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The company's full-year operating profit of 1.51 billion euros ($1.60 billion) came after a loss of 1.6 billion euros a year ago. Fourth-quarter profit swung to 575 million euros from a loss of 42 million euros, in line with expectations. The balance sheet also improved, with net debt falling to 6.9 billion euros from 9 billion euros. However, operating profit was still 34% lower than the pre-pandemic 2019 level and passenger numbers had only recovered 72%. The company said it expects "further significant improvement" in operating profit this year.

☆ Lufthansa: IT fault causes massive flight disruptions worldwide
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 15 (Reuters) - An IT fault at Germany's flagship carrier Lufthansa has caused massive flight delays and disruption at airlines across the group worldwide, the company said on Wednesday, adding that the fault cause was still unclear. "There is a group-wide IT system failure," a Lufthansa spokesperson told Reuters. In a tweet, Lufthansa said, "Currently, the airlines of the Lufthansa Group are affected by an IT outage. This is causing flight delays and cancellations. The IT system failure comes two days ahead of planned strikes at seven German airports expected to lead to major disruptions.

☆ German ministry to review sale of regional airport to Russian investor - source
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

The insolvency administrator for Frankfurt-Hahn airport, in western Germany, said the investor and seller had decided to submit a purchase contract to the economy ministry, which has the power to block some takeovers by foreign players. A source close to the proceedings confirmed local media reports that the successful, and highest, offer came from NR Holding, which belongs to Russian billionaire Viktor Kharitonin. The federal economy ministry can block takeovers of critical infrastructure by firms outside the European Union. Economy Minister Robert Habeck said on Monday that his ministry had launched a routine screening of the process. It had 1.23 million passengers between January and November last year, less than half the number a decade ago.

☆ Bosch says Chinese recovery is key to 2023
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

BERLIN/STUTTGART, Feb 3 (Reuters) - German automotive supplier Bosch considers recovery in China as key to success this year, it said on Friday, steering clear of concrete forecasts despite reporting a more than 15% jump in full-year operating profit. It was hugely dampened last year," Chief Executive Stefan Hartung said of the Chinese market, adding that he expects the European and U.S. economies to weaken because of rising interest rates. Demand in 2022 remained weaker than before the pandemic, but Bosch sales benefited from strong demand for climate-friendly technology from carmakers and those seeking alternative fuel sources to Russian gas, the private company said. "Despite semiconductor shortages and a weak economy, all business sectors were able to increase their sales," said finance chief Markus Forschner. Pushed by Germany's attempt to wean itself off Russian gas, demand for energy efficient heat pumps rose last year, with sales jumping 50%, Bosch said, adding that it will expand its manufacturing capacity for heat pumps in Europe.

Experts estimate that about half of the German electric vehicles registered in the United States are leased. While the scale of the U.S. subsidies has attracted most attention, the EU has large potential resources of its own. THE REAL PROBLEM"The amounts of subsidies in Europe are in line or even more than those in the United States, that is not the problem," said one senior European Union official. "The real problems are the incentives to make firms move production to the United States," said the official, referring to the local content requirements. To ensure Europe can compete with the United States, the European Commission on Wednesday proposed measures including loosening EU state aid rules and repurposing existing EU funds.

BERLIN/FRANKFURT, Feb 1 (Reuters) - U.S. chipmaker Wolfspeed (WOLF.N) will build a $3-billion chip plant and a research and development centre in Germany, it said on Wednesday, expecting to start construction within months provided it receives subsidy approval from the European Union. Automotive supplier ZF (ZFF.UL) will invest $185 million for a stake in the chip fab and will take a majority stake in the research centre, the companies said. Wolfspeed expects to receive 20% of the investment amount in subsidies, Chief Executive Gregg Lowe told German newspaper Handelsblatt. Volkswagen, Europe's top carmaker, earlier this month warned that the chip squeeze meant 2023 would remain volatile and challenging, but expected supplies to improve. The company announced in September a new plant in the United States due for completion in 2030.

☆ Wolfspeed to build $3-bln EV chip plant in Germany
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - U.S. chipmaker Wolfspeed (WOLF.N) will build a $3-billion chip plant in Germany, with automotive supplier ZF (ZFF.UL) investing $185 million for an equity stake, company officials said on Wednesday, confirming an earlier Reuters report. ZF's share of the factory's chip output will be defined by a separate contractual agreement, the companies said. "This is an important sign that Germany continues to be attractive even in difficult circumstances for high-tech investments," he said. "Amid the concerns that the U.S. wants to divert investments from Europe with its Inflation Reduction Act, we're showing that a U.S. firm wants to invest in Germany," a German government source said. The company announced in September a new plant in the United States due for completion in 2030.

☆ Wolfspeed to announce EV chip plant in Germany, sources say
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - German chip supplier ZF Friedrichshafen (ZFF.UL) and U.S. chipmaker Wolfspeed (WOLF.N) will announce plans on Wednesday to build an electric vehicle chip plant in the Saarland region, according to three sources close to the matter. "This is an important sign that Germany continues to be attractive even in difficult circumstances for high-tech investments," he said. "Amid the concerns that the U.S. wants to divert investments from Europe with its Inflation Reduction Act, we're showing that a U.S. firm wants to invest in Germany," a German government source said. Volkswagen, Europe's top carmaker, earlier this month warned that the chip squeeze meant 2023 would remain volatile and challenging, but expected supplies to improve. Wolfspeed specialises in silicon carbide chips, which have been gaining traction with electric car makers as they can handle high voltages and are more power efficient.

☆ Wolfspeed to announce new electric vehicle chip plant in Germany - sources
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - German chip supplier ZF and American chipmaker Wolfspeed Inc (WOLF.N) are expected to announce on Wednesday plans to build an electric vehicle (EV) chip plant in the Saarland region, according to three sources close to the matter. The chancellery said the event was related to an industrial policy project in the field of microelectronics but did not provide further details. The project will cost over 2 billion euros ($2.18 billion) and ZF will hold a minority stake, with production to begin in four years, according to German business paper Handelsblatt which previously reported on the plans, citing unidentified sources. A spokesperson for ZF declined to comment, and Wolfspeed was not immediately available for comment. ($1 = 0.9195 euros)Reporting by Andreas Rinke, Victoria Waldersee and Ilona WissenbachOur Standards: The Thomson Reuters Trust Principles.

☆ Italy, Lufthansa sign letter of intent over ITA minority stake sale
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] Planes of German air carrier Lufthansa are parked as Lufthansa pilots start a strike over a wage dispute, at the airport in Frankfurt, Germany September 2, 2022. REUTERS/Kai Pfaffenbach/File PhotoROME, Jan 27 (Reuters) - Italy's Treasury on Friday said it had signed a letter of intent with Lufthansa (LHAG.DE) over the sale of a minority stake in state-owned airline ITA Airways, paving the way for negotiations with German carrier. Last week, Lufthansa offered to buy a minority stake in the loss-making successor of Italy's Alitalia, saying Italy was a prominent market both for business travellers and tourists. Lufthansa said on Friday it had signed the letter of intent with the Italian Ministry of Economy and Finance and ITA Airways. The new right-wing administration in Rome passed a decree in December to initially sell a minority stake through capital increases, to speed up a full divestment in ITA.

☆ Germany's Bosch to increase stake in Sweden's Husqvarna to 12%
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Shares in Husqvarna, a garden equipment company, were up 12.6% by 0839 GMT following the announcement of the deal. The garden equipment company makes outdoor power products, consumer watering products, cutting equipment and diamond tools for construction and stone industries. Bosch's power tools division set up a "Power for All Alliance" together with Husqvarna subsidiary Gardena in 2020. The 10-brand alliance features products relating to all home-based activities for the European market, Bosch said. The German company has so far bought less than 5% of Husqvarna shares and has an agreement for around 7% more, a Bosch spokesperson said.

Lufthansa has offered to buy an initial minority stake in ITA, Italy's state-owned successor to Alitalia, it said on Wednesday. "This may be the next step in European airline consolidation," said Bernstein analyst Alex Irving, citing Portugal's national airline, TAP, as a prime target. Lufthansa, Air-France KLM (AIRF.PA) and British Airways owner IAG (ICAG.L) are potential buyers, analysts said. "At the same time, however, we closely monitor consolidation in the European airline market." Michael O'Leary, the outspoken CEO of fellow low-cost airline Ryanair (RYA.I), also weighed in with his predictions this week.

[1/2] FILE PHOTO-Planes of German air carrier Lufthansa are parked as Lufthansa pilots start a strike over a wage dispute, at the airport in Frankfurt, Germany, September 2, 2022. REUTERS/Kai PfaffenbachROME/FRANKFURT, Jan 18 (Reuters) - German carrier Lufthansa (LHAG.DE) said on Wednesday it had offered to buy an minority stake in ITA Airways, betting on reviving the loss-making successor to Italy's Alitalia and expanding its footprint in Europe. One of the sources said it was valued at 200-300 million euros ($540 million). The new right-wing administration in Rome passed a decree in December to initially sell a minority stake through capital increases, in order to speed up a full divestment in ITA. "Acquiring ITA is one of the most challenging propositions in European aviation: the airline has been persistently loss-making," said Bernstein analyst Alex Irving.

[1/2] FILE PHOTO-Planes of German air carrier Lufthansa are parked as Lufthansa pilots start a strike over a wage dispute, at the airport in Frankfurt, Germany, September 2, 2022. REUTERS/Kai PfaffenbachBERLIN/ROME, Jan 18 (Reuters) - German carrier Lufthansa (LHAG.DE) said on Wednesday it had offered to buy an initial minority stake in ITA Airways, Italy's state-owned successor to Alitalia. Lufthansa said Italy is the most important market outside of its existing home markets and the United States, noting its prominence as both a business and tourism destination. The move comes after the new right-wing administration in Rome passed a decree in December to initially sell a minority stake through capital increases, in order to speed up a full divestment in ITA. Beside its domestic German business, Lufthansa already operates the brands Swiss, Austrian Airlines and Brussels Airlines.

Airfares from China are now 160% higher than before the pandemic, data from travel firm ForwardKeys shows, due to limited supply. Since Jan. 4, Air China (601111.SS), Hainan Airlines (600221.SS) and China Southern Airlines (600029.SS) have filed schedules with the U.S. Department of Transportation proposing to increase flights to as much as daily on some routes. Foreign carriers seeking to add flights to China require approvals from the Civil Aviation Administration of China, which did not respond to a request for comment. However, other flights were paused as it assessed market demand and government regulations. Many Western airlines parked large planes when international traffic plunged and production of new twin-aisle jets has been limited.

☆ Porsche to ensure familiar software is available for customers, spokesperson says
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Jan 13 (Reuters) - Porsche AG (P911_p.DE) will ensure that familiar software platforms like Google and Apple will be accessible for its customers, a spokesperson said on Tuesday following reports that it was considering integrating Google software into its cockpit. The luxury carmaker declined to comment on whether it was currently in talks with Google (GOOGL.O) over a deal to incorporate Google applications like Google Maps and Google Assistant into their vehicles. A source close to the company told Reuters on Thursday discussions were underway, marking a shift in strategy for the newly listed carmaker which previously had been reluctant to use Google software. Reporting by Ilona Wissenbach, Writing by Victoria Waldersee, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Germany backs Norwegian plan to capture carbon from cement
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

Habeck's visit to the Norcem cement plant in Brevik, Norway, represents a shift in German policy back towards efforts to deal with planet-warming emissions by capturing them and making use (CCSU) of them in industrial processes. Projects have repeatedly stalled on issues of cost and environmental opposition as campaigners have been concerned carbon capture and storage can serve to prolong the use of fossil fuels. As cement-making inevitably emits carbon, its capture is necessary to mitigate pollution, and the Norwegian plant is meant to serve as a global blueprint, eventually capturing 400,000 tonnes of CO2 - half its emissions - per year. Germany aims to cut 65% of carbon dioxide emissions by 2030 compared with 1990 and to become carbon-neutral by 2045. During Habeck's visit, Norwegian state-controlled oil firm Equinor (EQNR.OL) and German utility RWE said separately they planned to develop a supply chain for low-carbon hydrogen.

☆ Climate activists glue themselves to airport tarmac in Berlin and Munich
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

[1/6] Activists of "Letzte Generation" (Last Generation) glued themselves to the tarmac of the airport to protest for a speed limit on highways as well as for affordable public transport, in Munich, Germany, December 8, 2022. REUTERS/Anja GuderBERLIN, Dec 8 (Reuters) - Climate activists took their protest against cheap air travel to two of Germany's largest airports on Thursday, with some gluing themselves to the tarmac in Munich and Berlin. According to local media, flights at Munich airport were disrupted. Police in southern Germany said the protesters were currently being unglued from the Munich airport tarmac and taken into custody, and the protests were dispersed. Thursday's actions are the latest effort by activists to raise awareness by blocking runways and streets in Germany.

☆ Mercedes-Benz cuts price of some electric models in China
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING/FRANKFURT, Nov 16 (Reuters) - Mercedes-Benz said it had cut prices on some of its EQE and EQS models in China from Wednesday, citing changing market demand for top-end electric vehicles. Foreign carmakers are struggling to break into China's electric vehicle market, with only Tesla (TSLA.O) achieving higher sales figures. "The Top-End electric vehicle segment in China is still evolving ... Mercedes-Benz is repositioning certain EQ models in China," a spokesperson said. Mercedes-Benz sold 11,327 electric cars in China from January to August, according to the China Passenger Car Association, compared with Tesla, which sold almost 400,000, and China's BYD (002594.SZ), which sold nearly a million. Industry-wide sales are expected to slow into 2023, according to China Merchants Bank International, with some analysts expecting a price war.

☆ Continental investigates cyberattack after report says data up for sale
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 15 (Reuters) - Continental (CONG.DE) on Tuesday said it was investigating the theft of company data in a cyberattack but declined to comment on media reports that hackers had put the information up for sale. The tyre and automotive parts manufacturer said its investigation was moving ahead with the highest priority. Last week it said a cyberattack it reported in August had resulted in some data being stolen from the company. Handelsblatt said the hackers had put the data up for sale for $50 million after Continental "apparently did not want to pay a ransom". Reporting by Ilona Wissenbach Writing by Paul Carrel Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Daimler Truck's Q3 unit sales jump as chip shortage eases
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerBERLIN, Nov 11 (Reuters) - Daimler Truck reported a 27% jump in third-quarter unit sales to nearly 135,000 units on Friday, as the chip shortage that hit the heavy truck business particularly hard a year earlier began to ease. The jump in earnings was highest in Europe at 316% from the same quarter last year compared to 111% in North America, traditionally Daimler Truck's strongest market. In Asia, however, where a depressed Chinese market prompted the company to lower its regional adjusted earnings margin last quarter to 1-3% from 3-5%, earnings fell 63% even as revenues and unit sales increased. Sales of Daimler Buses, which did not grow at all in 2021, were up 18% this year so far, with earnings more than tripling to 23 million euros ($23.51 million). ($1 = 0.9785 euros)Reporting by Victoria Waldersee, Ilona Wissenbach Editing by Miranda Murray and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Daimler Truck raises unit sales as chip shortage eases
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 11 (Reuters) - Daimler Truck raised unit sales by 27% to nearly 135,000 units in the third quarter, as the chip shortage that hit the heavy truck business particularly hard in the same period last year began to ease. Incoming orders were down 18% from the third quarter last year and down 14% this year so far, the company said in a statement, a sign that the backlog of demand outstripping supply as chip shortages prevented automotive manufacturers from delivering goods is clearing up. Higher pricing, favourable exchange rate effects and a strong after-sale business pushed revenues up 47% and earnings before interest and taxes up 159%, the truckmaker said on Friday, confirming results released in an ad-hoc statement in late October. Reporting by Victoria Waldersee, Ilona Wissenbach Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Mercedes CEO: 'absolutely inconceivable' to write off China
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 7 (Reuters) - Mercedes-Benz (MBGn.DE) Chief Executive Ola Källenius on Monday spoke out against distancing oneself from China, saying it was "absolutely inconceivable" to write off the country. The comments came days after German Chancellor Olaf Scholz led a delegation of business leaders to China, urging German companies to diversify should the relationship between the two countries sour. Källenius, speaking at an event at Berlin's ESMT business school, said he was deeply convinced of the benefits of globalization and that it was absolutely right for Scholz to be the first Western leader to visit President Xi Jinping recently after his term extension. "To back away from China because something might happen would be the wrong direction," Källenius said. Reporting by Ilona Wissenbach; Writing by Tom Sims; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

The plan envisages a 14-fold increase in the number of charging stations, climbing to 1 million by 2030 from around 70,000 now. It also aims to have 15 million electric vehicles on German roads by 2030 from around 1.5 million now. Other measures in the government's plan include speeding up state approvals to build charging points. The electric vehicle push comes against a backdrop of surging electricity prices, resulting from an energy crisis fuelled by Russia's invasion of Ukraine. The electric vehicle plan drew a mixed reaction from industry associations, which have long complained that the government has not kept pace with the rapid expansion of electric vehicles.

☆ Eurowings: halting plans to add 200 jobs due to pilots strike
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 18 (Reuters) - Lufthansa's (LHAG.DE) Eurowings said on Tuesday it was halting plans to add 200 new jobs and would have five fewer aircraft than planned in its fleet next year due to a pilots strike. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ilona Wissenbach, Writing by Miranda Murray; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

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