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☆ EV brand Beyonca signs investment deal with Saudi Arabian group
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: 1 min

Beyonca's GT Opus 1 concept car is unveiled during an event at the electric vehicle (EV) start-up's headquarters in Beijing, China October 30, 2022. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Oct 23 (Reuters) - Electric vehicle brand Beyonca, backed by Renault (RENA.PA) and Dongfeng Motor (0489.HK), said on Monday that it signed an investment agreement with Riyadh-based Al Faisaliah Group Holding Company. At the signing ceremony at Dongfeng Motor's headquarters in the central Chinese city of Wuhan, Beyonca also inked a strategic cooperation deal with QG FZE-LLC regarding investment opportunities in the Middle East, according to the EV brand. Reporting by Beijing newsroom; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Beyonca, QG, Jamie Freed Organizations: REUTERS, Rights, Renault, HK, Al, Group Holding, Beijing, Thomson Locations: Beijing, China, Rights BEIJING, Riyadh, Wuhan

A general view of the Samsung SDI battery factory in God, Hungary, December 12, 2022. REUTERS/Marton Monus Acquire Licensing RightsSEOUL, Oct 23 (Reuters) - South Korea's Samsung SDI (006400.KS) said on Monday it will supply Hyundai Motor (005380.KS) with electric vehicle (EV) batteries for seven years starting 2026, marking the first battery supply deal between the two companies. "The latest supply deal marks the first ever partnership between Samsung and Hyundai Motor Group in the field of electric vehicle batteries," Samsung SDI said in a statement. The battery maker, which supplies to General Motors Co (GM.N), Stellantis (STLAM.MI), BMW (BMWG.DE) among others, added that it will supply prismatic batteries manufactured at its factory in Hungary for Hyundai Motor's EVs targeting the European market from 2026 through 2032. Samsung SDI did not disclose the size of the deal.

Persons: Marton Monus, Heekyong Yang, hyang Choi, Diane Craft, Jacqueline Wong Organizations: Samsung SDI, REUTERS, Rights, Korea's Samsung SDI, Hyundai, Samsung, Hyundai Motor Group, General Motors Co, BMW, Hyundai Motor's, Thomson Locations: God, Hungary, Rights SEOUL, KS

[1/4] A United Auto Workers (UAW) union member wears a pin while picketing outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. It is in discussions with GM about the parameters of a deal to include battery plant workers under a master labor agreement. Analysts at Wells Fargo estimated that Ford will lose about $150 million per week in core profit from the Kentucky plant strike. Some analysts said the decision to shut down Kentucky Truck and other high-profit Detroit Three operations is a sign that the endgame could be starting in the labor dispute. The tens of thousands of Ford workers with no retirement security."

Persons: Luke Sharrett, Shawn Fain, “ We’re, ”, Fain, We're, Ford, Jim Farley's, Farley, ” Ford, Arthur Wheaton, Stellantis, Kumar Galhotra, who's, Todd Dunn, who've, Dunn, Galhotra, David Shepardson, Joseph White, Abhirup Roy, Pushkala Aripaka, Shivansh, Amna, David Gaffen, Jamie Freed, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three, Ford, Kentucky, General Motors, Chrysler, Detroit automakers, GM, Detroit, Cornell University, Reuters, Ford Bronco, EV, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, F.N, Kentucky, Wells, Milan, Louisville, Ford's Michigan, Washington, Detroit, San Francisco, Bengaluru

[1/4] A United Auto Workers (UAW) union member wears a pin while picketing outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. ET (1400 GMT) with fallout still raining down from his surprise decision on Wednesday to strike Ford Motor's (F.N) Kentucky truck plant, the automaker's largest and most profitable operation worldwide. Last Friday, Fain said if needed, the UAW would strike the GM assembly plant in Arlington, Texas, that builds the Cadillac Escalade, Chevy Suburban and other large, high-priced SUVs. GM's Flint, Michigan, heavy-duty truck assembly plant is another potential strike target. It is in discussions with GM about the parameters of a deal to include battery plant workers under a master labor agreement.

Persons: Luke Sharrett, Shawn Fain, Fain, Ford, Kumar Galhotra, Todd Dunn, who've, Dunn, Galhotra, David Shepardson, Joe White, Jamie Freed Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three, Reuters, Chrysler, General Motors, Ford, GM, Ford Bronco, EV, Reuters Graphics Reuters, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, F.N, Kentucky, Louisville, Arlington , Texas, Flint , Michigan, Ford's Michigan, Washington, Detroit

Until this week, Fain had announced all of the union's new strikes on Fridays, during what has become a weekly livestreamed update for union members. "We continue to believe the escalation at [Ford] this week is a sign the talks may be coming to an end. KY Truck is likely Ford's most profitable plant, and therefore the strike is the highest level of escalation, aside from a national strike," Wells Fargo analyst Colin Langan wrote in a Friday note. But the UAW's leaders may be looking one more step ahead, to the process of selling a tentative deal with Ford to their members. ), and that UAW members have secured the last few ounces of wage, benefits, and job protection concessions that they can get," Lache wrote Thursday to investors.

Persons: counterintuitively —, It's, Shawn Fain, Fain, Wells, Colin Langan, autoworkers, Wolfe, Rod Lache, Ford, Lache Organizations: DETROIT, United Auto Workers, Ford Motor's, Plant, Ford, General Motors, Chrysler, Street, UAW Locations: Kentucky

☆ Cramer urges investors to stick with Ford, even as latest strike risks denting profits
▼ + stars: | 2023-10-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Around 8,700 Ford workers Wednesday evening walked off the job at the automaker's Kentucky truck plant — its largest and most profitable globally — after the UAW said Ford refused further concessions in contract bargaining. "It's time for a fair contract at Ford and the rest of the Big Three," he added. Ford was apparently caught off guard by the strike at its Kentucky plant, which generates $25 billion in annual revenue, roughly a sixth of the company's global automotive revenue. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Factory workers and UAW union members form a picket line outside the Ford Motor Co. Kentucky Truck Plant in the early morning hours on October 12, 2023 in Louisville, Kentucky.

Persons: Ford, Jim Cramer, Fain, Jim, BofA, Wells, Jim Cramer's, Luke Sharrett Organizations: United Auto Workers, Ford, Big Three Detroit, UAW, Chrysler, General Motors, Big Three, Duty, Ford Expedition, Lincoln, Bank of America, Detroit, CNBC, Factory, Ford Motor Co, Plant, Getty Locations: Kentucky, Wells Fargo, Louisville , Kentucky

☆ IMF says global economy 'limping along', cuts growth forecast for China, euro zone
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +7 min

China Daily via REUTERS Acquire Licensing RightsSummary Global growth forecast unchanged at 3.0% in 2023Inflation dropping but 'not quite there yet'-IMF chief economistIMF raises U.S. forecast, cuts outlook for China, euro areaMARRAKECH, Morocco, Oct 10 (Reuters) - The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy. In its latest World Economic Outlook, the IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% but cut its 2024 forecast to 2.9% from its July forecast of 3.0%. Even in 2028, the IMF is projecting global growth of just 3.1%. You put all these things together and you have a slowdown in medium-term growth," Gourinchas told Reuters. If the real estate crisis deepened, China's growth could be lowered by as much as 1.6% percentage point, which in turn would knock 0.6 percentage points off global growth, Gourinchas said.

Persons: Pierre, Olivier Gourinchas, Gourinchas, It's, it's, Andrea Shalal, Andrea Ricci, Catherine Evans Organizations: REUTERS Acquire, IMF, Monetary Fund, World Bank, Reuters, Research, Labor, U.S, autoworkers, Thomson Locations: Jinhua, Zhejiang province, China, MARRAKECH, Morocco, U.S, COVID, Ukraine, Israel, Marrakech, United States, Japan

☆ Chinese EV startup WM Motor files for bankruptcy
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: 1 min

WM Motor's founder and CEO Freeman Shen and Vice President of Strategic Planning, Lobo Lu attend the WM Motor brand launch event in Shanghai, China, December 11, 2017. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING, Oct 10 (Reuters) - Chinese electric vehicle (EV) startup WM Motor has filed for bankruptcy, according to the national enterprise bankruptcy information disclosure platform. A court in Shanghai is handling the bankruptcy case, according to the disclosure dated Monday. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Freeman Shen, Lobo Lu, Aly, Qiaoyi Li, Zhang Yan, Brenda Goh, Shri Navaratnam Organizations: WM Motor's, Strategic, WM, REUTERS, Rights, Thomson Locations: Shanghai, China, Rights BEIJING

☆ Hyundai Motor to adopt Tesla EV-charging standard from 2024 in US
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSEOUL, Oct 5 (Reuters) - Hyundai Motor Co (005380.KS) said on Thursday it has decided to adopt Tesla Inc's (TSLA.O) electric vehicle (EV) charging technology in the United States and Canada. That will give Hyundai EVs with NACS ports access to more than 12,000 Tesla Superchargers across the United States, Canada, and Mexico, the company said. Owners of existing and future Hyundai EVs with the current CCS will have access to the Tesla Supercharging Network starting in the first quarter of 2025. In June, Hyundai Motor said it would consider making its vehicles more readily compatible with the NACS charging system. Tesla's NACS is widely available, with the U.S. Department of Energy saying they make up about 60% of the fast chargers in the United States.

Persons: Andrew Kelly, Tesla, Hyundai's, Elon, company's superchargers, Jose Munoz, NACS, Heekyong Yang, Christian Schmollinger Organizations: Hyundai Kona, New York, REUTERS, Rights, Hyundai, Ford, General Motors, Nissan, Hyundai Motor, Hyundai Motor's, Global, CCS, Tesla Supercharging Network, U.S . Department of Energy, Volkswagen, Kia Corp, BMW, Thomson Locations: Manhattan , New York City, U.S, Rights SEOUL, KS, United States, Canada, Mexico

☆ Ford pickup truck sales lead third-quarter growth
▼ + stars: | 2023-10-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Ford Motor's third-quarter U.S. new vehicle sales increased 7.7% compared with a year earlier, led by higher sales of traditional pickup trucks across its lineup. The Detroit automaker on Wednesday reported a 15.3% increase in truck sales compared with a 5.1% decline in cars and sales of SUVs that were essentially flat. The automaker's sales of electric vehicles were up by 14.8% during the quarter to nearly 21,000 units. Ford hybrid sales, led by the F-150 and Maverick hybrid trucks, posted third-quarter sales of 34,861 vehicles – up 41.4% over a year earlier. An ongoing strike by the United Auto Workers union against the Detroit automakers, including Ford, was not expected to directly impact sales much during the quarter.

Persons: Ford, Edmunds Organizations: DETROIT, Detroit, United Auto Workers, Ford, Ford Bronco, UAW, GM, Ford Motor

☆ These are the top 4 Club stocks — and the bottom 4 — during the third quarter
▼ + stars: | 2023-09-30 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +11 min

Here's a look at the top four and bottom four Club stocks in the third quarter as Wall Street gears up for the first trading day of the fourth quarter on Monday. The winners LLY mountain 2023-06-30 Eli Lilly's stock performance in the third quarter. CAT mountain 2023-06-30 Caterpillar's stock performance in the third quarter. F mountain 2023-06-30 Ford Motor's stock performance since the end of the second quarter. In the first few weeks of the quarter, shares of the medical equipment giant actually edged higher, but its fortunes would turn significantly.

Persons: —, Eli Lilly, Eli Lilly's, Lilly, Wegovy —, Microsoft's, Locker, Mary, Jim Cramer, Dillon, Estee Lauder, we're, Fabrizio Freda, Stellantis, Ford, Jim, we've, there's, Foot Locker, GE Healthcare's, Jim Cramer's, Frederick Florin Organizations: Federal Reserve, Dow Jones, Nasdaq, Dow, Novo Nordisk, Investors, Caterpillar, Natural Resources, West Texas, Google, Microsoft, FL, Ford, United Auto Workers, UAW, General Motors, Detroit, GM, GE, GE Healthcare, CNBC, AFP, Getty Locations: U.S, WTI, Asia, Illinois, Estee Lauder, GOOGL, Fegersheim, France

But few of them besides Tesla's Model Y and Model 3 are selling at high enough volumes to support a full-scale assembly plant, according to a Reuters analysis of U.S. EV sales data for the first six months of 2023. But that market share was divided up among 103 different models, according to the Alliance's latest quarterly report on the EV market. The U.S. automaker, like several rivals, has committed billions to build additonal EV and battery plants in the U.S. In a media presentation on Tuesday, Cox Automotive noted that Tesla has surrendered some share of U.S. EV sales this year as more entrants hit the market, but still commands nearly two-thirds of all EV sales. Cox estimated that EV sales will rise to 8% of total U.S. vehicle sales in the third quarter from about 6.5% a year ago.

Persons: Rebecca Cook, Ford, Tesla, Reuters Graphics Reuters Graphics Tesla, General Motors, Cox, Joe White, Paul Lienert, David Gregorio Our Organizations: Rouge Electric Vehicle, REUTERS, Global, EV, Tesla's, P Global, Reuters Graphics Reuters Graphics, General, Chevrolet, Bolt, Ford, Hyundai, Reuters Graphics Reuters, Alliance for Automotive Innovation, U.S, Cox Automotive, Thomson Locations: Dearborn , Michigan, U.S, Michigan, United States, Detroit

☆ These 5 Club stocks have defied the S&P 500's recent slide
▼ + stars: | 2023-09-25 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

September has been unkind to stocks – living up to its historical reputation as the weakest month for the S & P 500 . Still, some Club stocks have been able to buck the downward trend since the start of the month — and none more so than Humana (HUM). The health insurer advanced 7.3% through Friday's close, putting it among the top-10 performing stocks in the S & P 500 over that stretch. In a year largely characterized by outperformance in technology stocks, health care has been one of the worst S & P 500 sectors . The stock entered Monday's session down more than 11% in 2023, the third-worst of any Club stock.

Persons: Jim Cramer, Jim, Centene, Molina, it's, Ford's outperformance, –, Shawn Fain, Ford, Honeywell's outperformance, Vimal, Morgan Stanley, Kupar, Darius Adamczyk, Jim Cramer's Organizations: Federal Reserve, Treasury, CVS Health, Molina Healthcare, McKesson Corp, Humana, Costco Wholesale, Ford, Costco, Club, Detroit, General Motors, Chrysler, United Auto Workers, GM, UAW, Reuters, Honeywell International, Meta, Street Journal, Morgan, CNBC, New York Stock Exchange, View Press, Getty Locations: Friday's, Kupar, New York

☆ US Republicans push for security review of China-linked battery company
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Amanda Andrade Rhoades/File Photo Acquire Licensing RightsWASHINGTON, Sept 20 (Reuters) - Republican lawmakers on Wednesday urged the U.S. Treasury Department to conduct a security review over China-linked ownership of Gotion Inc, which plans to build electric vehicle battery plants in Michigan and Illinois, arguing its management is under Beijing's sway. The move is the latest push by Republicans to question Chinese-linked EV battery producers looking to set up shop in the U.S., possibly with access to taxpayer funding. The governors of Michigan and Illinois have announced plans for Gotion to open EV plants in their states, facilities expected to create thousands of jobs. Those include the company's founder Li Zhen and his son whom, they said, were members of CCP organizations. The Treasury Department, Gotion and Gotion High-Tech did not respond immediately to requests for comment.

Persons: Marco Rubio, Amanda Andrade Rhoades, Janet Yellen, Li Zhen, Joe Biden, Tesla, Ford, Michael Martina, Timothy Gardner Organizations: Capitol, REUTERS, Rights, Republican, Wednesday, U.S . Treasury Department, Gotion Inc, Foreign Investment, China's Communist Party, Germany's Volkswagen AG, Gotion, Tech, CCP, Treasury Department, Republicans, CATL, Thomson Locations: Ukraine, Washington , U.S, China, Michigan, Illinois, U.S, United States

☆ Republican lawmaker seeks details of Tesla relationship with Chinese battery company CATL
▼ + stars: | 2023-09-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/File Photo Acquire Licensing RightsWASHINGTON, Sept 19 (Reuters) - A senior Republican in Congress asked Tesla (TSLA.O) Tuesday to detail its relationship with Chinese battery manufacturer CATL (300750.SZ) amid concerns electric vehicle subsidies are flowing to foreign entities raising security concerns. Smith said the committee is concerned CATL "may be trying to negotiate other agreements like the agreement with Ford." The question is how what precisely constitutes a "foreign entity of concern", and so far no foreign battery supplier has been labeled as such. In July, Smith and Mike Gallagher, Republican chair of the Select Committee on China, demanded Ford answer questions about the CATL deal. Ford told Reuters Tuesday it agrees that "U.S. taxpayer dollars should support American manufacturers, not foreign entities of concern."

Persons: Florence, Tesla, Jason Smith, Elon Musk, Smith, Ford, Musk, Mike Gallagher, Janet Yellen, David Shepardson, Stephen Coates Organizations: Fair for Trade, Services, REUTERS, Rights, Republican, Ford, Republicans, Nissan, Reuters, American, U.S . Treasury, Treasury, Thomson Locations: Beijing, China, Michigan, CATL, United States

☆ Republican lawmaker seeks details of Tesla relationship with Chinese battery maker CATL
▼ + stars: | 2023-09-19 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Smith said the committee is concerned CATL "may be trying to negotiate other agreements like the agreement with Ford." Republicans in Congress have been probing Ford Motor's (F.N) planned $3.5 billion investment to build a battery plant in Michigan using technology from CATL, the world's largest battery maker. The question is what precisely constitutes a "foreign entity of concern", and so far no foreign battery supplier has been labeled as such. Tesla, CATL and Nissan did not immediately respond to requests for comment. In July, Smith and Mike Gallagher, Republican chair of the Select Committee on China, demanded Ford answer questions about the CATL deal.

Persons: Florence, Tesla, Jason Smith, Elon Musk, Smith, Ford, Musk, Mike Gallagher, Janet Yellen, David Shepardson, Stephen Coates, Himani Organizations: Fair for Trade, Services, REUTERS, Rights, Republican, Ford, Reuters, Republicans, Nissan, American, U.S . Treasury, Treasury, Thomson Locations: Beijing, China, Michigan, CATL, United States, America

☆ Hyundai Motor's South Korea union accepts 12% wage hike deal
▼ + stars: | 2023-09-18 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. Workers at Hyundai Motor, the No.3 global automaker by sales with its affiliate Kia Corp (000270.KS), last went on strike in 2018. The United Auto Workers (UAW) last week went on strike against all three Detroit automakers - General Motors Co (GM.N), Ford Motor Co (F.N) and Stellantis (STLAM.MI) - at once for the first time. Hyundai Motor Group, which houses Hyundai Motor, Kia, luxury brand Genesis, operates U.S. production sites in Alabama and Georgia. “The labour risks have been there all along, especially in the auto sector, but this UAW strike is unprecedented.

Persons: Andrew Kelly, ”, Lee Jae, Heekyong Yang, Andrew Heavens, Jan Harvey, Nick Zieminski Organizations: Hyundai Motor, New York, REUTERS, Rights, Hyundai, Workers, Kia Corp, United Auto Workers, UAW, Detroit, General Motors Co, Ford Motor, Hyundai Motor Group, Kia, Eugene Investment, Securities, Thomson Locations: Manhattan , New York City, U.S, Rights SEOUL, South Korea, Alabama, Georgia, United States

☆ China EV adviser sees tech tie-ups resolving EU trade conflicts
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. Meanwhile, European automakers can also leverage China's EV technologies to accelerate their transition to electrification, he added. Chinese EV maker Xpeng (9868.HK) in July struck a deal with Volkswagen (VOWG_p.DE) to jointly build two new models based on Xpeng's EV platform in China. Others, like LeapMotor (9863.HK) are also seeking to license its EV technologies to foreign partners. Chinese battery maker CATL (300750.SZ) has been ramping up its German plant and is building another site in Hungary.

Persons: Dong Yang, EVs, Ursula von der Leyen, Zhang Yan, Brenda Goh, David Evans Organizations: REUTERS, Rights, European Commission, EV, China's Ministry of Machinery, BAIC Group, Gang, Munich IAA, European, Xpeng, HK, Volkswagen, Thomson Locations: Jinhua, Zhejiang province, China, Europe, Munich, Hungary

☆ Rifle, fur hat, drones: North Korea's Kim returns with gifts from Russia
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +4 min

North Korean leader Kim Jong Un waves as he boards his train at a railway station in the town of Artyom outside Vladivostok in the Primorsky region, Russia, September 17, 2023. Following are some of the items he is bringing back to the "friendship" museum, where gifts received by the North's three generations of leaders are kept. GIFTS FROM RUSSIAAfter his summit with Russian President Putin, Kim received a Russian-made rifle "of the highest quality," according to Kremlin spokesman Dmitry Peskov. Kim received a fur hat from Defence Minister Sergei Shoigu in Vladivostok, where he inspected Russian nuclear bombers, fighter jets equipped with hypersonic missiles and a warship. And Comrade Kim Jong Un liked it,” Matsegora said.

Persons: Kim Jong, Putin, Kim, Dmitry Peskov, Oleg Kozhemyako, Sergei Shoigu, Alexander Matsegora, It’s, Kim Jong Un, ” Matsegora, Yuri Gagarin, Kim Il Sung, Jimmy Carter, Francois Mitterrand, Michael Jordan, Madeleine Albright, Fidel Castro, Propaganda, Kim Dae, Kim Jong Il, Chung, yung, Jack Kim, Lidia Kelly, Gerry Doyle Organizations: REUTERS, Rights, Russian, North, TASS, Moscow, WHO, U.S, Hyundai, Hyundai Group, Thomson Locations: Artyom, Vladivostok, Primorsky, Russia, Russia's Primorsky Krai, Rights SEOUL, Russian, Ukraine, Pyongyang, Russia's, Khasan, North Korea, Paris, North, Cuban, South, North Korean, Seoul, Melbourne

☆ From BMW to Porsche: Take a look at the cars on display at one of the world's biggest auto shows
▼ + stars: | 2023-09-08 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +6 min

BMW Vision Neue KlasseBMW revealed the BMW Vision Neue Klasse, a concept electric vehicle that will underpin its foray into battery-powered cars. Mercedes-Benz Vision One ElevenThe Mercedes-Benz Vision One Eleven on display at the IAA Mobility show in Munich, Germany. GTI ConceptThe all-electric Volkswagen ID GTI Concept car on display at the IAA Mobility 2023 show in Munich, Germany. Porsche Mission XThe Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany. Lego Lamborghini Sián FKP 37A Lego version of the Lamborghini Sián FKP 37 on display at IAA Mobility 2023 in Munich, Germany.

Persons: Olaf Scholz, Ola Källenius, Mercedes, Sven Hoppe, Arjun Kharpal, Leapmotor, Zhu Jiangming, BYD, Warren Buffett, Kharpal, Lucid, Cyberster Organizations: Management, Mercedes, Benz AG, Getty, Mobility, BMW, Neue, CNBC, Benz, IAA, Leapmotor, Opel, CNBC Stellantis, Air, Volkswagen, IAA Mobility, Porsche, Carrera GT, Shanghai Auto, Lamborghini Locations: Munich, GERMANY, Germany, Xpeng, BYD, Hangzhou, Europe

☆ Toyota says plant shutdown last week due to server malfunction
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. "The system was restored after the data was transferred to a server with a larger capacity," Toyota said. The issue occurred following regular maintenance work on the servers, the company said, adding that it would review its maintenance procedures. Two people with knowledge of the matter had told Reuters the malfunction occurred during an update of the automaker's parts ordering system. Toyota restarted operations at its assembly plants in its home market on Wednesday last week, a day after the malfunction occurred.

Persons: David, Dee, Delgado, Daniel Leussink, Edmund Klamann Organizations: New York, REUTERS, Rights, Toyota, Reuters, Thomson Locations: Manhattan , New York City, U.S, Japan

☆ China's Leapmotor looks to sell EV tech as it targets export growth
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +3 min

"For us, to survive, we have to achieve at least 500,000 to 1 million units of annual sales globally. The top 10 automakers in the world all have annual sales of more than 4 million units. Leapmotor had sales of almost 111,000 EVs in China in 2022, up from just over 44,000 in 2021. With European automakers scrambling to take a larger share of an EV boom in China that has largely left them behind, several have been looking at or licensing EV technology developed in China. Reporting by Zhang Yan in Munich, writing by Kevin Krolicki; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhu Jiangming, Leonhard Simon, Leapmotor, ” Zhu, Xpeng, Zhu, Zhang Yan, Kevin Krolicki, Hugh Lawson Organizations: REUTERS, Rights, HK, Reuters, Volkswagen, Toyota, Audi, SAIC Motor Corp, VW, Thomson Locations: Munich, Germany, China, Europe, Australia, New Zealand

☆ Chinese electric carmakers ramp up push overseas, setting up clash with U.S., European auto giants
▼ + stars: | 2023-09-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Arjun Kharpal | CNBCMunich, GERMANY — The IAA in Munich, Germany is one of Europe's most high-profile auto shows. And it was dominated by Chinese electric car firms looking to expand their presence on the continent and challenge incumbents from BMW to Ford in the new era of battery-powered vehicles. But a slowing market at home, due to tepid consumer spending after Covid-19 restrictions were lifted, coupled with an attractive market in Europe, has seen Chinese firms launch cars abroad and expand their footprint. Many of the European carmakers have been seen lagging in their push into EVs at a time when Chinese players have launched dozens of new vehicles. watch nowThe entrance of Chinese firms into Europe is seen as a threat to big automakers who have been perceived to be moving too slow on EVs.

Persons: BYD, Arjun Kharpal, Daniel Roeska, Roeska, Zhu Jiangming, Warren Buffett, Xpeng, Brian Gu, Gu, Bernstein, Tesla, Mercedes, Xpeng's Gu Organizations: CNBC, BMW, Ford, EV, Bernstein Research, Leapmotor, Tesla, IAA Locations: Europe, Munich, Germany, CNBC Munich, GERMANY, China, Hangzhou, Norway, Sweden, Denmark, Netherlands, Guangzhou, EVs

☆ China's Leapmotor unveils C10 SUV at Munich car show
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. China Daily via REUTERS/File photo Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology (9863.HK) on Monday unveiled the C10 sports utility vehicle at the IAA car show in Munich, adding this would be its first model for global markets. Leapmotor said that it would launch five models for overseas markets in Europe, Asia, the Middle East and America over the next two years. Reporting by Zoey Zhang; Writing by Christoph Steitz; Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Leapmotor, Zoey Zhang, Christoph Steitz, Miranda Murray Organizations: REUTERS, Rights, Zhejiang Leapmotor Technology, HK, Monday, IAA, Thomson Locations: Jinhua, Zhejiang province, China, Zhejiang, Munich, Europe, Asia, East, America

☆ Tesla shares close down 5% after price cuts, Model 3 refresh
▼ + stars: | 2023-09-01 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

Tesla shares dropped 5% Friday after the electric car company cut prices on some models in the U.S. and reduced the price for its premium driver assistance software. Tesla is also cutting prices for inventory vehicles in the U.S., including its entry-level Model 3 sedan, luxury Model S sedan and the Model X SUV. In China, Tesla is reducing the price of the Model S and Model X about 7%. The price cut for some Model X cars in the U.S. makes the SUV eligible for a $7,500 tax break for qualified buyers. The base Model 3 refresh comes with an approximately 12% higher price tag in China compared to its predecessor.

Persons: Tesla, It's, Elon Musk, Han, Musk Organizations: Tesla, Traffic, Bank of America, U.S . Securities, Exchange Commission, BYD Locations: U.S, China, Tesla China, Manhattan, Austin , Texas

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