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☆ German union calls for better staffing at Tesla plant amid expansion plans
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, July 17 (Reuters) - Germany's top union IG Metall on Monday called for Tesla to improve staffing conditions at its German gigafactory as it prepares to expand, with the carmaker due to publish its expansion plans for feedback from the community later this week. The expansion plans will entail adding more jobs to the 12,000 planned for the first expansion phase of Tesla's first European product hub, of which roughly 11,000 have been hired so far. Tesla's plans are a clear commitment to Brandenburg as a location," IG Metall's Dirk Schulze said. "Before the expansion of the plant, the expansion of the working conditions of the colleagues in Gruenheide must now finally have priority." Reporting by Christoph Steitz and Victoria Waldersee; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla's, Dirk Schulze, Schulze, Tesla, Christoph Steitz, Victoria, David Evans Organizations: Metall, Tesla, Brandenburg, Citizens, Thomson Locations: FRANKFURT, Germany, Brandenburg, Gruenheide

☆ Bosch ups investment in hydrogen, begins fuel-cell power module production
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

The planned investment was one billion euros more than earmarked in its previous investment plan for 2021-2024, the statement added. Bosch expects one in five new trucks weighing six metric tons or more would feature fuel-cell powertrains by 2030, it said. Bosch said production of its fuel cell power module - a fuel cell system generating electricity in vehicles from hydrogen, primarily used in commercial long-distance applications - has begun in its Stuttgart-Feuerbach plant in Germany and in Chongqing, China. Daimler Truck (DTGGe.DE) plans to bring a hydrogen truck to market in the second half of the decade, forming a joint venture with Volvo (VOLVb.ST) to develop the zero-emissions technology. Automaker Stellantis said this year it would begin deliveries in Europe of its first medium-sized vans powered by hydrogen fuel cells by the end of 2021.

Persons: Bosch, Stefan Hartung, Feuerbach, Stellantis, Victoria Waldersee, Ilona Wissenbach, Emelia Sithole Organizations: Bosch, Nikola Corporation, Daimler, Volvo, Volkswagen, Thomson Locations: BERLIN, Stuttgart, Germany, Chongqing, China, American, Europe

☆ Daimler Truck targets above 12% adjusted returns by 2030
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: 1 min

July 11 (Reuters) - Daimler Truck (DTGGe.DE) set new financial targets for 2030 ahead of its Capital Markets Day on Tuesday, aiming for at least 12% adjusted returns for its industrial business under favourable conditions and 40-60% revenue growth from 2025-2030. The truck and bus maker expects to generate over 3 billion euros ($3.30 billion) in revenue and 1 billion euro earnings before interest and taxes from autonomous driving in 2030, it said in a statement. The company on Monday announced a 2-billion-euro share buyback programme as it increased its guidance for 2023 revenue and profits, citing a recovering supply chain and stronger demand. ($1 = 0.9098 euros)Reporting by Victoria WalderseeOur Standards: The Thomson Reuters Trust Principles.

Persons: Victoria Waldersee Organizations: Daimler, Victoria, Thomson

☆ Daimler Truck raises 2023 guidance for revenue, profit
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: 1 min

BERLIN, July 10 (Reuters) - Daimler Truck (DTGGe.DE) has raised its guidance for adjusted returns on sales in its industrial business to a range of 8.5% to 10% from 7.5% to 9% previously for the financial year 2023, it said on Monday. The truck and busmaker now expects revenue to reach 56-58 billion euros ($63.79 billion), from 55-57 billion previously, with unit sales forecast around 20,000 higher to a range of 530,000 to 550,000. Its adjusted return-on-sales forecast rose to 11-13% for its North America division, 8-10% for its Europe division, and 4-6% for its Asia division. The company also announced a share buyback program starting August 2023 of up to 2 billion euros, to be acquired over up to two years. ($1 = 0.9092 euros)Reporting by Victoria Waldersee and Maria MartinezOur Standards: The Thomson Reuters Trust Principles.

Persons: Victoria Waldersee, Maria Martinez Organizations: Daimler, North America, Thomson Locations: BERLIN, Europe, Asia

☆ Ravers dance through Berlin heat at techno parade
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +1 min

[1/5] Revellers attend the 'Rave The Planet' techno parade near the Brandenburg Gate in Berlin, Germany, July 8, 2023. REUTERS/Fabrizio BenschBERLIN, July 8 (Reuters) - Ravers gathered in Berlin on Saturday for the annual "Rave The Planet" techno music-themed street parade, with up to 300,000 attendees expected over the course of the afternoon. Police gave the go-ahead for the street parade on Saturday morning, after organisers had cautioned it may be cancelled due to concerns over security and sanitation. "The town centre belongs to the ravers today," Berlin police tweeted, confirming the event could take place. Around 200 DJs were due to play on 25 floats at the event, seen as the successor to the Love Parade founded in 1989 which was halted in 2010 after a stampede killed 21 and injured 500.

Persons: Fabrizio Bensch BERLIN, Ravers, Tanya Wood, Fabrizio Bensch, Victoria Waldersee, Ros Russell Organizations: REUTERS, Police, Love, Thomson Locations: Brandenburg, Berlin, Germany, Berlin's

☆ Lamborghini sells out combustion engine models - WELT
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowJuly 5 (Reuters) - Lamborghini's combustion engine models are sold out until the end of production, its chief executive was quoted as saying in the WELT newspaper on Wednesday, as the luxury carmaker transitions towards a pure hybrid lineup. Order books for its Hurucan and Urus models are full, marking the end of combustion engine vehicle production for the company, Stephan Winkelmann, head of the Volkswagen (VOWG_p.DE) subsidiary, said. Winkelmann told WELT the combustion engine models would be replaced by plug-in hybrids in 2024 and 2025, adding he expected the hybrid Revuelto model to be sold out by the end of 2025. The carmaker saw record sales last year and was aiming for a "very good result" this year again, he added. ($1 = 0.9175 euros)Reporting by Victoria Waldersee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephan Winkelmann, Lamborghini, Winkelmann, Victoria Waldersee, Mark Potter Organizations: Volkswagen, WELT, Victoria, Thomson

☆ German coalition at odds over fighter jet sale to Saudi Arabia, Welt am Sonntag reports
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 1(Reuters) - Germany's coalition government is at odds over whether to bow to British pressure and approve the production of Eurofighter Typhoon fighter jets for Saudi Arabia, the newspaper Welt Am Sonntag reported on Saturday, citing anonymous sources. A third of the components for the jets come from Germany, industry sources told Reuters at the time. Since the rapprochement of Saudi Arabia and Iran, which could end their proxy war in Yemen, the British have argued that Germany cannot block the export of Eurofighter jets to third parties. A spokesperson for the Chancellery declined to comment to Welt am Sonntag. Reporting by Sabine Siebold; Writing by Victoria Waldersee; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Chancellor Olaf Scholz, Christian Lindner, Jamal Khashoggi, Angela Merkel, Sabine Siebold, Victoria Waldersee, Jonathan Oatis Organizations: Eurofighter Typhoon, BAE Systems, Reuters, Social Democrats, Finance, Greens, SPD, Eurofighter, Welt, Thomson Locations: BERLIN, Saudi Arabia, Riyadh, Yemen, Saudi, Germany, United States, France, Britain, Iran

☆ Deutsche Bank human resources head Ilgner to leave bank
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, June 30 (Reuters) - Deutsche Bank's (DBKGn.DE) head of human resources, Michael Ilgner, has decided to leave the bank, Deutsche Bank announced on Friday, the latest in a spate of management changes. It was not immediately clear whether Ilgner's decision to leave was related to the investigation. A Deutsche Bank spokesperson declined to comment on the status of the probe. Deutsche Bank Chief Executive Officer Christian Sewing praised Ilgner as an "important partner" to the management board. Deutsche Bank in recent months has announced a number of board changes, the biggest management reshuffle since 2019.

Persons: Michael Ilgner, Ilgner, Michael, Tom Sims, Victoria Waldersee, Sandra Maler Organizations: Deutsche, Deutsche Bank, Thomson Locations: FRANKFURT

☆ Volkswagen in discussions with Tesla over its charging standard
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, June 29 (Reuters) - Volkswagen (VOWG_p.DE) said on Thursday that it was in discussions with Tesla (TSLA.O) over its North American charging standard to optimize it for its customers. "Volkswagen Group and its brands are currently evaluating the implementation of the Tesla North American Charging Standard (NACS) for its North American customers," Volkswagen said in an emailed statement. Reporting by Victoria Waldersee; writing by Tom SimsOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Victoria Waldersee, Tom Sims Organizations: Volkswagen Group, Tesla, North, Volkswagen, Thomson Locations: FRANKFURT

☆ Audi names Volkswagen strategy chief Doellner as new CEO
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 29 (Reuters) - Volkswagen's (VOWG_p.DE) Audi named the German group's strategy chief as its new CEO on Thursday, as the luxury carmaker seeks to catch up with rivals in the dash towards electrification, including in China, the world's top car market. Gernot Doellner, who replaces Markus Duesmann, will become CEO with effect from September, Audi said, after the luxury automaker's supervisory board passed a resolution on Thursday. Doellner is a Volkswagen Group veteran who joined the company as a doctoral student in 1993 and rose through the ranks to become head of product development at Porsche. He headed up the Panamera series from 2011 to 2018 and became head of product strategy at Volkswagen AG in 2021. "Audi is a fantastic company with a rich history," Doellner said, adding: "I look forward to shaping the company's future together with the entire team at Audi."

Persons: Gernot Doellner, Markus Duesmann, Doellner, Oliver Blume's, Bentley, Peter Bosch, Christina Amann, Jan Schwartz, Ilona Wissenbach, Christoph Steitz, Victoria Waldersee, Tom Sims, Emma Rumney, Hans Seidenstuecker Organizations: Audi, Volkswagen Group, Porsche, Volkswagen AG, Volkswagen, BMW, Mercedes, Benz, Thomson Locations: FRANKFURT, China

☆ Audi ex-boss becomes first VW board member sentenced over diesel scandal
▼ + stars: | 2023-06-27 | by ( Jörn Poltz | ) www.reuters.com time to read: +2 min

Matthias Schrader/Pool via REUTERSSummarySummary Companies Stadler given suspended sentence, 1.1 mln euro fineFirst former VW board member sentenced for diesel scandal fraudFormer exec, engineer also sentenced and finedJune 27 (Reuters) - Former Audi boss Rupert Stadler was handed a suspended sentence of one year and nine months by a Munich court on Tuesday for fraud by negligence in the 2015 diesel scandal, becoming the first former Volkswagen board member to receive such a sentence. Prosecutors had originally wanted a 2-million-euro fine, citing Stadler's salaries at Audi and Volkswagen and his financial and real estate assets. Stadler's trial, one of the most prominent court proceedings in the aftermath of the diesel scandal, has been ongoing since 2020. Audi's parent group Volkswagen (VOWG_p.DE) and Audi admitted in 2015 to having used illegal software to cheat on emissions tests. Stadler was accused of failing to stop the sale of the manipulated cars after the scandal became known.

Persons: Rupert Stadler, Matthias Schrader, Stadler, Ulrike Thole, Groll, Wolfgang Hatz, Giovanni P, Joern Poltz, Victoria, Friederike Heine, Jason Neely Organizations: Audi, VW, Volkswagen, Prosecutors, Thomson Locations: Munich, Germany

☆ Volkswagen China chief asks China's premier Li for clarity on data transfers
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 27 (Reuters) - Volkswagen's (VOWG_p.DE) head of its business in China said on Tuesday that the carmaker needed clarity on cross-border data transfers in a meeting with the country's Premier Li Qiang, asking how China would cooperate with Europe amid rising political tensions. "As a globalized industry, the transformation of the automotive sector highly depends on international exchange of personnel, data and knowledge. We therefore need more clarity on cross-border data transfers," executive Ralf Brandstaetter said, according to a copy of the speech held at a World Economic Forum meeting in Tianjin. "What are the major considerations of China, and how China will cooperate with Europe in this regard?" SAIC Volkswagen Automotive Co joined in the price war in March, offering 3.7 billion yuan ($512.52 million) in cash subsidies for car purchases in China.

Persons: Li Qiang, Ralf Brandstaetter, Brandstaetter, Victoria Waldersee, Matthias Williams Organizations: Volkswagen, Qualcomm, Horizon Robotics, Tesla, SAIC Volkswagen Automotive Co, Thomson Locations: BERLIN, China, Europe, Tianjin, North America, Italian, Hefei

☆ Carmakers owe compensation for emissions cheating devices, German court rules
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - Carmakers must pay compensation for diesel vehicles fitted with illegal emissions controlling devices, Germany's highest federal court ruled on Monday, in a case that could potentially cost Volkswagen, Mercedes-Benz and others millions of euros. The judge overturned previous dismissals by courts of such claims and referred them back to courts of appeal. It was up to carmakers to prove that their so-called defeat devices were functional and not illegal, she said. Carmakers argue the devices, which are only switched on at certain temperatures, are needed to protect the motor and are in line with the law. Reporting by Ursula Knapp, Victoria Waldersee, Ilona Wissenbach; Editing by Maria Sheahan and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Ursula Knapp, Victoria Waldersee, Ilona Wissenbach, Maria Sheahan, Mark Potter Organizations: Volkswagen, Mercedes, Benz, Audi, Court, Justice, Thomson

An array of startups offers second-life energy storage using old EV batteries. The second-life energy storage idea is in theory simple. The problem is a lack of old EV batteries that shows no sign of easing. He has just sold the car for $3,000 to pay down credit card debt, but wants another used EV. Commercial vehicles provide the best hope thus far for second-life batteries, industry officials said.

Persons: Steven Meersman, Nick Carey LONDON, Hans Eric Melin, Melin, EVs, Elmar Zimmerling, Thomas Becker, Antoni Tong, Jonathan Rivera, Rivera, —, Asad Hussain, Zenobe, Nick Carey, Paul Lienert, Daniel Leussink, Ben Klayman, Barbara Lewis Organizations: REUTERS, Global, Nissan, Energy, EV, Mercedes, P Global Mobility, CES, Tesla, BMW, International Energy Agency, Leaf, Mobility Impact Partners, Victoria Waldersee, Thomson Locations: Portsmouth, Britain, recyclers, U.S, Leipzig, 16GWh, Paris, Europe, Coeur d'Alene , Idaho, London, Australia, New Zealand, Detroit, Berlin, Tokyo

June 16 (Reuters) - Volkswagen (VOWG_p.DE) will face investors hungry for answers at its capital markets day next Wednesday on how it will achieve high cost-cutting targets and whether it will heed their calls for an independent audit of its co-owned Xinjiang plant. "The 21 June CMD is an opportunity to reset a fraught relationship with investors, a challenging exercise," Jefferies wrote in a note on Friday. Investors also demanded that Volkswagen conduct an independent audit of the Urumqi plant, which executives have is only possible with the agreement of joint venture partner SAIC (600104.SS). Alongside targets, investors needed details on how the carmaker expects to make its EV production more cost-effective, Daniel Roeska of Bernstein Research wrote in a note on Thursday. "The risk is that instead we see more punchy earnings and volume targets, with little to support them," he added.

Persons: CMD, Jefferies, carmaker, Oliver Blume, Arno Antlitz, Blume, Daniel Roeska, Jan Schwartz, Victoria Waldersee, Conor Humphries Organizations: Porsche, Volkswagen, Investors, SAIC, Bernstein Research, Thomson Locations: Xinjiang, Urumqi, Germany

☆ Volkswagen to hold series of capital market days for brands, software and battery units
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, June 16 (Reuters) - Volkswagen (VOWG_p.DE) will hold a series of capital markets days to present the results of mock listing exercises at each of its brand groups and its software and battery units, according to two sources familiar with the matter. At its capital markets day next Wednesday, the company will present an overview of the group's targets in the next 3-4 years, the sources said on Friday, declining to be named. But the sources said the results will instead be staggered over a series of events focused on the brand groups, software unit and battery unit held over a longer period of time. Executives have repeatedly emphasised that the mock exercises will not necessarily lead to actual listings, though the carmaker is speaking to outside investors about its battery unit PowerCo and has said a listing is a possibility. Reporting by Victoria Waldersee and Jan Schwartz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Victoria Waldersee, Jan Schwartz, Miranda Murray Organizations: Volkswagen, BERLIN, Shareholders, Thomson

☆ VW masters dry-coating battery process with potential to slash cell costs
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 16 (Reuters) - Volkswagen (VOWG_p.DE) and a technology partner have mastered a battery manufacturing process called dry coating which if scaled up could cut the cost of cell production by hundreds of millions of euros a year, its battery chief said on Friday. "No-one else can do this today," battery chief Thomas Schmall said at a media roundtable. Dry-coating eliminates that step with an adhesive that does not require drying, Schmall explained. Together with scaled-up production and cheaper raw materials, the carmaker hopes the procedure will help bring down cell costs by around 50%, Schmall said. Reporting by Victoria Waldersee; Editing by Rachel More and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Koenig, Thomas Schmall, Schmall, Tesla, Sebastian Wolf, Victoria Waldersee, Rachel More, Jan Harvey Organizations: Bauer AG, Maxwell Technologies, Reuters, Volkswagen, Thomson Locations: BERLIN, Germany, Spain, Canada

☆ Volkswagen: battery unit PowerCo will be 'investor-ready' early next year
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: 1 min

BERLIN, June 16 (Reuters) - Volkswagen's (VOWG_p.DE) battery unit PowerCo will be ready for investors at the beginning of next year, battery chief Thomas Schmall said at a roundtable in Berlin on Friday. Schmall's statement followed comments made last month by Chief Financial Officer Arno Antlitz that onlookers "shouldn’t be surprised if in 2024 there might be a first step taken with a strategic investor" in the unit. The battery chief declined to give further information on Friday, stating more would be disclosed at Volkswagen's capital markets day next Wednesday. Antlitz said in May that interest in the unit was high but the carmaker was evaluating how long to keep it on its books. Reporting by Victoria Waldersee, Jan Schwartz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Schmall, Arno Antlitz, shouldn’t, Antlitz, Victoria Waldersee, Jan Schwartz, Miranda Murray Organizations: Thomson Locations: BERLIN, Berlin

☆ Intel near deal on 9.9 bln euro German government subsidy, Handelsblatt says
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Intel (INTC.O) and the German government are close to an agreement for the chipmaker to receive 9.9 billion euros ($10.83 billion) in subsidies, up from a previously agreed 6.8 billion, Handelsblatt reported on Thursday, citing government sources. Final negotiations will take place this weekend, the newspaper reported, with Intel Chief Executive Pat Geisinger and government representatives to sign an agreement in Berlin on Monday. Intel and the economy ministry were not immediately available for comment outside working hours. The additional funds are to come from a budget under the responsibility of the economy minister, who campaigned heavily for the extra subsidies in the face of resistance from Finance Minister Christian Lindner, according to Handelsblatt. Intel, which announced last year it had picked the central German city of Magdeburg for a new chip-making complex, had raised its demand for subsidies to around 10 billion euros citing higher energy and construction costs.

Persons: Handelsblatt, Pat Geisinger, Christian Lindner, Victoria Waldersee, Barbara Lewis Organizations: Intel, Finance, Thomson Locations: Berlin, German, Magdeburg

Companies Tesla Inc FollowBERLIN, June 15 (Reuters) - Tesla (TSLA.O) will hire fewer temporary workers at its plant outside Berlin than it did in its ramp-up phase and refrain from Saturday shifts, but it is still on track to achieve its production targets, the company said on Thursday. The electric carmaker maker has offered discounts of up to 3,490 euros ($3,842) for a China-made Model 3 and 3,660 euros ($4,029) for a Berlin-made Model Y, according to Tesla Info's list of global inventory. Tesla CEO Elon Musk told shareholders last month that the company would try advertising for the first time, in a move seen by analysts as a means to drum up demand. French President Emmanuel Macron will meet Musk on Friday, the second time in just over a month, to promote France as a possible site for a second Tesla factory in Europe. Reporting by Victoria Waldersee Editing by Miranda Murray and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Elon Musk, Emmanuel Macron, Musk, Victoria Waldersee, Miranda Murray, Mark Potter Organizations: Tesla, Business, Victoria, Thomson Locations: Berlin, China, France, Europe

☆ Volkswagen passenger cars targets 10 billion euros of efficiency gains
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 14 (Reuters) - Volkswagen's (VOWG_p.DE) passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on sales target of 6.5%, a spokesperson said on Wednesday. "The Volkswagen Group is focusing even more strongly on profitability and cash flow," Antlitz said in his post. Antlitz's statement came after Volkswagen brand chief Thomas Schaefer told workers in an internal memo in mid-May it was planning an overhaul at its core brand to put it on more solid footing. Volkswagen is due to present new financial targets and an updated corporate strategy for the entire group at a capital markets day next Wednesday. The carmaker's supervisory board was due to discuss on Tuesday cost-cutting measures across the Volkswagen, Seat, Skoda and Cupra brands to achieve that goal, a source told Reuters.

Persons: Arno Antlitz, Antlitz, Thomas Schaefer, Schaefer, Victoria Waldersee, Jan Schwartz, Miranda Murray, Kirsten Donovan Organizations: Skoda, SEAT, Volkswagen, Reuters, Thomson Locations: BERLIN, Spain

☆ Volkswagen supervisory board to discuss savings programme on Tuesday
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 12 (Reuters) - Volkswagen's (VOWG_p.DE) supervisory board will meet on Tuesday to discuss a planned savings programme ahead of its capital markets day on June 21, two sources close to the company said on Monday. The board will discuss cost-cutting measures amounting to at least 3 billion euros ($3.22 billion) across the Volkswagen, Seat, Skoda and Cupra brands, said one source. Germany daily Handelsblatt, which first reported on the savings programme, reported that Chief Executive Oliver Blume wants to curb duplicate development work and better utilise German plants, particularly at Audi and Volkswagen. Volkswagen brand chief Thomas Schaefer said in an internal memo in May that the brand was targeting a 6.5% return on sales, compared to 3% achieved in the first quarter of this year. The Volkswagen brand must act," he wrote at the time.

Persons: Oliver Blume, Arno Antlitz, Thomas Schaefer, Jan Schwartz, Miranda Murray, Victoria Waldersee, Susan Fenton Organizations: Volkswagen, Skoda, Audi, Group, Reuters, Thomson Locations: BERLIN, Germany

Musk revealed those plans on Tuesday at the company's annual meeting, an about-face for the celebrity executive who recently acquired social media platform Twitter. Musk told CNBC he did not yet have a "fully formed strategy" for Tesla advertising. Tesla spent $151,947 on advertising in the U.S. in 2022, according to advertising intelligence firm Vivvix, which measured ads across places including TV, social media, Web banners and billboards. Diaz-Ortiz is a former Twitter manager who has written books about the social media company. Thomas Martin, senior portfolio manager at Tesla shareholder Globalt Investments, sees Musk's embrace of advertising as a positive.

MUNICH, May 17 (Reuters) - Electric car maker Fisker Inc (FSR.N) is exploring collaboration with other companies to scale up market share faster, Chief Executive Henrik Fisker said on Wednesday. If we collaborate with someone, you can scale quicker ... it could be with suppliers, other car companies, tech companies - we are exploring all these avenues," Fisker said, speaking at the Reuters Automotive Conference in Munich. The PEAR will have 25% fewer parts than a comparable car today, Fisker said. Instead, Fisker will build vehicles from steel, combining multiple parts into one using single stampings, he said. Fisker said eventually the company plans to have production capacity in Europe, China, the United States and India.

The unboxed assembly process is intended to enable Tesla to hit that ambitious price target. Several big questions loom: What sort of impact will Tesla's process have on the auto industry overall? Body panels are painted separately, then joined together toward the end of the assembly process. If everything works as planned, the unboxed process could rewrite the industry's standard playbook and practices. Oba worked previously for the Toyota Production System Support Center, a division that helps the automaker's suppliers and others implement TPS.

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