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☆ Why Is the College Board Pushing to Expand Advanced Placement?
▼ + stars: | 2023-11-18 | by ( Dana Goldstein | More About Dana Goldstein | ) www.nytimes.com time to read: +1 min

For the past two decades, the College Board has moved aggressively to expand the number of high school students taking Advanced Placement courses and tests — in part by pitching the program to low-income students and the schools that serve them. “Why are we holding it for some?”Left out of that narrative is one of the most sobering statistics in education: Some 60 percent of A.P. exams taken by low-income students this year scored too low for college credit — 1 or 2 out of 5 — a statistic that has not budged in 20 years. Nevertheless, the College Board, citing its own research, says its A.P. program helps all students, regardless of scores, do better in college — a claim that has helped persuade states and local districts to help pay for the tests.

Persons: ”, David Coleman Organizations: College Board, College Board’s

☆ Kerry James Marshall’s Prints Throw Blackness Into Relief
▼ + stars: | 2023-11-17 | by ( Lauren Christensen | ) www.nytimes.com time to read: 1 min

“I am not one who goes in much for magical thinking,” the painter Kerry James Marshall wrote in 2018. “Material reality has spirit enough for me.” From the first scrapbook his kindergarten teacher showed him to his career blurring the lines between large-scale painting, lithography, photography and sculpture, KERRY JAMES MARSHALL: The Complete Prints: 1976-2022 (Ludion/D.A.P., $125) traces a lifelong reverence for the materiality of all visual art.

Persons: “, Kerry James Marshall, KERRY JAMES MARSHALL

TikTok, accused of elevating pro-Palestinian content, blamed “unsound analysis” of hashtag data. Some Instagram and Facebook users circulated a petition accusing the platforms’ parent company, Meta, of censoring pro-Palestinian posts, which Meta attributed to a technical bug. Antisemitic content swarmed onto X, the platform formerly known as Twitter and run by the billionaire Elon Musk. The major tech companies have long offered some degree of access, but researchers said that now seems to be shrinking. TikTok has been accused of amplifying pro-Palestinian videos through its powerful algorithmic feed and of failing to address antisemitic content.

Persons: TikTok, Elon Musk, Linda Yaccarino, “ We’re, ”, Megan A, Brown, —, Sacha Baron Cohen, Debra Messing, Musk, Osama bin Laden, America ”, Isabelle Frances, Wright, Moustafa Ayad, Ms, Frances, Jamie Favazza, Meta, Sukrit Venkatagiri, standwithIsrael Organizations: Facebook, Tech, Meta, Twitter, University of Michigan, IBM, Institute for Strategic, Swarthmore College Locations: Israel, United States, U.S, Beijing

☆ Aston Martin F1 team gets investment from PE firm Arctos
▼ + stars: | 2023-11-16 | by ( Anousha Sakoui | ) www.reuters.com time to read: +1 min

The Aston Martin logo is seen on a V12 Vantage car at the company’s factory in Gaydon, Britain, March 16, 2022. REUTERS/Phil Noble/File Photo Acquire Licensing RightsNov 16 (Reuters) - The Aston Martin Formula One team said on Thursday it had agreed on an investment by U.S. private equity firm Arctos Partners in exchange for a minority shareholding. The stake sale values the car racing group at 1 billion pounds ($1.24 billion), a person with knowledge about the matter told Reuters. "They share our vision for our ultra-luxury brand, and they are extremely passionate about the sport and its prospects," Aston Martin Formula One Executive Chairman Lawrence Stroll said in a statement. The F1 team is sponsored by the eponymous British luxury carmaker in which Stroll holds the largest shareholding of over 25%.

Persons: Aston Martin, Phil Noble, Lawrence, French carmaker, Ryan Reynolds, Rob McElhenney, Prerna Bedi, Maju Samuel Organizations: Aston, REUTERS, Aston Martin Formula, U.S, Arctos Partners, Reuters, French carmaker Renault, Alpine, Thomson Locations: Gaydon, Britain, French, Bengaluru

☆ Renault seeks to charge up investors for EV unit IPO
▼ + stars: | 2023-11-15 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

De Meo has targeted a valuation of 8-10 billion euros ($8.6-10.7 billion) for the initial public offering (IPO) of Ampere, which has already been delayed once and is now slated for spring 2024. Two of the sources said Renault was unlikely to go ahead with the IPO if the valuation falls below 7 billion euros, and one said the cut-off point could be closer to 6 billion euros. UBS analysts have valued Ampere at just 3-4 billion euros, and others have questioned the rationale of listing the EV business to raise funds. On Wednesday, De Meo will argue his case for what could be the first attempt by a traditional automaker to unlock value from an EV business via an IPO. Over the first nine months of 2023, Renault brand EV sales fell by around 5% in Europe, having been up 2.5% in the first half, weighed down by a limited line-up.

Persons: Gonzalo Fuentes, Ampere, Luca de Meo's, De Meo, Renault, BEV, de Meo, Elon Musk's Tesla, Zoe, Silvia Aloisi, Mark Potter Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Reuters, UBS, ICE, Jefferies, Nissan, Elon, EV, Thomson Locations: Porte, Paris, France, Europe

[1/4] A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, U.S. January 30, 2020. Market leader Tesla (TSLA.O) garnered headlines earlier this year saying it would cut rare earths from its next-generation EVs. China dominates the mining and processing of a group of 17 metals known as rare earths, though companies elsewhere are trying to loosen China's grip. 'WAITING IN THE WINGS'The average EV permanent magnet motor uses around 600 grams (1.32 lb) of heavy rare earth neodymium. Tesla's announcement on dropping rare earths "opened up buyers' eyes to the fact that you don't really need rare earths to make EV magnets," Niron CEO Jonathan Rowntree said.

Persons: Steve Marcus, Tesla, Otmar Scharrer, Scharrer, you've, Ben Chiswick, Uwe Deuke, Gerd Roesel, Jonathan Rowntree, Oki, James Edmondson, Edmondson, Mike Grant, Nick Carey, Christina Amann, Paul Lienert, Ernest Scheyder, Gilles Guillaume, Giulio Piovaccari, Ben Klayman, Sharon Singleton Organizations: REUTERS, Auto, LONDON, General Motors, Rover, Nissan, ZF, U.S, BMW, Renault, GM, EV, Warwick Acoustics, Thomson Locations: Pass , California, U.S, China, BERLIN, German, Detroit, Europe, London, Berlin, Houston, Paris, Milan

☆ The automakers and suppliers pushing to cut rare earths from EVs
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +4 min

1 U.S. automaker says it is "exploring options to limit or potentially eliminate rare earth materials in EV motors." BORGWARNER (BWA.N)The U.S. supplier already has an EV motor in production that has reduced heavy rare earth content. ZF (ZFF.UL)German supplier ZF has developed an EESM EV motor that could be in production in two years. The German premium automaker says it aims to remove heavy rare earth content entirely. EuroGroup Laminations (EGLA.MI) Electric motor component maker EuroGroup Laminations is working on both rare earth free permanent magnet motors and motors with limited rare earth content for automaker customers.

Persons: Darrin Zammit Lupi, Tesla, Stellantis, Zoe, Mercedes, Nick Carey, Sharon Singleton Organizations: REUTERS, BMW, GENERAL MOTORS, Volvo, ROVER, Tata Motors, Renault, RENAULT Renault, NISSAN, Nissan, MERCEDES, BENZ, TOYOTA, Toyota, Volkswagen, U.S, KKR, Thomson Locations: Malta, China, U.S, Niron Magnetics, Niron

☆ Renault to launch new Slovenia-made electric city car - sources
▼ + stars: | 2023-11-13 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

A logo of Renault is seen on a car during the French carmaker Renault's 2022 annual results presentation in Boulogne-Billancourt, near Paris, Feburary 16, 2023. REUTERS/Christian Hartmann Acquire Licensing RightsPARIS, Nov 13 (Reuters) - Renault (RENA.PA) will reveal the launch of an additional "affordable" city electric car during this week's capital markets day for its new EV unit Ampere, three sources familiar with the matter told Reuters. Ampere targets 600,000 produced electric vehicles in 2026 and one million in 2031. The company sold just under 50,000 electric Megane and Kangoo vehicles, its current models, last year. It flagged the arrival of electrified Scenic and R5 models for 2024, followed by the R4, in 2025.

Persons: Christian Hartmann, Ampere, Gilles Guillaume, Tassilo Hummel, Silvia Aloisi Organizations: Renault, REUTERS, Rights, Ampere, Reuters, Nissan, Thomson Locations: Boulogne, Billancourt, Paris, French, Mesto, Slovenia

☆ Israel Accuses Freelance Photographers of Advance Knowledge of Oct. 7 Attack
▼ + stars: | 2023-11-09 | by ( Mark Landler | More About Mark Landler | ) www.nytimes.com time to read: +8 min

“It is reckless to make those allegations, putting our journalists on the ground in Israel and Gaza at risk,” the statement said. The furor over the Gaza photographers is part of a broader information war that has raged alongside the actual war. But it said in a statement that it was no longer working with Mr. Eslaiah, who filed the earliest and most extensive photos of the attack. There were other red flags about Mr. Eslaiah. He said he had no advance knowledge of the attack and had no links to Hamas, despite the photo with Mr. Sinwar.

Persons: ”, “, Hassan Eslaiah, Yousef Masoud, Masoud, Masoud’s, photojournalists, Khan Younis, Eslaiah, Yahya Sinwar, Amit Segal, Sinwar, Israel, Soliman, Adolf Hitler, Hijjy, Iyad Abuheweila Organizations: The New York Times, Israel, The Associated Press, Reuters, Times, The Times, The, Associated Press, Ahli Arab Hospital, BBC, CNN, New York Times, Israel Defense Forces, Facebook Locations: Israel, Gaza, Kibbutz Kfar Azza, Ahli, Gaza City, Egypt, Israeli, Al, Cairo

☆ Nissan more than doubles Q2 operating profit, beating estimates
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

A visitor is seen at Nissan Motor Corp.'s showroom in Tokyo, Japan November 11, 2020. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 9 (Reuters) - Japan's Nissan Motor (7201.T) reported on Thursday it had more than doubled its operating profit for the July-September quarter, beating analysts' estimates, boosted by steady sales in North America and Japan and a weaker yen. The company reported a 127% rise in July-September operating profit to 208.1 billion yen ($1.38 billion), compared with an average estimate of 155.9 billion yen in a poll of 10 analysts by LSEG and a 91.7 billion yen operating profit in the same period a year earlier. The automaker raised its full-year forecast by nearly 13% to 620 billion yen due to a favourable impact of a weak yen and improvements in global retail sales, excluding China. The forecast compared to a 570.1 billion yen average profit forecast in a poll of 19 analysts by Refinitiv.

Persons: Issei Kato, Daniel Leussink, David Dolan, Muralikumar Organizations: Nissan Motor Corp, REUTERS, Rights, LSEG, Refinitiv, Nissan, Renault, Thomson Locations: Tokyo, Japan, North America, China

☆ Renault cuts Nissan stake to 15% after transferring shares to trust
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO-The logos of car manufacturers Renault and Nissan are seen in front of dealerships of the companies in Le Coteau, France, July 13, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsTOKYO, Nov 8 (Reuters) - France's Renault (RENA.PA) has cut its stake in Nissan (7201.T) to 15% from about 43% by placing 28.4% of the Japanese automaker in a French trust, the companies said in an alliance statement, putting them on equal footing. The new agreement for the restructured alliance between Renault, Nissan and their junior partner Mitsubishi Motors (7211.T) came into effect on Wednesday, the car makers said in the statement. The companies had already said in January that Renault would put roughly 28% of Nissan in a French trust to make them more equal partners. ($1 = 0.9359 euros)Reporting by Daniel Leussink; Editing by Christian Schmollinger and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, France's, Ampere, Daniel Leussink, Christian Schmollinger, Gerry Doyle Organizations: Renault, Nissan, REUTERS, Rights, France's Renault, Mitsubishi Motors, Mitsubishi, Thomson Locations: Le Coteau, France, London

☆ US soldier arrested for allegedly cyberstalking local judges
▼ + stars: | 2023-11-08 | by ( Haley Britzky | ) edition.cnn.com time to read: +5 min

CNN —A US Army soldier at Fort Campbell, Kentucky, was arrested on Wednesday on charges of cyberstalking after allegedly making threatening social media posts targeting judges, including one involved in his divorce and child custody court proceedings. Cassidy Busbin, who court documents identify as an active-duty soldier at Fort Campbell, was arrested on Wednesday. in the court records, regarding a “peaceful armed protest” in Montgomery County for “FATHER’S RIGHTS” on November 17. The court documents also outline a series of allegations of abuse against romantic partners. also testified about that incident during Busbin’s divorce proceedings, according to the court documents.

Persons: cyberstalking, Cassidy Busbin, Fort Campbell, Busbin, Tony Hoefler, ” Busbin, “ Olita, Reid Poland, Kathryn Olita, Adrienne Fry, ”, Busbin’s, “, she’d, —, A.P, “ Busbin, it’s Organizations: CNN, US Army, Criminal, 101st Airborne, Facebook, Circuit, Army, Blanchfield, Community Hospital Locations: Fort Campbell , Kentucky, Fort, Montgomery County , Tennessee, Maryland, Montgomery County, Montgomery, Busbin, Poland

☆ Maersk to Cut 10,000 Jobs as Cargo Boom Ends
▼ + stars: | 2023-11-03 | by ( Dominic Chopping | Costas Paris | ) www.wsj.com time to read: 1 min

Maersk enjoyed record profits over the past two years as the pandemic drove a surge in demand for goods. Photo: JACOB GRONHOLT-PEDERSEN/REUTERSShipping and logistics giant A.P. Moller-Maersk said it would cut more than 10,000 jobs, as a pandemic-fueled cargo boom has ended, leaving the industry with a surplus of ships and sharply lower freight rates. Maersk, a bellwether for global trade, saw its third-quarter profit plummet to $521 million from $8.88 billion last year. Its main Ocean division posted a quarterly loss for the first time in many years.

Persons: JACOB GRONHOLT, PEDERSEN, Moller, Maersk Organizations: Maersk, REUTERS Shipping

NII at the French retail division fell by 27% in the quarter, excluding two regulated savings accounts, "well below expectations," JP Morgan said in a note to clients. The French lender said it now saw NII of its French retail, private banking and insurance division falling by more than 20% in 2023. The French retail division's earnings also suffered from hedging contracts against the risks of low interest rates. SocGen's shares had edged up 0.6% by 0924 GMT. The bank has also finalised the merger of its two French retail networks.

Persons: Gonzalo Fuentes, JP Morgan, SocGen, Slawomir Krupa, Jefferies, Krupa, ALD, Mathieu Rosemain, Silvia Aloisi, Ingrid Melander, Emelia Organizations: Societe Generale, La Defense, REUTERS, European Central Bank, BNP, Deutsche Bank, Barclays, Thomson Locations: La, Paris, France

REUTERS/Jon Nazca/File photo Acquire Licensing RightsSummaryCompanies Signals sharp downturn in demandTo review share buyback program for 2024Says industry facing overcapacity and lower prices, demandShares down more than 10% to lowest in three yearsCOPENHAGEN, Nov 3 (Reuters) - Shipping group A.P. Moller-Maersk (MAERSKb.CO), reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices. Shares in the Copenhagen-based group slid 11.1% by 0904 GMT, to their lowest level in three years. The group already warned in August of a steeper decline in global demand for shipping containers by sea this year. Reporting by Jacob Gronholt-Pedersen and Louise Rasmussen, editing by Terje Solsvik, Miral Fahmy, Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Jon Nazca, Moller, Vincent Clerc, Morten Holm Enggaard, Maersk, Jacob Gronholt, Pedersen, Louise Rasmussen, Terje Solsvik, Miral Fahmy, Elaine Hardcastle Organizations: Triple, Majestic, APM, REUTERS, Shipping, Maersk, Walmart, Nike, Jyske Bank, Thomson Locations: Algeciras, Spain, COPENHAGEN, Copenhagen

[1/2] Containers are seen on the Maersk's Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain January 20, 2023. REUTERS/Jon Nazca/File photo Acquire Licensing RightsSummaryCompanies Signals sharp downturn in demandTo review share buyback program for 2024Says industry facing overcapacity and lower prices, demandShares down 17.5% to lowest in three yearsCOPENHAGEN, Nov 3 (Reuters) - Shipping group A.P. Moller-Maersk (MAERSKb.CO), reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices, sending its shares tumbling. The industry invested heavily in new container ships during and after the pandemic to meet strong demand and benefit from record freight rates. A large number of new ships entered the market since the summer with no signs of idling or scrapping, said Clerc.

Persons: Jon Nazca, Moller, Vincent Clerc, Clerc, Morten Holm Enggaard, Maersk, Jacob Gronholt, Pedersen, Louise Rasmussen, Johannes Birkebaek, Terje Solsvik, Miral Fahmy, Elaine Hardcastle Organizations: Triple, Majestic, APM, REUTERS, Shipping, Maersk, Walmart, Nike, Jyske Bank, Revenues, Thomson Locations: Algeciras, Spain, COPENHAGEN, North America, Copenhagen

☆ Maersk's woes signal slow-motion industry crash
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Boss Vincent Clerc is not alone in trying to manage a crisis that is battering the container shipping world and which analysts at DNB Markets reckon could last up to 2030. He may also suspend the company's share buyback programme which has been put under review. Investors – spoilt by 16 consecutive quarters of earnings growth up to September – knocked 17% off the company’s share price following the news. The unit, which handles container shipping, reported a 56% drop in third-quarter sales due to a steep fall in freight rates. The World Trade Organization halved its growth forecast for global goods trade this year.

Persons: Evelyn Maersk, Fabian Bimmer, Moller, Boss Vincent Clerc, –, Clerc, Pamela Barbaglia, Aston Martin, Aimee Donnellan, Streisand Neto Organizations: REUTERS, Reuters, Shipping, Maersk, World Trade Organization, X, Macquarie, Pfizer, Thomson Locations: Hamburg, Germany

COPENHAGEN, Denmark (AP) — Maersk, the world’s biggest shipping company, said Friday that it plans to eliminate 10,000 jobs due to what it described as a challenging environment for container trade and logistics services. The company said the move would result in savings of $600 million in 2024. The report cited “challenging market conditions resulting in substantially lower freight rates compared to the abnormally high rates in 2022.”A.P. Moller-Maersk CEO Vincent Clerc said the company will continue to streamline its organization and operations. The company said it now expected annual global container volume growth in the range of -2% to -0.5% compared to -4% to -1% previously.

Persons: — Maersk, ” A.P, Moller, Vincent Clerc, ” Clerc, “ Organizations: Maersk Locations: COPENHAGEN, Denmark, Copenhagen

☆ Wind Power Write-Downs Cast Shadow Over Industry Outlook
▼ + stars: | 2023-11-01 | by ( Giulia Petroni | ) www.wsj.com time to read: +5 min

Wind-power developer Orsted scrapped projects in New Jersey citing supply-chain problems and high interest rates. Orsted , BP and Equinor have collectively written off $4.8 billion against U.S. offshore wind projects in recent days. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. Utility Dominion Energy on Tuesday received a key federal approval for its 2.6-gigawatt offshore wind project in Virginia. And Orsted confirmed its final investment decision into Revolution Wind, an offshore 704-megawatt project in Connecticut and Rhode Island.

Persons: Wayne Parry, Orsted, Mads Nipper, henning bagger, ”, Phil Murphy ’, Martin Tessier, Stifel ’, —, Engie, Vattenfall, Russ Mould, AJ Bell, Dominic, Giulia Petroni Organizations: Associated, U.S, Agence France, Republicans, Democratic Gov, ”, BP, Iberdrola, Shell, Business, Siemens Energy, Dominion Energy, giulia.petroni@wsj.com Locations: New Jersey, U.S, Danish, New York, Connecticut, Massachusetts, Swedish, Norfolk, Virginia, Rhode Island, Asia Pacific, Europe

One of them said that the cut off point could be closer to 6 billion euros ($6.33 billion). Some analysts had already questioned Renault's hoped-for valuation of up to 10 billion euros, with some suggesting the carmaker should pursue alternative options to raise cash. De Meo said in September that the listing could value Ampere at between 8 and 10 billion euros, above the French carmaker's own current market capitalisation of 9.55 billion euros. Other EV makers have seen their market value fall sharply in recent months. The Ampere IPO would include a mix of Renault's shares and new shares and could happen as early as April 2024, one of the people said, depending on market conditions.

Persons: Gonzalo Fuentes, Ampere, France's, Tesla, Renault's, Luca de Meo, China's Geely, IPOs, De Meo, Bernstein, de Meo, Elon Musk's Tesla, Mathieu Rosemain, Silvia Aloisi, Pablo Mayo Cerqueiro, Gilles Guillaume, Anousha Sakoui, Alexander Smith Organizations: Renault, Viva Technology, Porte de, REUTERS, Reuters, DKV Mobility, HK, Saudi Arabia's Aramco, Nissan, IPOs Renault, EV, Commission, UBS, Barclays, Ampere, Mitsubishi, Thomson Locations: Porte, Paris, France, LONDON, China, Saudi, Europe, Ampere, Elon

☆ Renault had 'friendly' discussions with Chinese investment bank - spokesperson
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Oct 31 (Reuters) - French carmaker Renault (RENA.PA) had "friendly" discussions with Chinese investment bank CICC about potential cooperation, but nothing has been signed or decided so far, a company spokesperson said, confirming media reports. "A meeting took place between CICC and Renault Group for friendly discussions about China's market," a spokeswoman told Reuters. Chinese media outlet Cailianshe reported on Friday that Renault and CICC had reached a preliminary intention agreement to jointly invest to establish an investment fund to focus on the NEV industry chain, citing people familiar with the matter. Cailianshe added that Renault CEO Luca de Meo was in China for a week long visit.

Persons: Gonzalo Fuentes, carmaker, CICC, Luca de Meo, Gilles Guillaume, Brenda Goh, Roxanne Liu, Tassilo Hummel, Marine Strauss, Louise Heavens Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, carmaker Renault, Renault Group, Reuters, Thomson Locations: Porte, Paris, France, CICC, China, Shanghai, Beijing

☆ STMicro beats third quarter sales forecasts
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsOct 26 (Reuters) - European chipmaker STMicroelectronics (STMPA.PA) beat expectations on Thursday for third quarter sales, helped by demand from the automotive sector. However, the company, whose clients include Tesla (TSLA.O) and Apple (AAPL.O), said it expects a drop in sales in the fourth quarter. Third quarter net revenues rose 2.5% year on year to $4.43 billion, beating the average of $4.38 billion expected by analysts in an Refinitiv poll. STMicro said it expects fourth quarter sales to fall about 3% year on year to $4.30 billion. STMicro on Thursday added it projects a gross margin of 46% in the fourth quarter, give or take 200 basis points.

Persons: Sarah Meyssonnier, Jean, Marc Chery, STMicro, Olivier Sorgho, Clarence Fernandez, Sonali Paul Organizations: REUTERS, Apple, Automotive, Electronics, Thomson Locations: Montrouge, Paris, France, U.S, China

☆ Stellantis to buy about 20% stake in China's Zhejiang Leapmotor for $1.6 bln
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Stellantis at the entrance of the company's factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsOct 26 (Reuters) - Stellantis NV (STLAM.MI) said on Thursday it would invest 1.5 billion euros ($1.58 billion) to acquire approximately 20% of Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology (9863.HK). After the subscription, Stellantis will own about 21.07% of Zhejiang Leapmotor's total issued Hong Kong shares. Stellantis, whose brands include Fiat and Peugeot, has a very small presence in China, the world's largest auto market. The group last year closed its joint venture that makes Jeeps in China with local partner Guangzhou Automobile Group (601238.SS) amid disappointing results.

Persons: Pascal, Leapmotor, Stellantis, Carlos Tavares, Sameer Manekar, Kanjyik Ghosh, Devika Syamnath, Subhranshu Organizations: REUTERS, Stellantis, Zhejiang Leapmotor Technology, HK, Hong, Hong Kong, Chrysler, Fiat, Peugeot, Renault, Guangzhou Automobile Group, Thomson Locations: Hordain, France, Zhejiang, Hong Kong, Greater China, China, Europe, Bengaluru

☆ Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor - Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. The partnership would also give Stellantis access to the EV maker's parts and certain technologies, according to the report. Stellantis, whose brands include Fiat and Peugeot, has only a very small presence in China, the world's largest auto market. The group and rivals such as Renault (RENA.PA) are concerned about growing competition from cheap Chinese electric cars in Europe. The companies are hammering out the final details of a transaction and an announcement could be made in the coming days, Bloomberg said.

Persons: Gonzalo Fuentes, Stellantis, Leapmotor, Akanksha, Gilles Guillaume, Giulio Piovaccari, Zhang Yan, Keith Weir, Shilpi Majumdar, Shweta Agarwal, Mike Harrison, Jan Harvey Organizations: REUTERS, Stellantis, Bloomberg, Zhejiang, HK, Fiat, Peugeot, Renault, Hong Kong, Guangzhou Automobile Group, Thomson Locations: Saint, Yvelines, Paris, France, China, Europe, Hong Kong, Bengaluru, Milan, Shanghai

[1/2] A Mitsubishi Motors logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy/File photo Acquire Licensing RightsTOKYO/PARIS, Oct 24 (Reuters) - Japanese automaker Mitsubishi Motors (7211.T) will invest up to 200 million euros ($214 million) in the new electric vehicle unit of French counterpart Renault (RENA.PA), Mitsubishi said on Tuesday. Mitsubishi said in a statement it seeks to improve its EV development technology and expand its lineup of battery-powered vehicles with the investment in the Renault EV unit, named Ampere. The decision to invest in Ampere comes after Mitsubishi's partners, Renault and Nissan Motor (7201.T), finalised a restructured alliance in July. Shortly before the announcement, the Nikkei newspaper reported Mitsubishi's investment into Ampere was expected to be about 20 billion yen ($133.85 million).

Persons: Pierre Albouy, Jean, Dominique Senard, Mitsubishi, Ampere, Renault's Senard, Daniel Leussink, Gilles Guillaume, Jacqueline Wong, Christian Schmollinger Organizations: Mitsubishi Motors, 89th Geneva, REUTERS, Rights, French, Renault, Mitsubishi, Renault EV, Nissan, Nikkei, Thomson Locations: Geneva, Switzerland, PARIS, Paris, Ampere, Japan, China, Tokyo

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