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☆ Volkswagen passenger cars targets 10 billion euros of efficiency gains
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 14 (Reuters) - Volkswagen's (VOWG_p.DE) passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on sales target of 6.5%, a spokesperson said on Wednesday. "The Volkswagen Group is focusing even more strongly on profitability and cash flow," Antlitz said in his post. Antlitz's statement came after Volkswagen brand chief Thomas Schaefer told workers in an internal memo in mid-May it was planning an overhaul at its core brand to put it on more solid footing. Volkswagen is due to present new financial targets and an updated corporate strategy for the entire group at a capital markets day next Wednesday. The carmaker's supervisory board was due to discuss on Tuesday cost-cutting measures across the Volkswagen, Seat, Skoda and Cupra brands to achieve that goal, a source told Reuters.

Persons: Arno Antlitz, Antlitz, Thomas Schaefer, Schaefer, Victoria Waldersee, Jan Schwartz, Miranda Murray, Kirsten Donovan Organizations: Skoda, SEAT, Volkswagen, Reuters, Thomson Locations: BERLIN, Spain

☆ Volkswagen supervisory board to discuss savings programme on Tuesday
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 12 (Reuters) - Volkswagen's (VOWG_p.DE) supervisory board will meet on Tuesday to discuss a planned savings programme ahead of its capital markets day on June 21, two sources close to the company said on Monday. The board will discuss cost-cutting measures amounting to at least 3 billion euros ($3.22 billion) across the Volkswagen, Seat, Skoda and Cupra brands, said one source. Germany daily Handelsblatt, which first reported on the savings programme, reported that Chief Executive Oliver Blume wants to curb duplicate development work and better utilise German plants, particularly at Audi and Volkswagen. Volkswagen brand chief Thomas Schaefer said in an internal memo in May that the brand was targeting a 6.5% return on sales, compared to 3% achieved in the first quarter of this year. The Volkswagen brand must act," he wrote at the time.

Persons: Oliver Blume, Arno Antlitz, Thomas Schaefer, Jan Schwartz, Miranda Murray, Victoria Waldersee, Susan Fenton Organizations: Volkswagen, Skoda, Audi, Group, Reuters, Thomson Locations: BERLIN, Germany

☆ Volkswagen plans core brand revamp to boost returns -internal memo
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

Companies Volkswagen AG FollowBERLIN, May 17 (Reuters) - German carmaker Volkswagen (VOWG_p.DE) plans to overhaul its core brand to increase efficiency and returns, according to an internal memo from VW brand chief Thomas Schaefer seen by Reuters on Wednesday. "We can see that our brand – despite all its strengths – is not yet on a sufficiently solid economic footing," Schaefer wrote in the memo. The Volkswagen brand must act," he wrote. Handelsblatt business daily first reported the plans, saying they involved cost savings and were designed to increase annual results by at least 3 billion euros. In the memo seen by Reuters, Schaefer wrote that details of the revamp would be worked out in coming weeks and months.

☆ In race for efficient EVs, Mercedes taps F1 team to keep up with Tesla
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +6 min

In this article MBG-FF Follow your favorite stocks CREATE FREE ACCOUNTLewis Hamilton of Great Britain drives the Mercedes AMG Petronas F1 Team W13 on race day during the 2023 Australian Grand Prix at Albert Park on April 2, 2023 in Melbourne. But Mercedes' F1 collaboration to build more efficient EVs faster is unprecedented because it embeds that racing mindset and technological expertise directly in product development. After decades of leadership in combustion-engine technology, legacy carmakers like Mercedes have lagged Tesla in electric vehicles. Mercedes' F1 team can help it get back in the race, said Steven Merkt, head of transportation solutions at TE Connectivity , a major autos supplier. Last year, Mercedes unveiled its EQXX concept car, a super-efficient EV capable of a range of more than 1,200 km (745 miles), which was jointly developed with the German premium carmaker's F1 team in England.

☆ Volkswagen not planning new combustion engine Golf, Automobilwoche reports
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, April 2 (Reuters) - Volkswagen (VOWG_p.DE) does not plan to develop a new combustion engine generation of its legendary Golf car, brand chief Thomas Schaefer told autos publication Automobilwoche on Sunday, marking the end of the line for a vehicle on sale since 1974. The Golf 8, currently in production, will be the last combustion engine version of the hatchback car, with one more series of updates expected next year. The Volkswagen brand, part of the Volkswagen Group, is targeting 80% electric sales in Europe and 55% in North America by 2030. The group is targeting 50% electric sales globally by then. It is due to launch 10 new electric models by 2026, including a battery-electric car for under 25,000 euros($27,000).

Multiple experts identified the presence of malware on the Pinduoduo app that exploited vulnerabilities in Android operating systems. Evidence of sophisticated malware in the Pinduoduo app comes amid intense scrutiny of Chinese-developed apps like TikTok over concerns about data security. Pinduoduo has previously rejected “the speculation and accusation that Pinduoduo app is malicious.”CNN has contacted PDD multiple times over email and phone for comment, but has not received a response. Google Play is not available in China, and Android users in the country download their apps from local stores. Engineers also found their access to big data, data sheets and the log system revoked, the source said.

☆ Volkswagen lays out details of planned affordable electric car
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] German carmaker Volkswagen presents its new electric ID. 2all model, an electric vehicle that costs less than 25,000 euros, in Hamburg, Germany, March 15, 2023. REUTERS/Fabian BimmerBERLIN, March 15 (Reuters) - Volkswagen (VOWG_p.DE) laid out on Wednesday the details of a planned all-electric car costing under 25,000 euros ($26,790), part of the German carmaker's push to derive 80% of VW passenger brand sales in Europe from all-electric vehicles by 2030. "We are implementing the transformation at pace to bring electric mobility to the masses," VW brand chief Thomas Schaefer said in a statement. The car maker is also working on another electric car available for under 20,000 euros, it said, without providing further details.

☆ EU lawmakers approve effective 2035 ban on new fossil fuel cars
▼ + stars: | 2023-02-14 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The landmark rules will require that by 2035 carmakers must achieve a 100% cut in CO2 emissions from new cars sold, which would make it impossible to sell new fossil fuel-powered vehicles in the 27-country bloc. The law will also set a 55% cut in CO2 emissions for new cars sold from 2030 versus 2021 levels, much higher than the existing target of a 37.5%. New vans must comply with a 100% CO2 cut by 2035, and a 50% cut by 2030, compared with 2021 levels. Volkswagen (VOWG_p.DE) chief executive Thomas Schaefer said last year that from 2033 the brand will only produce electric cars in Europe. The car CO2 law is part a broader package of tougher EU climate policies, designed to deliver the bloc's targets to slash greenhouse gas emissions this decade.

☆ Volkswagen to invest $482 million in electrifying Wolfsburg plant
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 7 (Reuters) - Volkswagen (VOWG_p.DE) will invest 460 million euros ($482 million) by early 2025 in its Wolfsburg plant, with most of the funds going into preparation for the production of the electric ID.3 model, brand chief Thomas Schaefer said on Wednesday. The MEB+ platform will provide faster charging times and longer ranges, according to the statement. The new model will add to our bestseller ID.4 and ID.4 models and expand our market position," he said. The timeline for production of the ID.3 is on track, with partial production to take place in Wolfsburg from 2023 and full production expected in 2024. ($1 = 0.9535 euros)Reporting by Victoria Waldersee; Editing by Christoph Steitz and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

We’re going to win Georgia,” Biden said in response to questions regarding his outlook on the Georgia Senate runoff contest as he exited Air Force One Tuesday night. Share this -Link copiedWarnock defeats Walker in Georgia Senate runoff, NBC News projects Sen. Raphael Warnock has won his second statewide runoff election in the last two years, defeating Republican Herschel Walker in the increasingly purple state of Georgia to capture a six-year term in the Senate, NBC News projected. Share this -Link copiedThe Senate runoff election is still too close to call, but Warnock leads The Senate runoff election between Warnock and Walker is still too close to call, but Warnock leads, NBC News' Decision Desk said just before 10 p.m. Share this -Link copiedPolls close soon in critical Georgia Senate runoff Polls are closing at 7 p.m. ET in the Senate runoff election in Georgia, where Democratic Sen. Raphael Warnock is hoping to fend off a challenge from Republican Herschel Walker.

The turnout in the Senate runoff was nearly 75% to 80% of the entire turnout for the midterm election in November. Share this -Link copiedPolls close soon in critical Georgia Senate runoff Polls are closing at 7 p.m. ET in the Senate runoff election in Georgia, where Democratic Sen. Raphael Warnock is hoping to fend off a challenge from Republican Herschel Walker. Democratic Sen. Raphael Warnock has a massive ad-spending and fundraising advantage over Republican Herschel Walker in the runoff election. In the 2022 general election, Warnock grew his advantage in Henry County, winning it by just over 31 points.

Share this -Link copiedGroups work to mobilize Latino voters in Georgia Senate runoff From giving away bingo-like Mexican lotería cards to Taco Tuesdays and World Cup watch parties, Latino voting mobilization efforts ramped up in Georgia leading into the Senate runoff election. Share this -Link copiedPolls close soon in critical Georgia Senate runoff Polls are closing at 7 p.m. ET in the Senate runoff election in Georgia, where Democratic Sen. Raphael Warnock is hoping to fend off a challenge from Republican Herschel Walker. Democratic Sen. Raphael Warnock has a massive ad-spending and fundraising advantage over Republican Herschel Walker in the runoff election. In the 2022 general election, Warnock grew his advantage in Henry County, winning it by just over 31 points.

☆ The ‘Suicide’ of the Liberal Arts
▼ + stars: | 2022-12-03 | by ( Naomi Schaefer Riley | ) www.wsj.com time to read: +1 min

John, are you an Athenian or a Spartan?” A group of Iraqi students put that question to John Agresto in 2003, when he was in Baghdad working to rebuild Iraq’s university system for the Coalition Provisional Authority. After a classroom discussion of Thucydides, he says, “I thought I knew what they were driving at. So I said, ‘I hope I’m an Athenian, cultured and sophisticated. I don’t want to be a Spartan, rough and warlike.’ ”That was the answer the students were looking for—but Mr. Agresto had misunderstood the question. “The Spartans talked a lot about honor, their alliances and their friends,” he says.

But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought. That is roughly four times what the German government is offering, he said, with cheaper energy prices in the United States on top. The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German carmakers and suppliers, for which the United States is a main export market, are among its biggest victims. "If we don't do anything, a lot will emerge in the United States," said Siemens Energy (ENR1n.DE) Chief Executive Christian Bruch.

'REFUGE FOR WINTER' AND BEYONDVisitors and more permanent residents are also arriving from Germany, which was highly dependent on Russian gas before the Ukraine war and is anxious about possible winter energy shortages. Airlines will increase by 31% the number of seats available to the Canary Islands, the regional tourism office said. Airbnb, the short-term rentals firm, said searches for winter stays in southern Europe tripled between April and June. "Even before the energy crisis, we would have liked to be in Portugal because of the weather," the 28-year-old said. "But with the energy crisis, (being in Portugal) gives us more security because of the climate."

☆ Burger King's owner just opened a delivery-focused food hall where customers can order from Popeyes, Firehouse Subs, and other chains. The company is one of many expanding the ghost kitchen model to r
▼ + stars: | 2022-11-08 | by ( Nancy Luna | ) www.businessinsider.com time to read: +13 min

Burger King's owner recently opened its first ghost kitchen, or digital food hall, in Miami. And recently, the parent of Burger King, Restaurant Brands International, opened its first ghost kitchen in Miami. Wonder is part ghost kitchen, part food delivery van, part meal-kit provider. These ghost kitchens on wheels, outfitted with cooking equipment and chefs, can be hailed through an app. The company, which ended its partnership with Miami-based Reef Technology this year, is not labeling the facility as a ghost kitchen.

Both have highlighted policies that limit health care access in Georgia, such as its new six-week abortion ban and a decision by Republican Gov. Georgians have witnessed health services dwindle before and during the pandemic, straining the state’s medical system even as regional health care costs rise. Nearly half of Georgia’s 159 counties have no OB-GYN, according to the Georgia Board of Health Care Workforce. Some see the shutdowns as exacerbating racial disparities in health care access in Atlanta, where a 2018 Trulia analysis found 25.3 health care providers per 10,000 residents in the city’s majority-white census tracts, compared with 9.8 in majority-Black tracts. “I’m looking at somebody that is going to be for the community,” she says, “that’s going to help us with the health care — bring it closer to us.”

☆ German-flagged charity vessel refuses to leave Italian port
▼ + stars: | 2022-11-06 | by ( Francesca Landini | ) www.reuters.com time to read: +2 min

MILAN, Nov 6 (Reuters) - A German-flagged charity vessel refused to leave the Sicilian port of Catania on Sunday, after Italian authorities said not all the migrants it was carrying could disembark, the NGO responsible for the vessel said. Migrants wait to be rescued by crew members of NGO rescue ship 'Ocean Viking' in the Mediterranean Sea, October 26, 2022. Camille Martin Juan/Sos Mediterranee/Handout via REUTERSThe German NGO said that 35 migrants left onboard were in poor health and had fled "inhuman conditions" in Libya. A second charity vessel that had asked Rome for a safe port to disembark 572 migrants has just docked in Catania, the press officer for the Geo Barents ship told Reuters. "Selective and partial disembark, as proposed by the Italian authorities, is not to be considered legal under maritime law conventions," said international NGO Medicins sans Frontieres, which runs Geo Barents ship.

In the aftermath of the 2020 election, local election officials became frequent targets of supporters of former President Donald Trump who supported his false claims of election fraud. Election officials also said that the courts could inject chaos into the process if results are contested for weeks following the vote. Droves of election workers throughout Georgia quit their positions following the 2020 election. And in Pennsylvania, nearly 50 top election officials have left their post within the past two years. “Election workers and election officials leave or stop coming in, more errors can occur as a result, which in turn can fuel disinformation,” he said.

☆ EU approves effective ban on new fossil fuel cars from 2035
▼ + stars: | 2022-10-27 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

"This deal is good news for car drivers... new zero-emission cars will become cheaper, making them more affordable and more accessible to everyone," Parliament's lead negotiator Jan Huitema said. EU climate policy chief Frans Timmermans said the agreement sent a strong signal to industry and consumers. New vans must comply with a 100% CO2 cut by 2035, and a 50% cut by 2030 compared with 2021 levels. Volkswagen (VOWG_p.DE) boss Thomas Schaefer this week said that from 2033, the brand will only produce electric cars in Europe. Negotiators agreed on Thursday that the EU will draft a proposal on how cars that run on "CO2 neutral fuels" could be sold after 2035.

☆ Volkswagen brand will be electric-only carmaker in Europe from 2033 - brand chief
▼ + stars: | 2022-10-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +1 min

FILE PHOTO: A technician attaches a Volkswagen logo to a car, at the production line for electric car models of the Volkswagen Group, in Zwickau, Germany, April 26, 2022. REUTERS/Matthias RietschelBERLIN (Reuters) - The Volkswagen brand will only produce electric cars in Europe from 2033, its boss Thomas Schaefer said on Wednesday, committing to the earlier date in its previous 2033-2035 target. The carmaker is targeting an entry-level electric vehicle for 25,000 euros or less. Schaefer said improving and standardising battery chemistry and format was the key to achieving this goal, as well as producing at scale. “The only company that can scale on this territory at the moment is us,” the chief executive said.

☆ Mercedes signs 1.5 bln eur deal with Rock Tech Lithium to push e-car drive
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 20 (Reuters) - Mercedes-Benz (MBGn.DE) has signed a supply agreement with Canadian-German Rock Tech Lithium Inc (RCK.V) to receive on average 10,000 tons of battery-grade lithium hydroxide per year, the German carmaker said on Thursday. The deal allows the luxury carmaker to supply its battery partners with raw material, starting in 2026, including a qualification period, in order to rapidly scale up production of fully electric vehicles, it said in a statement. Register now for FREE unlimited access to Reuters.com Register"This significant amount of lithium sourced directly from Rock Tech will help Mercedes Benz to advance localization of European production of state of the art battery cells," Mercedes-Benz management board member Markus Schaefer said. As part of the deal, Rock Tech Lithium plans to supply Mercedes-Benz battery partners from a converter based in Guben, Germany, helping the German luxury carmaker to go fully electric by the end of the decade where market conditions allow. ($1 = 1.0217 euros)Register now for FREE unlimited access to Reuters.com RegisterWriting by Rachel More and Christoph Steitz; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.

☆ Xi wanted China to be at the tech frontier. 5 years on, tensions with the U.S. have dented that goal
▼ + stars: | 2022-10-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +10 min

Major Chinese technology firms have been put on export blacklists since then. Looking ahead, the latest package of U.S. controls will make a huge dent in China's technology ambitions. Paul Triolo technology policy lead, Albright StonebridgeThings did not look as "bleak" for China's semiconductors in 2017 as they do now, Triolo said. China's tech crackdownA major hallmark of Xi's last five years is how he has transformed China into one of the strictest regulatory regimes globally for technology. China's technology giants are also posting their slowest growth in history, partly due to tighter regulations.

☆ Expect to shell out more for a Christmas tree this year
▼ + stars: | 2022-10-03 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN Business —In the spirit of holiday cheer, here’s the good news first: Christmas tree farms say this year’s harvest looks good and they don’t expect shortages. The industry group Real Christmas Tree Board in August surveyed 55 wholesale growers of Christmas trees who account for about two-thirds of the nationwide supply. US Christmas tree farms say they don't expect shortages of real trees this holiday season but shoppers should prepare to spend more for them this year. Courtesy Real Christmas Tree BoardAt the store level, larger retail chains might be able to absorb some of the price increase, but they will likely need to pass some of those costs on to shoppers. They told us that they do expect to pay more for trees because of overall inflation but that they’re still going to buy their tree,” said Marsha Gray, executive director of the Real Christmas Tree Board.

☆ Ecuador Reaches Deal With China to Restructure Debt
▼ + stars: | 2022-09-19 | by ( Sara Schaefer Muñoz | Ryan Dube | ) www.wsj.com time to read: 1 min

Ecuadorian President Guillermo Lasso, pictured in August, is visiting New York for meetings during the United Nations General Assembly. NEW YORK—Ecuadorian President Guillermo Lasso said his country had reached a deal with China to restructure $4.4 billion of outstanding debt, saving the country $1 billion from 2022 to 2025. “This is a great development for Ecuador,” President Lasso told The Wall Street Journal on Monday.

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