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HAMBURG, May 31 (Reuters) - Volkswagen (VOWG_p.DE) has introduced extra shifts at its factory in Wolfsburg, the carmaker's biggest, after supply chain disruptions in the wake of the Ukraine war and global chip shortage have eased, a senior executive said. Imelda Labbe, who is part of the management board of the Volkswagen brand, said in an internal interview seen by Reuters that Volkwagen's German plants were significantly better utilised than in 2022. "Our production network in Germany was hit particularly hard by the consequences of the corona pandemic, the global chip crisis and the Ukraine war," Labbe said. This also includes the carmaker's plant in Wolfsburg, where Volkswagen is based, Labbe said, adding that the site could only produce 400,000 car, or half its annual capacity, in 2022. Instead, Volkswagen had to introduce extra shifts from May to meet production targets, Labbe said, adding this has positively impacted delivery schedules, which have come down to around 3 months in Europe for its fully electric ID models.
Persons: Imelda Labbe, Labbe, Jan Schwartz, Christoph Steitz, Friederike Heine, Miranda Murray Organizations: HAMBURG, Volkswagen, Reuters, Thomson Locations: Wolfsburg, Ukraine, Germany, Europe
[1/4] Rapper Kanye West talks on the phone before attending the Versace presentation in New York, U.S. December 2, 2018. Adidas cut ties with West, who goes by Ye, in October after he made a string of antisemitic comments in interviews and on social media. The German sportswear maker was left with Yeezy shoes worth 1.2 billion euros ($1.3 billion). The value of Yeezy shoes in the resale market has rocketed since then, with some models more than doubling in price. Adidas said there could be further releases of Yeezy stock but no decisions have been made on timing.
Adidas to start selling Yeezy shoes at the end of May
  + stars: | 2023-05-19 | by ( ) www.reuters.com   time to read: +2 min
[1/4] Rapper Kanye West talks on the phone before attending the Versace presentation in New York, U.S. December 2, 2018. REUTERS/Allison JoyceFRANKFURT, May 19 (Reuters) - Adidas will start selling some of the shoes from its defunct Yeezy partnership with rapper Kanye West at the end of May, the company said on Friday, and plans to donate the proceeds to selected organisations combating racism and hate. The news fleshes out plans initially outlined last week and follows Adidas' move to cut ties with West over anti-Semitic comments made last year, leaving the German sporting goods maker with Yeezy brand shoes worth 1.2 billion euros ($1.3 billion). The initial sale of some of the shoes marks the first time the products have been available to customers since Adidas (ADSGn.DE) terminated the partnership in October 2022. Among others, planned recipients of the proceeds include the Anti-Defamation League (ADL) and the Philonise & Keeta Floyd Institute for Social Change, Adidas said.
German carmakers call for post-Brexit rules to be postponed
  + stars: | 2023-05-18 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, May 18 (Reuters) - Germany's powerful auto industry association is urging the European Union and Britain to postpone post-Brexit rules it says would hamper the transition to electric vehicles, potentially boosting the hand of UK-based carmakers calling for the same. Under the trade deal agreed when Britain left the EU, 45% of the value of an electric vehicle (EV) sold in the EU must come from Britain or the EU from 2024 to avoid tariffs. Tariffs both on exports to Britain and imports from it would be "a significant competitive disadvantage for the European car industry in relation to its Asian competitors in the so important UK market", it said. "We hope to be able to come to a resolution with the EU on this," Prime Minister Rishi Sunak's spokesperson told reporters on Wednesday. Reporting by Christoph Steitz Writing by Sarah Marsh Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
The letter did not disclose either how much Berlin had proposed in state help, or by how much this had been reduced. The conflict lays bare how much industrial heavyweights depend on aid to decarbonise their businesses as well as the need for governments to approve subsidies quickly to avoid companies from shifting investments or stopping them altogether. Thyssenkrupp in August made the investment decision for the so-called direct reduction iron (DRI) site at its steel base in Duisburg, provided substantial subsidy commitments by the state of North Rhine-Westphalia and Berlin were fulfilled. Tekin Nasikkol, who heads the works council of Thyssenkrupp Steel Europe, told Reuters last week that Berlin needed to quickly approve hundreds of millions in subsidies for the site, adding workers' patience had run out. ($1 = 0.9084 euros)Reporting by Tom Kaeckenhoff; Additional reporting by Christoph Steitz and Christian Kraemer; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.
DUESSELDORF, May 17 (Reuters) - Thyssenkrupp's <TKAG.DE> labour bosses cranked up the pressure on Berlin to help fund a 2 billion euro ($2.2 billion) green steel production site, warning in a letter to Economy Minister Robert Habeck that a further cut could choke off the project. Reducing subsidies further would trigger a "massive discussion" within Thyssenkrupp's supervisory board over whether to pull the plug on the investment, the letter, dated May 17 and co-signed by the group's deputy chairman Juergen Kerner, said. Thyssenkrupp in August made the investment decision for the so-called direct reduction iron (DRI) site at its steel base in Duisburg, provided substantial subsidy commitments by the state of North Rhine-Westphalia and Berlin are being paid. Thyssenkrupp <TKAG.DE> and the economy ministry had no immediate comment. ($1 = 0.9084 euros)Reporting by Tom Kaeckenhoff; Additional reporting by Christoph Steitz and Christian Kraemer; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.
Private equity firm Silver Lake has offered to buy Software AG for 32 euros per share, valuing the German software developer at 2.37 billion euros ($2.61 billion) and said it plans to take the company private. Software AG has backed the Silver Lake offer despite a higher 34-euro a share non-binding bid coming in from Bain-backed Rocket Software earlier this month. Some investors argue that the Silver Lake offer undervalues Software AG and that minorities never fare well in delistings. Software AG has faced criticism from shareholders over its handling of the sales process. Software AG, Rocket Software and Silver Lake all declined to comment.
While paying bonuses at bailed-out energy groups raises questions around the use of taxpayers' money, it also highlights the need for the companies to remain competitive. One of the sources said 200 of Sefe's traders in London had received hundreds of millions of dollars in bonuses, adding mid-level traders had received $5 million-$7 million each. Two of the other people said that generous subsidies had been paid at both Sefe and Uniper. Uniper confirmed that bonuses were paid to trading staff for 2022 but below the level of the previous year. The Finance Ministry, which is responsible for the government's ownership of Uniper, also referred questions on operating issues including staff remuneration to the company.
Dutch government sources estimate the deal at 20 billion euros ($22 billion) or more, but German industry sources say it may be less. TenneT had a book value of 7.3 billion euros at the end of 2022, on a balance sheet of 38.5 billion euros. TenneT's German grid alone has liabilities of 21.6 billion euros, nearly three times that of the Dutch network. TenneT's 19 billion euros of outstanding bonds, issued when interest rates were lower, are another issue, the people said. Dutch pension fund PGGM, one of TenneT's bondholders, expects such an outcome in the event of a sale.
FRANKFURT, April 30 (Reuters) - Adidas (ADSGn.DE), which has come under pressure after ending its lucrative Yeezy shoe partnership with Kanye West, is trying to grab a bigger slice of the U.S. sports market, the group's regional head told the Wall Street Journal. "We want to double down on all of the things that are U.S.-centric, particularly around sport," Rupert Campbell, the company's North America president, was quoted as saying in an interview. Apart from ending the Yeezy collaboration, Adidas has also stopped its Ivy Park collaboration with pop star Beyoncé according to media reports, with the contract set to expire at the end of this year. Talking on the overall U.S. sporting-goods market, the world's biggest, Campbell said: "We have to show our credentials in this space." Reporting by Christoph Steitz; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.
But Ola Kaellenius said decoupling from China, the world's second largest economy, was "unthinkable for almost all of German industry". "The major players in the global economy, Europe, the U.S. and China, are so closely intertwined that decoupling from China makes no sense," he was quoted as saying. German carmakers depend on the Chinese car market, the world's largest, and Mercedes-Benz counts China's Beijing Automotive Group Co Ltd (1958.HK) and Geely Chairman Li Shufu as its two top shareholders. China accounted for 18% of revenues and 37% of car sales at Mercedes-Benz in 2022 and Kaellenius predicted more to come. "Our sales figures in China are increasing and I am quite optimistic that we will also grow this year.
Tesla cuts price for Model 3 in Germany - website
  + stars: | 2023-04-14 | by ( ) www.reuters.com   time to read: +1 min
[1/2] Visitors check a Tesla Model 3 car next to a Model Y displayed at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. REUTERS/Florence Lo/File PhotoCompanies Tesla Inc FollowFRANKFURT, April 14 (Reuters) - Tesla (TSLA.O) has lowered the price of its Model 3 in Germany by 2,000 euros, or 4.5%, to 41,990 euros ($46,462) per vehicle, according to data on its website. The carmaker also cut the prices for the long range and performance versions of the Model 3. Tesla also cut the price of its Model Y Performance by 9.2% to 60,990 euros. The Model Y Rear Wheel Drive and Long Range prices remained the same.
FRANKFURT, April 5 (Reuters) - Thyssenkrupp (TKAG.DE) may pick June to list its hydrogen business Nucera, provided equity markets are robust, three people familiar with the matter said, in what could be a multi-billion euro initial public offering. Plans to list Nucera, a 66%-34% joint venture between Thyssenkrupp and Italy's De Nora (DNR.MI), were put on the backburner last year due to unfavourable market conditions following the war in Ukraine and subsequent energy crisis. Nucera makes the electrolysers that are needed to produce green hydrogen - a sector that is currently benefiting from the U.S. Inflation Reduction Act and European Union initiatives to support the green energy transition. Thyssenkrupp Chief Executive Martina Merz, under pressure to deliver on her pledge to turn the sprawling conglomerate into a leaner and more focused holding, said last month that the group would make a new effort to list Nucera, without elaborating. When plans for a listing of the business were first communicated in 2021, analysts valued Nucera at between 3 billion and 6 billion euros.
[1/2] The landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. Russia has a 51% stake in Nord Stream 1 through a subsidiary of state-owned energy group Gazprom (GAZP.MM). While the import of Russian crude oil and oil products is banned under European Union (EU) sanctions, Russian gas imports are allowed. In September 2022, several unexplained underwater explosions ruptured the Nord Stream 1 and newly-built Nord Stream 2 pipelines, each more than 1,200-km-long, that link Russia and Germany across the Baltic Sea. Gazprom and Swiss-based Nord Stream AG did not immediately respond to requests for comment.
FRANKFURT, March 31 (Reuters) - German wind turbine maker Nordex (NDXG.DE) will decide this year whether to bring back online its mothballed production site in West Branch, Iowa, hoping for a pickup in U.S. demand following the introduction of the Inflation Reduction Act. "It's a very good ... plant that, with minimum capital expenditure, can be brought to life again," Nordex CEO Jose Luis Blanco told Reuters. Blanco said he wanted to see "real demand signals" before the plant - which was mothballed a decade ago and passed to Nordex with its 2016 acquisition of Acciona Wind Power - would be restarted. Demand for wind and solar power in the United States, the world's second-largest renewables market, is expected to increase due to more favourable clean tech legislation in the form of the Inflation Reduction Act. "We will try to compensate a little bit for this high inflation, producing slightly more in other geographies that are not suffering from that inflation."
[1/2] A general view as German Chancellor Olaf Scholz holds a government statement during a plenary session of the lower house of parliament, Bundestag, in Berlin, Germany, March 16, 2023. REUTERS/Christian MangBERLIN, March 28 (Reuters) - Germany's ruling coalition government on Tuesday presented the results of 30-hour negotiations aimed at resolving a spat that has threatened to delay major policy initiatives in Europe's top economy. Scholz, whom critics have accused of not providing sufficient leadership, played down the differences among the parties by suggesting the coalition reached "some very good agreements" but did not give details. Earlier this month Finance Minister Christian Lindner of the FDP delayed his presentation of the draft budget due to coalition rifts. Notably, the FDP wants to rein in spending while the Greens want to invest more in the transition to a carbon neutral economy.
FRANKFURT, March 28 (Reuters) - German chipmaker Infineon (IFXGn.DE) has raised its outlook for both its financial second quarter and the whole of 2023, it said on Tuesday, citing "resilient business dynamics" at its automotive and industrials divisions. The group said it now expected 2023 sales significantly above the 15.5 billion euros ($16.8 billion) forecast previously. Second-quarter sales, which will be officially released on May 4, are now forecast above 4 billion euros, the group said, compared with around 3.9 billion euros previously. Infineon, whose chips are used in cars and data centres, last month lifted its full-year profit margin forecast on strong demand from carmakers that led to higher prices. ($1 = 0.9228 euros)Reporting by Christoph Steitz Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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."
BERLIN, March 22 (Reuters) - Germany's Interior Minister Nancy Faeser is concerned about the close ties between Deutsche Telekom (DTEGn.DE) and Chinese company Huawei (HWT.UL) and wants to examine them, Handelsblatt newspaper reported on Wednesday. "That doesn't look good," Faeser was quoted as saying by the paper. Germany is considering banning certain components from Chinese companies Huawei and ZTE (000063.SZ) in its telecoms networks, a government source said, in a potentially significant move to address security concerns. read moreReporting by Riham Alkousaa; Editing by Christoph SteitzOur Standards: The Thomson Reuters Trust Principles.
FRANKFURT, March 16 (Reuters) - German Chancellor Olaf Scholz sought to assuage fears that the collapse of Silicon Valley Bank and problems at Credit Suisse might trigger a new financial crisis, saying a more resilient banking system and stronger economy ensured savings were safe. "I do not see the risk," Scholz told German business daily Handelsblatt. "The monetary system is no longer as fragile as it was before the financial crisis," referring to events in 2008 which included the collapse of Lehman Brothers. His remarks come after Credit Suisse borrowed up to $54 billion from Switzerland's central bank to shore up its liquidity and restore investor confidence and follows the demise of Silicon Valley Bank earlier this month. Not only because of the higher resilience of the banking system and stricter regulation, but also because of our economic strength," Scholz was quoted as saying.
Over two-thirds of the company's five-year investment budget announced on Tuesday is allocated to electrification and digitalisation, including up to 15 billion for batteries and raw materials. Volkswagen, Europe's top carmaker, is striving to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. Buzz EV car, on the day of the annual news conference of the Volkswagen Group at DRIVE.Volkswagen Group Forum, in Berlin, Germany March 14, 2023. Volkswagen met analysts' expectations in 2022 on revenues but missed the consensus estimate for earnings before interest and taxes by 3%. The most likely actual stock market candidate is battery unit PowerCo.
[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.
SummarySummary Companies Move comes shortly after Scout plant announcementPlant in Canada can also qualify for IRA subsidiesBASF also picked Canada for EV battery materials plantWOLFSBURG, Germany, March 13 (Reuters) - Volkswagen (VOWG_p.DE) chose Canada to build its first battery cell plant outside Europe, granting its cars access to both Canadian and U.S. subsidies as it works to localise electric vehicle production chain in the region. Canada, home to a large mining sector for minerals including lithium, nickel and cobalt, is trying to woo companies involved in all levels of the EV supply chain via a multi-billion-dollar green technology fund as the world seeks to cut carbon emissions. The Canadian federal innovation minister, Francois-Philippe Champagne, called the VW battery plant a "home run for Canada" and said it was "the largest single investment in the auto sector in the history of Canada", without giving details. "I think all the big manufacturers understand that if you need to green the supply chain, Canada is the place to do that," said Champagne. Chemicals giant BASF (BASFn.DE) a year ago also secured land in Canada for a planned battery materials facility to better serve electric vehicle markets in the U.S. and Mexico.
SummarySummary Companies Move comes shortly after Scout plant announcementPlant in Canada can also qualify for IRA subsidiesBASF also picked Canada for EV battery materials plantWOLFSBURG, March 13 (Reuters) - Volkswagen (VOWG_p.DE) chose Canada to build its first battery cell plant outside Europe, granting its cars access to both Canadian and U.S. subsidies as it works to localise electric vehicle production chain in the region. He said Volkswagen would be making "the largest single investment in the auto sector in the history of Canada" but did not give details. The plant will be based in the city of St. Thomas, around 195 km (120 miles) northeast of Detroit. "I think all the big manufacturers understand that if you need to green the supply chain, Canada is the place to do that," said Champagne. Chemicals giant BASF (BASFn.DE) a year ago also secured land in Canada for a planned battery materials facility to better serve electric vehicle markets in the U.S. and Mexico.
Chief Financial Officer Lutz Meschke, however, warned that supply chain issues, geopolitical strains and rising inflation still presented a challenge for the industry. Porsche AG, historically a huge money spinner for the Volkswagen Group (VOWG_p.DE), which owns 75% minus one ordinary share of the group, is targeting a margin of 17-19% this year with a long-term goal of 20%, it said in a statement. Porsche reported a 27.4% rise in annual operating profit to 6.8 billion euros on revenue of 37.6 billion, slightly undershooting a consensus 6.86 billion in earnings and 38.3 billion in revenue expected by 19 analysts polled by Refinitiv. The logo of German carmaker Porsche AG is seen before the company's annual news conference in Stuttgart, Germany, March 17, 2017. He also said the company was investing 20 billion euros in digitalisation in the next five years.
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