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☆ Infineon boosts Malaysia investment as Q3 revenue above forecast
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

For the full year, Infineon expects investments amounting to approximately 3 billion euros. The planned expansion of the Kulim fab is backed by customer commitments covering about 5 billion euros and about 1 billion euros in pre-payments, said Infineon, which said it would invest up to an additional 5 billion euros over the next five years. The company expects the expanded facility - together with its plant in Villach, Austria - to generate annual revenues of 7 billion euros. The company on Thursday confirmed its revenue outlook of around 16.2 billion euros, which it had raised in May. Infineon's third-quarter adjusted, or "segment", result was down 10% from the previous quarter at 1.067 billion euros, while its margin came in slightly lower than expected, at 26.1%.

Persons: Robert Habeck, Annalena Baerbock's, Annegret, Schwarz, Jochen Hanebeck, Ford, China's Cherry, Infineon's, Miranda Murray, Christina Amann, Friederike Heine, William Mallard Organizations: Infineon Technologies, REUTERS, Infineon, Lang, Semiconductor, SAIC, Thomson Locations: Dresden, Germany, Malaysia, BERLIN, electromobility, Villach, Austria

☆ BMW forecasts growth in Europe, warns supply chain issues remain
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] A BMW iX electric car is displayed during a media tour at the plant of German automaker BMW in San Luis Potosi, Mexico, February 3, 2023. Still, it warned that supply chain issues and inflation would likely continue to weigh on the rest of the year. BMW reported a 2.9% drop in second-quarter net profit, in line with analysts' expectations, after last year's figures were boosted by its decision to take majority control of its Chinese joint venture BMW Brilliance Automotive. BMW saw significantly higher revenues for the first half at 74 billion euros due in part to the integration of its Chinese joint venture BMW Brilliance Automotive (BBA) as well as higher sales and pricing. It paid 3.7 billion euros to take majority control of the Chinese joint venture in February last year, pushing up earnings before tax in the first half of 2022 by 7.7 billion euros.

Persons: Toya Sarno Jordan BERLIN, Victoria Waldersee, Friederike Heine, Edmund Klamann, Bernadette Baum Organizations: BMW iX, BMW, REUTERS, Thomson Locations: San Luis Potosi, Mexico, United States, China

☆ Lufthansa upbeat as leisure travel demand remains high
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

Lufthansa logo is seen displayed in this illustration taken, May 3, 2022. Lufthansa rival IAG (ICAG.L) last month said it was "mindful" of uncertainty in the wider economy, even as it reported consensus-beating quarterly profit, and Ryanair (RYA.I) was cautious on demand for the rest of 2023. In April to June, Lufthansa's adjusted earnings before interest and tax nearly tripled to 1.09 billion euros ($1.19 billion), slightly above consensus for 1.04 billion, from 341 million a year earlier. For the full year 2023, it now expects adjusted EBIT to come to more than 2.6 billion euros, having previously forecast a significant increase from last year's 1.5 billion. ($1 = 0.9148 euros)Reporting by Maria Sheahan Editing by Miranda Murray and Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Maria Sheahan, Miranda Murray, Friederike Heine Our Organizations: Lufthansa, REUTERS, Deutsche Lufthansa, Airlines, IAG, Ryanair, Austrian Airlines, SWISS, Boeing, Airbus, Thomson Locations: BERLIN, Asia, China, Japan

☆ Infineon shares slump on Q4 warning, eyes Malaysia expansion
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

Infineon forecast revenue of around 4 billion euros ($4.37 billion) in the fourth quarter, below expectations of 4.14 billion euros, according to IBES data from Refinitiv. The company, however, confirmed its revenue outlook of around 16.2 billion euros, which it had raised in May. Infineon's third-quarter adjusted result was down 10% from the previous quarter at 1.067 billion euros, while its margin came in slightly lower than expected, at 26.1%. MALAYSIA FACTORYInfineon said it will invest 5 billion euros over the next five years to build a power chip plant in Malaysia, on top of the 2 billion euros investment it had planned last year. For the full year, Infineon expects investments amounting to approximately 3 billion euros.

Persons: Robert Habeck, Annalena Baerbock's, Annegret, Gartner, Jochen Hanebeck, Infineon's, China's Cherry, Miranda Murray, Christina Amann, Friederike Heine, William Mallard, Kim Coghill Organizations: Infineon Technologies, REUTERS, Infineon, AMD, Qualcomm, JPMorgan, Semiconductor, MALAYSIA, Ford, SAIC, Thomson Locations: Dresden, Germany, Malaysia, Refinitiv, Infineon's, Villach, Austria, German

☆ Daimler Truck hits record returns margin amid rising costs
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Aug 1 (Reuters) - Daimler Truck (DTGGe.DE) achieved a second-quarter record adjusted return on sales of 10.3% for its industrial business, the company said on Tuesday, even as it faced rising monthly costs from inflation. Supply chain issues were easing, the truck and busmaker said, with some bottlenecks remaining this year though no major production downtime was expected. The company struggled in the first quarter with supply chain issues for semiconductors, but has maintained that a general improvement in supply chains would lift its profits. Earnings per share in the quarter fell slightly to 1.11 euros compared to 1.12 euros a year earlier. ($1 = 0.9101 euros)Reporting by Ilona Wissenbach, Victoria Waldersee, Writing by Friederike Heine; Editing by Kim Coghill and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: busmaker, Martin Daum, Ilona Wissenbach, Victoria Waldersee, Friederike Heine, Kim Coghill, Bernadette Baum Organizations: Daimler, Thomson Locations: United States, Japan

Companies Uniper SE FollowGazprom PAO FollowDUESSELDORF, Aug 1 (Reuters) - Uniper (UN01.DE) announced plans on Tuesday to triple its green investments in the coming years as it confirmed strong financial results in the first half driven by favourable market conditions in a turnaround for Germany's bailed-out utility. Uniper said it would invest 8 billion euros ($8.79 billion) through 2030 for its green transformation alone, triple its average annual investments of the past three years. In May, it flagged profits of more than 2 billion euros expected from hedging its gas supply commitments. Expecting no further financial losses from procuring replacement gas volumes, Uniper said on Tuesday no further capital increases from the German state would be necessary. Its credit line from the KfW state lender has been reduced ahead of schedule to 11.5 billion euros from 16.5 billion euros, the company said.

Persons: Germany's, Uniper, Michael Lewis, Vera Eckert, Rachel More, Friederike Heine, Muralikumar Organizations: Gazprom, Thomson

CENTRAL BANK 'SHATTERED'It has marked a dramatic reversal for a man once seen as a possible president. After taking the helm of the central bank, Salameh built a reputation as a competent steward of the financial system. The central bank, known as Banque du Liban (BDL), has always said the operations were legal. Defending his record on Wednesday, Salameh said the central bank had contributed to "establishing economic stability and development" during 27 years of his tenure. "Neither directly nor indirectly did any money from the Central Bank go to Forry," Salameh said in Wednesday's interview.

Persons: Riad Salameh, Salameh, LBCI, Nasser Saidi, Raja, Salameh's, Marianne Howayek, Howayek, Friederike Heine, Tom Perry, Toby Chopra Organizations: Reuters, Banque du Liban, Forry Associates, Central Bank, Thomson Locations: BEIRUT, Lebanese, Lebanon, Banque, Salameh, France, Germany

☆ Turkey earthquake contributed to $43 billion in first-half insurance losses, Munich Re says
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 27 (Reuters) - A deadly earthquake in Turkey and Syria as well as tornadoes and hailstorms in the United States contributed to losses covered by insurance of $43 billion in the first half of 2023, Munich Re (MUVGn.DE) said in a report released on Thursday. The figure is slightly lower than the $47 billion in insured losses incurred in the first half of 2022, but higher than the 10-year average of $34 billion, according to Munich Re, the world's largest reinsurer. Including uninsured losses, the figure came to $110 billion in the first half of the year - also significantly above the 10-year average. The earthquake in Turkey and Syria, in which some 58,000 people were killed, was the largest contributor to insured and uninsured losses incurred in the first half of 2023 at $40 billion. A series of severe thunderstorms in the U.S. brought destructive tornadoes and hailstorms that resulted in $35 billion in insured and uninsured losses, according to Munich Re.

Persons: Rauch, Alexander Huebner, Friederike Heine, Rachel More Organizations: Munich Re, El, Thomson Locations: BERLIN, Turkey, Syria, United States, Munich, U.S

The figures underscore broader trends in global banking, with investment banks struggling as deals are paused, while higher interest rates are a boon to other divisions. Analysts expect the retail unit will also overtake the investment bank as the main revenue driver for the full year, overturning the investment bank's pole position over the previous three years. Investment banking revenue dropped 11% during the quarter, better than an expected 16% drop. Deutsche Bank set out in 2019 to reduce dependence on its volatile investment bank and rely instead on more stable businesses that serve companies and retail customers as a way to restore profitability. Chief Financial Officer James von Moltke said the shift to the retail bank as the largest breadwinner was "significant" because the perception of the lender had been dominated over years by the investment bank, and Deutsche was becoming more balanced.

Persons: James von Moltke, Deutsche, Jeffrey Epstein, Tom Sims, Matthias Inverardi, Friederike Heine, Jamie Freed Organizations: Deutsche Bank, Reuters Graphics, Reuters, Deutsche, Reuters Graphics Deutsche, U.S . Federal Reserve, U.S, Thomson Locations: FRANKFURT

☆ Germany earmarks 20 billion euros for chip industry in coming years
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 25 (Reuters) - Germany plans to invest around 20 billion euros ($22.15 billion) in the semiconductor industry in the coming years, the economy ministry said on Tuesday, amid growing alarm over supply chain fragility and dependence on South Korea and Taiwan for chips. The money will be drawn from the Climate and Transformation Fund from 2024 onwards, the ministry said, adding that it could only give funding for individual projects after European Commission approval. It said Taiwanese semiconductor manufacturer TSMC (2330.TW) expressed interest in investing in a semiconductor production facility in Germany and that the ministry was in close contact with the company over an investment decision. Last month, Berlin agreed subsidies worth nearly 10 billion euros with the U.S. chipmaker Intel to build two facilities in the eastern city of Magdeburg. ($1 = 0.9029 euros)Reporting by Riham Alkousaa, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: TW, Riham Alkousaa, Friederike Heine Our Organizations: Transformation, U.S, Intel, Thomson Locations: BERLIN, Germany, South Korea, Taiwan, Berlin, Magdeburg

☆ Taiwan's Foxconn to take 50% stake in ZF axle system unit
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 24 (Reuters) - Taiwan's Foxconn (2317.TW) will acquire a 50% stake in ZF Group's (ZFF.UL) axle system assembly unit, creating a joint venture aimed at growing automotive and supply chain opportunities, the companies said on Monday. The joint venture with Foxconn is part of ZF's strategy to grow specific business areas beyond current limits with external partners' support, the German company's chief executive, Holger Klein, told Reuters. "This business can grow very quickly, but it has relatively low margins. It needs fresh capital," which is why ZF had been looking for a partner, said Klein. The joint venture agreement is expected to become effective within six to nine months of signing pending regulatory approvals.

Persons: Foxconn, Holger Klein, Klein, Alexander Huebner, Friederike Heine, Miranda Murray, Rachel More Organizations: ZF Group's, Foxconn, Reuters, ZF, Thomson Locations: BERLIN, Berlin, Munich, China

☆ Police hunt for escaped lion on southern edge of Berlin
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 20 (Reuters) - Police have warned the public to stay indoors on the south-western edge of Berlin while they search for a wild animal in the area believed to be an escaped lion. "We are currently working on the assumption that the animal is a lioness," the spokesperson told Reuters via telephone. The search area currently covers the Brandenburg municipalities of Kleinmachnow and Stahnsdorf. Earlier Thursday, Berlin police had tweeted that the area on high alert included the capital's southern edge. Asked where the wild animal may have come from, the police spokesperson said it was not clear.

Persons: Rachel More, Friederike Heine, Bernadette Baum Organizations: Police, Berlin, Thomson Locations: BERLIN, Berlin, Brandenburg, Kleinmachnow

☆ Engineering group ABB increases orders despite China slowdown
▼ + stars: | 2023-07-20 | by ( John Revill | ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss power technology and automation group ABB is seen at a plant in Baden, Switzerland January 28, 2019. REUTERS/Arnd Wiegmann/File PhotoSummaryCompanies Company increases orders by 2% on comparable basisChina orders fall 9%CEO sees customer activity remaining robustCore operating margin reaches highest levelZURICH, July 20 (Reuters) - ABB (ABBN.S) said customer activity remained "robust" during its second quarter despite the Swiss engineering company providing the latest evidence of an economic slowdown in China. Still, ABB increased its orders in the United States - its biggest market - and India, which helped offset the downturn as the company increased its overall order intake by 2%. Chief Executive Bjorn Rosengren highlighted how ABB, whose products range from electric motors for ships to drives used in factories, had increased orders from "last year's already high level." "It was good to see that the customer activity remained robust throughout the period," said Rosengren in a statement.

Persons: Arnd, Bjorn Rosengren, John Revill, Friederike Heine, Kim Coghill Organizations: ABB, REUTERS, Thomson Locations: Swiss, Baden, Switzerland, China, ZURICH, Germany, United States, India

☆ UBS says $100 mln blended finance initiative receives new backers
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

Companies UBS Group AG FollowZURICH, July 20 (Reuters) - British and U.S. development finance organisations have agreed to be anchor investors in a new $100 million private-public finance initiative led by UBS' philanthropic arm and non-profit Bridges Outcomes Partnerships, UBS (UBSG.S) said on Thursday. Initial investments in the initiative, focused on delivering Sustainable Development Goal-aligned outcomes, would support government-backed initiatives to support education in Sierra Leone and Ghana, as well as a social enterprise to re-sell and recycle plastic waste in Nigeria, UBS said in a statement. Reporting by Brenna Hughes Neghaiwi, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Brenna Hughes, Friederike Heine Our Organizations: UBS Group, UBS, Thomson Locations: Sierra Leone, Ghana, Nigeria

Tesla has faced considerable delays to its planned opening date for the plant due to a high number of objections filed by local citizens, mainly over environmental impact and water usage. For the expansion, Tesla has committed to not using any additional water capacity, instead recycling the 1.4 million cubic metres of water it is licensed to use. When up to speed the plant would have a greater output than Volkswagen's Wolfsburg plant, which would trail behind at a capacity of 800,000 vehicles and output of just 400,000 last year. Tesla currently produces around 5,000 cars a week in Grunheide and has not provided a timeline for ramping up output. Reporting by Victoria Waldersee, Editing by Friederike Heine and David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Victoria Waldersee, Friederike Heine, David Holmes Organizations: Volkswagen, Thomson Locations: BERLIN, Berlin, Wolfsburg, Grunheide

☆ Germany plans tougher rules to shield critical infrastructure
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 17 (Reuters) - Germany's Interior Ministry wants to introduce measures aimed at protecting the country's critical infrastructure, according to a draft plan seen by Reuters on Monday, amid concern over foreign influence in certain areas of the economy. Minimum standards are to be set for operators, who will have to draw up resilience plans taking into account every conceivable risk. Russia's invasion of Ukraine, after which the Nord Stream oil pipelines were damaged in unexplained attacks, has put Germany and other European countries on high alert regarding critical infrastructure. The Interior Ministry aims to present a finalised bill to the cabinet by the end of the year, after which it would be put to parliament, where no major hurdles are expected. The ministry wants to nail down the definition of critical infrastructure, which spans areas such as energy, transport and telecommunications.

Persons: Christian Kraemer, Rachel More, Friederike Heine, Mike Harrison Organizations: Ministry, Reuters, Thomson Locations: BERLIN, Ukraine, Germany, Hamburg

☆ German cabinet to pass China strategy on Thursday - government sources
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 12 (Reuters) - The German cabinet is to pass its long-promised China strategy on Thursday, two government sources told Reuters, after Chancellor Olaf Scholz's government last year ordered a review of how Germany interacts with its biggest trade partner. Scholz has repeatedly emphasised "de-risking" Germany's relationship to China, viewed by Berlin as an increasingly assertive competitor and strategic rival, thereby reducing dependencies on the country gradually rather than decoupling from the Chinese market. Among the changes under consideration are export controls, as well as the screening of investments by German companies doing business in China to protect the flow of sensitive technology and know-how. Germany's VDMA engineering industry association released a statement on Wednesday outlining its stance on the government's forthcoming strategy. "There must be no intervention in the export business or isolation from China," said VDMA President Karl Haeusgen.

Persons: Chancellor Olaf Scholz's, Scholz, Karl Haeusgen, Andreas Rinke, Friederike Heine, Miranda Murray, Nick Macfie Organizations: Greens, Thomson Locations: BERLIN, China, Germany, Berlin

Companies Bp Plc FollowTotalEnergies SE FollowFRANKFURT/LONDON, July 12 (Reuters) - Oil majors BP (BP.L) and TotalEnergies (TTEF.PA) emerged as the winners in a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion), highlighting the appeal of renewable assets across Europe. "The results confirm the attractiveness of investments in offshore wind power in Germany," said Klaus Mueller, president of Germany's energy regulator Bundesnetzagentur. Analysts at Jefferies noted the high price for the auction, adding that it implied "high interest in European offshore wind sites from energy companies/developers". BP won the rights to develop two projects, marking its entry into offshore wind in continental Europe and representing 4 GW out of the total, it said in a separate statement. "This is a significant milestone for BP, showing our commitment to transitioning into an integrated energy company," BP head of offshore wind Matthias Bausenwein said.

Persons: Klaus Mueller, Matthias Bausenwein, Patrick Pouyanne, TotalEnergies, Vera Eckert, Christoph Steitz, Ron Bousso, Friederike Heine, Sharon Singleton, Chris Reese Organizations: Bp, Oil, BP, Jefferies, Federal, Thomson Locations: FRANKFURT, LONDON, Germany, Europe, Heligoland, Baltic, Ruegen, TotalEnergies, Frankfurt, London

☆ Germany publishes new strategy on 'increasingly assertive' China
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +3 min

[1/3] The flags of Germany and China are seen ahead of a meeting between German Chancellor Olaf Scholz and Chinese Premier Li Qiang in Berlin, Germany, June 19, 2023. REUTERS/Fabrizio BenschBERLIN, July 13 (Reuters) - Germany published its long-awaited China strategy on Thursday, which took stock of an "increasingly assertive" Beijing and outlined possible responses such as outbound investment controls on cutting-edge technology with military use. However, it was also increasingly assertive in its attempts to change the rules-based international order with consequences for global security. Germany would expand its close relations with Taiwan while continuing to adhere to the "One China policy", which recognises the government of the People's Republic of China as the sole legal government of China. On the economy, the strategy outlined proposals to reduce critical dependencies on China, in line with what has previously been agreed by the European Union.

Persons: Olaf Scholz, Li Qiang, Fabrizio Bensch BERLIN, Chancellor Olaf Scholz's, Sarah Marsh, Andreas Rinke, Matthias Williams, Friederike Heine, Miranda Murray, Rachel More, Alex Richardson Organizations: REUTERS, European, Volkswagen, BASF, BMW, Government, Thomson Locations: Germany, China, Berlin, Beijing, West, Russia, Taiwan, People's Republic of China

☆ Mercedes sales rise in Q2 on top-end, electric vehicles
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

Companies Mercedes Benz Group AG FollowBERLIN, July 11 (Reuters) - Mercedes-Benz Group (MBGn.DE) sales in the second quarter rose 6% year-on-year - a total of 515,700 vehicles - on the back of demand for all-electric and top-end vehicles, the German carmaker said on Tuesday. Sales grew in all the carmaker's main regions - Europe, Asia and North America - with deliveries in Germany up 23%, while China was up by 12% and the United States by 6%. In the rest of the world, second-quarter sales fell 12% to 20,700 vehicles. Electric vehicles conitnued to be the main growth driver in the quarter, with passenger cars sales growing 123%, to reach 56,300 units. The top-end segment - which includes models such as AMG, Maybach and G-class - also posted solid growth of 12% for the period.

Persons: carmaker, Miranda Murray, Friederike Heine Our Organizations: Mercedes Benz Group, BERLIN, Benz Group, ., Maybach, Thomson Locations: Europe, Asia, North America, Germany, China, United States

A lawyer for Woehrmann said DWS' internal investigations "did not reveal any evidence of misconduct on the part of my client". A spokesperson for prosecutors in Frankfurt, where DWS is headquartered, would only say an individual was targeted but would not name the person. DWS declined to comment on Woehrmann, but has said that it stands by its financial disclosures and fund prospectuses and is cooperating with investigators. At present, we cannot estimate when and how the proceeding of the Frankfurt Public Prosecutor’s Office will be concluded," DWS said. Woehrmann resigned as CEO of DWS last year after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over the allegations.

Persons: DWS's, Asoka Woehrmann, Patrizia, Woehrmann, DWS, BaFin, Matthias Inverardi, Miranda Murray, Sabine Wollrab, Susan Fenton, Louise Heavens Organizations: Deutsche Bank, Frankfurt Public, U.S . Securities, Exchange Commission, Thomson Locations: FRANKFURT, Frankfurt

☆ Continental to phase out activities at Gifhorn plant by end of 2027
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 7 (Reuters) - Continental (CONG.DE) said on Friday it plans to phase out business activities at its Gifhorn plant by the end of 2027, with 450 out of 900 jobs at the site affected. The decision was taken "against the backdrop of the sharp increase in cost pressure in the automotive industry, the declining automotive markets, and the high and by international standards uncompetitive cost structure at the site", the company said in a statement. The measures will include relocation of the assembly of latest-generation air supply systems in 2024, relocation of the spare parts business from 2024, and outsourcing of valve block and piston head production to suppliers by the end of 2027. The supervisory board supports the initial measures but will decide on the phase-out at its December meeting, the company said. Reporting by Friederike Heine, Editing by Rachel More and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Friederike Heine, Rachel More, Miranda Murray Organizations: Thomson Locations: BERLIN

Management at Deutsche Boerse has touted the acquisition announced in April as key to its future strategy, combining SimCorp's investment management software with Deutsche Boerse's data. "The chemistry is right," Deutsche Boerse Chief Executive Officer Theodor Weimer told its investors in May. Deutsche Boerse hopes to take "significantly" more than 50% of the company. Deutsche Boerse said it had received approval from authorities in the United States, Denmark and Italy. "The remaining filing process with the EU commission is on track," Deutsche Boerse said.

Persons: Theodor Weimer, SimCorp's, Deutsche Boerse, Tom Sims, Friederike Heine, Rachel More Organizations: Denmark Deal, Deutsche, European, Management, Deutsche Boerse, Thomson Locations: U.S, Italy, Denmark, FRANKFURT, United States

☆ Volkswagen ready to act amid China metal export curbs
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowJuly 6 (Reuters) - Volkswagen (VOWG_p.DE) on Thursday said it was monitoring the situation on the raw materials markets after China announced it would control exports of some metals, adding that it was "ready to take measures together with its partners if necessary". China's commerce ministry said earlier this month it would require export permits for eight gallium products and six germanium products from August 1 to protect national security. A Volkswagen spokesperson told Reuters that gallium and germanium were important resources for automotive products and played a role in future autonomous driving functions. Reporting by Jan Schwartz, Writing by Anna Mackenzie, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Jan Schwartz, Anna Mackenzie, Friederike Heine Our Organizations: Volkswagen, China, Thomson

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