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☆ Nikola gets required shareholder votes for share increase proposal
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerAug 3 (Reuters) - Electric truck maker Nikola Corp (NKLA.O) said on Thursday it had garnered enough support for a proposal to increase the number of shares it can issue, opening the doors to much-needed capital. To reduce cash burn, Nikola announced layoffs in June and liquidated assets of a recently acquired EV battery maker. But investors have been closely scrutinizing cash reserves at Nikola and other electric-vehicle makers worried about more share disposals to raise funds diluting their stakes. Opposing the vote vocally was Nikola's founder and top shareholder Trevor Milton, who has also called for a change in leadership. Shares of Nikola, which have soared nearly 60% this year to Thursday's close, fell 3.7% in after-hours trading.

Persons: Nikola, Fabian Bimmer, Nikola Corp, Michael Lohscheller, Trevor Milton, Milton, Thursday's, Abhirup Roy, Gerry Doyle, Lisa Shumaker Organizations: IAA Transportation, REUTERS, Nikola, EV, Thomson Locations: Hanover, Germany, San Francisco

☆ Rheinmetall to boost propellant powder production by up to 600 tons per year, CEO says
▼ + stars: | 2023-06-16 | by ( Sabine Siebold | ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File PhotoBRUSSELS, June 16 (Reuters) - Rheinmetall will ramp up production of propellant powder for ammunition at its plant in the Bavarian town of Aschau by 500 to 600 metric tons per year, adding some 10% to its current global capacity of more than 6,000 tons, its CEO Armin Papperger said. Rheinmetall (RHMG.DE) has already kicked off an investment programme with this goal, Papperger told Reuters in an interview late on Thursday. "You can only do it if you have a very, very large order of, for example, 800,000 artillery shells," Papperger said. "This is not a situation we find ourselves in, which means we are finding other ways such as expanding our powder plant in Bavaria." In January, Papperger told Reuters that Rheinmetall was considering building a new powder plant, possibly in the eastern German state of Saxony, but that the investment of 700-800 million euros would have to be footed by the government in Berlin.

Persons: Fabian Bimmer, Armin Papperger, Papperger, Sabine Siebold, Conor Humphries Organizations: Lynx, Rheinmetall, REUTERS, Reuters, Thomson Locations: Unterluess, Germany, BRUSSELS, Bavarian, Aschau, Bavaria, Saxony, Berlin, Ukraine

☆ Volkswagen brings VW bus back to North American market after 20 years
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The fully electric VW ID Buzz, is pictured on a production line at a Volkswagen Commercial Vehicle plant in Hanover, Germany, June 16, 2022. REUTERS/Fabian Bimmer/File PhotoFRANKFURT, June 2 (Reuters) - Volkswagen (VOWG_p.DE) will start selling battery-powered versions of its VW bus in North America from 2024 onwards, the carmaker said on Friday, in what marks the reintroduction of the iconic model after a two-decade hiatus. "With the T4 generation, the VW bus left the USA and Canada 20 years ago. But the microbus – as the VW bus is called between New York and San Francisco – has retained its cult status right up to the present day," Volkswagen said in a statement. Buzz vehicles for the North American market will be built at Volkswagen's plant in Hanover, Germany, the company said, adding batteries could be charged from 10%-80% in 25 minutes at available rapid charging stations.

Persons: Fabian Bimmer, San Francisco –, Christoph Steitz, Madeline Chambers Organizations: REUTERS, VW, USA, San, Volkswagen, North, Thomson Locations: Hanover, Germany, FRANKFURT, North America, Canada, New York, North American

☆ Daimler Truck holds 2023 outlook on supply chain disruptions
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerBERLIN, May 9 (Reuters) - Daimler Truck (DTGGe.DE) reported on Tuesday a rise in first-quarter return on sales but maintained its 2023 outlook due to instability in the supply chain for semiconductors which it said was partly due to cyber attacks at its suppliers. It kept its outlook from earlier this year unchanged, forecasting 55-57 billion euros in revenue for the year and 7.5-9% adjusted returns, citing ongoing instability in the supply chain. "It's not stable, but it's getting better," Goetz said, adding the company was "basically sold out" for 2023. It confirmed preliminary results released late April of a 78% jump in operating profit to 1.162 billion euros ($1.28 billion), with unit sales up 15%. Its North America and Europe divisions saw returns of 11.6% and 8.8% respectively, in line with long-term targets.

☆ Daimler Truck sees higher returns as supply chains, demand improve
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

The truck and busmaker confirmed preliminary results released late April of a 78% jump in operating profit to 1.162 billion euros ($1.28 billion). Its Asia business, which struggled in 2022, yielding just a 2.6% margin, saw some improvement in the first quarter, reaching a margin of 4.6%. Its North America and Europe divisions saw returns of 11.6% and 8.8% respectively, in line with long-term targets. Broadly, global supply chains were stabilising and demand was up compared to this time last year, the statement said, as illustrated by the 15% jump in unit sales to just over 125,000 units. The company kept its outlook from earlier this year unchanged, forecasting 55-57 billion euros in revenue for the year and 7.5-9% adjusted returns.

Two of Germany's largest airports, Munich and Frankfurt, suspended flights, while long-distance rail services were cancelled by rail operator Deutsche Bahn (DBN.UL). "Millions of passengers who depend on buses and trains are suffering from this excessive, exaggerated strike," a Deutsche Bahn spokesperson said on Monday. At the same time, in France they go on strike all the time about something," said passenger Lars Boehm. The head of the Bundesbank Joachim Nagel said last week Germany needed to avoid a price-wage spiral. "Despite signs of second-round effects, we have not observed a destabilising price-wage spiral in Germany so far."

☆ 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.

☆ Volkswagen to invest $193 billion over 5 years to hit EV target
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

[1/2] The logo of carmaker Volkswagen Commercial Vehicles is pictured at the IAA Transportation fair, which opened its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. The investments come as Volkswagen, Europe's top carmaker, tries to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. In the latest investment plan, up to 15 billion euros is ringfenced for battery plants and raw materials. VW outperforms EU rivalsThe investment decisions are targeted towards fulfilling a 10-point plan developed by Volkswagen CEO Oliver Blume after he took the helm in September. The most likely actual stock market candidate is battery unit PowerCo.

☆ German police seek motive in shooting at Jehovah's Witnesses church
▼ + stars: | 2023-03-10 | by ( Fabian Bimmer | ) www.reuters.com time to read: +3 min

[1/4] A view of a police vehicle at the scene following a deadly shooting, in Hamburg, Germany, March 10, 2023. REUTERS/Fabrizio BenschHAMBURG, March 10 (Reuters) - German police were searching for a motive on Friday after a gunman, believed to have been acting alone, killed several people in a Jehovah's Witnesses church in Hamburg. The Bild newspaper reported seven people were dead and eight wounded in the shooting in the northern city that is home to Germany's biggest port. Several of the wounded were seriously hurt, the Jehovah's Witnesses said. In October 2019, a gunman killed two people when he opened fire outside a synagogue in the eastern city of Halle on the Jewish holy day of Yom Kippur.

The 35-year-old man, whose name was given as Philipp F. in accordance with German privacy laws, killed six people and then himself when he opened fire on Thursday evening. The exact motives were still unknown, but officials said the gunman had previously expressed his hatred for Jehovah's Witnesses. According to a briefing given by police and prosecutors in Hamburg on Friday, Philipp F. was the licenced owner of a Heckler & Koch P30 semi-automatic handgun. "Philipp F. supposedly harbours a particular anger towards religious followers especially towards Jehovah's Witnesses and his former employer." When they met Philipp F., he was cooperative and gave no indication of mental health problems.

☆ Several dead in shooting at Jehovah's Witness church in Hamburg
▼ + stars: | 2023-03-09 | by ( Fabian Bimmer | ) www.reuters.com time to read: +2 min

HAMBURG, March 9 (Reuters) - Several people have been killed or seriously injured in a shooting at a Jehovah's Witness church in the northern German city of Hamburg, with the motive for the attack unclear, police said on Thursday. The Bild newspaper reported that seven people were dead and eight others injured in the shooting. "Several people were seriously injured, some even fatally. [1/7] Special police inside the building after at least six people are dead and several more injured in a shooting in the northern German city of Hamburg, Germany, March 10, 2023. REUTERS/Fabian Bimmer 1 2 3 4 5"The dead people all have gunshot wounds," the spokesperson was quoted as saying.

☆ Volkswagen's Scout says to build $2 bln manufacturing plant in South Carolina
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

[1/2] A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters during a media tour to present Volkswagen's so called "Blaue Fabrik" (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. REUTERS/Fabian Bimmer/File PhotoFRANKFURT, March 3 (Reuters) - Volkswagen's (VOWG_p.DE) Scout Motors Inc. said on Friday it would build a $2 billion manufacturing plant near Columbia, South Carolina, for trucks and SUVs. The investment could potentially create 4,000 or more permanent jobs and more than 200,000 Scout vehicles could be produced annually at the facility, the company added. Reporting by Ludwig Burger, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Company reaction to the U.S. Inflation Reduction Act
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Fabian Bimmer/File PhotoFeb 22 (Reuters) - Companies across North America and Europe have in recent months cheered the Biden Administration's $430 billion U.S. Inflation Reduction Act (IRA) that includes major provisions to cut carbon emission, boost domestic production and manufacturing. Holcim AG (HOLN.S)The world's biggest cement maker expects the IRA to provide a strong momentum for its business in North America. This month, it agreed to buy U.S. roofing systems manufacturer Duro-Last in a $1.29 billion deal, its latest move to bolster presence in North America. Linde (LIN.N),The gas giant has estimated the total investment opportunity for the company in the United States alone could exceed $30 billion over the next decade. BMW (BMWG.DE)The company plans to produce at least six fully electric models in its plant in South Carolina by 2030.

☆ Volkswagen faces possible recalls after environmental NGO wins emissions software lawsuit
▼ + stars: | 2023-02-20 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: A Volkswagen logo is pictured in a production line at the Volkswagen plant in Wolfsburg, Germany March 1, 2019. The NGO, Deutsche Umwelthilfe, is calling for Volkswagen Golf vehicles to be recalled because of software manipulation to emissions mechanisms, alleging the KBA authority should never have allowed these vehicles to be released to the market. “The case was effectively successful,” a court spokesperson said, meaning the decision by the authority to release the vehicles must be revoked. Volkswagen said in a statement it would wait to receive the full reasoning of the court to decide on next steps. The ruling concerns software Volkswagen installed to control the recirculation of exhaust gases, which EU courts have said is illegal in certain conditions but Volkswagen views as in line with the law.

☆ VW, Mercedes-Benz urge Berlin to accelerate EV charging network expansion, report says
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerBERLIN, Feb 19 (Reuters) - German carmakers Mercedes-Benz (MBGn.DE) and VW (VOWG_p.DE) have urged the government to do more to scale up the number of electric vehicle charging stations across the country, German paper Bild am Sonntag wrote on Sunday. "To speed up the change (to electric vehicles), we need to be sure that the charging station infrastructure is being built up," Mercedes-Benz Chief Executive Ola Kallenius was quoted as saying by the paper. VW Chief Executive Oliver Blume agreed more speed was needed and that the construction of charging stations was "a common task of the economy, federal government and communes". Industry associations, which have long complained the government has not kept pace with the rapid expansion of electric vehicles, said the implementation of the proposals was key. "The future of the car is electric," Kallenius was quoted as saying.

☆ European telecoms' advertising venture against Big Tech wins EU antitrust nod
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

[1/3] A man carrying his computer passes by the logo of German telecommunication company "Deutsche Telekom" at the ITS World Congress 2021, a fair for intelligent transport systems, in Hamburg, Germany, October 13, 2021. REUTERS/Fabian BimmerBRUSSELS, Feb 10 (Reuters) - Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC) and Vodafone (VOD.L) on Friday secured unconditional EU antitrust approval for their advertising joint venture to take on Big Tech. "The transaction, as notified, would not significantly reduce competition in French, German, Italian and Spanish markets," the European Commission said in a statement. This is the telecoms sector's first attempt to take on Meta (META.O) and Alphabet's (GOOGL.O) Google in the lucrative online advertising sector and diversify their revenue streams. Google is the world's leading seller of online advertising, well ahead of Meta, with the business generating about 80% of its revenue.

[1/3] A biker rides his Harley-Davidson during a parade at the "Hamburg Harley Days" in Hamburg, Germany, June 24, 2018. Shares in the U.S. company rose 8.3%. Harley-Davidson said it expects revenue from its motorcycle business to grow in 2023. Global motorcycle shipments rose to 34,000 from 28,900 a year ago. The company's net profit rose to $39.7 million, or $0.28 cents per share, in the quarter ended Dec. 31, outpacing forecasts of 6 cents per share.

☆ Here's what Intel's terrible results mean for longtime rival and Club holding AMD
▼ + stars: | 2023-01-27 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

When Advanced Micro Devices (AMD) reports quarterly earnings next week, the Club holding's results should not look nearly as bad as longtime rival Intel 's (INTC) dismal numbers. But the magnitude of the Intel's disappointment stems from many company-specific factors, including lost market share to chip peers such as AMD. This multi-quarter, industrywide problem will likely show up in the fourth-quarter results AMD is scheduled to release after Tuesday's close. Implications for AMD Morgan Stanley said it believes Intel's results are "cautious" for peers, especially AMD. Bank of America sees Intel's results as "only incrementally negative" for AMD, partially because the analysts believe AMD's inventory correction in the second half of the year was larger than Intel's.

☆ For Ukraine, Western tanks could be a game changer in the conflict
▼ + stars: | 2023-01-27 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +4 min

For Ukraine, the offer of modern, Western battle tanks was a long-time coming; it has requested Leopard 2 tanks from Germany, and asked Berlin to authorize their re-export from other allies, for months. On Wednesday, Germany offered Ukraine 14 of its Leopard 2A6 tanks and said it would allow allies to export their own German-made tanks to Ukraine. watch nowPoland, the Netherlands, Spain, Norway and Finland are among the other countries that have signaled they will, or are willing, to send tanks to Kyiv. Ukraine is certainly focusing right now on the exact number of tanks it can expect from its Western allies. The speed of training of our military, the speed of supplying tanks to Ukraine and the volume of tank support."

☆ China, U.S. spar at WTO meeting over disputes
▼ + stars: | 2023-01-27 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

China's ambassador to the WTO Li Chenggang spoke at a meeting on trade disputes shortly after the United States lodged an appeal against a series of WTO rulings involving China, Turkey, Norway and Switzerland which found that U.S. metal tariffs breached global rules. Washington, which has long criticized the WTO dispute system for overreach and is leading discussions on reforming it, has criticized both rulings. The United States said it regretted the metal tariffs dispute with China was even on the agenda at the meeting and accused Beijing of imposing "illegal unilateral retaliatory measures" on U.S. exports. "A WTO that serves to shield China's non-market policies and practices is not in anyone's interest," said Deputy United States Trade Representative Maria Pagan, according to a copy of her speech. In an interview with Reuters on Thursday, Pagan played down the significance of more vocal criticism of Washington by China at WTO meetings.

☆ Two killed in knife attack on German train - authorities
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

[1/5] Forensic experts stand next to a train on which an incident involving a knife attack took place, at a railway station in Brokstedt, Germany, January 25, 2023. REUTERS/Fabian BimmerBERLIN, Jan 25 (Reuters) - Two people were killed and several others injured in a knife attack on Wednesday on a regional train travelling between Kiel and Hamburg in northern Germany, authorities said. Earlier, the Bild newspaper had said five people were injured in the attack. Police were investigating at the train station in Brokstedt, the German railway Deutsche Bahn said on Twitter, adding some services between the two cities had been cancelled. "Federal and state police are working closely together on investigating this case," state interior minister Sabine Suettelin-Waack said in a statement.

Still, many Germans feel Scholz is not doing a very good job of explaining his thinking. Scholz has so far neither said he would give the green light nor if he would send tanks from Germany. A main reason given is that Russia could see the deliveries of tanks as tantamount to Germany becoming a party to conflict. The Kremlin would be less inclined to retaliate if another nuclear power such as the United States also sent tanks. Already, Russia's invasion of Ukraine has forced Germany to overcome taboos such as exporting arms to war zones.

☆ EU gives guarded welcome to U.S. guidance on EV tax credits
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File PhotoBRUSSELS, Dec 29 (Reuters) - The European Commission gave a guarded welcome on Thursday to guidance by the United States meaning that EU companies could partially benefit from the U.S. Inflation Reduction Act, but said further improvements were required. The Commission said the Qualified Commercial Clean Vehicle Credit would be available to EU companies without requiring changes to established or foreseen business models of EU producers. A commercial clean vehicle, the guidance says, "is made by a qualified manufacturer". However, for the New Clean Vehicle Credit for consumers, the vehicle must have final assembly in North America. The Commission said the scheme remained a concern, with provisions that discriminated against clean vehicles and inputs made in the European Union, and it violated international law.

☆ A bizarre far-right coup plot uncovered in Germany hints at a much more sinister trend
▼ + stars: | 2022-12-21 | by ( Alexander Clarkson | World Politics Review | ) www.businessinsider.com time to read: +11 min

In early December, German police uncovered a plot by far-right conspirators to mount a coup. It is widely acknowledged that the electoral appeal of the far-right Alternative for Germany, or AfD, to about 10% of German voters is a matter of great concern. This image of political stability, though not unjustified, caused many observers to downplay the revelation in early December that German police had uncovered an organized plot by a network of far-right conspirators to mount a coup. German police and intelligence services had to take the threat this network represented seriously. This complacency gave the East German Stasi and other Soviet-bloc intelligence services opportunities to reach out to emerging radical networks willing to destabilize the Federal Republic at the time.

☆ Former concentration camp secretary, 97, convicted of Nazi war crimes
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +3 min

[1/10] Defendant Irmgard F., a former secretary to the SS commander of the Stutthof concentration camp attends her trial in a courtroom in Itzehoe, Germany, December 20, 2022. Christian Charisius/Pool via REUTERSBERLIN, Dec 20 (Reuters) - A 97-year-old woman who worked as a Nazi concentration camp secretary was convicted on Tuesday for her role in the murder of thousands of people, in what could be one of the country's last trials for World War Two crimes. Some 65,000 people died of starvation and disease or in the gas chamber at the camp in Stutthof, near Gdansk in today's Poland. Furchner was wheeled into court wearing a cream-coloured winter coat and beret, and with a blanket over her lap. "Only a secretary, you might say, but the role that even a secretary had back then in the bureaucracy of a (concentration camp) is a significant one," Wantzen said.

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