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☆ Betting on flexibility, China's Nio will only rent cars in new EU markets
▼ + stars: | 2022-10-07 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

Chinese Nio electric car is seen at Nio's first European plant and power swap station in Biatorbagy, Hungary, September 16, 2022. Prices range from around 50,000-70,000 euros ($49,000-$69,000), depending on the car's range and whether customers buy or rent the battery. Nio will stick to direct sales in existing markets in part due to less attractive taxation on subscription models in Norway and restrictions around licence plates in China, Li said. "The advantage of our business separating the car from the battery is that we may reach economies of scale for the batteries faster than the cars," Li said. "In the long-run we believe any top company in the automotive industry will soon have in-house battery production," Li said.

Of course we had a gut feeling - the feedback we got from investors was very positive," Blume said, speaking next to a Porsche Taycan parked outside the Frankfurt stock exchange. Register now for FREE unlimited access to Reuters.com RegisterPorsche AG's solid market debut came despite broadly weaker stock markets following red-hot German inflation data. In an interview with Reuters, Blume brushed aside concerns about his dual CEO role, saying it was not unusual to lead a brand and a company simultaneously. Looking forward, the sports car brand was focused on solving the last remaining software issues created by delays in the collaboration with Volkswagen's Cariad unit, setting out distinct strategies for Eastern and Western markets, Blume said. "I would not rule out that we would have technology that first arrives in the Chinese market and is then rolled out in other markets," he added.

Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group's electrification drive. Porsche AG stock was trading up 3% from the issue price of 82.50 euros at 1035 GMT. That lifted Porsche AG's valuation to 77.4 billion euros, close to the market capitalisation of Volkswagen as a whole, which is worth around 80.1 billion euros, and puts it ahead of rivals like Ferrari (RACE.MI). Shares in Volkswagen and holding firm Porsche SE (PSHG_p.DE), which owns a blocking minority in Porsche AG, were down 4.6% and 8%, respectively, as investors switched across. Up to 113,875,000 preferred Porsche AG shares, carrying no voting rights, were sold in the initial public offering.

☆ Volkswagen battery IPO could be next, says CFO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

"We do not rule out an IPO of the battery unit, but the financial flexibility we won today allows us to further strengthen our work in batteries alone. Antlitz brushed aside rumours that Thursday's Porsche listing could lead to a listing of Audi, another premium brand and huge moneymaker for Volkswagen. Register now for FREE unlimited access to Reuters.com Register"The next project is strategic partnerships or a potential IPO of the battery unit - I can't say more for now," he said. Volkswagen has set aside 20 billion euros ($20.38 billion) for investment in its battery cell business, with the PowerCo unit managing its battery production and research from mining to recycling and projects including energy storage systems. It has set aside a further 10 billion euros for investment along the supply chain, such as sourcing cathode materials.

Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group's electrification drive. Porsche AG stock was trading up 2.5% from the issue price of 82.50 euros at 0854 GMT. Register now for FREE unlimited access to Reuters.com RegisterPorsche AG's solid start came despite broadly weaker stock markets as they braced for expected red-hot German inflation data. Shares in Volkswagen and holding firm Porsche SE (PSHG_p.DE), which owns a blocking minority in Porsche AG, were down 4.3% and 6.7%, respectively. Up to 113,875,000 preferred Porsche AG shares, carrying no voting rights, were sold in the initial public offering.

An employee of German car manufacturer Porsche mounts a steering wheel at the Porsche factory in Stuttgart-Zuffenhausen, Germany, February 19, 2019. REUTERS/Ralph Orlowski/FilesFRANKFURT, Sept 29 (Reuters) - Porsche AG shares will list on the stock market on Thursday after Volkswagen (VOWG_p.DE) priced shares at the top end of the announced range, a sign the luxury brand has lured buyers despite market turmoil. "Porsche was and is the pearl in the Volkswagen Group," Chris-Oliver Schickentanz, chief investment officer at fund manager Capitell, said. "The IPO has now made it very, very transparent what value the market brings to Porsche. Up to 113,875,000 preferred shares, carrying no voting rights, will be sold to investors over the course of the initial public offering.

☆ Porsche IPO books are closed ahead of listing on Thursday - bookrunners
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Sept 28 (Reuters) - The books for Volkswagen's (VOWG_p.DE) listing of Porsche AG are closed, a bookrunner said on Wednesday, in line with the previously announced schedule for the initial public offering taking place on Thursday. Porsche shares are poised to price at the top end of the previously announced range in the listing, bookrunners said earlier this week, potentially valuing the brand at up to 75 billion euros ($71.70 billion) in one of Europe's biggest ever listings. ($1 = 1.0460 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, Lucy Raitano Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

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

Industrial giants, in particular gas-heavy industries like chemicals, have begun shifting production and sourcing from elsewhere. It is now sourcing some of its ammonia from outside of Europe, where prices are lower, a spokesperson said. 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. Chief executive Dominik von Achten said the company was shifting production at plants to times when power prices were lower, such as weekends. 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.

☆ Volkswagen teams up with Umicore on battery materials
▼ + stars: | 2022-09-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +3 min

The venture - between Umicore and Volkswagen's battery unit PowerCo - also plan to collaborate on recycling metals from battery materials, the firms said, without giving a timeframe. Under the 3 billion euro ($2.9 billion) joint venture, which the companies flagged in December, Umicore will produce enough battery precursor and cathode material for 160 gigawatt hours (GWh) of battery capacity - enough for 2.2 million vehicles. It will start with material for 40 GWh of capacity by 2026 at Volkswagen's first battery plant in Salzgitter, Germany. There is a "strong industrial logic" to locating production at Umicore's newly inaugurated battery materials plant in Nysa, Poland, Umicore CEO Mathias Miedreich said, adding a decision would be taken "rather quickly". read moreThe companies also agreed that Umicore would refine cathode material for the first 60 GWh of capacity.

☆ Firefighters extinguish flames on grounds of Tesla's Germany plant
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. REUTERS/Annegret HilseBERLIN, Sept 26 (Reuters) - A fire that broke out on the grounds of Tesla's (TSLA.O) plant in Germany at 0330 local time (0130GMT) on Monday has been extinguished, with no injuries reported, according to the local fire department. Tesla's fire department took over command of the operation about five hours later, though local firefighters remain on the scene. The cause of the fire has not yet been determined and police are looking into it, a regional spokesperson said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, Writing by Miranda Murray; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen's PowerCo and Umicore team up on battery materials
▼ + stars: | 2022-09-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

REUTERS/Imelda MedinaBERLIN, Sept 26 (Reuters) - Volkswagen's (VOWG_p.DE) PowerCo and materials technology firm Umicore announced a 3 billion euro ($2.9 billion) joint venture on Monday that will produce battery precursor and cathode material from 2025, likely at Umicore's new plant in Poland. The venture will start with a target of 40 GWh by 2026, with Volkswagen's Salzgitter battery plant the first to receive material. Register now for FREE unlimited access to Reuters.com RegisterThere is a "strong industrial logic" to locating production at Umicore's newly inaugurated battery materials plant in Nysa, Poland, Umicore CEO Mathias Miedreich said, adding a decision would be taken "rather quickly". Volkswagen, which plans to build six battery plants in Europe by 2030 starting with Salzgitter, first announced in late 2021 that it was planning a joint venture with Umicore as it attempts to gain control over the entire battery value chain. read moreShares in the Belgian company plummeted in June after it announced a 5 billion euro plan to bulk up its battery material business, with analysts concerned about the higher debt and external funding required amid rising costs.

☆ Volkswagen's PowerCo and Umicore form joint venture on precursor and cathode material for batteries
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Volkswagen is displayed at the carmaker's factory in Puebla, Mexico August 31, 2022. REUTERS/Imelda MedinaBERLIN, Sept 26 (Reuters) - Volkswagen's (VOWG_p.DE) battery unit PowerCo has formed a joint venture with Belgium's Umicore (UMI.BR) for the production of precursor and cathode material in Europe, jointly investing 3 billion euros ($2.89 billion), the companies said on Monday. Register now for FREE unlimited access to Reuters.com RegisterBoth partners will equally share costs, investments and profits. Volkswagen, which plans to build six battery plants in Europe by 2030 starting with Salzgitter, first announced in late 2021 that it was planning a joint venture with Umicore. read more($1 = 1.0379 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Gareth Kaminski-Cook, CEO of Autins, which makes noise-reducing and thermal insulation for carmakers, gives a tour of the auto supplier's factory in Tamworth, Britain, May 3, 2022. Many auto suppliers, already squeezed by rampant inflation and energy prices, say they have little choice but to shoulder the extra costs of making their components sustainable to meet carmakers' environmental targets. "We're going to see a real big shakeout the next five, 10 years in the auto supply chain." The company, which is worth about $39 billion, launched its own sustainability drive in 2020 and is working on recyclable products with carmakers including Volkswagen, Volvo and BMW. Guell says carmakers only want to work with suppliers who use green energy, leaving him in a tight spot.

☆ Indicated demand for shares in Porsche AG exceeds full deal size - bookrunners
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA logo of Porsche is seen outside a Porsche car dealer, amid the coronavirus disease (COVID-19) outbreak in Brussels, Belgium May 28, 2020. Indicated demand exceeded the full deal size, the bookrunners said, with one describing demand as "incredibly robust." Volkswagen (VOWG_p.DE) said this month it would price preferred shares in the flotation of Porsche AG scheduled for this Thursday at 76.50 - 82.50 euros per share, translating into a valuation of 70-75 billion euros. That would leave the luxury carmaker's market capitalisation below some investors' estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. ($1 = 1.0353 euros)Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray, Reporting by Lucy Raitano, Editing by Victoria WalderseeOur Standards: The Thomson Reuters Trust Principles.

☆ Daimler Truck begins producing Mercedes-Benz branded trucks in China
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Visitors surround an Actros truck of German truck maker Mercedes-Benz at the IAA truck trade fair in Hanover, Germany September 19, 2018. REUTERS/Fabian Bimmer/File PhotoBERLIN, Sept 23 (Reuters) - Daimler Truck (DTGGe.DE) has begun producing Mercedes-Benz branded trucks in China, with the first vehicles rolling off production lines at its joint plant with China's Foton Motor Co (600166.SS) in Beijing on Friday, the truck and bus maker said. China is the world's biggest market for heavy trucks, with around 1.5 million units sold in 2021 - more than in the U.S., Japan and Europe combined, according to data from German car association VDA. Daimler Truck has so far only produced the joint venture's brand, Auman, in China, while selling Mercedes-Benz trucks imported from Germany at a higher price. A document seen by Reuters in 2020 on plans for the revamp of the joint plant to begin heavy truck production said the target was to produce 50,000 Actros trucks a year.

☆ Mercedes-Benz has further gas reduction plans in back pocket, production chief says
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe Mercedes-Benz logo is seen at the 43rd Bangkok International Motor Show, in Bangkok, Thailand, March 22, 2022. Chief executive Ola Kaellenius said in July a 10% gas reduction had already been achieved and that a further reduction of up to half could be implemented. read moreRegister now for FREE unlimited access to Reuters.com RegisterStill, all contingency plans to prevent a production halt depended on supplier networks managing to deliver parts, Burzer warned. read moreVolkswagen said it had already reduced its gas intake by over 20% and could reduce it further to a mid double-digit percentage. Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Carlos BarriaSTOCKHOLM/BERLIN, Sept 21 (Reuters) - Over a dozen automakers including Toyota (7203.T) and Nissan (7201.T), have signed up with a platform for patent licences from 51 tech companies, aiming to simplify access to wireless technology and avoid costly legal battles. Conflicts have stemmed in part from different views among carmakers, suppliers and tech firms over who should shoulder the cost of licensing. Mercedes-Benz (MBGn.DE), then Daimler, ended a years-long dispute over its patent use last year with Nokia after being eventually forced to pay. "Usually suppliers handle patents in the development process – telecoms is the one area where they don't," the person, who declined to be named, said. Avanci is also working with companies on a new contract to cover 5G patents, which would likely be more expensive than the current patent portfolio.

☆ Demand for Porsche AG listing strong as retail investor subscription period begins
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA Porsche Taycan is displayed at a car show in Oslo, Norway, November 10, 2021. Indicated demand for the listing, due to take place on Sept. 29 at the Frankfurt Stock Exchange, exceeds the full deal size, the bookrunning said. It was too early for visibility on retail demand, they added. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive. Register now for FREE unlimited access to Reuters.com RegisterReporting by Matt Scuffham, Lucy Raitano in London, Victoria Waldersee in Berlin; Editing by Miranda Murray and Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ Investors mixed as Porsche seeks price tag of up to $75 billion
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. "It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Volkswagen's valuation for Porsche AG is close to its own market capitalisation of 88 billion euros. Analysts have compared Porsche AG stock to Ferrari, which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.

☆ Volkswagen shares dip as it values Porsche at up to $75 bln
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

"It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Shares in Porsche SE (PSHG_p.DE), Volkswagen's largest shareholder which will take a big stake in Porsche AG, were 2.42% higher, topping Germany's DAX blue-chip index (.GDAXI). read moreVolkswagen said on Sunday it would price preferred shares in the flotation of Porsche AG at 76.50-82.50 euros per share. Analysts have compared Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

☆ Tesla's German battery plant and land extension on track - mayor
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Sept 19 (Reuters) - Tesla (TSLA.O) has confirmed to the mayor of Gruenheide that its plans to operate the battery plant currently under construction in Germany are unchanged, mayor Arne Cristiani told Reuters on Monday. The plant is still being built," Cristiani said, referring to a report in the Wall Street Journal last week that Tesla was pausing its plans to make batteries in Germany. read moreCristiani also denied reports by local newspaper rbb last week that he had struck the topic of an extension to Tesla's land to be used for logistics purposes from the local council agenda, saying it was never on the agenda. The carmaker had applied for the extension in May and it was being discussed by the relevant community representatives, Cristiani said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Daimler Truck CEO says output could have been higher by 'five-digit figure' without supply chain problems
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Martin Daum, head of Daimler Trucks and Buses gestures during the annual results news conference in Stuttgart, Germany, February 11, 2020. REUTERS/Andreas GebertHANNOVER, Germany, Sept 19 (Reuters) - Daimler Truck's (DTGGe.DE) deliveries could have been higher by a "five-digit figure" in 2021 and 2022 if it had not faced supply chain problems, its chief executive Martin Daum told Reuters. Register now for FREE unlimited access to Reuters.com RegisterThe company sold 120,961 units in the second quarter of 2022, up 4% from the same period last year. Daum said Europe, and Germany in particular, was lagging on building battery production, with most still coming from Asia. This could hold back the country's ambitions to build batteries, a highly energy-intensive process, Daum said.

☆ Volkswagen shares up slightly on Porsche's 70-75 billion euro valuation
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

The valuation announced on Sunday of 70 billion-75 billion euros is slightly below some investors' estimates of up to 85 billion euros, but still far outstrips the valuation of other German carmakers like BMW's (BMWG.DE) 49 billion euros or Mercedes-Benz' 61 billion. Register now for FREE unlimited access to Reuters.com RegisterIt also comes close to Volkswagen's own market capitalisation of 88 billion euros. Shares in Porsche Holding SE, Volkswagen's largest shareholder, were 3.23% higher, topping Germany's DAX blue-chip index (.GDAXI). Analysts have compared the Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

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