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☆ 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 raises outlook for cars division to 13-15%
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 26 (Reuters) - Mercedes-Benz (MBGn.DE) raised its forecast for adjusted return on sales for the full year to 13-15% for its cars division from 12-14% as third quarter earnings rose to 5.2 billion euros ($5.18 billion), the company said on Wednesday. Group revenue in the third quarter was up by a fifth to 37.7 billion euros, with adjusted returns of 14.5% for the cars division and 12.7% at Mercedes-Benz Vans. Mercedes-Benz Vans now expects returns of 9-11% from 8-10% previously after seeing sales rise to 104,000 vehicles in the third quarter from 88,000 last year, with electric van sales up by a third this year so far. ($1 = 1.0047 euros)Reporting by Victoria Waldersee, Editing by Miranda MurrayOur 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.

☆ Volkswagen no longer investing in self-driving startup Argo AI
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 26 (Reuters) - Volkswagen AG (VOWG_p.DE) is no longer investing in Argo AI, the company said on Wednesday, concentrating its automated driving efforts on its existing partnerships with Bosch and Horizon Robotics in China. Volkswagen disclosed a $2.6 billion investment in Argo AI, the Pittsburgh-based self-driving startup, in June 2020. The investment meant the startup was jointly controlled by the German carmaker and Ford Motor Co (F.N), which made an initial investment in Argo AI shortly after it was founded. "Volkswagen is working with Argo AI to enable further working opportunities for employees and continue developing the promising projects on autonomous driving. All further cooperations with Ford remain unchanged," Volkswagen's statement said.

☆ Ford, Volkswagen-backed Argo AI to shut down- TechCrunch
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Argo Ai self driving prototype vehicle is seen outside a Ford and Volkswagen joint news conference in New York City, New York, U.S., July 12, 2019. REUTERS/Mike SegarOct 26 (Reuters) - Self-driving startup Argo AI will shut down operations and its employees and parts will be absorbed by its main backers, Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE), TechCrunch reported on Wednesday, citing people familiar with the matter. Ford did not immediately respond to a Reuters request for comment, while Argo AI and Volkswagen declined to comment. Argo AI in July said it had laid off about 150 employees as it made adjustments to its business plans. Started in 2016, Pittsburgh-based Argo AI was developing the technology behind driverless vehicles.

☆ 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.

☆ Mercedes-Benz: top-end, battery-electric sales hampered by supply bottlenecks - CFO
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 26 (Reuters) - Mercedes-Benz expects top end vehicle sales to rise in the single digits and said battery-electric vehicle production was hampered by production bottlenecks this year as it released third quarter results on Wednesday. The carmaker had said in July it expected top end vehicle sales to grow by 10%. It was no longer holding as many unfinished products as it was at the height of the semiconductor shortage, chief financial officer Harald Wilhelm said in an analyst call, but inventories were higher because finished products had not yet been delivered. Pent-up demand in Europe and a high order backlog would carry the carmaker into next year, Wilhelm said, adding it would prioritise bringing down inventory in the fourth quarter. Reporting by Victoria Waldersee; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen: we have never had supply chain shortages like today
▼ + stars: | 2022-10-25 | by ( Victoria Waldersee | ) www.reuters.com time to read: +1 min

BERLIN, Oct 25 (Reuters) - Volkswagen (VOWG_p.DE) is entering into direct purchase agreements in unprecedented areas to tackle the worst supply chain shortages the company has seen, its purchasing chief Murat Aksel said on Tuesday. The carmaker was also building a database to help predict geopolitical, natural and supply chain risks ahead of time, as it did for financial risks after the 2008 financial crisis, Aksel added. "We never used to talk to mining operators - now we know their business model," Aksel told a conference in Berlin. "It is no longer enough to rely on Tier 1 suppliers - we need to look behind the curtains ourselves." Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, Editing by Miranda Murray and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Uniper shuts down 50% of headquarters to save gas
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 24 (Reuters) - German utility Uniper is shutting half the office space in its headquarters and lowering temperatures in areas remaining open to save gas, it told Rheinische Post on Monday, as it struggles to stay afloat even after being nationalised. The company has switched off all devices and lamps in 50% of its office space in Duesseldorf, stopped cleaning and lowered the temperature to 14 degrees, the lowest it can be without damaging the building, the spokesperson told Rheinische Post. In offices where people are working, temperatures were being lowered to 20 degrees, the report said. The Rheinische Post report said E.ON (EON.UL) was also taking steps to reduce energy consumption in its buildings by at least 20% through measures like switching off lighting of logos and turning off hot water where possible. Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine needs Marshall Plan approach to rebuild, says German lobby
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Oct 24 (Reuters) - A German lobby group representing companies with interests in eastern Europe has called for a plan to rebuild Ukraine that would mirror the Marshall Plan that helped Europe recover from World War Two, the media group RND reported. The 20-page "Rebuild Ukraine" dossier covering topics from industry to agriculture and energy will be discussed at a Ukraine-Germany business forum in Berlin on Monday, attended by German Chancellor Olaf Scholz and Ukrainian Prime Minister Denys Schmyhal. In an opinion piece in German business newspaper FAZ on Sunday, Scholz and European Commission President Ursula von der Leyen made a similar call for a "new Marshall Plan for the 21st century" for Ukraine. The lobby group's dossier called for each European country involved in efforts to rebuild Ukraine to nominate a coordinator to an advisory board to liaise with Ukraine's government. German companies should be given incentives to invest in Ukraine just as the Marshall Plan, which was a U.S. initiative, encouraged investment in West Germany after World War Two, the lobby group's chair Michael Harms said.

☆ Germany evaluating if consumer gas price brake can be brought forward
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Oct 23 (Reuters) - German finance minister Christian Lindner said on Sunday it was not yet clear whether a gas price brake for consumers and small businesses planned from March could be brought forward, pointing to technical and legal difficulties in accelerating the move. Some state ministers have called for the price brake to come into force in January, as will be the case for larger industrial firms, in order to support smaller businesses and households through the winter. "These are technical and legal questions we need to look at... we are working as quickly as possible." Germany will remain stable in the long term and is handling public money well, so interest rates don't rise even further, or worse." Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Thousands protest in Germany demanding solidarity in energy relief
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

Demonstrators take part in a protest to promote energy independence from Russia, amid skyrocketing energy prices, in Berlin, Germany, October 22, 2022. Police said about 1,800 protesters gathered in Berlin. Register now for FREE unlimited access to Reuters.com Register"We want to show that we urgently need financial relief for citizens that is socially balanced. Germany's parliament on Friday approved the government's 200 billion euro ($195 billion) rescue package which aims to protect companies and households from the impact of soaring energy prices. German inflation in September hit its highest level in more than a quarter of a century at 10.9%, driven up by higher energy costs.

☆ Spain frontloads subsidies for electric car projects as VW appears in doubt
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

Industry Ministry said that the subsidies to be disbursed this year under the so-called PERTE scheme using EU pandemic relief funds would rise to 877 million euros ($860 million) from 600 million euros, meaning the total planned amount of nearly 3 billion will be slightly more front-loaded. Volkswagen's Spanish unit SEAT, the Volkswagen Group and 60 associated companies want to mobilise 10 billion euros to electrify the automotive industry in Spain and turn the country into a hub for electric mobility in Europe, producing electric cars and batteries. Other projects vying for the funds focus mainly on batteries. SEAT was allocated 167 million euros in the PERTE programme's first provisional results announced on Aug. 1. "We will keep working with the VW-SEAT group and other producers for Spain to be a global reference for electric cars, including batteries," Prime Minister Pedro Sanchez said.

LEIPZIG, Oct 21 (Reuters) - BMW (BMWG.DE) production chief Milan Nedeljkovic expects stabilising supply chains to lead to a clear improvement in profitability next year, he said in an interview at the carmaker's Leipzig plant in Germany. From a production perspective, Nedeljkovic said he did not expect margins to fall. Europe is falling behind the United States in its ambitions to become more independent in semiconductor supply, the production chief added, with both expressing the same intention but less tangible action from Europe. But with Europe's energy market and supply chain situation uncertain, Nedeljkovic was hesitant to pin down forecasts for next year's output. Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee and Christina Amann Editing by Rachel More and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Investors file lawsuit against VW over climate-change related lobbying disclosures
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Oct 20 (Reuters) - Six Volkswagen investors filed a case against the carmaker this week for refusing to discuss at its annual general meeting (AGM) whether its lobbying activities could threaten their investments, the investors said. This exposes the company, and their investments - representing around 0.1% of Volkswagen shares - to operational and reputational damage, they argued in a statement. "We share the view that aspects relevant to climate protection deserve even higher priority in reporting and are currently considering various approaches," the spokesperson added. "It is worrying that our shareholder right to contribute to the annual meeting agenda has been refused. Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ BMW tests hydrogen burner in Leipzig paint shop, expands battery assembly lines
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

LEIPZIG, Germany, Oct 20 (Reuters) - BMW (BMWG.DE) is testing a burner able to operate on both hydrogen and gas in its paint shop in Leipzig, the carmaker said on Thursday, as it also announced an 800-million-euro ($782 million) investment in new battery assembly lines at the plant. The burner, developed together with combustion technology firm Saacke with the aim of reducing carbon emissions in the production process, is able to switch from hydrogen to gas or vice-versa while in use. Carmakers looking to reduce dependence on Russian gas have been struggling to find a solution for how to power their paint shops without the fuel. Register now for FREE unlimited access to Reuters.com RegisterBMW already uses hydrogen in the production process at its Leipzig plant, with a fleet of hydrogen-powered trucks for logistics transport and five storage tanks on the premises. Also on Thursday, BMW said it was adding a third battery assembly line and five cell varnishing lines to the Leipzig plant by 2024, with two more high voltage battery assembly lines to follow after that.

☆ Tesla tops battery-electric vehicle registrations in Germany, beating Volkswagen
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Oct 18 (Reuters) - Tesla (TSLA.O) topped registrations of battery-electric vehicles in Germany in the first nine months of this year at nearly 38,500, federal data showed, beating the Volkswagen (VOWG_p.DE) brand by around 6,000 vehicles. Tesla's battery-electric registrations jumped nearly 50% from the January-September period last year, while Volkswagen's dropped 40% to just over 32,300 in line with a broader drop across most of the Volkswagen Group brands in Europe's biggest car market. Only Audi and Seat saw an increase in the number of battery-electric cars registered in Germany among Volkswagen Group brands, the data from the federal motor transport authority showed. Register now for FREE unlimited access to Reuters.com RegisterGlobally, Volkswagen Group saw total deliveries of its battery-electric vehicles rise 25% in January-September from a year earlier, figures released by the carmaker last week showed. Across all vehicle types - combustion engine, hybrid and battery-electric - deliveries of Volkswagen Group vehicles globally fell 12.9% this year, the carmaker reported last week, with Europe the hardest-hit region.

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.

☆ German car industry baulks at supplier demands over energy hikes
▼ + stars: | 2022-10-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +6 min

More and more suppliers are calling on the industry to renegotiate contracts to include energy clauses so they can cover the cost of rising bills. "We're asking for help with raw material costs, for clauses incorporating inflation - but the red line is energy costs. 'NO GOOD OPTIONS'While contracts in the automotive supply chain in Germany often include clauses that adapt prices according to the cost of raw materials, energy clauses are much less common. They can be problematic because they are complicated to calculate and require suppliers to share details on their margins, the production process and their energy contracts. "At a car manufacturer it's a lot of effort," he said, adding that his company only had energy clauses with a few important suppliers.

☆ Volkswagen to take 60% stake in tech joint venture with China's Horizon Robotics
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 13 (Reuters) - Volkswagen (VOWG_p.DE) will invest 2.4 billion euros ($2.33 billion) and take a 60% stake in a new joint venture with Chinese technology company Horizon Robotics for autonomous driving software and hardware, the carmaker said on Thursday. The companies will work together to develop technology that can integrate numerous functions for autonomous driving onto a single chip, the statement said. Horizon Robotics, founded in 2015, supplies customers including Volkswagen's Audi, Continental (CONG.DE), Li Auto and SAIC, according to its website. The carmaker, which makes around 40% of sales and half of profits in the country, holds a 75% stake in a joint venture with JAC <600418.SS<, a 50% stake with SAIC (600104.SS) and 40% with FAW [RIC:RIC:SASACJ.UL]. ($1 = 1.0290 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

German and Chinese national flags fly in Tiananmen Square ahead of the visit of German Chancellor Angela Merkel in Beijing, China, May 23, 2018. German investment and trade in China hit record levels in the first half of 2022 and big business says there's no question of pulling back from the world's second-biggest economy. A spokesperson for the economy ministry said it was closely following the investment behaviour of German companies as part of its strategic considerations on how to deal with China. The economy ministry declined to comment when asked about a meeting next year, or the remarks about Habeck. Reuters reported last month that the economy ministry was considering curbing export and investment guarantees as part of its new China strategy.

☆ Volkswagen to invest up to 2 bln euros in JV with China's Horizon Robotics - reports
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File PhotoBERLIN, Oct 12 (Reuters) - Volkswagen (VOWG_p.DE) plans to to invest up to 2 billion euros ($1.94 billion) in a joint venture with China's Horizon Robotics, Handelsblatt and Manager Magazin reported on Wednesday. Reuters reported earlier that VW planned a significant investment in a joint venture in the country for software production. It operates numerous joint ventures in China, holding a 75% stake in its venture with JAC (600418.SS), a 50% stake with SAIC (600104.SS) and 40% with FAW (SASACJ.UL). ($1 = 1.0304 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Kirsti Knolle, Victoria Waldersee, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Mercedes-Benz and Microsoft collaborate on supply chain data platform
▼ + stars: | 2022-10-12 | 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 PerawongmethaBERLIN, Oct 12 (Reuters) - Mercedes-Benz (MBGn.DE) and Microsoft (MSFT.O) announced a partnership on Wednesday using Microsoft Cloud for a data platform intended to improve production efficiency at over 30 passenger car plants globally, the carmaker said on Wednesday. The data platform, called MO360, is already available in Europe, the Middle East and Africa and will also be launched in the United States and China, the statement said. The aim is to gather data from across the production process from components to logistics to the assembly line to create a virtual replica that allows teams to identify potential supply chain bottlenecks more quickly. The collaboration should lead to a 20% increase in vehicle production efficiency by 2025 from 2022 levels, the statement added.

☆ Volkswagen targeting 20-30% automation at new electric vehicle plant
▼ + stars: | 2022-10-11 | by ( Victoria Waldersee | ) www.reuters.com time to read: +1 min

WOLFSBURG, Oct 11 (Reuters) - Volkswagen (VOWG_p.DE) is looking at automating 20-30% of production at its upcoming Trinity plant near its Wolfsburg headquarters, the plant's chief production officer said on Tuesday. "Assembly is still 90% manual work," Sebastian Schmickartz said at a suppliers summit in Wolfsburg. The Trinity plant, where the German carmaker will build a new flagship electric sedan, is due to begin pre-series production in 2025, with the official start of production in 2026. Volkswagen brand production chief Christian Vollmer told Reuters earlier this year the carmaker hoped this production strategy would help boost its productivity and keep its upper hand in the European market. 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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