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☆ BMW, Mercedes launch biggest EV push yet to catch Tesla with new models
▼ + stars: | 2023-09-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

BMWMUNICH, Germany — BMW and Mercedes are making their biggest push yet into electric cars in a bid to fend off rising competition from Chinese players and catch up with U.S. giant Tesla . On Saturday, rival BMW showed off the "Vision Neue Klasse," another electric concept car that highlights the company's EV ambitions. This is the companies' biggest push yet toward a new platform for the electric vehicle era. Tesla commanded 20% of the global EV market in the second quarter, followed by 15% for BYD, according to Counterpoint Research. GTI Concept electric vehicle at the IAA show, and said a production version of the car is scheduled to hit the road in 2027.

Persons: Warren Buffett, BYD, Elon Musk's Tesla, Mercedes, Ola Kallenius, Kallenius, CNBC's Annette Weisbach, Oliver Zipse, CNBC's Arabile, Zipse, Daniel Roeska, Roeska, Tesla Organizations: BMW, IAA, BMW MUNICH, Mercedes, IAA Mobility, Benz, Analysts, Bernstein Research, CNBC, Tesla, BYD, Research, U.S ., EV, Volkswagen Locations: Munich, Germany, Tesla, China

☆ 'We are ready to engage': Europe's biggest carmakers brace for China's EV challenge
▼ + stars: | 2023-09-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

BMW CEO Oliver Zipse speaks during the presentation of the new BMW "New Class" during an event ahead of the IAA motor show in Munich. Europe's dominant position in the automotive sector was established over many decades through its capacity to build superior combustion engines. The German behemoth has already created automotive software company CARIAD, as well as partnering with Chinese EV startup Xpeng, joint venture partner SAIC and autonomous driving company Horizon Robotics. watch nowHe added that Volkswagen has established "huge cost initiatives" and sees big opportunities to scale up its EV production while reducing battery production costs by 50%. Our electricity costs compared to China or North America are too high," Skoda CEO Klaus Zellmer told CNBC on Monday.

Persons: Oliver Zipse, Christophe Périllat, Luca De Meo, Ampere, De Meo, CNBC's Annette Weisbach, Oliver Blume, " Blume, Blume, Klaus Zellmer, Joe Biden's, BEV, Zellmer Organizations: BMW, IAA, Getty, CNBC, Volkswagen, Renault, IAA Mobility, SAIC, Horizon Robotics, Volkswagen Group, CRU Group, Skoda Locations: Munich, China, Europe, North America, U.S, Canada, Spain, Germany

☆ CATL to produce fast-charging Shenxing battery in Germany, Hungary
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

People walk past a logo of the battery manufacturer Contemporary Amperex Technology Co. Limited (CATL) at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - CATL (300750.SZ) will produce its upcoming fast-charging Shenxing battery at its plants in Germany and Hungary, principal engineer Gao Pengfei said at the IAA Munich car show on Monday. The battery will be mass produced from late 2023 and available in electric vehicles from 2024. Reporting by Victoria Waldersee; Writing by Christoph SteitzOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Gao Pengfei, Victoria Waldersee, Christoph Steitz Organizations: Amperex Technology, ., Auto, REUTERS, Rights, IAA, Thomson Locations: Auto Shanghai, Shanghai, China, Germany, Hungary, IAA Munich

☆ Mercedes unveils new electric vehicles with better range than any Tesla model
▼ + stars: | 2023-09-04 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

London CNN —Mercedes-Benz has just unveiled new “close-to-production” concept vehicles that could outdo Tesla cars by going more than 466 miles on a single charge. That’s compared with a range of less than 380 miles for any Tesla model. The German automaker’s Concept CLA Class, revealed Sunday at the IAA Mobility auto show in Munich, comprises four new models: a sedan, a station wagon and two SUVs. The vehicles will each have a range of more than 750 kilometers (466 miles), versus Tesla’s (TSLA) Model 3 and Model S, which have the brand’s highest ranges and each can go for just under 375 miles off one charge. Overall, charging speed and range are expected to be improved by up to 30% compared with the brand’s previous models, according to the company.

Persons: London CNN — Mercedes, Tesla, ” Frank Weber, Mercedes, Ola Källenius, Roger Federer, Källenius, Mercedes ’, “ Organizations: London CNN, Benz, IAA, BMW, Volkswagen, Renault, Europe’s, “, Neue, Mercedes, Roger Federer Sunday, UBS Locations: Munich, Berlin, Hamburg, Mercedes ’

☆ Mercedes and BMW want to take on Tesla. Check out their new electric concept cars
▼ + stars: | 2023-09-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

Mercedes-BenzMercedes-Benz and BMW took the wraps off electric concept cars as they look to catch up with Tesla in the premium end of the market. At the IAA auto show in Munich, Mercedes showed off the Mercedes-Benz Concept CLA Class while BMW revealed the BMW Vision Neue Klasse. Mercedes-Benz Concept CLA ClassThe Mercedes-Benz Concept CLA Class is built on the so-called Mercedes‑Benz Modular Architecture (MMA), a new platform designed by the German auto giant for electric cars. BMW Vision Neue KlasseThe BMW Vision Neue Klasse is BMW's answer to Tesla. BMW revealed the BMW Vision Neue Klasse, a concept electric vehicle that will underpin its foray into battery-powered cars.

Persons: Tesla, Mercedes, they're, Mercedes ‑, Benz Mercedes, Benz, Arjun Kharpal Organizations: Mercedes, Benz, Benz Mercedes, BMW, IAA, Neue, Neue Klasse, CNBC, Klasse, CNBC BMW Locations: Munich, Germany

☆ Renault CEO: China very competitive on electric vehicles, Europe needs to catch up
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

The Renault logo on the Renault Scenic Vision concept-car is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsPARIS, Sept 4 (Reuters) - Renault's (RENA.PA) chief executive Luca de Meo said on Monday that China was 'very competitive' in terms of the electric vehicle market, as Renault also prepared to unveil its new Scenic electric vehicle car model. "China is very competitive when it comes to the supply chain of electric vehicles....we need to catch up fast," De Meo told RTL Radio, speaking from the IAA Munich car show. De Meo added that Renault would unveil the prices for its new Scenic minivan later in the year, with a launch planned in the first quarter of 2024. The Scenic will be within the price range for many customers, similar to a hybrid model of the same size and category, he said.

Persons: Porte, Benoit Tessier, Luca de Meo, De Meo, Tassilo Hummel, Sudip Kar Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, RTL Radio, IAA, Gupta, Thomson Locations: Paris, France, China, IAA Munich

☆ Renault cannot afford discount race with Tesla, Chinese peers, executive says
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: 1 min

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsMUNICH, Sept 3 (Reuters) - Renault (RENA.PA) cannot afford to enter a discount race with Tesla (TSLA.O) or Chinese rivals, the French carmaker's head of engineering told journalists at the IAA Munich car show. "The good strategy is to maintain prices and to adjust fixed costs," Gilles Le Borgne said. Renault's high exposure to Europe makes it one of the most exposed names to new competition from Tesla and Chinese rivals in electric vehicles, UBS wrote in a note this week. Reporting by Gilles Guillaume; Writing by Christoph Steitz; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Gilles Le Borgne, Gilles Guillaume, Christoph Steitz, Paul Simao Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, IAA, UBS, Thomson Locations: Porte, Paris, France, French, IAA Munich, Europe

☆ Mercedes boss: EV costs will remain higher for foreseeable future
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +2 min

Ola Kaellenius's comments come as Mercedes-Benz disclosed more details about its newest electric vehicle architecture, the CLA compact electric sedan, which will launch next year and target 30% to 35% more driving range. "The variable costs for an electric car are higher. It will remain that way for the foreseeable future," Kaellenius told journalists at the IAA car show in Munich, adding higher costs could not be passed on to customers on a like for like basis. Variable costs weighing on the price tag of EV production include raw materials for batteries, software development, and electricity prices. Batteries for the CLA will be produced by key supplier CATL (300750.SZ) and ACC, in which Mercedes owns a third.

Persons: Ola Kaellenius's, Kaellenius, Markus Schaefer, Mercedes, Schaefer, Christina Amann, Christoph Steitz, Frances Kerry Organizations: Benz, Mercedes, IAA, ACC, Victoria, Thomson Locations: Woodstock , Alabama, MUNICH, Munich

☆ Mercedes to release a 'little' G-Class in a 'few years,' CEO says
▼ + stars: | 2023-09-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMercedes to release a 'little' G-Class in a 'few years,' CEO saysSpeaking at the IAA motor show, Mercedes CEO Ola Källenius talks to CNBC's Annette Weisbach about plans for a "little" G-Class, as well as the path to zero emissions and the future of the brand.

Persons: Mercedes, Ola Källenius, CNBC's Annette Weisbach Organizations: IAA

☆ BMW expects higher China sales in 2023, finance chief says
▼ + stars: | 2023-09-02 | by ( Christina Amann | ) www.reuters.com time to read: +2 min

BMW's concept model i Vision Dee is unveiled during an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. China's passenger vehicle sales fell for a second month in July, as discounts and government support measures failed to lure consumers wary of buying cars amid a sputtering economy and a prolonged slump in the housing market. BMW recently raised its 2023 outlook for group vehicle sales and said it expects solid growth, which is defined as anywhere between 5% and 9.9%. In 2022, vehicles sales had declined by 4.8% to around 2.4 million; in China, they were down 6.4% to 791,985. Mertl said that the phase-out of grants to boost electric vehicles in Germany would cause a temporary drop in demand.

Persons: Dee, Aly, Walter Mertl, Mertl, Price, Christina Amann, Christoph Steitz, David Holmes Organizations: Auto, REUTERS, Rights, BMW, IAA, Reuters, Tesla, General Motors, Volkswagen, Thomson Locations: Auto Shanghai, Shanghai, China, Munich, Germany

☆ BMW's 'Neue Klasse' at least as profitable as current EVs - CEO Zipse
▼ + stars: | 2023-09-02 | by ( Christina Amann | ) www.reuters.com time to read: +2 min

Chairman of the Board of Management of BMW AG Oliver Zipse attends an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. The Neue Klasse, to be launched in 2025, is at the heart of the carmaker's efforts to replicate past successes and catch up with EV pioneer Tesla (TSLA.O), which is also staging a return to the IAA this year. "We are very profitable with electric cars ... already today," Zipse told reporters, adding that the Neue Klasse - or New Class - would be "very profitable. Production of the new platform will start at the group's factory in Debrecen, Hungary, where BMW is investing 2 billion euros ($2.2 billion) in new battery-making and assembly operations for the Neue Klasse. Development of the Neue Klasse is targeting to reduce battery pack costs by half and achieve 25% more range per kilowatt-hour, a key measure of efficiency, executives have said.

Persons: BMW AG Oliver Zipse, Aly, Oliver Zipse, Zipse, Christina Amann, Christoph Steitz, Helen Popper, David Holmes Organizations: Management, BMW AG, Auto, REUTERS, BMW, IAA, Neue, Tesla, Thomson Locations: Auto Shanghai, Shanghai, China, MUNICH, Munich, Debrecen, Hungary, Mexico

The company's leaders put all their chips behind a new car they called the "Neue Klasse," or "new class." Now, BMW is at another crossroads, and is turning again to a "Neue Klasse" to drive a new strategic direction. Neue Klasse vehicles will be powered by 48-millimeter-diameter cylindrical batteries in different lengths. The Neue Klasse is targeting a 50% reduction in battery pack costs and 25% more range per kilowatt-hour, a measure of efficiency, executives said. Neue Klasse vehicles will have four "super brains," to control propulsion, driver assistance systems, infotainment and other functions, Weber said.

Persons: trailblazer Tesla, Adrian van Hooydonk, that’s, Frank Weber, Tesla, Oliver Zipse, Evangelos Simoudis, Weber, Mercedes, Stephan Durach, Durach, Joe White, Mark Potter Organizations: Neue, Reuters, BMW, REUTERS, Rights, trailblazer, Volkswagen, Mercedes, Benz, Neue Klasse, Munich, Klasse, chipmaker Qualcomm, Thomson Locations: Munich, Germany, Detroit, Hungary, Silicon

☆ BMW unveils Vision Neue Klasse concept car as it touts the dawn of a new EV era
▼ + stars: | 2023-09-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

German automaker BMW on Saturday launched a hotly anticipated electric concept car, saying the so-called "Vision Neue Klasse" represents the dawn of a new era for the company. BMW's latest design showcases a platform that will underpin the brand's next generation of electric vehicles. The first electric vehicles based on the Neue Klasse — or new class — architecture are set to enter production in 2025. That's the purpose of our show at the IAA," Zipse said. The Vision Neue Klasse is set to make its public debut in the coming days at the IAA motor show in Munich, which also serves as the headquarters of BMW.

Persons: Oliver Zipse, CNBC's Arabile, Zipse Organizations: BMW, Saturday, Neue Klasse, Neue, IAA Locations: circularity, Munich

Mercedes will also offer a lithium-iron-phosphate, or LFP, battery in the new CLA model lineup due to hit showrooms in early 2025, a first for any Mercedes EV, the CEO said in an interview. Mercedes will preview the future electric CLA with a prototype to be unveiled at the IAA auto show in Munich, Germany on Sunday. Getting more driving range using less energy from the battery is the key target for the German automaker's future EV development, Kaellenius said. Driving range remains a critical competitive benchmark in the EV market. Mercedes engineers have been testing ways to improve EV efficiency using long road trips in a prototype vehicle called the Vision EQXX.

Persons: Ola Kaellenius, Mercedes, Tesla, Kaellenius, Joe White, Susan Fenton Organizations: DETROIT, Benz, Reuters, EV, Tesla, Sunday, VW, Consumers, Thomson Locations: China, Munich, Germany, Europe, United States

☆ Bosch closes deal to buy US semiconductor foundry in EV chip push
▼ + stars: | 2023-08-30 | by ( Sarah Wu | ) www.reuters.com time to read: +2 min

Production at the new company, called Robert Bosch Semiconductor LLC, will start in 2026. The TSI facility would become the "third pillar" of in-house semiconductor production, along with two sites in Germany, Bosch said. Like other automotive manufacturers, Bosch was hit hard over the past two years by disruption to semiconductor production in Asia, exacerbated by the COVID-19 pandemic. The silicon carbide chips Bosch said it will manufacture at the TSI Roseville site are increasingly in demand by electric vehicle manufacturers. Demand for silicon carbide semiconductors is growing by 30% annually, Bosch said.

Persons: Wolfgang Rattay, Bosch, Paul Thomas, Sarah Wu, Christopher Cushing Organizations: Bosch, REUTERS, Rights, Robert Bosch Semiconductor LLC, Bosch Mobility, Thomson Locations: Munich, Germany, Rights TAIPEI, California, U.S, Roseville , California, Asia, Roseville

☆ Continental considering sale of ContiTech's car division - manager magazin
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

The name of German tire maker Continental is pictured on a wheel at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsCompanies Continental AG FollowContiTech AG FollowBERLIN, Aug 21 (Reuters) - German auto parts supplier Continental (CONG.DE) is considering the sale of the car division bundled within ContiTech, manager magazin reported on Monday, citing company sources. Supervisory board chairman Wolfgang Reitzle and the executive board around chief executive Nikolai Setzer are considering a reorganization of the corporation, the business publication added, citing the sources. As part of the reorganization, ContiTech's car division, which specializes in belts and sealing systems, will be put up for sale first, said the report. Philip Nelles, who is in charge of the ContiTech division, told Reuters in February that the company's activities in the car sector would be bundled into their own unit with a stronger focus on electromobility.

Persons: Fabian Bimmer, Wolfgang Reitzle, Nikolai Setzer, Philip Nelles, Victoria Waldersee, Miranda Murray, Rachel More Organizations: IAA, REUTERS, Continental, BERLIN, Reuters, Thomson Locations: Hanover

☆ Continental considers sell-off of ContiTech car business - manager magazin
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The name of German tire maker Continental is pictured on a wheel at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsCompanies Continental AG FollowContiTech AG FollowBERLIN, Aug 21 (Reuters) - German auto parts supplier Continental (CONG.DE) is considering the sale of the car division currently bundled within ContiTech, manager magazin reported on Monday, citing company sources. According to manager magazin, that unit - specialised in belts and sealing systems with a turnover of more than 2 billion euros - is due to be separated from the business within two years. The highly profitable tyres business and non-automotive part of ContiTech will be retained as the future core, it said, quoting an unnamed top manager who warned of the threat of a workforce rift if the tyres business continued financing the cars business. The company said in May that ContiTech would be realigned with the aim of enhancing its impact and efficiency, without providing further details.

Persons: Fabian Bimmer, Wolfgang Reitzle, Nikolai Setzer, ContiTech, Victoria Waldersee, Miranda Murray, Rachel More, Kirsten Donovan Organizations: IAA, REUTERS, Continental, BERLIN, Thomson Locations: Hanover, Europe, Americas, Asia Pacific

Western automakers are rattled, with Carlos Tavares, the CEO of Peugeot-to-Fiat carmaker Stellantis (STLAM.MI), warning last month of an "invasion" of cheap Chinese EVs in Europe. But Chinese brands are likely to struggle to sell cars in Europe as cheaply as at home. CONSUMER TRUSTWhile some Chinese brands, such as MG, are well known in Europe, others like XPeng (9868.HK) and Nio need to build trust. Surveys indicate most potential EV buyers in Europe do not recognise Chinese brands. But among those aware of Chinese brands, 1% or fewer would consider buying one.

Persons: Annegret, Carlos Tavares, Chen Shihua, ” Shihua, Spiros Fotinos, Alexander Klose, BYD, Geely’s Lynk, Tesla, Aiways, Zeekr's Fotinos, ” Fotinos, Klose, Victoria Waldersee, Zhang Yan, Gilles Gillaume, Giulio Piovaccari, Mark Potter Organizations: REUTERS, HK, Allianz . Western, Peugeot, Fiat, EV, New Energy Vehicle, Jato Dynamics, Logistics, Geely, South Korean, YouGov, GAC, Victoria, Thomson Locations: Berlin, Germany, Europe, BERLIN, China, Beijing, Munich, Milan

☆ Hyundai Motor's unit to buy General Motors' India plant
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBENGALURU, Aug 16 (Reuters) - Hyundai Motor Co's (005380.KS) Indian unit will buy automaker General Motors' (GM.N) Talegaon plant in the western state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production. Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year, it said on Wednesday. The company had a production capacity of 820,000 units in the first half of this year. The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025. The plant currently has an annual production capacity of 130,000 units.

Persons: Wolfgang Rattay, Ashish Chandra, Sonia Cheema Organizations: Hyundai, REUTERS, Rights, General Motors, U.S, GM, Kia, Thomson Locations: Munich, Germany, KS, Maharashtra, Chennai, India, Bengaluru

☆ Daimler Truck starts search for new CFO after sudden death
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: 1 min

Members of the media stand beside an electric driven Actros truck at the booth of German truckmaker Daimler Truck at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian BimmerBERLIN, Aug 14 (Reuters) - Daimler Truck (DTGGe.DE) on Monday said that management board chairman Martin Daum would take over as chief financial officer on an interim basis after the sudden death of Jochen Goetz. The company added that the search for a new CFO had been initiated by the supervisory board. Daimler Truck had announced earlier this month that Goetz died suddenly and unexpectedly at the age of 52. Writing by Miranda Murray, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Daimler, Fabian Bimmer BERLIN, Martin Daum, Jochen Goetz, Goetz, Miranda Murray, Rachel More Organizations: IAA Transportation, REUTERS, Daimler, Daimler Truck, Thomson Locations: Hanover, Germany

☆ Nikola recalls all battery-electric trucks, halts sales after fire probe
▼ + stars: | 2023-08-12 | by ( Mrinmay Dey | ) www.reuters.com time to read: +2 min

Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair in Hanover, Germany, September 19, 2022. The company had said it suspected foul play when it started an investigation in June after trucks at its Phoenix, Arizona, headquarters caught fire. Struggling with supply chain bottlenecks and weaker demand, Nikola decided to make battery electric trucks only to order and focus on hydrogen fuel cell trucks. Nikola on Aug. 4 appointed Chairman Stephen Girsky, a former General Motors executive, as its chief executive, its fourth in four years. On Friday, Nikola asked customers and dealers of its Tre battery electric trucks to take certain immediate safety measures, including considering parking them outside.

Persons: Nikola, Fabian Bimmer, NKLA.O, Stephen Girsky, Shubhendu Deshmukh, Mrinmay Dey, Abhirup Roy, Sandra Maler, William Mallard, Raju Gopalakrishnan Organizations: IAA Transportation, REUTERS, Reuters, General Motors, Thomson Locations: Hanover, Germany, Phoenix , Arizona, Bengaluru, San Francisco

☆ Nikola recalls 209 Class 8 battery-electric trucks
▼ + stars: | 2023-08-12 | by ( ) www.reuters.com time to read: +1 min

Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer/File PhotoCompanies Nikola Corp FollowAug 11 (Reuters) - Nikola (NKLA.O) on Friday said it is recalling about 209 of its Class 8 Tre battery-electric vehicles (BEVs) as a precautionary measure. Nikola is currently in the process of filing this voluntary recall with the National Highway Traffic Safety Administration (NHTSA) and is placing a temporary hold on new BEV sales until a resolution is in place, the company said. The company said in a statement that a third-party investigator had found a coolant leak inside a single battery pack to be the probable cause of a truck fire at the company's headquarters in Phoenix, Arizona, on June 23, 2023. Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Nikola, Fabian Bimmer, BEV, Shubhendu Deshmukh, Sandra Maler Organizations: IAA Transportation, REUTERS, Companies Nikola, National, Traffic Safety Administration, Thomson Locations: Hanover, Germany, Phoenix , Arizona, Bengaluru

☆ Ford reaches deal to move industrial unit to Brazil's Bahia state
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. Chinese electric vehicle manufacturer BYD has shown interest in the complex, located in the Camacari industrial park. The automaker has since at least mid-2022 been trying to reach a deal with Ford and the Bahia government to acquire the asset. BYD said in a statement that it "continues with the planning to invest in the Camacari industrial park, maintaining the necessary negotiations with the Bahia government." It was not immediately clear whether the industrial unit mentioned by the company involves the Ford area.

Persons: Wolfgang Rattay, BYD, Alberto Alerigi Jr, Sandra Maler Organizations: REUTERS, Ford, SAO PAULO, Thomson Locations: Frankfurt, Germany, Bahia

☆ Daimler Truck CFO Jochen Goetz dies in 'tragic accident'
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO: Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo/File Photo/File PhotoFRANKFURT, Aug 6 (Reuters) - Daimler Truck's (DTGGe.DE) Chief Financial Officer Jochen Goetz has died in a "tragic accident," the company said on Sunday. Goetz spent his entire professional career, spanning more than 36 years, in the Daimler Group, and was largely responsible for the successful spin-off of Daimler Truck Holding from what is now the Mercedes-Benz Group (MBGn.DE) in December 2021. "He played a key role in shaping today's Daimler Truck company and, as CFO, consistently worked to ensure that the company is now more economically successful than ever before," Chief Executive Martin Daum said. The company statement said Goetz had been distinguished by "his high level of professionalism as well as his positive, hands-on manner".

Persons: Fabian Bimmer, Jochen Goetz, Goetz, Martin Daum, Joe Kaeser, Vera Eckert, Andrew Cawthorne, Barbara Lewis Organizations: Daimler, IAA, REUTERS, Daimler Group, Daimler Truck Holding, Mercedes, Benz Group, Siemens, Thomson Locations: Hanover, Germany

☆ Magna lifts annual forecasts as results beat estimates on parts demand
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay/File PhotoAug 4 (Reuters) - Canada's Magna International (MG.TO) on Friday raised its full-year profit and sales outlook after its quarterly results beat estimates on solid demand for parts, as automakers ramp up production. Magna expects 2023 revenue between $41.90 billion and $43.50 billion, compared with its previous forecast of $40.20 billion to $41.80 billion. The company raised its adjusted annual income outlook to between $1.40 billion and $1.60 billion, from $1.30 billion to $1.50 billion forecast earlier. Its second-quarter revenue rose 17% to $10.98 billion, topping estimates of $10.30 billion.

Persons: Wolfgang Rattay, Seetarama Kotagiri, Garrett Nelson, Nathan Gomes, Pratyush Thakur, Vinay Dwivedi Organizations: Munich, REUTERS, United Auto Workers, UAW, Ford Motor, Motors, Chrysler, Detroit, Magna, Thomson Locations: Munich, Germany, Europe, North America, Bengaluru

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