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Zelenskiy will arrive from Italy where he was meeting with Italian officials and Pope Francis on Saturday. The Ukrainian leader last visited Germany for the Munich Security Council in February last year just before the war broke out. "Does Germany want a Ukrainian victory or is it enough for the war to end?" "Ukraine needs financial assistance to pay its debt so it doesn't go bankrupt and Germany plays a big role there," he said. That survey also showed a drop in German support for accepting new refugees from Ukraine and providing military assistance.
May 13 (Reuters) - Rheinmetall (RHMG.DE) has founded a joint venture with Ukrainian state-owned conglomerate Ukroboronprom to build and repair tanks in Ukraine, the company said on Saturday. Closing of the agreement to set up the joint venture is scheduled for late June with operations to begin from mid-July. The German company expects to sign contracts for two more joint ventures in the coming days for ammunition and air defence, according to Handelsblatt. Rheinmetall has ridden a rise in defence spending since Russia's invasion of Ukraine last year, with Germany also supplying aid and weapons to Kyiv. Rheinmetall makes ammunition and other military equipment as well as jointly producing the Leopard tanks that Germany is sending to Ukraine with Krauss-Maffei Wegmann.
Both plants will start production in 2026, employ thousands of people and supply batteries to European car makers. With Taiwan a focal point in tensions between Washington and Beijing, the company also wanted to secure a base overseas. Volkswagen was expected to announce a battery plant location in Europe late last year but said in March it is awaiting more clarity from Europe on subsidies before making a decision. The plant by Taiwan's ProLogium would be its first overseas car battery factory. A second plant could also be constructed in parallel elsewhere, a Northvolt spokesperson said, including in North America.
REUTERS/Rebecca Cook/File PhotoSHANGHAI/BERLIN, May 11 (Reuters) - Automakers including Volkswagen and General Motors could have considerable unused production capacity for conventionally powered vehicles in China by 2030 if they do not speed up their transition to electric vehicles (EV), Greenpeace said on Thursday. By the end of 2021, China had total annual production capacity for 40.89 million passenger vehicles of all fuel types with a utilisation rate of 52.5%, showed data from the China Passenger Car Association. If the sales rate reaches 70%, the average unused capacity utilisation rate for ICE production would rise to two thirds, Greenpeace said, basing its estimates on public information about planned capacity and projected sales. GM and Volkswagen will face the largest pressure with over 3 million units of idled capacity for ICE cars in China, presenting a major risk for those automakers, Greenpeace said. Volkswagen pointed to its rising sales in China and said it expects to profit from the country's growing demand for cars.
About a dozen protestors reportedly created chaos at Volkswagen Groups annual meeting on Wednesday. One protestor threw what appeared to be a cake at a board member's head. The Associated Press reported that the pastry was thrown in the direction of Wolfgang Porsche, the chairman of Volkswagen Group's majority shareholder, Porsche SE. But recordings of the moment, uploaded to YouTube from news outlets including The Guardian, show VW Group chairman Hans Dieter Poetsch dodging remnants of the pastry that flew in his direction. A Reuters video from the event shows the protestors being led out of the meeting by security.
[1/3] Oliver Blume, Chairman of the Board of Management of Volkswagen AG and Dr. Ing. He did not mention the company's Xinjiang plant in China, a joint venture with SAIC Motor (600104.SS), which has become a sore point for human rights activists as well as some shareholders, including top-20 investors Deka Investment and Union Investment. "Volkswagen must be certain that its supply chains are clean," said Ingo Speich, head of sustainability and corporate governance at Deka. Volkswagen's China chief visited the plant in Xinjiang earlier this year and said he saw no evidence of forced labour. Shareholders flagged rising competition from Chinese EV competitors in China, with BYD (002594.SZ) outselling Volkswagen as the top passenger car brand earlier this year.
BERLIN, May 10 (Reuters) - Volkswagen (VOWG_p.DE) investors will demand answers from the carmakers' executives at its annual general meeting on Wednesday on its competitiveness in China and its contested plant in Xinjiang, advance copies of their speeches showed. "Volkswagen must be certain that its supply chains are clean," said Ingo Speich, head of sustainability and corporate governance at Deka. Volkswagen's China chief visited the plant in Xinjiang, jointly owned with SAIC (600104.SS) earlier this year and said he saw no evidence of forced labour. Shareholders will also flag the rising competition from Chinese electric vehicle competitors in China, with BYD outselling the Volkswagen brand to be the bestselling passenger car brand earlier this year. Reporting by Victoria Waldersee, Jan Schwartz; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.
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.
BERLIN, May 9 (Reuters) - Porsche (P911_p.DE) will incorporate automated assistance and navigation functions from Mobileye's (MBLY.O) so-called "SuperVision" technology platform in future models, Mobileye said on Tuesday. The agreement is the technology provider's second large signing for the platform with a major automotive group after China's Geely (GEELY.UL). Volkswagen Commercial Vehicles, which was previously going to use technology from Pittsburgh-based self-driving startup, Argo AI for self-driving shuttles and vans, will also partner with Mobileye, a spokesperson said. Volkswagen pulled out of its planned investment in Argo AI last October and said at the time its commercial vehicles unit would seek a new partnership. Together with Mobileye, the unit will seek to implement so-called "Level 4" autonomous driving - considered fully autonomous, though humans can still request control - in its ID.
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.
BERLIN, May 9 (Reuters) - Porsche (P911_p.DE) will incorporate automated assistance and navigation functions from Mobileye's (MBLY.O) so-called "SuperVision" technology platform in future models, Mobileye said on Tuesday. The agreement is the technology provider's second large signing for the platform with a large automotive group after China's Geely [RIC:RIC:GEELY.UL]. Volkswagen (VOWG_p.DE) has been planning to expand its cooperation with Mobileye since late last year when it decided to stop investing in self-driving start-up Argo AI, Reuters reported at the time. The Israel-based firm, which went public last October, already cooperates with Volkswagen's software unit Cariad. Reporting by Victoria Waldersee and Jan Schwartz, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.
BERLIN, May 9 (Reuters) - Chinese investment in Europe is shifting from mergers and acquisitions to greenfield projects mainly in battery production for electric vehicles, according to 2022 data analysed by independent research providers MERICS and Rhodium Group. Greenfield investment made up 57% of total foreign direct investment by China in Europe in 2022, overtaking mergers and acquisitions for the first time since 2008, according to the report released on Tuesday. "We are witnessing a major shift in how Chinese companies invest in Europe... Chinese firms have become major players in Europe's green transition," Agatha Kratz, director of the Rhodium Group, said in a statement. Setting up operations from scratch in Europe allows Chinese players to avoid tariffs and transport costs and shield themselves from political tension that could impede exports and imports, the report said. While screenings of Chinese investments in Europe have increased, the region still remains more open politically to China than the United States which has cracked down on Chinese battery imports via the Inflation Reduction Act, it added.
May 8 (Reuters) - Volkswagen (VOWG_p.DE) will announce later on Monday the removal of leadership at its troubled software arm Cariad and the appointment of Bentley production chief Peter Bosch to take the unit's helm, two sources close to the company said. Volkswagen is set to dismiss all but one of the unit's current executive board members, with only human resources head Rainer Zugehoer to remain. Bosch will also take over financial management at Cariad, the sources said, confirming an earlier report by Handelsblatt. Sources said at the time that Diess' failure to put Cariad, a business he set up, on a solid footing contributed to his ousting. Reporting by Jan Schwartz, Writing by Victoria Waldersee, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.
Next is debuted at an event ahead of the Shanghai Auto Show, in Shanghai, China April 17, 2023. "Competition will intensify with more chips and more availability," Antlitz said on a media call after the results. Volkswagen's revenue for the quarter was 76 billion euros ($84.22 billion). Operating profit fell to 5.7 billion euros from 8 billion last year, but still beat expectations of five analysts polled by Refinitiv SmartEstimate for 5.48 billion. Excluding the valuation effect from commodity hedging, operating profit rose by 35% to 7.1 billion euros, yielding a margin of 9.3%.
Volkswagen revenue jumps on growth in Europe, North America
  + stars: | 2023-05-04 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Aly SongBERLIN, May 4 (Reuters) - Volkswagen (VOWG_p.DE) posted a 21.5% gain in first-quarter revenue on Thursday, boosted by higher prices and strong growth in Europe and North America, but operating profit declined from last year when the period benefited from commodity hedging. Revenue for the quarter was 76 billion euros ($84.22 billion). Operating profit fell to 5.7 billion euros from 8 billion euros last year, but still beat expectations of five analysts polled by Refinitiv SmartEstimate of 5.48 billion euros. Excluding the valuation effect from commodity hedging, operating profit rose by 35% to 7.1 billion euros, yielding a margin of 9.3%. Volkswagen attributed the rise in group revenue largely to strong growth in Europe and North America, and said its order book in western Europe totalled 1.8 million vehicles, including 260,000 battery-electric cars.
[1/2] A BMW SUV moves down the assembly line at the BMW manufacturing plant in Greer, South Carolina, U.S., October 19, 2022. Inflation and interest rates in key markets are high. The carmaker continues to expect slight growth in Europe, robust sales in the United States, and a stabilising economy in China. BMW's financing and leasing business suffered in line with that of other carmakers like Porsche under persistently high interest rates and price Increases, with the volume of new business dropping 14% and earnings down 6.2%. Reporting by Victoria Waldersee; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.
Porsche to raise prices further as profits jump
  + stars: | 2023-05-03 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, May 3 (Reuters) - Luxury carmaker Porsche (P911_p.DE) will raise prices by 4-8% in Europe and the U.S. in the second half to combat higher costs that weighed on returns in the first quarter, even as profits and revenue jumped by over 25%, it said on Wednesday. Porsche listed on the stock market in September last year, splitting from its former parent Volkswagen (VOWG_p.DE) - a decision Meschke said was leading to higher speed in decision-making on products and hiring. The company reported revenue of 10.1 billion euros in the first quarter of 2023 and operating profit of 1.84 billion euros, beating expectations of three analysts polled by Refinitiv. Operating profit in its financial services arm declined to 86 million euros from 102 million previously, which it attributed to the valuation of interest rate hedges and derivatives as well as the impact of the interest rate rise on financing products. ($1 = 0.9060 euros)Reporting by Victoria Waldersee; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.
Demand in Europe was still sluggish, but the German automaker expects that to improve too in the coming months as consumer confidence rebuilds. The company warned in February it expected lower earnings this year, even with sales remaining stable, because of high costs and inflationary pressure. The vans division saw an adjusted margin of 15.6%, up from last year's 12.6%, boosted by improved deliveries and pricing. Overall, global growth is likely to remain subdued, but inflation is gradually declining, energy prices are expected to be less volatile, and raw material prices are improving, it said. ($1 = 0.9082 euros)Reporting by Victoria Waldersee, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.
The agency raised its EV sales forecasts in part because of the U.S. Inflation Reduction Act, which supports green industry and subsidises consumers' purchase of electric vehicles (EVs), IEA executive director Fatih Birol said on a media call. China features prominently, making up half the EVs on the road worldwide including battery-electric cars and plug-in hybrids, and with 60% of EV sales last year taking place there, according to the IEA's annual outlook on EVs. The country has also seen prices for some smaller EV models edging lower towards those of their combustion engine equivalents, said the IEA's energy technology policy head, Timar Guell. SUVs and large cars account for nearly two-thirds of EVs in China and Europe and a greater proportion in the United States. In emerging and developing economies, two- or three-wheel electric vehicles outnumber cars.
One in five cars sold this year will be electric - IEA
  + stars: | 2023-04-26 | by ( ) www.reuters.com   time to read: +1 min
Summary Electric car sales up 35% globally in 2022Shift to EVs to reduce global oil demand by 5 million barrelsLarge cars still dominate EV offeringTwo- or three-wheel EVs outnumber cars in emerging economiesBERLIN, April 26 (Reuters) - Electric cars are expected to make up nearly one-fifth of the global market this year, according to the International Energy Agency's (IEA) outlook report for the electric vehicle market released on Wednesday. The shift from combustion engine to electric cars will reduce global demand for oil by at least five million barrels a day, according to the IEA's projections. Over half of electric cars on the road so far worldwide are in China, which also dominates global battery production and was responsible for 60% of electric car sales in 2022. In emerging and developing economies, two- or three-wheel electric vehicles outnumber cars. Over half of India's three-wheeler registrations in 2022 were electric, according to the study.
[1/4] Canada's Prime Minister Justin Trudeau arrives to attend a news conference to announce details on the construction of a gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos OsorioCompanies Volkswagen AG FollowBERLIN, April 21 (Reuters) - Volkswagen (VOWG_p.DE) is targeting 90 gigawatt-hours of capacity at its planned battery factory in Ontario, Canada, the carmaker said on Friday, its largest planned battery plant to date. The carmaker is investing up to C$7 billion ($5.17 billion) in the plant, a statement said. The plant will cover most of the battery capacity it needs in North America, which battery chief Thomas Schmall said in March was between 60-100 gigawatt hours. ($1 = 1.3528 Canadian dollars)Reporting by Victoria Waldersee Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.
[1/9] View shows the site where the gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE will be built in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos OsorioCompanies Volkswagen AG FollowStellantis NV FollowBERLIN, April 21 (Reuters) - Canada and Volkswagen (VOWG_p.DE) on Friday together committed more than C$20 billion ($14.8 billion) for a battery gigafactory in St. Thomas, Ontario, the biggest single investment ever in the country's electric-vehicle supply chain. Europe's largest carmaker is investing up to C$7 billion to build the plant, Volkswagen said in a statement. The battery plant is expected to be Volkswagen's largest and create up to 3,000 jobs. "This secures the future of St. Thomas," the city's mayor, Joe Preston, told Reuters earlier this week.
[1/3] BMW's concept model i Vision Dee is unveiled during an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. While the battery-electric vehicle market share of German automakers in China is rising, it is still miniscule. The EV sales of all four German brands added up to only a quarter of BYD's in 2022. "The Chinese market is no longer as stable for German carmakers as it was," Thomas Luk, partner at management consultancy Kearney, said on the sidelines of the Shanghai show. Many are also adopting direct sales, an approach German automakers like BMW and Mercedes-Benz have also said in recent months they are moving towards.
REUTERS/Tatyana MakeyevaApril 19 (Reuters) - Mercedes-Benz (MBGn.DE) has agreed on a buyback option for its Russian assets, the sale of which has now been granted official approval, the German carmaker said on Wednesday, bringing its exit from Russia one step closer. Deals to leave Russia by Western companies from so-called unfriendly countries - those that imposed sanctions against Russia - need approval from a government commission. Mercedes said it intended to withdraw from the market and that the sale of shares in its subsidiaries to Avtodom had now been granted approval. "The completion of the transaction is now particularly subject to the implementation of the contractual agreements," Mercedes said in a statement. "We have agreed an option with the buyer, according to which we could buy back the shares in companies if the sanctions are lifted again."
April 19 (Reuters) - Passenger car registrations in the European Union rose 28.8% in March to more than one million units, the European Automobile Manufacturers Association (ACEA) reported on Wednesday. Battery-electric cars made up 13.9% of new registrations in the EU, up 2.5% from the same month last year. Plug-in hybrids are losing ground in the region, declining from a market share of 8.8% in March 2022 to 7.2% in March 2023, ACEA said in a press release. Meanwhile, petrol and diesel markets performed better than last year, up 18.6% and 11.8%, respectively, from last March, ACEA reported. Reporting by Victoria Waldersee; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.
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