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☆ China economy: Young people in China aren’t spending on romance. That’s a problem
▼ + stars: | 2024-08-13 | by ( Chris Lau | Hassan Tayir | ) edition.cnn.com time to read: +7 min

“The Qixi Festival is not as robust as previous years. Couples attend a kissing contest during the traditional Qixi festival in Shenyang, northeast China's Liaoning province, on August 13, 2013. “The only part of the world where consumer confidence remains very low is China,” L’Oreal CEO Nicolas Hieronimus told analysts on an earnings call late last month. Lower-than-expected growth in the global beauty sector this year is largely a consequence of low consumer confidence in China, he added. People take photos at a bus stop decorated with flowers during Qixi Festival, or Chinese Valentine's Day, on August 22, 2023 in Chongqing, China.

Persons: China’s, Louis Vuitton, ”, forlornly, Huang Jinkun, Alfred Wu, Lee, “, Yeap Jun Rong, Xi Jinping, Peng Liyuan, Stringer, De Beers, That’s, Niulang, Nicolas Hieronimus, Joanne Wilson, didn’t, ” Mercedes, Ola Kaellenius Organizations: Hong Kong CNN, Weibo, CNN, Qixi, Lee Kuan Yew, of Public, National University of Singapore, Volkswagen, Ministry of Civil Affairs, Getty, Diamond, State Administration of Foreign Exchange, Global, WPP, China News Service, Mercedes, ” Mercedes Benz Locations: China, Hong Kong, Shenyang, Liaoning province, Beijing, China's Liaoning province, AFP, Chongqing

☆ Mercedes-Benz local boss urges South Africa to speed up EV shift
▼ + stars: | 2023-10-18 | by ( Promit Mukherjee | ) www.reuters.com time to read: +1 min

For South Africa as a whole, three quarters of its vehicle production is exported. At the same time, South Africa's policy paper on EVs is two years behind schedule. "The train (EV shift) is a global one, and it's leaving the station. If South Africa doesn't jump onto the train, it runs the risk of being left behind," Mark Raine, co-CEO Mercedes-Benz Cars South Africa, told Reuters in an interview. Specifically, South Africa will need to boost local demand by cutting the import tax for EVs, setting up large-scale EV charging stations and investing in skills needed for the new ecosystem that EVs bring, he said.

Persons: it's, Mark Raine, Mercedes, Raine, Promit Mukherjee, Barbara Lewis Organizations: Mercedes Benz Group AG, Mercedes, Benz, Reuters, Thomson Locations: JOHANNESBURG, South Africa, Africa, Europe

☆ Mercedes applies for tax relief for projects at two U.S. plants
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Elijah Nouvelage/File Photo Acquire Licensing RightsCompanies Mercedes Benz Group AG FollowBERLIN, Sept 25 (Reuters) - German carmaker Mercedes-Benz (MBGn.DE) has applied for tax breaks for potential projects at two of its U.S. plants under the Inflation Reduction Act (IRA), a company spokesperson said on Monday. "We have decided to participate in the application process for production-related tax relief" under the IRA for the plants in Alabama and South Carolina, according to the spokesperson. A final decision is expected later this year or early next year, Handelsblatt reported. Mercedes did not want to comment on the production plan for the electric GLS. Reporting by Ilona Wissenbach, Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Elijah Nouvelage, Mercedes, Handelsblatt, Ilona Wissenbach, Miranda Murray, Friederike Heine Our Organizations: Benz, REUTERS, Companies Mercedes Benz Group, Thomson Locations: Woodstock , Alabama, U.S, Alabama, South Carolina, United States

☆ Mercedes-Benz threatened with recalls of Euro 6 cars over defeat devices
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

The logo of Mercedes-Benz is seen outside a Mercedes-Benz car dealer in Brussels, Belgium June 1, 2023. In the letter published on DUH's website, the KBA referred to three devices found in cars produced under the Euro 6 standard, the most recent and stringent limits for harmful tailpipe emissions from petrol or diesel-powered vehicles. Mercedes-Benz was obliged to take remedial measures or face an order to remove the cars from the road, it said, based on a ruling by the European Court of Justice that deemed such devices illegal in certain driving conditions. In a statement, Mercedes-Benz said it was co-operating fully with the KBA and that it believed it had already developed the technology required to tackle the issue via software updates. Reporting by Victoria Waldersee; Editing by Rachel More and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, Benz, carmaker, Victoria Waldersee, Rachel More, Clarence Fernandez Organizations: Mercedes, Benz, REUTERS, Companies Mercedes Benz Group, Deutsche, European Court of Justice, Thomson Locations: Brussels, Belgium

☆ 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

☆ Mercedes won't join Renault's new electric van project-sources
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 2 (Reuters) - Mercedes Benz Group (MBGn.DE), a longtime partner of Renault (RENA.PA) in vans, won't take part in the French company's FlexEvan electric project and will focus instead on its own premium electric vehicle VAN.EA, two sources with knowledge of the matter said. A spokeswoman of Mercedes confirmed that the group had no plan to launch a mid-sized van or a large one on a different platform than VAN.EA. Renault has long sought to expand its cooperation in vans with Mercedes, but in vain. "It is true that for light commercial vehicles, the bulk (of the cooperation with Mercedes) has been done", one of the sources said. Reporting by Gilles Guilaume; Editing by Silvia Aloisi and David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: FlexEvan, Mercedes, Luca de Meo, Carlos Ghosn, Gilles Guilaume, Silvia Aloisi, David Holmes Organizations: Mercedes Benz Group, Renault, Nissan, Renault Trucks, Sweden's Volvo, Mercedes, Daimler, Thomson Locations: U.S

☆ Mercedes-Benz reports Q1 adjusted return on sales of 14.8%
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

Companies Mercedes Benz Group AG FollowBERLIN, April 20 (Reuters) - Mercedes-Benz on Thursday posted first-quarter group adjusted return on sales of 14.8%, above market expectations, boosted by higher prices and strong demand. "Mercedes-Benz Cars delivered an adjusted return on sales of 14.8%, due to healthy net pricing, higher sales and a good product mix," the carmaker said in a statement. Analysts expected an average adjusted return on sales of 13.4%. First-quarter group earnings before interest and taxes rose to 5.5 billion euros and adjusted return and industrial free cash flow was at 2.2 billion euros. Adjusted return on sales of the vans division rose to 15.6% due to improved net pricing and higher sales, the company added.

☆ Mercedes-Benz begins building battery recycling factory in southern Germany
▼ + stars: | 2023-03-03 | by ( Industry Insight | Reuters Professional | Green Is The New Black As Fashion Sector Fast-Forwards On Sustainability Trend | ) www.reuters.com time to read: +1 min

Companies Mercedes Benz Group AG FollowFRANKFURT, March 3 (Reuters) - Mercedes-Benz (MBGn.DE) laid the foundation stone for a sustainable battery recycling factory in Kuppenheim, southern Germany on Friday. The pilot plant will have an annual capacity of 2500 tonnes and will contribute to the production of more than 50,000 battery modules for new electric Mercedes-Benz vehicles. Subject to talks with the public sector, the pilot factory will be completed a few months later. The Kuppenheim plant already runs a CO2-neutral operation with solar and green electricity. "We are sending an important signal of innovative strength in Baden-Württemberg and Germany for sustainable electromobility," said Jörg Burzer, management board member of Mercedes-Benz in production and supply chain management.

☆ European shares pulled down by Mercedes, defence stocks up after Poland blast
▼ + stars: | 2022-11-16 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

SummarySummary Companies Mercedes slides on report of China EV price slashesEuropean autos sector eyes worst day in nearly 7 weeksBiden says missile that hit Poland may not have come from RussiaNov 16 (Reuters) - European shares fell on Wednesday, with Mercedes Benz Group leading losses in automobiles stocks, while a blast in Poland kept sentiment subdued and pushed up defence stocks. The pan-European STOXX 600 (.STOXX) index fell 0.4% by 0924 GMT. Auto stocks (.SXAP) tumbled 2.8% to lead sectoral declines, and were headed for their biggest one-day percentage fall in almost seven weeks. The European aerospace and defence (.SXPARO) sector climbed 0.9% following news of the blast. Multiple data points signalled a euro zone recession amid the European Central Bank's aggressive monetary tightening cycle to control record-high inflation.

Companies Mercedes Benz Group AG FollowBERLIN, Oct 17 (Reuters) - Mercedes-Benz (MBGn.DE) has struck a preliminary agreement with an offshore wind provider to supply electricity equivalent to 25% of its demand in Germany from 2027 onwards, a spokesperson for the carmaker said on Monday. The energy provider, which the spokesperson declined to name, will reserve the energy for Mercedes-Benz from an offshore wind park under construction in the Baltic Sea. The carmaker, which previously said it aims to cover 70% of its energy demand with renewables by 2030, said in April it was sourcing all its electricity for Germany from green sources from 2022 onwards under purchase power agreements with Statkraft and Enovos. It is also planning to build a wind farm in the northwestern German state of Lower Saxony by 2025 that is able to produce a hundred megawatts of electricity, equivalent to over 15% of the carmaker's annual demand in Germany. Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese EV battery maker CATL expects Q3 profit to nearly triple
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 11 (Reuters) - CATL (300750.SZ), a Chinese electric vehicle (EV) battery giant, forecast its net profit in the July-September quarter to nearly triple from a year-ago period, buoyed by rapid expansion in production to power the growth of EVs worldwide. The company is the world's biggest battery maker and accounts for more than a third of global EV battery sales. CATL, a supplier to U.S. carmaker Tesla Inc (TSLA.O), expects its third-quarter net profit to increase to between 8.8 billion yuan ($1.23 billion) and 9.9 billion yuan, up from 3.3 billion yuan last year, CATL said in a stock exchange filing late Monday. Register now for FREE unlimited access to Reuters.com RegisterIt expects net profit for the first nine months of the year to more than double from a year-ago period. The Chinese firm announced in August that it would build a $7.6 billion battery plant in Hungary, Europe's largest so far.

☆ Mercedes-Benz to build wind farm in northwestern Germany, examining solar options
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

The Mercedes-Benz logo is seen at the 43rd Bangkok International Motor Show, in Bangkok, Thailand, March 22, 2022. REUTERS/Athit PerawongmethaCompanies Mercedes Benz Group AG FollowBERLIN, Sept 19 (Reuters) - Mercedes-Benz (MBGn.DE) is planning to build a wind farm in the northwestern German state of Lower Saxony, by 2025 that is able to produce a hundred megawatts of electricity, equivalent to over 15% of the carmaker's annual demand in Germany, it said on Monday. Mercedes will invest a three-digit million figure in a power purchase agreement with an as-yet-unnamed partner to buy the electricity generated by the turbines, the carmaker said. It is also examining together with local authorities whether it could put solar panels onto the remaining space in the 800-hectare piece of land in Papenburg, a test track owned by the carmaker. Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

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