DIRS.INFO The most relevant business & tech news

☆ Tesla invests $3.6 bln to expand Nevada complex with two factories
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

Jan 24 (Reuters) - Tesla Inc (TSLA.O) said on Tuesday it would invest more than $3.6 billion to expand its Nevada manufacturing complex with two new factories, including the first facility to mass produce its long-delayed Semi electric truck. The 18-wheeler truck has a range of 500 miles on a single charge and can carry 81,000 pounds including the cargo. Tesla Chair Robyn Denholm said in November that Tesla might produce 100 Semis in 2022, but the company did not disclose any figure in its fourth-quarter production report. The EV maker aims to produce 50,000 of the trucks in 2024, Musk had said on a post-earnings call in October. Reporting by Akash Sriram and Aditya Soni in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Another Tesla Semi was spotted apparently broken down on the side of the road
▼ + stars: | 2023-01-20 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Images of another Tesla Semi on the side of the road are making the rounds on Twitter. Since Tesla started delivering its long-awaited Class 8 electric truck to customers last month, several of the vehicles have been spotted on the side of the road, apparently broken down. The sightings have called into question the reliability of Tesla's new electric semi, which started production at the company's Nevada manufacturing facility in October after years of delays. Yet another apparently stranded Tesla Semi was making the rounds on Twitter Thursday. Following Guillen's departure and a series of supply chain issues, Tesla pushed back the start of Semi production to 2022.

☆ Bayer Could Go the Way of General Electric and Daimler
▼ + stars: | 2023-01-18 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

A more comprehensive split of Bayer, with healthcare parting ways with crop science, is a clear option for a new boss. In the slow-burning decline of the industrial conglomerate, the next shoe to drop might be German drugs-to-crops giant Bayer . The inventor of aspirin has attracted a lot of attention from activist investors lately. Jeff Ubben ‘s Inclusive Capital Partners disclosed a stake last week. Bluebell Capital Partners, a small European fund that helped to oust the former chief executive officer of French yogurt maker Danone , also has built a stake.

☆ Italvolt to license battery technology from Israel's StoreDot
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Jan 16 (Reuters) - Electric vehicle batterymaker Italvolt will license fast-charging battery technology from Israeli start-up StoreDot to manufacture lithium-ion batteries at a plant it is raising funds to build in Italy, the companies said on Monday. Italvolt will ringfence a minimum amount of the batteries produced at the plant for StoreDot's business and customers, Italvolt's statement said, without specifying the amount. Fast-charge capability could also enable EV manufacturers to install smaller battery packs and thus lower the cost of their cars. Currently, StoreDot licenses technology to its manufacturing partner EVE Energy (300014.SZ) to produce batteries in China and ship to customers in China and Korea. Italvolt is one of a handful of battery startups trying to raise money and build a homegrown European battery industry to compete with the Asian giants that dominate global sales.

Companies are increasingly working together to cut greenhouse-gas emissions but such collaboration faces the threat of antitrust action demanded by politicians who say it violates competition rules. There are now more than 150 business climate collaborations, according to research by Harvard Business Review. “There are a lot of ways to stay on the right side of antitrust laws,” says Justin Stewart-Teitelbaum, antitrust partner at Freshfields. Traditionally, in most jurisdictions, antitrust officials weigh whether the benefits of cooperation outweigh any economic harm caused by it. The anti-ESG movement in the U.S. bases its antitrust threats partly on an assertion that climate action provides little societal benefit to outweigh any economic harm of cooperation.

☆ 8 top business leaders—from Yelp, Zillow, Dell, and more—on the habits they want to cultivate in 2023
▼ + stars: | 2022-12-30 | by ( Natasha Piñon | ) www.cnbc.com time to read: +8 min

Dell TechnologiesJen Felch, Chief Digital Officer and CIO"Going into 2023, I'm focused on cultivating a habit of asking better questions. In 2023, I'm resolving to tackle my own executive burnout, and to be more authentic about it. In 2023, I'm committing to meditating 10 minutes per day, five days a week. Ultimately, entrepreneurial employees have the passion to make the 'new' happen, powering through hurdles, and inspiring real innovation around them." NextdoorSarah Friar, CEO"In 2023 there are several important habits that I will cultivate to help me and the Nextdoor team succeed.

☆ 7 up-and-coming battery makers vying for the $370 billion electric commercial vehicle business
▼ + stars: | 2022-12-22 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +6 min

The global electric commercial vehicle market is expected to top $370 billion in annual revenue by 2030. With a flood of new battery-powered autos set to transform the business of building passenger vehicles, it was natural that commercial vehicles would be next. The global electric commercial vehicles market is expected to surpass $370 billion in annual revenue by 2030, according to Guidehouse Insights. It also has its toes deep into electric mobility, building batteries not only for EVs but also electric buses, boats, and trucks. Now, through internal changes and acquisitions, BorgWarner is positioning itself for the electrified future, especially as that future comes to commercial vehicles.

☆ Tesla CEO Elon Musk kicks off first Semi truck deliveries
▼ + stars: | 2022-12-01 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Tesla CEO Elon Musk kicks off deliveries of the company's heavy-duty truck, the Semi, at the Gigafactory in Sparks, Nevada. Tesla CEO Elon Musk kicked off deliveries of the company's first few production Semi trucks on Thursday, speaking on stage at the company's factory in Sparks, Nevada, with Dan Priestly, the company's senior manager for Semi truck engineering. He later thanked and the handed the mic to representatives from PepsiCo Frito Lay , which is Tesla's first customer to receive and use production Semi trucks. While the Tesla Semi was in development, other fully electric heavy-duty trucks launched into the market. The new fast-charging tech will eventually be installed at Tesla SuperCharging stations and used to power up Cybertrucks, the consumer pickup truck Tesla is planning, Musk revealed.

☆ Musk set to finally take wraps off Tesla truck - to tough crowd
▼ + stars: | 2022-12-01 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +4 min

Musk had promised, for instance, that Tesla's mass-market electric sedan Model 3 would be priced at $35,000, a claim that bombed. But in October Musk said Tesla vehicles were not ready to take humans out of the loop. "Tesla team just completed a 500 mile drive with a Tesla Semi weighing in at 81,000 lbs!" For Microsoft founder Bill Gates, who has expressed skepticism about all-electric trucks, Musk said: "(Gates) can drive it himself if he wants!". "I want to take diesel trucks off the road," he said, adding that federal incentives for trucks that run on hydrogen could be more substantial than those battery electric trucks.

☆ Huge trade partner and ‘systemic rival.’ Europe has a China problem
▼ + stars: | 2022-11-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

The Covid-19 pandemic, Russia’s invasion of Ukraine, and tit-for-tat sanctions between China and EU lawmakers have strained relations since. The total value of the goods trade between China and Europe hit €696 billion ($732 billion) last year, up by nearly a quarter from 2019. China was the third largest destination for EU goods exports, accounting for 10% of the total, according to Eurostat data. Even so, the United States may exert more pressure on Europe to pull away from China, Borges de Castro noted. EU investment into China has also become more concentrated.

☆ Daimler Truck's Q3 unit sales jump as chip shortage eases
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerBERLIN, Nov 11 (Reuters) - Daimler Truck reported a 27% jump in third-quarter unit sales to nearly 135,000 units on Friday, as the chip shortage that hit the heavy truck business particularly hard a year earlier began to ease. The jump in earnings was highest in Europe at 316% from the same quarter last year compared to 111% in North America, traditionally Daimler Truck's strongest market. In Asia, however, where a depressed Chinese market prompted the company to lower its regional adjusted earnings margin last quarter to 1-3% from 3-5%, earnings fell 63% even as revenues and unit sales increased. Sales of Daimler Buses, which did not grow at all in 2021, were up 18% this year so far, with earnings more than tripling to 23 million euros ($23.51 million). ($1 = 0.9785 euros)Reporting by Victoria Waldersee, Ilona Wissenbach Editing by Miranda Murray and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Daimler Truck raises unit sales as chip shortage eases
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 11 (Reuters) - Daimler Truck raised unit sales by 27% to nearly 135,000 units in the third quarter, as the chip shortage that hit the heavy truck business particularly hard in the same period last year began to ease. Incoming orders were down 18% from the third quarter last year and down 14% this year so far, the company said in a statement, a sign that the backlog of demand outstripping supply as chip shortages prevented automotive manufacturers from delivering goods is clearing up. Higher pricing, favourable exchange rate effects and a strong after-sale business pushed revenues up 47% and earnings before interest and taxes up 159%, the truckmaker said on Friday, confirming results released in an ad-hoc statement in late October. Reporting by Victoria Waldersee, Ilona Wissenbach Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Renault, Geely clinch deal for internal-combustion joint venture
▼ + stars: | 2022-11-08 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +3 min

The joint venture will employ 19,000 people at 17 powertrain factories and three research and development hubs, the companies said, adding they expect to reach a final agreement and launch the new company in 2023. Renault and Geely will each hold 50%, the companies said in a statement that did not detail other financial terms. Renault and Geely said they expect their new joint venture would supply internal combustion engines and hybrid powertrains to Nissan and the junior partner in Renault's existing alliance, Mitsubishi Motors (7211.T). They said it would have the capacity to supply about 5 million engines and hybrid systems per year once operational. Renault and Geely Automobile also have an existing joint venture in South Korea.

REUTERS/Aly SongBEIJING/TOKYO, Nov 7 (Reuters) - Nissan Motor Co's (7201.T) concerns about technology transfers have complicated its partner Renault's (RENA.PA) plans to sell a large stake in its gasoline-engine business to China's Geely (0175.HK), three people familiar with the talks said. Nissan's concerns about technology rights have also been one reason why it has yet to reach a preliminary agreement to invest in Ampere. Renault has a 43% stake in Nissan while the Japanese automaker has a 15% non-voting stake in Renault. People with knowledge of the talks have said the two sides have been discussing a reduction in Renault's stake in Nissan, potentially to 15%. Uchida also said Nissan wanted to see a “fair treatment” of its interests in any new partnership Renault strikes with Geely.

☆ A supercar broker for celebrities like Elton John and Nicolas Cage shares what his job is like: 'I've bought cars in saunas, in swimming pools, and on airplanes'
▼ + stars: | 2022-11-05 | by ( Mark Ellwood | ) www.businessinsider.com time to read: +6 min

Tom Hartley buys and sells classic cars at his private estate and showroom in northern England. "I've bought cars in saunas, in swimming pools, on airplanes — you can't name where I haven't bought a car," he said. Courtesy of Tom HartleyHartley said he gets about five customers a day and takes visitors by appointment only. Courtesy of Tom HartleyDespite being around expensive cars 24/7, he's never owned one himself. "I always say when you walk on the Hartley estate, everything has a price, except my wife."

☆ Daimler Truck raises FY outlook on stronger than expected Q3
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 26 (Reuters) - Daimler Truck (DTGGe.DE) on Wednesday slightly raised its full-year earnings forecast after reporting better-than-expected results in the third quarter thanks to a jump in unit sales, higher prices and strong aftersales business. Daimler Truck now expects full-year group revenue between 50 billion - 52 billion euros ($50.40 billion - $52.42 billion), up from a previous forecast of 48 billion - 50 billion. The company, which will present its third-quarter report on Nov. 11, said adjusted earnings before interest and taxes (EBIT) rose 159% in the third quarter to 1.27 billion euros, above analysts' forecast of 1.08 billion euros. ($1 = 0.9921 euros)Reporting by Riham Alkousaa Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Mercedes-Benz lifts profit forecast as luxury cars boom
▼ + stars: | 2022-10-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

The company forecast a slight increase in fourth-quarter sales from a year earlier. The cars division earned 4.03 billion euros from 28.2 billion revenue in the third quarter, compared with 1.4 billion euros and 23.5 billion respectively in the same quarter of 2019. The company raised its full-year margin forecast for the cars division to 13-15% from 12-14%. Group earnings reached 5.2 billion euros from July to September, up 83% from last year, with revenue up by a fifth to 37.7 billion euros, adjusted returns of 14.5% for the cars division and 12.7% at Mercedes-Benz Vans. Top-end luxury sales lifted revenues, making up 15% of overall cars sales in the third quarter.

☆ Mercedes-Benz to sell shares in Russian subsidiaries to local investor
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 26 (Reuters) - Mercedes-Benz (MBGn.DE) said on Wednesday it would withdraw from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, becoming the latest carmaker to exit the country. A Mercedes spokesperson said the company's stake in Russian truckmaker Kamaz (KMAZ.MM) would not be affected by the intended transaction and should be transferred to Daimler Truck this year as planned. Reporting by Victoria Waldersee; Writing by Alexander Marrow; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Mercedes-Benz to quit Russian market, sell shares to local investor
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Mercedes-Benz logo is seen on a car at a new Mercedes-Benz plant's cornerstone laying ceremony in the town of Esipovo outside Moscow, Russia, June 20, 2017. REUTERS/Tatyana MakeyevaBERLIN/MOSCOW, Oct 26 (Reuters) - Mercedes-Benz (MBGn.DE) said on Wednesday it would withdraw from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, becoming the latest carmaker to exit the country. Mercedes-Benz Russia said shares in the local subsidiaries would be sold to car dealer chain Avtodom. "Final completion of the transaction is subject to the authority's approval and the implementation of contractually agreed conditions," he added. The Association of European Businesses (AEB) said 9,558 Mercedes vehicles were sold in Russia from January to September, down 72.8% from a year earlier.

☆ Mercedes-Benz triples pre-pandemic Q3 cars earnings, raises outlook
▼ + stars: | 2022-10-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

The luxury carmaker now expects 13-15% in adjusted sales returns for the cars division this year, and 9-11% for Mercedes-Benz Vans, from previously 12-14% and 8-10%, respectively. In the third quarter of 2019, the cars division saw 1.4 billion euros in earnings from 23.5 billion in revenue, but in this year's quarter, it reaped 4.03 billion euros from 28.2 billion revenue, Wednesday's statement showed. Group earnings reached 5.2 billion euros from July to September, with revenue up by a fifth to 37.7 billion euros, adjusted returns of 14.5% for the cars division and 12.7% at Mercedes-Benz Vans. Mercedes-Benz Vans saw sales up by just under a fifth to 104,000 vehicles, with electric van sales up by a third this year so far. Top-end luxury sales lifted revenues, making up 15% of overall cars sales in the third quarter.

☆ There was a method to the madness of Trump's foreign diplomacy, says Gordon Sondland, the EU ambassador Trump fired
▼ + stars: | 2022-10-20 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Gordon Sondland said former President Donald Trump's diplomacy was more measured than it seemed. Sondland recounted a meeting where Trump entertained top German auto executives at the White House. "Despite appearances, there is method to this madness," Sondland wrote in his upcoming book about his time working with Trump, titled "The Envoy." Sondland recounted a December 2018 White House meeting between Trump and top executives for some of Germany's biggest automakers. According to Sondland, Trump was "in effusive host mode" when he and the German executives toured the White House.

☆ Japan manufacturers' mood sours, higher costs dim outlook - Reuters Tankan
▼ + stars: | 2022-10-11 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

REUTERS/Issei Kato/File PhotoThe monthly poll, which tracks the Bank of Japan’s (BOJ) closely watched tankan quarterly survey, found manufacturers’ mood is expected to deteriorate again over the coming three months while service-sector mood was seen rebounding further. Industries such as autos, steel and textiles weighed on overall manufacturers’ sentiment, while communications, transport and utilities led non-manufacturers. “The prices of products are not keeping pace with surging raw materials costs” as many subcontractors in the supply chain could not pass on input costs to their clients, one manager at a chemicals maker said. “There are concerns about worsening profits due to import costs boosted by a weak yen on top of rising raw materials and energy costs,” said a manager of a food-processing firm. The BOJ’s last survey on Oct. 3 showed big manufacturers’ mood had worsened in July-September for a third straight quarter as high material costs dimmed recovery prospects for the fragile economy.

SEOUL, Oct 11 (Reuters) - Renault (RENA.PA) Chief Executive Luca De Meo said on Tuesday the automaker was looking to find a partner for a carve-out of its combustion-engine business that would bring scale and drive down costs on technology, including hybrids. Register now for FREE unlimited access to Reuters.com RegisterDe Meo said Renault was in talks with the French government over its evolving strategy. De Meo has said Renault needs new partnerships because of the scale of the investment needed to shift toward battery-powered cars and charging. In exchange for investing in the EV venture, Nissan is looking to Renault to reduce its stake in the Japanese automaker, a person familiar with the talks said. Renault currently owns about 43% of Nissan, which in turn has a 15% stake in its long-term partner with the French state holding another 15%.

The Renault CEO was scheduled to speak to reporters in Seoul on Tuesday evening, his first public appearance since news broke of the talks with Nissan. In exchange for its investment in Renault's EV unit, Nissan has asked Renault to take steps to sell down its 43% stake in Nissan, people with knowledge of the talks have said. Nissan has a 15% stake in Renault, as does the French government, but the Japanese automaker does not have voting rights. Nissan would also have to sign off on the plan for Geely to take a large stake in Renault's gas-engine business, code-named "Horse." Volvo and Geely created a joint-venture under the name Aurobay to shift their own combustion-engine business into a new stand-alone business.

☆ How Germany's industrial giants are preparing for winter
▼ + stars: | 2022-09-27 | by ( Victoria Waldersee | ) www.reuters.com time to read: +7 min

Some industrial giants in particular gas-heavy industries like chemicals have begun shifting production and sourcing from elsewhere, while others are switching from gas to coal or oil - spelling trouble for their carbon footprint. read moreBMW (BMWG.DE)BMW consumes around 3,500 gigawatt hours (GWh) of energy annually in Germany and Austria, three-quarters of which comes from natural gas. The carmaker can reduce its gas intake by at least 15% compared to last year, the company's chief financial officer said on Monday. LINDEThe world's largest industrial gas company said in July it produced gases which were critical from a medical or process safety perspective and so believed it would be prioritised for gas allocation from Germany' government. read moreA spokesperson declined to provide further information, saying an update would be provided later in October in line with third quarter results.

Search resuls for: "Daimler"

25 mentions found