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☆ Opinion | Trump Is Losing It
▼ + stars: | 2024-02-13 | by ( Jamelle Bouie | ) www.nytimes.com time to read: +1 min

It is unclear whether Donald Trump has forgotten the precise nature of NATO or whether he ever fully grasped it in the first place. What is clear, however, is that Trump — who ostensibly spent four years as president of the United States — has little clue of what NATO is or what NATO does. “One of the presidents of a big country stood up and said, ‘Well, sir, if we don’t pay, and we’re attacked by Russia, will you protect us?’ ” Trump said, recalling an implausible conversation with an unnamed, presumably European head of state. You’re delinquent?’ ” Trump recounted responding. You gotta pay.

Persons: Donald Trump, Trump, United States —, we’re, ” Trump, ’ ” Trump, “, ’ ” Organizations: United, NATO Locations: United States, South Carolina, Russia

☆ Continental prepares for asset sales, tightens 2023 targets
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

The logo of German tyre company Continental, pictured before the company's annual news conference in Hanover, Germany, March 7, 2019. Continental said in November it would cut thousands of jobs in the automotive division worldwide and reduce the number of business areas within the division from six to five. "The automotive business is with us, it stays with us," Setzer said at a media briefing. Its 2023 outlook forecasts an adjusted EBIT margin of 5.5-6.5% on sales of 41 billion to 43 billion euros. It expected an adjusted earnings margin close to 7% at ContiTech, at or above 13% in the tyres division and near 2% in the automotive division, CFO Katja Garcia Vila said.

Persons: Fabian Bimmer, Nikolai Setzer, " Setzer, Katja Garcia Vila, Victoria Waldersee, Matthias Williams, Louise Heavens Organizations: Continental, REUTERS, BERLIN, Thomson Locations: Hanover, Germany, Continental, ContiTech

☆ Vitesco says new Schaeffler offer for EV merger 'inadequate'
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The Vitesco company logo is seen at Continental's pilot location for industry 4.0 applications in Regensburg, Germany, February 28, 2020. REUTERS/Michael Dalder/File Photo Acquire Licensing RightsNov 27 (Reuters) - German automotive supplier Schaeffler (SHA_p.DE) raised its offer price for shares in Vitesco Technologies (VTSCn.DE) on Monday, as a goodwill gesture, but Vitesco management said the new offer was "inadequate". Germany's billionaire Schaeffler family holds all voting rights and 75% of shares in its namesake supplier of electric vehicle components. It also owns close to 50% of Vitesco, making the likelihood the merger will be agreed all but certain. However, under pressure from some investors, who said the original offer of 91 euros per share was too low, it increased its offer price to 94 euros ($102.53) per share in Vitesco.

Persons: Michael Dalder, Schaeffler, Vitesco, Amir Orusov, Christina Amann, Rachel More, Barbara Lewis Organizations: REUTERS, Vitesco Technologies, Continental AG, Thomson Locations: Regensburg, Germany, Vitesco

☆ Germany's Continental considers measures to improve competitiveness
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

A car wheel with a badge showing the logo of German tyre company Continental, pictured before the company's annual news conference in Hanover, Germany, March 7, 2019. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsCompanies Continental AG FollowFRANKFURT, Nov 12 (Reuters) - Continental (CONG.DE) on Sunday said it is considering how to improve competitiveness of its automotive division but stopped short of commenting on a report that it could axe about 5,500 jobs worldwide. "Continental is looking into further measures to strengthen the competitiveness of its Automotive division," a spokesman said in reply to emailed questions about the report by business publication Manager Magazin. Once it has taken concrete decisions the company will publicise them internally and then inform the public, he added. Manager Magazin earlier wrote that the multinational automotive parts manufacturer could cut about 5,500 jobs in the automotive division, more than 1,100 of which would be at its 30 locations in Germany.

Persons: Fabian Bimmer, Vera Eckert, David Goodman Organizations: Continental, REUTERS, FRANKFURT, Automotive, Thomson Locations: Hanover, Germany

Logo of German tyre company Continental is pictured before the annual news conference in Hanover, Germany, March 9, 2021. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsCompanies Continental AG FollowBERLIN, Nov 8 (Reuters) - Continental (CONG.DE) reported earnings in line with consensus on Wednesday as successful price negotiations, lower inventory and stabilised supply chains enabled it to boost the performance of its automotive business and increase free cash flow. "We still have significant ground to gain in the fourth quarter," Chief Financial Officer Katja Garcia Vila, formerly Dürrfeld, said. Its automotive business, which suffered a loss in the second quarter, was back to profit with an adjusted earnings margin of 2.8% largely down to raising prices and stabilising supply chains. Still, negative currency exchange rates prompted it to adjust the cars business sales outlook slightly downwards to 20 billion euros from 21 billion previously.

Persons: Fabian Bimmer, Katja Garcia Vila, Victoria Waldersee, Miranda Murray, Miral Organizations: Continental, REUTERS, BERLIN, Victoria, Thomson Locations: Hanover, Germany, North America, Europe

☆ Continental considering sale of ContiTech's car division - manager magazin
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

The name of German tire maker Continental is pictured on a wheel at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsCompanies Continental AG FollowContiTech AG FollowBERLIN, Aug 21 (Reuters) - German auto parts supplier Continental (CONG.DE) is considering the sale of the car division bundled within ContiTech, manager magazin reported on Monday, citing company sources. Supervisory board chairman Wolfgang Reitzle and the executive board around chief executive Nikolai Setzer are considering a reorganization of the corporation, the business publication added, citing the sources. As part of the reorganization, ContiTech's car division, which specializes in belts and sealing systems, will be put up for sale first, said the report. Philip Nelles, who is in charge of the ContiTech division, told Reuters in February that the company's activities in the car sector would be bundled into their own unit with a stronger focus on electromobility.

Persons: Fabian Bimmer, Wolfgang Reitzle, Nikolai Setzer, Philip Nelles, Victoria Waldersee, Miranda Murray, Rachel More Organizations: IAA, REUTERS, Continental, BERLIN, Reuters, Thomson Locations: Hanover

☆ Continental considers sell-off of ContiTech car business - manager magazin
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The name of German tire maker Continental is pictured on a wheel at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsCompanies Continental AG FollowContiTech AG FollowBERLIN, Aug 21 (Reuters) - German auto parts supplier Continental (CONG.DE) is considering the sale of the car division currently bundled within ContiTech, manager magazin reported on Monday, citing company sources. According to manager magazin, that unit - specialised in belts and sealing systems with a turnover of more than 2 billion euros - is due to be separated from the business within two years. The highly profitable tyres business and non-automotive part of ContiTech will be retained as the future core, it said, quoting an unnamed top manager who warned of the threat of a workforce rift if the tyres business continued financing the cars business. The company said in May that ContiTech would be realigned with the aim of enhancing its impact and efficiency, without providing further details.

Persons: Fabian Bimmer, Wolfgang Reitzle, Nikolai Setzer, ContiTech, Victoria Waldersee, Miranda Murray, Rachel More, Kirsten Donovan Organizations: IAA, REUTERS, Continental, BERLIN, Thomson Locations: Hanover, Europe, Americas, Asia Pacific

☆ EV battery imports face scrutiny under US law on Chinese forced labor
▼ + stars: | 2023-08-17 | by ( Nichola Groom | ) www.reuters.com time to read: +6 min

More than a year of enforcement of the Uyghur Forced Labor Prevention Act (UFLPA) has already stymied development of solar energy projects as detained panel shipments languish in U.S. warehouses. When shipments are detained, CBP provides the importer with a list of examples of products from previous reviews and the kind of documentation required to prove they are not made with forced labor, CBP told Reuters. "The timing of these changes does not reflect any specific changes in strategy or operations," a CBP spokesperson said in a statement, adding that the list of eight product types was "not exhaustive." In a report to Congress last month on UFLPA enforcement, CBP listed lithium-ion batteries, tires, "and other automobile components" among the "potential risk areas" it was monitoring. The stepped-up focus on automakers follows a study by Britain's Sheffield Hallam University published in December that said nearly every major automaker has exposure to products made with forced labor in Xinjiang.

Persons: Janet Yellen, Mark Schiefelbein, Dan Solomon, Chevalier, Solomon, Britain's, Ron Wyden, Wyden, we've, Tesla, Brandon Daniels, Nichola Groom, David Shepardson, Jan Schwartz, Daniel Leussink, Matthew Lewis Organizations: Reuters, U.S . Customs, Border Protection, Beijing, Uyghur, Labor, U.S . Solar Energy Industries Association, Biden, CBP, Miller, Britain's Sheffield Hallam University, U.S, Senate, Benz, Volkswagen, Friedrichshafen AG, Bosch, General Motors, Honda, Toyota, Continental AG, Thomson Locations: United States, Diaoyutai, Beijing, China, Xinjiang, U.S, Detroit, UFLPA, Los Angeles, Washington, Hamburg, Tokyo

☆ Continental bets on higher pricing as tyre replacement flat
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Logo of German tyre company Continental is pictured before the annual news conference in Hanover, Germany, March 9, 2021. The autos supplier expects sales of 14-15 billion euros ($31.82 billion) in the tyres segment from 14.5-15.5 billion previously, citing a declining market for tyre replacement in Europe and North America. But the rise in costs on wages, salaries, logistics, energy and materials would be lower than previously forecast at 1.4 billion euros from 1.7 billion. It was negotiating inflation-related price increases with customers for the second quarter, it added. Preliminary figures showed global passenger car and light commercial vehicle production grew by around 16% in the second quarter compared to last year, it added.

Persons: Fabian Bimmer, Victoria Waldersee, Friederike Heine, Barbara Lewis Organizations: Continental, REUTERS, Fabian Bimmer Companies, BERLIN, Thomson Locations: Hanover, Germany, Europe, North America

☆ Continental, Aurora to jointly develop self-driving systems for trucks
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - German automotive parts company Continental AG (CONG.DE) and U.S.-based self-driving technology firm Aurora Innovation said on Thursday they would jointly design and develop autonomous systems for the trucking industry. Investors and industry executives have been concerned about heavy investments going into self-driving technology and the protracted timelines to develop it. Continental, which will manage the lifecycle of the hardware kits it supplies for the Aurora Driver technology platform, said it expects production to begin in 2027. The companies also said Aurora Horizon is expected to be launched next year. The autonomous freight truck subscription service is based on the technology that Continental will help develop and build.

☆ Qualcomm CFO Focuses on Investing in Budding Automotive Business
▼ + stars: | 2022-09-27 | by ( Mark Maurer | Qualcomm Cfo Akash Palkhiwala | ) www.wsj.com time to read: +6 min

The company estimated $1.3 billion in auto revenue for the fiscal year ended Sunday, up 33% from the prior year. Ninety percent of Qualcomm’s auto-related revenue forecast through 2026 is based on existing design wins from across the business line, Mr. Palkhiwala said. “It’s a business that’s important to us,” Mr. Palkhiwala said about the auto-chips division. Like Qualcomm, chip companies such as Intel Corp. and Nvidia Corp. are wading deeper into the auto market. Nvidia reported $566 million in revenue for its auto business in the year ended in January, up 5.6% from the prior-year period.

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