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☆ BMW's Zipse: we are not leaving lower segment for electric cars
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 9 (Reuters) - BMW Chief Executive Oliver Zipse said the premium carmaker would not abandon its lower-priced segment in the transition to electrification. "We are not leaving the lower market segment. Even if you consider yourself a premium manufacturer, it is wrong to leave the lower market segment - that will be the core of your business in the future," Zipse said, speaking at an event organised by autos supplier Robert Bosch GmbH in Berlin. BMW's chief financial officer warned last week that although sales of fully electric vehicles were expected to double this year from 2021 levels, the company expected rising inflation and interest rates to weigh on incoming orders, particularly in Europe. Reporting by Victoria Waldersee Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

A man upset about an unavailable flight Friday went on a carjacking spree and crashed into several vehicles in Utah while heading toward his planned destination, authorities said. John Joseph Thomas Green, 20, will be booked into jail in Summit County, Utah, based on multiple felony allegations that were not specified, according to Salt Lake City police. The carjacking spree began about 5 a.m. after airport police told city officers a man at a ticket counter was upset that he couldn't get a ticket for a same-day flight to Denver, the Salt Lake City department said in a statement. The suspect took an SUV by physical force from a motorist in the airport's passenger pickup area, Salt Lake City police said. While using on Interstate 80, the Durango hit as many as five cars in Summit County, east of Salt Lake City, according to the Utah Department of Public Safety.

☆ Europe - the warning light flashing on carmakers' dashboards
▼ + stars: | 2022-11-03 | by ( Nick Carey | ) www.reuters.com time to read: +3 min

"Obviously the macro(-economic situation) in Europe is more challenging, which gives me pause, personally," Stellantis chief financial officer Richard Palmer said on a conference call with analysts. "If there was anywhere where I was more concerned, it would be Europe than anywhere else really based on the macro." They have also benefited from strong consumer demand amid low vehicle supply, allowing them to raise prices and keep them high even as the semiconductor shortage shows signs of easing. Both BMW and Stellantis said on Thursday they had vehicle order books that stretched into the second quarter of 2023. "And the ones we can build in Europe at the moment we're struggling to get to the point of sale."

☆ 'Very attractive': Buy this automaker to play massive pent-up demand in U.S., fund manager says
▼ + stars: | 2022-11-02 | by ( Zavier Ong | ) www.cnbc.com time to read: +2 min

There is huge demand for cars in both the U.S. and China -- the world's two largest autos markets -- according to fund manager Steven Glass, who named one automaker to cash in. In the U.S. alone, the shortfall stands at five million vehicles, Glass, managing director and analyst at Pella Funds Management, told CNBC's Street Signs Asia on Monday. How to play it His top pick to play the sector is German automaker BMW . The Bavarian automaker aims to have two million EVs on the roads by 2025 and estimates half of its car sales to comprise EVs by 2030. Of this investment, $1 billion has been earmarked to prepare BMW's existing U.S. manufacturing facility in South Carolina to produce EVs.

☆ I switched from a hybrid car to a $25,000 electric Mini Cooper. It's my first EV and it's so fun to drive.
▼ + stars: | 2022-11-02 | by ( Andrew Lambrecht | ) www.businessinsider.com time to read: +9 min

He went with the 2023 Mini Cooper SE, which is a fully electric model priced at just over $25,000. I bought my first fully electric car, the Mini Cooper SE, in July. I gravitated toward the Mini Cooper SE, despite it costing slightly more, because it shares many of its technical components with the BMW i3 since BMW Group owns Mini. The gas cap on a 2023 red Mini Cooper SE. I've enjoyed every moment of owning my Mini Cooper SE.

☆ Renault-backed Beyonca EV venture touts health monitoring, targets Audi in China
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +3 min

Soh, Beyonca's chairman, said the company was targeting the high-end premium segment, where they would compete with models such as Audi's A8L, BMW's 7 Series and Mercedes' S Class. Soh said that by the time the car was launched, third generation EV technology would offer faster charging times and longer driving ranges. Soh acknowledged the difficult backdrop but pointed to steady growth in the premium car segment, which he said had potential annual sales of 3 million cars in China. He declined to say how much Beyonca had raised from investors or how large a stake Renault and Dongfeng held in the company. Beyonca is headquartered in Beijing and has a design center in Munich and an artificial intelligence development hub in Singapore.

☆ BMW invests $1.7 bln to build electric vehicles in U.S.
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

An employee works at the BMW manufacturing plant in Greer, South Carolina, U.S., October 19, 2022. The luxury automaker plans to build at least six fully electric BMW models in the United States by 2030. BMW Group had already announced that four additional battery cell factories will be built in Europe and China to meet its needs. BMW's 30-year-old South Carolina plant has built more than 6 million vehicles, employs more than 11,000 people, and has an annual production capacity of up to 450,000 vehicles. South Carolina awarded a $65 million grant to Spartanburg County to assist with costs related to the project.

☆ BMW investing $1.7 bln to build electric vehicles in U.S.
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

SPARTANBURG, South Carolina Oct 19 (Reuters) - BMW AG (BMWG.DE) said on Wednesday it will invest $1.7 billion to build electric vehicles in the United States, the latest announcement from major automaker about plans to ramp up U.S. EV production. "It's the biggest single investment we've done so far," BMW Group Chairman Oliver Zipse told Reuters in an interview. The luxury automaker plans that at least six fully electric BMW models will be built in the United States by 2030. BMW Group has already announced four additional battery cell factories will be built in Europe and China to meet its needs. BMW's 30-year-old South Carolina plant has built more than 6 million vehicles, employs more than 11,000 people, and has an annual production capacity of up to 450,000 vehicles.

☆ U.S. senator to hold EV battery hearing if GOP takes control
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

SPARTANBURG, South Carolina Oct 19 (Reuters) - U.S. Republican Senator Lindsey Graham on Wednesday said he will hold a hearing on electric vehicle batteries and sourcing issues if his party takes control after the November midterm elections. Graham, who would be Budget Committee chair under GOP control, said the hearing would look at the impact of the shift to EVs on automakers and the oil industry. Graham asked at an event to mark BMW's $1.7 billion EV investment in South Carolina. The new law includes raising the percentage of battery components that must originate from North America based on value. Graham wants to know if there are other alternatives to EVs.

☆ Polestar unveils a new $84,000 electric SUV it's hoping will help cement its foothold in the U.S.
▼ + stars: | 2022-10-12 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Swedish EV maker Polestar on Wednesday unveiled a new electric SUV that it's counting on to expand its sales and presence in the United States. The new model, called the Polestar 3, is a five-passenger EV that the company describes as a "performance SUV." Priced at about $84,000, the car comes loaded with technology, including an Nvidia computer running advanced driver-assist software developed by Polestar's part owner, Volvo Cars. Another potential rival, BMW's all-electric iX SUV, starts at about $85,000. Polestar is a joint venture between Volvo Cars and Chinese automaker Geely, which has owned Volvo Cars since 2010.

☆ The era of the Big Tech moonshot is over
▼ + stars: | 2022-09-29 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

Each of these ideas is a "moonshot," or a radical, potentially world-changing project that Big Tech companies have worked on in recent years. Is the era of Big Tech moonshots over? For years, companies like Amazon, Google, and Facebook dumped money and energy into radical, potentially world-changing projects. But recently, Big Tech firms have been scaling back their ambitions — and have instead turned to a Wall Street-appeasing pragmatism. It comes after Amazon workers of all types have been pushing for higher pay for years.

☆ People are roasting BMW for unveiling a 'hideous' $160,000 SUV with 644 horsepower — see the polarizing XM
▼ + stars: | 2022-09-28 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

The BMW XM SUV. The BMW XM SUV. The BMW XM SUV. The BMW XM SUV. The BMW XM SUV.

☆ 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.

☆ 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.

☆ Volkswagen shares up slightly on Porsche's $70.1 billion to $75.1 billion valuation
▼ + stars: | 2022-09-18 | by ( ) www.cnbc.com time to read: +1 min

Volkswagen shares rose slightly on Monday after the carmaker said it was targeting a valuation of up to 75 billion euros ($74.84 billion) for sportscar brand Porsche, in potentially Europe's third biggest IPO ever. 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 49 billion euros or Mercedes-Benz' 61 billion. It also comes close to Volkswagen's own market capitalisation of 88 billion euros. The carmaker saw its shares rise 3% in premarket trade. By 0914 GMT they were only slightly higher at 145.6 euros, from 145.46 at Friday's close, but bucked a drop in European shares.

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