DIRS.INFO The most relevant business & tech news

☆ European shares drop as dismal earnings add to risk-off mood
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Staff Acquire Licensing RightsOct 19 (Reuters) - European shares tumbled nearly 1% on Thursday as a raft of dismal corporate earnings including from packaged food giant Nestle worsened an already risk-averse mood, driven by jitters around the Middle East war and uncertainty over interest rates. The pan-European STOXX 600 (.STOXX) was down 0.8% by 0705 GMT, hitting an over one-week low. Shares of Nestle (NESN.S) dropped nearly 2% after the Swiss consumer giant posted lower-than-expected nine-month sales growth on Thursday as higher product prices made shoppers balk. French carmaker Renault (RENA.PA) shed 4.6% as the pace of sales growth slowed due to currency depreciations. Nokia (NOKIA.HE) lost 1.8% as the Finnish telecom gear group announced plans to slash jobs after posting a drop in its third-quarter sales.

Persons: jitters, Jerome Powell, French carmaker, Amruta Khandekar, Sherry Jacob, Phillips Organizations: REUTERS, Staff, Nestle, U.S, Treasury, Federal, French carmaker Renault, Nokia, Netflix, Thomson Locations: Frankfurt, Germany, Israel, Swiss, French, Tesla

☆ Campaigners say Europe's car leasing giants lag shift into electric gear
▼ + stars: | 2023-10-18 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

But by examining car registration data T&E said that, with the exception of ALD, the leasing companies' claims are false. "Our investigation clearly shows that all leasing companies... are making green leadership claims that are not backed up by evidence," the report says. "In other words, leasing companies are greenwashing." Across the EU as a whole, T&E found EVs made up just over 10% of leasing companies' car purchases, the same share as for the rest of the market. "What remains unclear is whether the major leasing companies will take these steps or remain rooted in the fossil age."

Persons: ZE, Eric Gaillard, Arval, EVs, Nick Carey, Barbara Lewis Organizations: Renault, REUTERS, Transport & Environment, Wednesday, Societe Generale, ALD, BNP, Ford, Nissan, Credit, Financial Services, Thomson Locations: Cagnes, Mer, France

☆ Netflix to launch first ever live sports event with ‘Netflix Cup’ golf tournament
▼ + stars: | 2023-10-18 | by ( Jack Bantock | ) edition.cnn.com time to read: +4 min

CNN —Drivers, equip your drivers – Netflix’s debut live sporting event is pitting the stars of the grid against the stars of the greens. Teeing off on November 14, “The Netflix Cup” will see four Formula One drivers and four PGA Tour players compete in a golf tournament streamed live from Wynn Golf Club near the Las Vegas strip. And Sainz is no stranger to competitive golf, having taken part in the celebrity All-Star event prior to the Ryder Cup in Rome, Italy, earlier this month. Brendan Moran/Sportsfile/Getty ImagesMcIlroy, Kelce, Joshua invest in AlpineThe reveal of the Netflix Cup coincided with the announcement that several high-profile athletes – including golfer Rory McIlroy – are set to invest in Alpine’s F1 team. Having been to Formula 1 races as a fan, I love the high-pressure environment of the paddock and I’ve seen firsthand how incredibly impressive the Alpine team is,” Liverpool and England star Alexander-Arnold said.

Persons: Rickie Fowler, Max Homa, Collin Morikawa, Justin Thomas, Ferrari’s Carlos Sainz, McLaren’s Lando Norris, Williams, Alex Albon, Pierre Gasly, ” Gabe Spitzer, Brooks, Bryson DeChambeau, Sainz, Novak Djokovic, Fowler, Thomas, Brendan Moran, Sportsfile, McIlroy, Kelce, Joshua, Rory McIlroy –, Northern Ireland’s McIlroy, Patrick Mahomes, Travis Kelce, Anthony Joshua, Trent, Alexander Arnold, Juan Mata, Roger Ehrenberg, ” McIlroy, Guglielmo Mangiapane, Reuters Kelce, Patrick, “, ”, Tyler, Alexander, Arnold, Ryan Reynolds, Rob McElhenney, Gasly, Esteban Ocon – Organizations: CNN — Drivers, Netflix, Wynn Golf, Las Vegas, Sports, Wynn, Ryder, Team USA, Alpine’s, Private, Otro Capital, Renault Group, Northern, Kansas City Chiefs, Capital, MLB’s Miami Marlins, MLS, Otro, Reuters, Alpine, England, Wrexham AFC’s Hollywood Locations: Vegas, Rome, Italy, Homa, Morikawa, Europe, Salt, Portuguese, Liverpool

☆ Sean McLain — Reporter at The Wall Street Journal
▼ + stars: | 2023-10-15 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Sean McLainSean McLain is a reporter for The Wall Street Journal based in Los Angeles, covering EV startups like Rivian and Lucid and Japanese and Korean auto makers. Prior to moving to Los Angeles, Sean was based in Tokyo, where he covered Japanese car companies. He is the co-author of a book about Carlos Ghosn, and was awarded the Malcolm Forbes Award by the Overseas Press Club of America for his coverage of the arrest and detention of the former Nissan and Renault chief.

Persons: Sean McLain Sean McLain, Sean, Carlos Ghosn, Malcolm Forbes Organizations: Wall, Journal, Korean, Overseas Press Club of America, Nissan, Renault Locations: Los Angeles, Tokyo

☆ Tesla's China-made EV sales volume falls 10.9% year-on-year in September
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

Tesla sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Sales of China-made Model 3 and Model Y cars were down 12.0% from a month earlier. The U.S. automaker, which ships more China-made cars for exports at the beginning of each quarter while focusing on domestic deliveries at the end, almost doubled its China EV share from July to August. Tesla, the largest exporter of China-made EVs, is also facing a probe by the European Commission into subsidies for battery-powered cars from China, along with Renault and other Chinese automakers. Tesla's deliveries of China-made vehicles hit a record 247,217 in the second quarter.

Persons: Aly, Tesla, BYD, Xpeng, Zhang Yan, Qiaoyi Li, Roxanne Liu, Brenda Goh, Toby Chopra Organizations: Artificial Intelligence, REUTERS, Rights, U.S, China Passenger Car Association, of, China EV, HK, European, Renault, Thomson Locations: Shanghai, China, Rights BEIJING, SHANGHAI, of China

☆ Renault, Volvo, CMA CGM pool forces to develop electric vans
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Gonzalo Fuentes//File Photo Acquire Licensing RightsPARIS, Oct 6 (Reuters) - Carmakers Renault (RENA.PA) and Volvo and shipping group CMA CGM said on Friday they will jointly develop a new generation of electric vans, aiming to begin production in 2026. Renault and Volvo signed binding agreements to launch a new company where they will initially each hold a 50% equity stake and invest 300 million euros over the next three years, they said in a statement. CMA CGM signed a non-binding letter of intent with Renault and Volvo to join the new company and invest 120 million euros through PULSE, its Energy Fund dedicated to accelerating the decarbonization of transport and logistics sectors. There was no further detail on when this might happen or what stake it may take in the venture. The creation of the new company is expected early 2024 and remains subject to the completion of all regulatory approval processes.

Persons: Gonzalo Fuentes, Carmakers, Dominique Vidalon, Elaine Hardcastle Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Carmakers Renault, Volvo, CMA, CMA CGM, Energy Fund, Thomson Locations: Porte, Paris, France

☆ Renault sets Nov. 15 date for first investor day for EV unit Ampere
▼ + stars: | 2023-10-05 | 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 RightsCompanies Renault SA FollowPARIS, Oct 5 (Reuters) - Renault (RENA.PA) on Thursday announced the first investor day for its future electric vehicle company, named Ampere, will take place on November 15. Renault's Chief Executive Luca De Meo last month said the unit, which Renault plans to list on the stock exchange as a standalone business by spring 2024, could be valued at up to 10 billion euros ($10.47 billion). ($1 = 0.9550 euros)Reporting by Gilles Guillaume, writing by Tassilo Hummel, editing by Geert De ClercqOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Ampere, Luca De Meo, Gilles Guillaume, Tassilo Hummel, Geert De Clercq Organizations: Renault, Viva Technology, Porte de, REUTERS, Companies Renault SA, PARIS, Thursday, Renault's, Thomson Locations: Porte, Paris, France

☆ 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

☆ Turkey says "neutralised" many militants in north Iraq air strikes
▼ + stars: | 2023-10-02 | by ( Daren Butler | ) www.reuters.com time to read: +3 min

[1/5] Turkey's President Tayyip Erdogan addresses members of parliament as he attends the reopening of the Turkish parliament after the summer recess in Ankara, Turkey, October 1, 2023. Murat Cetinmuhurdar/PPO/Handout via REUTERS Acquire Licensing RightsSummary Air strikes destroy 20 militant targets in Iraq, Turkey saysPKK group earlier claimed responsibility for Ankara attackIt was the first such attack in Ankara in yearsISTANBUL, Oct 2 (Reuters) - Turkish air strikes in north Iraq late on Sunday "neutralised" many Kurdish militants and destroyed their depots and shelters, Turkey's defence ministry said, hours after a Kurdish group claimed responsibility for a bomb attack in Ankara. The outlawed Kurdistan Workers Party (PKK) militant group claimed responsibility for the attack. The bomb killed one attacker and authorities killed the other, the interior minister said. It launched an insurgency in southeast Turkey in 1984 and more than 40,000 people have been killed in the conflict.

Persons: Tayyip Erdogan, Murat Cetinmuhurdar, Daren Butler, Robert Birsel Organizations: REUTERS Acquire, Kurdistan Workers Party, Reuters, Immortals Battalion, European Union, Renault, Turkish, Islamic, Thomson Locations: Turkish, Ankara, Turkey, Handout, Iraq, ISTANBUL, Gara, United States, Ataturk, Kayseri, Islamic State

☆ 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

☆ Binance to sell Russia business for undisclosed amount
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: +1 min

Cryptocurrency exchange Binance said on Wednesday it will sell its Russia business to newly-launched exchange CommEX, becoming the latest company to pull out of Moscow since the country began its war against Ukraine. Binance, the world's largest cryptocurrency exchange, did not disclose financial details of the deal. The company said it will have no ongoing revenue split from the sale, nor will it maintain an option to buy back shares in the business. Binance also said that all the assets of its existing Russian users were safe and that there will be an orderly process for the migration of users. CommEX is a centralized cryptocurrency exchange backed by crypto venture capitalists, according to its website.

Persons: Binance, Noah Perlman Organizations: Ukraine, Binance, Renault, Shell, Kremlin Locations: Russia, Moscow, Ukraine, McDonald's

☆ Renault ends common purchasing agreement with Nissan and Mitsubishi
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

The logos of car manufacturers Renault and Nissan are seen in front of dealerships of the companies in Le Coteau, France, July 13, 2023. Renault and Nissan finalised at the end of July the terms of a restructured alliance after months of negotiations. Talks dragged on months longer than expected due in part to Nissan, which was concerned about protecting its intellectual property in future collaborations. The July agreement freed both companies to focus on the more pressing problem of navigating the fast-changing industry landscape. Reporting by Dominique Vidalon;additional reporting by Gilles Guillaume Editing by Sudip Kar-Gupta and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, carmaker, Dominique Vidalon, Gilles Guillaume, Sudip Kar, Gupta, Mark Potter Organizations: Renault, Nissan, REUTERS, Rights, carmaker Renault, Mitsubishi, Thomson Locations: Le Coteau, France, China

☆ Nissan says all new models coming to Europe will be fully electric
▼ + stars: | 2023-09-25 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

REUTERS/Issei Kato/File Photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - Nissan Motor Co (7201.T) said on Monday that as of now all new models it launches in Europe will be fully electric and it plans to sell only electric vehicles on the continent by 2030. The Japanese carmaker said that one of two new EV models it has already confirmed for Europe will be manufactured at its Sunderland plant in northern England. Earlier this year, Nissan raised its targets for EV models as it plays catch up in a segment dominated by newcomers like Tesla (TSLA.O) - saying it would launch 19 new EV models by 2030. The new goal of going fully electric in Europe by 2030 brings Nissan in line with alliance partner Renault (RENA.PA), which plans to make the Renault brand all electric by then. Ford and Stellantis also plan to be fully electric in Europe by 2030.

Persons: Issei Kato, Makoto Uchida, Ford, Stellantis, Nick Carey, Kirsten Donovan Organizations: Nissan Motor Corp, Nissan, REUTERS, Sunderland, Renault, Volvo, Thomson Locations: Yokohama, Tokyo, Japan, Europe, England

☆ Nissan says all new models launched in Europe will be fully electric
▼ + stars: | 2023-09-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Japanese carmarker Nissan announced Monday that all new models it launches in Europe will be fully electric, as it reaffirmed its aim for solely electric vehicle sales on the continent by 2030. "There is no turning back now," Makoto Uchida, Nissan president and CEO, said in a statement. Globally, Nissan plans to launch 27 electric and hybrid vehicles, which includes 19 all-electric models, by 2030. Nissan partner Renault , as well as rivals Ford and Stellantis, have all announced plans to make their European passenger ranges fully electric by 2030. In China, he said the company would look to launch cars more quickly and launch new models targeting specific consumers.

Persons: Makoto Uchida, Lisa Brankin, Uchida, CNBC's Arjun Khapal Organizations: Nissan, EV, Renault, Ford, Sunderland, Nissan Design Locations: Europe, Sunderland, London, China

☆ EU car group calls for urgent action on post-Brexit trade rules
▼ + stars: | 2023-09-24 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

Puzzle with printed EU and UK flags is seen in this illustration taken November 13, 2019. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 25 (Reuters) - The European Union and Britain need to take urgent action to postpone rules for electric vehicles traded between the bloc and the UK that will trigger 10% tariffs, Europe's car industry group said on Monday. Under the EU-UK post-Brexit trade deal, EVs need to have 45% EU or UK content from 2024, with a 50%-60% requirement for their battery cells and packs, or face British or EU import tariffs of 10%. The ACEA has said the rules could cost carmakers up to 4.3 billion euros ($4.57 billion) in tariffs and hit output. In June, Stefan Fuehring, a European Commission official overseeing the post-Brexit EU-UK trade agreement, said the EU rules of origin were "fit for purpose" and that the bloc was not considering changing them.

Persons: Dado Ruvic, Luca de Meo, Stefan Fuehring, Nick Carey, Barbara Lewis Organizations: REUTERS, European Union, Automobile Manufacturers ' Association, Renault, EU, Ford, European Commission, Thomson Locations: Britain, British, EU

☆ Renault to maintain mixed ethanol combustion engines in Brazil
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 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. "It still pays to invest in combustion in Brazil," top executive Ricardo Gondo said at an event, adding that the industry will need more federal incentives to accelerate its EV transition. Renault is planning to launch Brazilian sales of an electric version of its French-made Kangoo van in October, when it will also launch its Kardian combustion engine SUV, set to be manufactured locally. Earlier this month, Renault CEO Luca de Meo warned a "very competitive" industry in China and that it will need to "catch up fast". ($1 = 4.9256 reais)Reporting by Alberto Alerigi Jr.; Writing by Carolina Pulice; Editing by Sarah Morland and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Ricardo Gondo, Gondo, van, JAC, Luca de Meo, Luiz Inacio Lula da Silva, Jair Bolsonaro, Alberto Alerigi Jr, Carolina Pulice, Sarah Morland, Marguerita Choy Organizations: Renault, Viva Technology, Porte de, REUTERS, SAO PAULO, EV, Wall Motor Co, Chery, Qualcomm, Nissan, Brazilian, Thomson Locations: Porte, Paris, France, Brazil, French, Parana, China

☆ More than a fifth of cars sold in EU in August were full EVs - ACEA
▼ + stars: | 2023-09-20 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

Fully-electric models made up 21% of sales in the EU in August, the first time that they have made up more than one fifth of all sales, the ACEA said. In the first eight months of 2023, nearly 1 million fully-electric cars were sold in the EU. Overall, EU car sales were up 21% in August, which is typically a slower month for car sales, making it the thirteenth consecutive month of sales growth as the auto industry recovers from pandemic-related supply chain issues. Fully-electric car sales more than doubled to 165,165 units for the month from August 2022. Diesel vehicles comprised more than 50% of new car sales as recently as 2015.

Persons: Fabrizio Bensch, Nick Carey, Sharon Singleton Organizations: Factory, Volkswagen, REUTERS, European Union, European Automobile Manufacturers Association, EU, Diesel, Renault, Thomson Locations: Dresden, Germany

☆ Deep-sea mining could help solve the global critical minerals shortage, but it's a lightning rod for controversy
▼ + stars: | 2023-09-20 | by ( Katie Brigham | ) www.cnbc.com time to read: +6 min

But extracting these metals via deep-sea mining has become a lightning rod for global controversy, as many fear the potential ecological disruptions it could cause in a part of our planet that remains largely unexplored. The Metals Company has announced that it's planning to submit its application next summer and begin exploitation in 2025, leaving many concerned about the potential implications. "What I am absolutely convinced of is that we can slow down or maybe even stop the growth in rainforest nickel," Barron said. Deep-sea mining avoids the emissions associated with blasting, as well as sulfidic tailings, a waste material that can contaminate groundwater. Great unknownsA few years ago, the World Wildlife Fund released a business statement calling for a moratorium on deep-sea mining.

Persons: Jessica Battle, Gerard Barron, we're, Barron, Andrew Miller Organizations: Clarion, United Nations, International, Authority, ISA, Metals Company, Mining, The Metals Company, Benchmark Mineral Intelligence, Metals, World Wildlife, Google, Samsung, BMW, Volkswagen, Volvo, Renault, WWF, CCZ, National Oceanic, Atmospheric Administration Locations: Indonesia, Congolese, U.S, Texas

☆ Explainer: How France aims to discourage buying of Chinese EVs
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

WHY IS FRANCE REVISING ITS EV BONUS ELIGIBILITY RULES? However, in the absence of cheap European-made EVs, a third of all incentives are going to consumers buying EVs made in China, a French finance ministry source said. Because Chinese industry generally relies heavily on coal-generated electricity, the criteria are likely to put the bonus out of Chinese carmakers' reach. But French car buyers will have to wait because Stellantis' (STLAM.MI) Slovakia-made e-C3 city car and Renault's (RENA.PA) France-made R5 are not due to hit the market until 2024. The model is currently one of the best-selling electric car's in France with the Tesla Y, Peugeot's e-208, Fiat's 500e, the Megane eTech and MG4.

Persons: Angelika Warmuth, EVs, Emmanuel Macron, Stellantis, MG4, Lorraine Morard, Luca De Meo, Tesla, BYD, Gilles Guillaume, Leigh Thomas, Sharon Singleton Organizations: Company, REUTERS, Rights, Reuters, SAIC, P Global, Renault, Thomson Locations: Munich, Germany, France, China, Europe, FRANCE, French, Slovakia, Dacia Spring

☆ Mercedes watching Massa case with interest, says Wolff
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Former Ferrari driver Massa lost that title by a point to Lewis Hamilton, now at Mercedes and a seven-time world champion. The Brazilian, 42, says an alleged "conspiracy" denied him the title because the sport's leaders knew the 2008 Singapore Grand Prix was manipulated but took no action until a year later. Wolff suggested that outcome could also be challenged if Massa were to succeed with his case. "The FIA commented on the 2021 race with a clear statement so that's why we are looking at it with interest," he said. The governing FIA said in March 2022 after an enquiry that "the results of the 2021 Abu Dhabi Grand Prix and the FIA Formula One World Championship are valid, final and cannot now be changed."

Persons: Felipe Massa, Edgar Su, Felipe Massa's, Toto Wolff, Massa, Lewis Hamilton, Nelson Piquet, Fernando Alonso, Wolff, Hamilton, Max Verstappen, Michael Masi . Wolff, Alan Baldwin, Ken Ferris Organizations: Singapore, Circuit, Rights, Ferrari, Mercedes, Renault, FIA, Abu, Prix, Thomson Locations: Singapore, Rights SINGAPORE, Abu Dhabi, London

The United States also offers tax credits of up to $7,500 for buyers of new electric cars, and several more for manufacturers of EVs and EV components. And each government views the support they provide as merely also doing "whatever it takes" to keep their own industries competitive. The mere threat of a probe into China's subsidies might actually be enough to slow the pace of imports from China while allowing sales of European cars to pick up further. Shares of major European car producers have heavily lagged U.S. and China EV rivalsIn that way, the EU Commissioner will have provided a valuable service to Europe's manufacturers without needing to actually dig too deeply into China's subsidy practices. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Ursula von der Leyen, von der Leyen, Gavin Maguire, Josie Kao Organizations: EU Commission, European EV, European Union, EV, United, Volkswagen, BMW, Renault, China EV, Reuters, Thomson Locations: LITTLETON , Colorado, Europe, Beijing, European, United States, Germany, China, EU

Here are the big questions about the move, which led to a slide in shares of Chinese EV makers on Thursday:WHY EXPORT TO EUROPE AND HOW MUCH HAS IT GROWN? That is mainly due to Beijing's decade-old industry promotion policy of incentives and subsidies that enabled China to become the world's biggest EV market and control the global EV supply chain, including raw materials. The single largest exporter is Tesla, accounting for 40% of China's EV exports between January and April, U.S. thinktank the Center for Strategic and International Studies says. Chinese state subsidies for electric and hybrid vehicles totalled $57 billion between 2016 and 2022, consultants AlixPartners have estimated. It paid out nearly $15 billion to encourage EV purchases through 2021, China Merchants Bank International has estimated.

Persons: Annegret, Bill Russo, EVs, BYD, AlixPartners, Brenda Goh, Ellen Zhang, Miyoung Kim, Clarence Fernandez Organizations: REUTERS, Rights, European Commission, EV, EU, Volkswagen, Renault, BMW, WHO, Center for Strategic, International Studies, Volvo, SAIC's, MG, HK, China Merchants Bank International, Thomson Locations: Berlin, Germany, China, Shanghai, Europe, United States, CHINA, Netherlands, Denmark

☆ German carmaker stocks dip amid China-EV probe dispute
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Alternatively, punitive tariffs on imports from China could accelerate Chinese EV makers' plans to build in Europe, analysts said, raising competition for domestic carmakers. "Volkswagen could gain from lower mass-market competition, but is the most exposed ... premium OEMs ...face the risk of retaliation and might see their China-export plans sent awry," he added. By 1210 GMT, the STOXX Europe 600 Auto (.SXAP) index was down 1.46%, while the broader market was steady. BMW, which exports the iX3 from China and plans to export the Mini from 2024, fell 2.08%, with Mercedes-Benz down 1.56% and Volkswagen down 1.83%. Stocks of carmakers Renault and Stellantis, which are less exposed to the Chinese market than their German counterparts, saw smaller dips of 1.33% and 0.81% respectively.

Persons: Annegret, Emmanuel Macron, Daniel Roeska, Bernstein, Danilo Masoni, Victoria Waldersee, Josephine Mason, Thomas Leigh, Michel Rose, Sharon Singleton, David Holmes Organizations: REUTERS, EV, HK, European Commission, Renault, Volkswagen, BMW, Mercedes, Benz, Porsche, carmakers Renault, Thomson Locations: Berlin, Germany, Beijing, China, Europe, France

☆ EU to investigate 'flood' of Chinese electric cars, weighing tariffs
▼ + stars: | 2023-09-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +6 min

"Global markets are now flooded with cheaper electric cars. It is also unusual in that it is brought by the European Commission itself, rather than in response to an industry complaint. GRINDING GEARSThe influx of cheaper Chinese electric vehicles has already prompted some European carmakers to take action. At the same time Von der Leyen stressed the importance of electric vehicles to the EU's ambitious environmental objectives. The founder of Nio warned in April that Chinese EV makers should brace for the possibility that foreign governments would impose protectionist policies.

Persons: Ursula von der Leyen, BYD, EVs, Nio, Mercedes Benz, Stellantis, France's, Tesla, VDA, Von der Leyen, Simone Tagliapietra, Kingsmill Bond, Foo Yun Chee, Philip Blenkinsop, Kim Miyoung, Brenda Goh, Anne Marie Roantree, Nick Carey, Kate Abnett, Gabriela Baczynska, Louise Heavens Organizations: EU, Investigation, European EV, European Commission, European Union, Renault, BMW, HK, China Passenger Car Association, Dynamics, Volvo, EV, VW, France's Renault, Japan, Rocky Mountain Institute, Thomson Locations: BRUSSELS, Brussels, China, Moscow, Ukraine, Germany, France, Europe, U.S

REUTERS/Julia Nikhinson/File Photo Acquire Licensing RightsWASHINGTON, Sept 13 (Reuters) - U.S. Senate Majority Leader Chuck Schumer on Wednesday said that while regulations on artificial intelligence were certainly needed, they should not be made "too fast." U.S. lawmakers want safeguards against potentially dangerous deepfakes such as bogus videos, election interference and attacks on critical infrastructure. KEY QUOTE"If you go too fast, you can ruin things," Schumer told reporters after organizing a closed-door AI forum bringing together U.S. lawmakers and tech CEOs. * Schumer told reporters there was consensus in the Wednesday meeting on the need for AI regulation. Reporting by Kanishka Singh in Washington; editing by Jonathan Oatis and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Chuck Schumer, Julia Nikhinson, Schumer, Elon Musk, Mark Zuckerberg, Sundar Pichai, Kanishka Singh, Jonathan Oatis, Josie Kao Organizations: Intelligence, U.S, Capitol, REUTERS, Rights, European Union, Renault, Thomson Locations: Washington , U.S, ChatGPT ., Meta, Washington

Search resuls for: "Renault"

25 mentions found