the Holy See also pledged to build a charging network within Vatican City and in other areas it controls. The Vatican referred to VW as its first strategic partner in the process to make its fleet carbon neutral. The electrification of its fleet is among a number of projects Vatican City is undertaking to reduce its overall carbon emissions. Contained within the Italian city of Rome, it gained its independence in 1929 through a treaty signed with the Italian dictator Benito Mussolini.

Persons: VW, Pope, Benito Mussolini Organizations: CNN, Vatican, VW, Volkswagen, Catholic Church Locations: Vatican City, Vatican, Italian, Rome

☆ Volkswagen to cut administrative personnel costs 20% in savings drive -Handelsblatt
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBERLIN, Nov 13 (Reuters) - Volkswagen (VOWG_p.DE) plans to cut administrative personnel costs by a fifth as part of a cost-cutting package to save 10 billion euros ($10.8 billion) by 2026, the Handelsblatt daily reported on Monday, citing an internal company podcast. Gunnar Kilian, Volkswagen's board member for human resources, said in conversation with VW brand chief Thomas Schaefer that the cuts would focus on cost reduction rather than headcount, according to the Handelsblatt report. The specific details of the drive at Volkswagen's passenger car brand, announced in June and currently being defined in talks between management and the workers council, are due to be set by December. Volkswagen has signed an agreement with the workers council to secure jobs until 2029, and the council has repeatedly said it will not allow changes to that agreement. Reporting by Victoria Waldersee, Christina Amann; Writing by Victoria Waldersee, Miranda Murray; Editing by Stephen Coates and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Fabian Bimmer, Gunnar Kilian, Volkswagen's, Thomas Schaefer, Victoria Waldersee, Christina Amann, Miranda Murray, Stephen Coates, Bernadette Baum Organizations: VW, REUTERS, Rights, Volkswagen, Reuters, Thomson Locations: Wolfsburg, Germany

☆ A volcano could erupt in Iceland within hours, but maybe don't cancel your international flights yet
▼ + stars: | 2023-11-13 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +6 min

But that shouldn't affect your travel plans, though the Blue Lagoon may be off-limits, experts said. AdvertisementAdvertisementThere's no reason to cancel your travel plans to Iceland, despite the country warning of potentially dangerous volcanic activity happening within the next few hours or days, experts told Insider. Iceland declared a state of emergency after an unexpected acceleration of activity at Iceland's Fagradalsfjall volcano near the town of Grindavik. It is always difficult to know exactly how a volcanic eruption will develop, but the latest developments in the peninsula took volcanologists by surprise, McGarvie said. "It is not something that's ever been observed in Iceland, certainly monitored in Iceland, in the last few decades," he said.

Persons: —, Dave McGarvie, Raul Moreno, Andrew Hooper, Lionel Wilson, Hooper, McGarvie Organizations: Service, University of Lancaster, Emergency Management, —, Getty, Geophysics, Leeds, University of Leeds, Planetary Sciences, Lancaster University, UK's Science Media, Icelandic, Iceland Google Locations: Grindavik, Iceland, Eyjafjallajökull, Reykjavik, tktktk

☆ Naming a species after a celebrity may do more harm than good
▼ + stars: | 2023-11-12 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +10 min

But it's very difficult to change a species' scientific name, and that can lead to regrets. The list of species named for celebrities is lengthy and includes everything from flies (Beyoncé) to lichen (Oprah Winfrey) to lizards (Lionel Messi). An eponym is a scientific species name based on a person, either real or fictional. AdvertisementAdvertisementUniversity of Oxford biologist Katie Blake and her co-authors found that species with celebrity names had almost three times as many page views on Wikipedia as non-famously monikered control species. AdvertisementAdvertisementSome examples include Adolf Hitler, Cecil Rhodes, and George Hibbert, all of whom have species named after them.

Persons: —, Taylor Swift, Leonardo DiCaprio, David Attenborough, Oprah Winfrey, Lionel Messi, Jimmy, Sericomyrmex radioheadi, Tarantobelus, roundworm, Jeff Daniels, Taylor Swift's millipede, Katie Blake, cuvier, Georges Cuvier, Andre Seale, Blake, Hitler, Christopher Bae, Adolf Hitler, Cecil Rhodes, George Hibbert, Sergio Pitamitz, Bae, Cecil John Rhodes, There's, heidelbergensis, CESAR MANSO, Rhodes, bodoensis, Bodo D'ar, Jimmy Buffett’s “, Hal Horowitz, Hibbert, George Rinhart, Stephen B, Heard, Charles Darwin's Barnacle, David Bowie's Spider Organizations: Service, Virginia Tech, University of Oxford, VW, Getty, University of Hawai'i, American Ornithological Society, NPR Locations: Mano, Slovenia, Africa, Rhodesia, Zimbabwe, Zambia, Right, Spain, AFP, Ethiopia

☆ This EV battery stock has potential double-digit gains ahead. UBS thinks it could even surge 100%
▼ + stars: | 2023-11-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Nomura has a price target of 315 yuan — for an upside of nearly 67% from Friday's close. Even after trimming their price target on the buy-rated stock, the analysts have a price target of 266 yuan — just over 40% upside from Friday's close. They have a price target of 284 yuan, or 50% upside from Friday's close. More products coming to market The company already has just over a third of the global EV battery market, with more products on the way, according to Counterpoint Research. Li Auto, which reported record deliveries in October that beat out Tesla , is launching its first purely battery-powered vehicle in December — with a new CATL battery called Qilin.

Persons: That's, Nomura, CATL, FactSet, Peter Richardson, Li Auto, Tesla, — CNBC's Michael Bloom Organizations: Amperex Technology, BMW, Tesla, Union, HSBC, Revenue, VW, Mercedes, Benz, EV, Jefferies, Research, Chery, UBS Locations: Shenzhen, Friday's, EU, Thuringia, Hungary, —, Jiangxi

☆ Volkswagen aims to bring under-$35,000 EV to US in 3-4 years-VW executive
▼ + stars: | 2023-11-09 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

A charging handle recharges a Volkswagen ID.4 electric vehicle (EV) parked at an EV charging station inside a parking garage owned by the City of Baltimore, in Baltimore, Maryland, U.S., March 23, 2023. Speaking at the Reuters Events Automotive USA 2023 conference in Detroit, Fischer said VW plans to build the under-$35,000 EV in the United States or Mexico. VW also is looking at localizing assembly of battery packs for the under-$35,000 EV to qualify for additional incentives under the U.S. Inflation Reduction Act, Fischer said. The German automaker previously has announced plans to build battery cells in Canada for its current and future North American-built EVs. Reporting by Paul Lienert in Detroit; Editing by Mark Porter and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Nio, Reinhard Fischer, Ganesh Iyer, Fischer, Iyer, Paul Lienert, Mark Porter, Sharon Singleton Organizations: Volkswagen, EV, City, REUTERS, Rights DETROIT, EVs, VW Group of America, Nio, Reuters, Automotive, VW, U.S, Thomson Locations: City of Baltimore, Baltimore , Maryland, U.S, North America, Detroit, United States, Mexico, Chattanooga , Tennessee, Puebla, South Carolina, Canada

☆ Is FOSO the new FOMO? How the 'fear of switching off' could affect your vacations
▼ + stars: | 2023-11-01 | by ( Lee Ying Shan | Harriet Akinyi | ) www.cnbc.com time to read: +6 min

The nagging feeling which keeps travelers tethered to their devices has been coined the fear of switching off, or FOSO. It's loosely similar to the fear of missing out (FOMO), commonly denoted as the worries of not being included in exciting experiences or activities that others are a part of. FOSO can be seen as an extension of FOMO, said Handcock. "The fear of disconnecting from devices partially stems from a fear of missing out on work and home updates," he elaborated. Gideon Mendel | Corbis Historical | Getty ImagesAccording to the survey by Priority Pass, FOSO is more prevalent among younger travelers.

Persons: Jasper Chan ambled, Chan, Collinson, Tan De, Todd Handcock, Cortney Warren, FOSO, Warren, Gideon Mendel, Gen Z, boomers, Tovah Klein, Klein, Zs, Collins, Jefferson Low, Tan De Xun, Tan, Young Organizations: CNBC Travel, CNBC, Barnard College, Jefferson, Bank of Japan, Vw, Getty Locations: Wat Arun, Bangkok, Tan De Xun, FOMO, Niseko, Bank, Singapore, Lesotho, Africa

☆ How to play a possible global electric vehicle meltdown, according to Deutsche Bank
▼ + stars: | 2023-10-31 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Concerns of a global electric vehicle market meltdown are starting to take hold, raising concern over the prospects of certain companies in the space, according to Deutsche Bank. U.S. playbook Deutsche Bank analysts have "limited interest in legacy OEMs, even on pullback and post-strike." The bank also gave its picks for U.S. electric vehicle suppliers, favoring agnostic powertrain suppliers with growth and content, mostly independent electric vehicle and internal combustion engine volumes. Automotive supplier BorgWarner could also benefit from the current electric vehicle environment due to its primary exposure in the Chinese market, he added. A "slower electric vehicle adoption curve" could also help the company's margins, the analyst added.

Persons: Tim Rokossa, Rokossa, Tesla, Didi, XPeng, — CNBC's Michael Bloom Organizations: Deutsche Bank, Motors, Ford Motor, GM, Honda, Ford, playbook Deutsche Bank, U.S, BorgWarner, BMW, EVs, VW Locations: U.S, Europe, China

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