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☆ Hyundai, Kia recall 91,000 US vehicles over fire risks, urge owners to park outside
▼ + stars: | 2023-08-03 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

[1/2] Hyundai logo is seen during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The recall covers Hyundai 2023-2024 Palisade, 2023 Tucson, Sonata, Elantra, and Kona vehicles and 2023-2024 Seltos and 2023 Kia Soul, Sportage vehicles. Owners will be notified in late September and dealers will inspect and replace the electric oil pump controller as needed. Kia said it has six reports of potentially related thermal events but no accidents or injuries while Hyundai has four similar reports. In addition to the fire risk, heat damage could trigger a short circuit impacting other onboard vehicle controllers, Hyundai said.

Persons: Wolfgang Rattay, Kia, David Shepardson, Jane Merriman, Nick Zieminski Organizations: REUTERS, Hyundai, Kia, Traffic, Administration, Thomson Locations: Munich, Germany, KS, United States, Tucson

☆ 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

REUTERS/Rick Wilking/File PhotoAug 2 (Reuters) - Industrial equipment auctioneer RB Global Inc (RBA.TO) said on Wednesday it replaced its chief executive officer, Ann Fandozzi, who recently spearheaded a $7.3 billion acquisition, amid a dispute over equity compensation. The company, formerly called Ritchie Bros Auctioneers, said Jim Kessler, its former chief operating officer and president, has been named CEO. The company gave a second-quarter earnings preview, reporting that revenue jumped 128% to $1.1 billion and net income climbed 63% to $86.8 million. The company said Fandozzi asked the board to approve a program "out of step with market standards." "My focus has been on sustaining momentum while solidifying an all-equity, at-risk incentive program to align management with long-term performance and shareholder value," she said.

Persons: Richie Bros, Rick Wilking, Ann Fandozzi, Ritchie, Auctioneers, Jim Kessler, Eric Jacobs, Jacobs, Fandozzi, Glass Lewis, Kessler, Svea Herbst, Bayliss, Pratyush Thakur, Anil D'Silva, Sriraj Kalluvila, Leslie Adler Organizations: REUTERS, Global Inc, Investors, RB Global, New York Stock Exchange, Reuters, U.S, Services, Svea, Thomson Locations: Longmont , Colorado, U.S, Boston, Bengaluru

☆ 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.

☆ China's Huawei makes breakthrough in design tools for 14nm chips and above - media
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Wolfgang Rattay/File PhotoSHENZHEN, China, March 24 - Huawei Technologies Co Ltd (HWT.UL) has made breakthroughs in electronic design automation (EDA) tools for chips produced at and above 14-nanometre technology, Caijing financial news magazine reported on Friday, citing a speech by a senior Huawei executive. Huawei will complete testing on the tools this year, rotating chairman Xu Zhijun said in a speech on Feb 28., Caijing reported. Huawei has developed 78 tools related to chip hardware and software, the report added. Chip design companies use EDA software to produce the blueprints for chips before they are mass manufactured at fabs. China is home to a handful of domestic EDA software makers, but experts do not consider them globally competitive.

☆ Huawei makes breakthroughs in design tools for 14nm chips -media
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

The announcement comes as Huawei and other Chinese technology companies rush to localise their supply chains in the face of mounting U.S. sanctions. According to a transcript of Xu's remarks published by Caijing, Huawei cooperated with domestic EDA companies to create the software, "basically realising the localisation of EDA tools above 14nm." Chip design companies use EDA software to produce the blueprints for chips before they are mass manufactured at fabs. China is home to a handful of domestic EDA software makers, but experts do not consider them globally competitive. All three overseas EDA companies fell subject to Washington's sanctions against Huawei in 2020.

☆ Shareholders of Canada's Ritchie Bros support deal with IAA
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) said on Tuesday its shareholders voted in favor of its $7 billion acquisition of U.S. auto retailer IAA Inc (IAA.N), according to a preliminary tally. IAA stockholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros for each share of IAA common stock they own. Upon completion of the deal, IAA stockholders will own 37.2% of the combined company and Ritchie Bros shareholders the remaining 62.8%. For Ritchie Bros, which auctions and sells used heavy industrial equipment, the acquisition is intended to diversify its customer base, giving it a bigger footprint in vehicle re-marketing, and help cut costs. On Tuesday, shares of IAA were up 1.8% at $40.9, while U.S.-listed stock of Ritchie Bros was up 0.7% at $54.8.

☆ 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.

☆ Ritchie founder perfects disappointed dad routine
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

The company stretching for its acquisition has done something worse: It disappointed dad. Ritchie investors are expected to approve the fiercely contested deal on Tuesday, a surprising outcome, especially to company co-founder David Ritchie. The pair didn’t speak out before because they assumed, given the weight of opposition to the deal, it was dead. If she succeeds, shareholders better hope her optimistic deal math holds up. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ TSX dragged lower by weakness in energy stocks, miners
▼ + stars: | 2023-03-07 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (15:23 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 147.61 points, or 0.72%, at 20,367.19. Energy shares (.SPTTEN) fell 0.7% and materials (.GSPTTMT) shed 2%, tracking commodity prices lower, after China's weak trade data followed its modest annual growth target on Monday. Although the TSX waded through losses during a volatile February, the bourse is eyeing gains of 6% for the current quarter. The tech sector (.SPTTTK) slipped 0.7, dragged down by an 11.6% drop in BlackBerry Inc (BB.TO) after the software firm's lower-than-expected annual sales forecast. Reporting by Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's Ritchie to pay special dividend to investors who back $7-bln IAA deal
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

March 7 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) said on Tuesday it would pay a special dividend of $1.08 per share to its investors if they back its $7-billion deal for U.S. auto retailer IAA Inc (IAA.N). However, Ritchie's shareholders including Luxor Capital Group, Eminence Capital, Deep Field Asset Management and Janus Henderson Investors have opposed the deal. The latest move by Ritchie comes after proxy advisory firms Institutional Shareholder Services and Glass Lewis recommended that shareholders reject the deal, citing potential risks. read moreThe dividend will be paid subject to receipt of required shareholder approvals of the merger, Ritchie said adding that IAA shareholders will not be entitled to receive it. Reporting by Aishwarya Nair in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Proxy advisors urge shareholders to reject Ritchie Bros bid for IAA
▼ + stars: | 2023-03-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Shareholders vote on March 14 on whether to approve the proposed deal. Ritchie Bros. said it "strongly disagree(s)" with the recommendations and urged shareholders to vote for the deal. The Ritchie Bros stock price climbed more than 5% in the first minutes of trading on Monday. The statement also said that Ritchie Bros. is committed to act in the best interest of all Ritchie Bros shareholders and build long-term value and drive superior shareholder returns. But a number of investors on both sides are pushing back on the deal, arguing it would distract Ritchie Bros from its core business and that it favors IAA shareholders without offering enough upside for RBA investors.

☆ Commodity stocks weigh on TSX; Ritchie Brothers rise
▼ + stars: | 2023-03-06 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

Ritchie Brothers Auctioneers Inc's shares (RBA.TO) rose 3.1% as two leading proxy advisory firms recommended that shareholders vote against the asset management firm's planned takeover of U.S. auto retailer IAA Inc (IAA.N). ET (15:12 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 20.46 points, or 0.08%, at 20,602.04. The energy sector (.SPTTEN) and miners (.GSPTTMT) fell 0.9% each, tracking declines in commodity prices after China over the weekend set a lower-than-expected gross domestic product target of 5%. "The commodity stocks are weighing on the index because China is forecasting growth for the upcoming year not as high or as we would have anticipated," said Allan Small, senior investment advisor at Allan Small Financial Group. Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Wolfgang RattaySummarySummary Companies Volkswagen China chief toured Xinjiang plant on Feb 16-17Carmaker contractually bound to plant until 2030Company notes 'more repressive approach' in region since 2015No indication of forced labour on visit - China chiefPlant no longer assembling cars, 65% staff cutBERLIN, Feb 28 (Reuters) - Volkswagen (VOWG_p.DE) is contractually committed to its plant in Xinjiang until 2030, it said on Tuesday, after its China chief made the first visit by senior management to the plant in mid-February and said he saw no signs of forced labour. Ralf Brandstaetter, who has headed the carmaker's China operations since the middle of last year, spent 1-1/2 days on Feb. 16-17 touring the facility with Volkswagen's compliance and external relations chief in China. I can try and verify the facts [from joint venture partner SAIC], and that's what I did. China has strenuously denied any abuses in Xinjiang. Around 190 workers had also undertaken retraining and qualification programmes at other SAIC plants across China.

☆ Scrap-car deal battle is a heaping mess
▼ + stars: | 2023-02-23 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

Investors owning 10% of Ritchie’s shares, as well as IAA shareholder Discerene, want it nixed. They are about where they were before the deal was announced, but only after crashing 20% upon its unveiling. Worse, because Ritchie shareholders will only own part of the combined company, they don’t get the benefit of all of those savings, unlike in an all-cash deal. IAA shareholder Discerene and Ritchie Bros investors Luxor Capital, Janus Henderson, Vontobel, Deep Field Asset Management and Eminence Capital have publicly announced their opposition to the deal. Starboard Value has agreed to invest $500 million in Ritchie Bros in support of the deal, while IAA shareholder Ancora is also in favor.

☆ Rise in Canadian shareholder activism faces test next month with new rules in place
▼ + stars: | 2023-02-12 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

The country has lagged the rising trend of activism seen globally, but that could be about to change, lawyers say. Some 53 Canadian companies faced activism campaigns in 2022, a 17.8% rise over the previous year, compared with a 10.6% rise in the U.S to 511, showed data from Insightia, a Diligent brand. Previously, shareholders could only vote 'for' a candidate or 'withhold' their vote, meaning a majority was not legally a necessity. While not enshrined in law, majority voting was often adopted by companies in their policy, prior to the change. And oil and mining companies could continue to be the sector that faces activism, say market participants.

☆ Jeff Smith makes for a substitute Warren Buffett
▼ + stars: | 2023-01-30 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

With markets sagging and deals drawing opposition, such imprimaturs have a value - and at Ritchie Bros Auctioneers (RBA.TO), it’s the turn of Starboard Value’s Jeffrey Smith to play rescuer. Heavy equipment auctioneer Ritchie Bros ran into both problems in its $7 billion bid to buy salvage-car portal IAA (IAA.N). Announced in November, it quickly drew opposition from IAA shareholder Ancora and Ritchie investor Luxor Capital. Shareholder opposition is expected in market turmoil. As part of the deal, Starboard Value agreed to invest $500 million in Ritchie Bros, with fund boss Jeffrey Smith taking a seat on Ritchie’s board if the IAA deal succeeds.

[1/4] Ford Mustang Mach-E GT is seen during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The move comes as electric vehicle manufacturers are feeling pressure from Tesla's price cut to respond. "Ford just cut Mustang EV prices in response to Tesla’s price cut. "Tesla’s price cut was a major blow to the prospects of competing EV models and the Mustang Mach-E directly competes with Tesla’s Model Y," said Garrett Nelson, an analyst at CFRA Research. Ford said existing Mustang Mach-E customers awaiting delivery of vehicles will automatically receive the price cut.

Still, hedge funds piled into Shaw, betting the deal would go ahead. But now, together, the 12 hedge fund firms have made hundreds of millions over the nearly two-year period between Mar. POPULAR TRADEThe 12 hedge fund firms together owned 7.05% of Shaw's shares, or 33.6 million shares, according to Refinitiv Eikon data. Millennium, for example, is a multi-strategy firm - meaning it operates different hedge fund strategies. If the competition bureau had prevailed, analysts had predicted Shaw shares would have dropped to the pre-bid level of C$23, pointing to steep losses for the hedge funds.

☆ Tesla, insurers take different paths to deal with expensive repairs
▼ + stars: | 2023-01-26 | by ( Paul Lienert | ) www.reuters.com time to read: +4 min

Jan 26 (Reuters) - Tesla Inc's (TSLA.O) electric vehicles are expensive to repair - so much so that the automaker and insurers are addressing the issue in sharply different ways. Chief Executive Elon Musk says Tesla is making design and software changes to its vehicles to lower repair costs and insurance premiums. Insurance carriers, meanwhile, are writing off low-mileage Tesla Model Ys that have been in crashes, and sending them to salvage auctions after deeming many too expensive to repair. "It's remarkable how small changes in the design of the bumper (and) providing spare parts needed for collision repair have an enormous effect on the repair cost," he said. Insurance companies contacted by Reuters either declined to comment or did not respond immediately to requests.

☆ Ritchie Bros. Recuts Deal for IAA With Starboard Backing, Wins Ancora Support
▼ + stars: | 2023-01-23 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Canada’s Ritchie Bros. Auctioneers Inc. agreed to amend the terms of its proposed acquisition of U.S. auto retailer IAA Inc. with the backing of activist investor Starboard Value LP, in a move that won over a major investor that had challenged the deal. Under the terms of the amended agreement, IAA stockholders would receive $12.80 in cash, up from $10, and 0.5252 Ritchie Bros. share for each IAA share, the companies announced Monday, confirming an earlier Wall Street Journal report. That implies a combined value to IAA stockholders of $44.40 based on Ritchie Bros.’ closing price of $60.17 on Friday. (Previously, the stock component was 0.5804.)

☆ Canada's Ritchie Bros raises cash payout under revised offer for IAA
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) on Monday sweetened the cash component of its buyout offer for IAA Inc (IAA.N) by 28%, valuing the U.S. auto retailer at $5.94 billion, and also secured the backing of a key IAA shareholder which had questioned the initial offer. IAA shares rose 4.9% in morning trade, while Ritchie Bros's Toronto-listed shares were up 3%. The improved offer comes at a time when many companies are reducing costs and initiating layoffs in face of a potential economic downturn. Under the revised offer, IAA stockholders would receive $12.80 in cash, up from $10 earlier, and 0.5252 Ritchie Bros. share for each IAA share, down from 0.5804. Ritchie made the initial offer in November, valuing the company at about $7.3 billion, including debt.

☆ Ritchie Bros. Sweetens Deal for IAA, With Starboard’s Jeff Smith Set to Join Board
▼ + stars: | 2023-01-23 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Ritchie Bros. agreed to add Starboard CEO Jeffrey Smith to its board as part of the agreement, executives at the firms said. Canada’s Ritchie Bros . Auctioneers Inc. agreed to amend the terms of its proposed acquisition of U.S. auto retailer IAA Inc., as activist investor Starboard Value LP plans to make a $500 million investment in Ritchie Bros. Under the terms of the amended agreement, IAA stockholders would receive $12.80 in cash, up from $10, and 0.5252 Ritchie Bros. share for each IAA share. That implies a combined value to IAA stockholders of $44.40 based on Ritchie Bros.’ closing price of $60.17 on Friday. (Previously, the stock component was 0.5804.)

☆ 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.

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