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☆ Bank of America says this Chinese EV stock can rally nearly 50% thanks to a partnership with Volkswagen
▼ + stars: | 2023-08-21 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Bank of America thinks XPeng's partnership with Volkswagen is enough to significantly improve the company's outlook. The firm upgraded the Chinese electric vehicle maker to buy from neutral on Monday with a $22 per share price target. The analyst added that she also expects XPeng to turn a profit 2025, compared to a previous forecast which called for a loss. XPEV YTD mountain XPeng has climbed more than 50% from the start of the year. To be sure, the stock dropped more than 4% after XPeng reported a larger-than-expected net loss for the second quarter .

Persons: Ming Hsun Lee, XPeng, Lee, — CNBC's Michael Bloom Organizations: of America, Volkswagen, VW

☆ Here are Monday's biggest analyst calls: Apple, Amazon, Nvidia, Disney, Salesforce, Palo Alto & more
▼ + stars: | 2023-08-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Goldman Sachs reiterates Palo Alto Networks as buy Goldman said it's standing by its buy rating on the stock following its earnings report on Friday evening. Citi reiterates Snowflake as buy Citi said it's sticking with its buy rating heading into earning later this week. Bank of America reiterates Amazon as buy Bank of America said Amazon continues to gain share. Bank of America reiterates Walmart as buy Bank of America said Walmart is better positioned in the current environment over Target. Bank of America reiterates Salesforce as buy Bank of America said Salesforce is the "next quality GARP stock."

Persons: Goldman Sachs, Goldman, Snowflake, Morgan Stanley, Jefferies, Read, Tim Hortons, Burger King, Patrick Doyle, Salesforce, Baird, it's, Raymond James, Marvell, Scott Mlyn Organizations: Credit Suisse, Disney, Networks, Citi, Taiwan Semiconductor, Bank of America, of America, China, Volkswagen, VW, JPMorgan, Brands, Restaurant Brands, " Bank of America, Walmart, Nvidia, Live Nation Entertainment, CNBC Locations: New York

It's just too early to tell," said George Glassman, president of Glassman Automotive Group, which sells five automotive brands outside Detroit. Since then, VinFast shares have retreated, and were down 17.2% at $24.92 at midday on Thursday. The new hybrid sales plan is just another challenge and the luxury carmaker is already talking to dealers. U.S. dealers said there are too many unanswered questions, including how VinFast will distribute parts needed to make repairs. Several dealers said VinFast may need to offer sweetened profit margins to dealers to account for the added risk.

Persons: It's, George Glassman, VinFast, Le, Thuy, Scott Fink, I'm, Tesla, Andrew DiFeo, Augustine, Warren Browne, Rhett Ricart, Dealers, it's, Ricart, Beau Boeckmann, Boeckmann, Ben Klayman, Phuong Nguyen, Matthew Lewis Organizations: Nasdaq, U.S, Reuters, Glassman Automotive, Ford, General Motors, U.S ., Fink Automotive Group, VW, Subaru, GM, Hyundai, Ricart Automotive, Toyota, Honda, Galpin Motors, Thomson Locations: U.S, North America, Detroit, VinFast, Tampa , Florida, St, Jacksonville , Florida, Columbus , Ohio, Los Angeles, VinFast's, Vietnam, Hanoi

☆ Fans bid seaside farewell to Sinead O'Connor with songs, flags and flowers
▼ + stars: | 2023-08-08 | by ( Padraic Halpin | ) www.reuters.com time to read: +3 min

[1/5] A hearse carrying the coffin of late Irish singer Sinead O'Connor passes by during her funeral procession where fans line the street to say their last goodbye to her, in Bray, Ireland, August 8, 2023. REUTERS/Clodagh KilcoyneBRAY, Ireland, Aug 8 (Reuters) - Thousands gathered outside Sinead O'Connor's former seaside home on Tuesday to bid farewell to the outspoken Irish rock star, some singing along to hits blasted from a vintage Volkswagen camper van, others showering her hearse with flowers. Crowds gathered along the seafront at Bray, just south of Dublin, clapped and cheered as O'Connor's coffin passed in a hearse. Irish President Michael D. Higgins and prime minister Leo Varadkar joined O'Connor's family at a private funeral service, state broadcaster RTE reported. "Sinead O'Connor was a very sensitive soul but was very strong for other like her," said Kelleher, 30, who moved to Dublin from New York with her husband Stephen last year.

Persons: Sinead O'Connor, Clodagh Kilcoyne, Sinead O'Connor's, O'Connor, clapped, Bob Marley's, Gemma Byrne, I'm, Sinead, Pope John Paul II, Michael D, Higgins, Leo Varadkar, Tiana Kelleher, Leon, Kelleher, Stephen, Padraic Halpin, Conor Humphries Organizations: REUTERS, Volkswagen, VW, RTE, Thomson Locations: Irish, Bray , Ireland, Clodagh Kilcoyne BRAY, Ireland, London, Bray, Dublin, Drogheda, Co, Wicklow, New York

☆ Why some salads may be unsafe
▼ + stars: | 2023-08-03 | by ( Kirsi Goldynia | ) edition.cnn.com time to read: +16 min

Even harder to contend with is the fact that the food products most susceptible to contamination are often those we eat for their health benefits – produce items. “Produce led the list; about 46% of the foodborne illness that we saw in the US could be attributable to produce. But you bring up a really great point that the processing of packaged meats may actually protect the products from pathogens. I think water is going to emerge as a huge issue. I think we’ve got systems in place that do a good job of making sure that consumers are getting good products.

Persons: Dr, Catherine Donnelly, Listeria, ”, Donnelly, “ Produce, ” That’s, –, ” Donnelly, I’m, we’ve, Edwin Remsberg, they’re, there’s, Barack Obama’s, Bridget Bennett, Vibrio, Facebook There’s Organizations: CNN, Department of Nutrition, Food Sciences, University of Vermont, US Centers for Disease Control, CDC, “, Food and Drug Administration, FDA, US Department of Agriculture, Getty, Bloomberg, Twitter, Facebook Locations: Western Washington, Cronobacter, Michigan, KFF, Vermont, hydroponics

☆ Feds vote to reduce bottlenecks in connecting new power sources to the energy grid
▼ + stars: | 2023-07-31 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +9 min

Also, power generators will have to meet certain requirements to keep their place in the queue, including a financial deposit. Deadlines and penalties for transmission providers: Transmission providers will have strict deadlines to to respond to power generators waiting in the queue, and will face penalties if they miss those deadlines. Also, power generators will be able to add a source of power to a single interconnection request. It can be so expensive to build new transmission, sometimes power generators can't afford the cost and have to cancel their power generation plans completely. Also, power generators wait for an average of five years in these queues because grid operators are flooded with interconnection queue applications.

Persons: Jeffrey Lamb, LADWP, Al Seib, George Rose, Rob Gramlich, Gramlich, Joseph Rand, Rand, Gregory Wetstone Organizations: Sylmar, Pacific DC, Los Angeles Department of Water, Los Angeles Times, Getty, Aera Energy, CNBC, Lawrence Berkeley National Laboratory, FERC, Vw, American, Renewable Energy Locations: Columbia, Oregon, California, Southern California, Angeles, Los Angeles , CA, CA, San Joaquin Valley, McKittrick , California, North, Lost, Kern County, Bakersfield, United States, Milford , Utah, Milford, Smithfield, ACORE

☆ Here are Friday's biggest analyst calls: Apple, Southwest, Roku, Skechers, First Solar, Crocs and more
▼ + stars: | 2023-07-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

"We expect FSLR will continue to outperform as the company has locked-in double-digit annual earnings growth through decade end. TD Cowen reiterates Skechers as a top idea TD Cowen said it's standing by Skechers as a best idea after the company's earnings report Thursday. JPMorgan reiterates Roku as overweight JPMorgan raised its price target on the stock to $95 per share from $90 and says it's staying bullish on Roku after its earnings report Thursday. " Bank of America reiterates Deckers as buy Bank of America said it expects sales of Deckers ' HOKA brand to double by 2026. JPMorgan reiterates Eli Lilly as overweight JPMorgan said it's bullish on Eli Lilly heading into earnings Aug. 8 due to its diabetes and obesity treatment.

Persons: Wells, Wells Fargo, Morgan Stanley, Apple, it's, Jefferies, Wedbush, FSLR's, TD Cowen, Skechers, Bill, BILL, Roku, Stifel, JPMorgan, Eli Lilly, it's bullish, Ford Organizations: Energy, Apple, Deutsche Bank, Airlines, Volkswagen, VW, Citi, Mobile, " Bank of America, of America, Bill Holdings, Bank of America, JPMorgan, Community Bank, New York Community Bank, Ford Locations: Europe, Dallas, China, Xpeng, Roku, EBITDA, Blue

☆ VW cuts 2023 deliveries outlook, aims to boost cash flow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +3 min

Supply of key components such as semiconductors had improved but transport and logistics delays weighed on the first half, Volkswagen said. Still, it expected significantly shorter waiting times in the second half and said demand was stable with order books full at 1.65 million vehicles. Reuters GraphicsWorldwide, the Volkswagen Group delivered 2.3 million vehicles in the period from April to June, 18% more than in the same period last year. The focus for the second half is now on strengthening net cash flow," said Chief Financial Officer Arno Antlitz. In May, Volkswagen said it had sold its shares in Volkswagen Group Rus to Art-Finance, which is supported by autodealer group Avilon.

Persons: DAX, Arno Antlitz, Cupra, Miranda Murray, Rachel More, David Goodman Organizations: VW, BERLIN, Volkswagen, Benz, Renault, Graphics Worldwide, Volkswagen Group, VW Commercial Vehicles, Skoda, Audi, Lamborghini, Bentley, Ducati, Reuters Graphics Reuters, Rus, Art, Finance, Victoria, Thomson Locations: Kaluga

☆ Volkswagen invests $700 million in Chinese EV maker Xpeng to boost sluggish sales
▼ + stars: | 2023-07-27 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The German group’s Audi subsidiary will also work more closely with its existing partner, SAIC Motor, China’s biggest car maker. Shares in Xpeng jumped more than 30% Thursday in Hong Kong, leading a broad rally in Chinese EV stocks. China is the single largest market for Volkswagen, accounting for about 40% of its global sales and half of its profits. In the first quarter of 2023, BYD, the Chinese EV maker backed by Warren Buffett, surpassed Volkswagen to become the largest brand by sales in China, according to official car insurance registration data. The German car maker said it would strengthen its strategic position in China, including beefing up its capacity for e-mobility, digitalization and autonomous driving.

Persons: ”, Ralf Brandstätter, Xpeng, Warren Buffett, It’s Organizations: Hong Kong CNN, Volkswagen, VW, Audi, SAIC, China’s, “ Volkswagen Locations: Hong Kong, German, Xpeng, China, Xinjiang, Germany, BYD, Europe, Hefei, Anhui, Hefei city

☆ VW-Xpeng EV models to use Xpeng platform in boost for Chinese startup
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

July 27 (Reuters) - Volkswagen (VOWG_p.DE) and Xpeng's (9868.HK) jointly developed electric vehicles (EV) will use Xpeng's G9 'Edward' platform, in a filip for the Chinese startup that analysts said could boost its sales and profitability. The Edward platform is an older generation of Xpeng's platform technology, forming the basis for the startup's G9 and P7 models. Its latest models, like the G6, are being built on a newer platform, the Smart Electric Platform Architecture (SEPA) 2.0. Still, news that Volkswagen and Xpeng will use the Edward platform could help boost the sales of models still using it, said an analyst who declined to be named. The partnership could also help lower Xpeng's EV production costs by leveraging Volkswagen's scale and bargaining power in supply.

Persons: Edward, filip, Oliver Blume, Xpeng, Blume, Victoria Waldersee, Zhang Yan, Matthias Williams, Mark Potter Organizations: HK, Volkswagen, Smart, EV, Deutsche Bank, Thomson Locations: China

☆ Volkswagen Seeks to Regain Edge in China as It Cuts Delivery Forecast
▼ + stars: | 2023-07-27 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: +3 min

But overall revenue increased 18.2 percent as the company stemmed some of its losses in China, where deliveries were down 1.2 percent. Western Europe provided the company with its strongest business, with 1.65 million vehicles ordered in the first half of the year, and 200,000 of them — or 12 percent — were electric vehicles, the company said. Volkswagen hopes that its investment in XPeng will help advance the German automaker’s electric vehicle software to the standards produced by Chinese manufacturers. Some analysts interpreted the move as a concession that Volkswagen was unable to compete with Chinese companies on the latest technology. But Oliver Blume, Volkswagen’s chief executive, expressed confidence that VW customers, including those in China, want more variety in their vehicles.

Persons: ”, Ferdinand Dudenhöffer, Oliver Blume, Mr, Blume, “ Organizations: Volkswagen, Volkswagen Group Rus, China, BYD, Audi, SAIC, British, Center for Automotive Research, “, Tesla, Volkswagen Group, Porsche, Lamborghini, VW Locations: China, Western Europe, Russia, Avilon, Moscow, XPeng, Duisburg, Germany

☆ Mobileye lowers annual operating loss outlook after quarterly revenue beat
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

July 27 (Reuters) - Mobileye Global (MBLY.O) said on Thursday it expects a smaller operating loss for the full year as resilient demand for the company's driver-assistance technology helped it report a better-than-expected quarterly revenue. Mobileye now expects an annual operating loss in the range of $98 million to $129 million, compared with its previous forecast of a loss of $166 million to $195 million. The company said in May that Porsche (P911_p.DE) and Volkswagen Commercial Vehicles would partner with Mobileye to incorporate its automated driving software in future models. In the second quarter, Israel-based Mobileye reported revenue of $454.0 million, compared with analysts' estimates of $450.6 million, according to data from Refinitiv. Mobileye, in which Intel (INTC.O) retains majority ownership, listed on the Nasdaq last year after raising $861 million in an initial public offering.

Persons: Mobileye, Amnon Shashua, Samrhitha, Shounak Dasgupta Organizations: BMW, Nissan, Volkswagen, VW Group, Porsche, Volkswagen Commercial, Intel, Nasdaq, Thomson Locations: North America, Europe, China, Israel, Refinitiv, Bengaluru

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

Tesla, which accounted for more than 60% of U.S. EV sales last year, has the largest network of fast-chargers with almost 18,000 Superchargers. Tesla said earlier this year it would open part of that charging network to EVs from rivals in order to be eligible for a share of funding from $7.5 billion in federal subsidies. The new charging company will support both charging standards but will compete with Tesla's network. CEOs of the seven auto brands said a charging network built out like gas stations with restrooms, food service and retail operations would support a faster EV rollout. Automakers, however, lack the necessary electricians or experience working with retailers, said Andres Pinter, co-CEO at installation and maintenance company Bullet EV Charging Solutions.

Persons: Tesla, Mercedes Benz, Akshay Singh, Karine Jean, Pierre said, Biden, TESLA, Carlos Tavares, Steve Marcus, –, Andres Pinter, Andre Barlow, Doyle Barlow, Mazard, Abhirup Roy, Jarrett renshaw, Kevin Krolicki, Ben Klayman, Paul Lienert, Diane Bartz, Chizu Nomiyama, Bernadette Baum, Marguerita Choy Organizations: General Motors, Hyundai Motor, Kia, Honda, BMW, EV, Tesla, Industry, White House, U.S, REUTERS, GM, Hyundai, BMW –, American, Solutions, VW, Daimler, Ford, Justice, Justice Department, White, Thomson Locations: U.S, North America, Las Vegas , Nevada, America, Europe, San Francisco, Washington

☆ Volkswagen buys stake in Xpeng, will jointly develop two new EVs with the Chinese automaker
▼ + stars: | 2023-07-26 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Volkswagen and Xpeng will jointly develop two new VW-brand EVs for China based on Xpeng's electric G9. Volkswagen said Wednesday that it has signed a deal to jointly develop two new electric vehicles for China with Chinese EV maker Xpeng . As part of the deal, Volkswagen will invest about $700 million in Xpeng, taking a 4.99% stake. In a separate statement confirming the deal, Xpeng said the two new vehicles will also incorporate its advanced driver-assist software. Volkswagen also confirmed that its Audi subsidiary has signed a separate deal with its longtime Chinese joint venture partner, Shanghai-based SAIC Motor , to jointly develop new Audi-branded EVs for the Chinese market.

Persons: Xpeng, Ralf Brandstätter Organizations: Xpeng, VW, Volkswagen, Chinese, EV, Audi, SAIC Locations: China, Xpeng, U.S, Shanghai

☆ Please for the love of god don't go poking around US shipwrecks, the government says
▼ + stars: | 2023-07-20 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

The Department of Transport warned people off exploring US shipwrecks in a notice Monday. All US shipwrecks are under MARAD's authority, it said, no matter where or when they sunk. At the same time, several governments have in recent weeks expressed alarm at what appears to be large-scale looting of WWII shipwrecks, which are regarded as war graves. According to the DOT notice, shipwrecks are "highly vulnerable to illegal salvage." The dredger was found to have recovered highly valuable steel and cannon shells, CNN reported.

Persons: MARAD, Andre Seale Organizations: Transport, Service, Department of Transport, Federal, VW, Getty, Atmospheric Administration, US Naval Institute, CNN, Guardian, Java Locations: Wall, Silicon, United States, Spiegel, Key Largo , Florida, USA, Malaysian, South China

☆ Germany’s China policy makes life easier for its companies
▼ + stars: | 2023-07-14 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Back then one idea was to aggressively push for companies to disclose details of their China business, and even to stress-test their exposure, according to a draft seen by Reuters. The compromise likely stems from the realisation that China is simply too strategic to quit quickly without inflicting significant pain. A survey conducted by the ifo Institute showed that half of German firms in the manufacturing sector currently depend on important intermediate inputs from China. Even so, executives will be relieved they can for the most part undertake China de-risking at their own pace. Follow @ywchen1 on TwitterCONTEXT NEWSGermany’s first China strategy, published on July 13, outlined possible responses to an "increasingly assertive" Beijing, such as adjusting export controls and outbound investment restrictions.

Persons: Martin, Thomas Schäfer, Brudermüller, “, Li Qiang, George Hay, Streisand Neto Organizations: Reuters, BASF, Volkswagen, Greens, Reuters Breakingviews, BASF ”, ifo, Reuters Graphics Reuters, Union, VW, European Union, Thomson Locations: China, Berlin, People’s Republic, Brussels, Washington, Taiwan, Republic, Germany, Beijing

☆ Germany’s China policy caps pain for its companies
▼ + stars: | 2023-07-14 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Back then one idea was to aggressively push for companies to disclose details of their China business, and even to stress-test their exposure, according to a draft seen by Reuters. The compromise likely stems from the realisation that China is simply too strategic to quit quickly without inflicting significant pain. The People’s Republic is also Volkswagen's largest market, accounting for around 40% of Volkswagen's global unit sales in 2022. Even so, executives will be relieved they can for the most part undertake China de-risking at their own pace. Reuters Graphics Reuters GraphicsFollow @ywchen1 on TwitterCONTEXT NEWSGermany’s first China strategy, published on July 13, outlined possible responses to an "increasingly assertive" Beijing, such as adjusting export controls and outbound investment restrictions.

Rising inventories and price-cutting could represent only a short-term pause in EV market growth. If production of EVs continues to outpace demand, automakers will have to choose between slashing prices and profit margins, or slowing assembly lines. More than 90 new EV models are expected to hit the U.S. market through 2026, according to AutoForecast Solutions. In a statement, Volkswagen's U.S. sales arm said "we have seen some softening in EV sales in the U.S. recently" as supply chain bottlenecks have eased, allowing for increased production. Wakefield said it is too soon to declare that U.S. EV demand has hit a plateau.

Persons: Tesla, EVs, Cox, Ford, Vitaly Golomb, Biden, Price, Mark Wakefield, Wakefield, Joe White, Nick Zieminski Organizations: DETROIT, EV, North, AutoForecast Solutions, Dealers, General Motors, Ford, Hyundai, Toyota, Cox Automotive, U.S, Cox, GM, Cadillac, GMC, Volkswagen, U.S ., VW, Industry, EVs, Thomson Locations: U.S, North America, United States, Texas, Washington, Tennessee

VW, which relies on gallium and germanium for automotive products, said it was "ready to take measures together with its partners if necessary" but did not elaborate. The metals will play a role in future autonomous driving functions, a spokesperson for the German automaker said. Germanium is used in high-speed computer chips, plastics, and in military applications such as night-vision devices, as well as satellite imagery sensors. But if prices rise as restrictions take hold companies would have another reason to shift supply chains. NXP makes some chips for the auto and communications sectors using gallium or germanium.

Persons: Yellen, Janet Yellen, Alastair Neill, Imelda Medina, Liao Chien, Taiwan's TSMC, chipmaker, NXP, Josephine Mason, Matt Scuffham, Catherine Evans Organizations: VW, WIN, Treasury, Beijing Pentagon, Volkswagen, U.S, Critical Minerals, U.S . Defense Department, REUTERS, Capital Securities Corp, WIN Semiconductors, Reuters, Apple, Nvidia, Thomson Locations: Beijing, TAIPEI, China, Puebla, Mexico, Germany, Japan, Taiwan

VW, which relies on gallium and germanium for automotive products, said it was "ready to take measures together with its partners if necessary" but did not elaborate. The metals will also play a role in future autonomous driving functions, a spokesperson for the German carmaker said. The export curbs are likely to further strain U.S.-China relations as the countries vie for dominance in semiconductor and defence technologies. But if prices rise as restrictions take hold companies would have another reason to shift supply chains. Chipmaker NXP Semiconductors (NXPI.O) sees no material impact on its business.

Persons: Imelda Medina, Yellen, Janet Yellen, carmaker, Liao Chien, Taiwan's TSMC, chipmaker, NXP, Josephine Mason, Catherine Evans Organizations: Volkswagen, REUTERS, VW, WIN, Treasury, Capital Securities Corp, WIN Semiconductors, Reuters, Apple, Nvidia, Thomson Locations: Puebla, Mexico, Beijing TAIWAN, China, Beijing, U.S, Germany, Japan, Taiwan

☆ VW to test self-driving in retro-styled electric Microbuses
▼ + stars: | 2023-07-06 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Ten self-driving electric Volkswagen buses will soon cruise the streets of Austin, Texas, testing autonomous driving technology. Buzz electric vans will test technology VW is working on with Mobileye, an Israeli company once owned by Intel that also works with BMW, General Motors and Ford. VW won’t operate it’s own taxi service, though, as some other autonomous driving companies have planned, the company said in its announcement. VW joins joins companies such General Motors’ Cruise, which is also operating self-driving vehicles in Austin, and Waymo, the autonomous driving subsidiary of Google’s parent company Alphabet. Both automakers said at the time they would hire Argo AI staffers to support their own autonomous driving efforts.

Persons: Ford, Vokswagen, Motors ’, Mobileye, van Organizations: CNN, Argo, VW, Intel, BMW, General Motors, Ford, Volkswagen, Motors, Austin, Miami, automaker’s, Vehicles Locations: Austin , Texas, Austin, United States, Germany, California, Arizona, New York City, Washington , DC, Pittsburgh

☆ Chinese automakers to take majority of home market for first time - forecast
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +3 min

It would represent the first time Chinese automakers have controlled a majority share of China's car market - the world's largest. For the past four decades, China's auto market has been dominated by established global brands such as VW and Toyota operating in joint ventures with Chinese partners. AlixPartners forecast China's overall auto sales would grow 3% this year to 24.9 million vehicles, recovering to the level of sales before COVID-19. Dyer forecast annual sales of Chinese-branded cars in overseas markets would grow to 9 million vehicles by 2030. China's market also faces massive overcapacity, and Dyer forecast a wave of consolidation.

Persons: Jason Lee, AlixPartners, Tesla, Stephen Dyer, Dyer, haven't, Zhang Yan, Kevin Krolicki, Devika Organizations: REUTERS, VW, Toyota, HK, Xpeng Motors, Thomson Locations: Beijing, China, Japan, U.S, Asia, Europe, South America, South East Asia, South Asia, Shanghai, Singapore

☆ German firm sees U.S. getting lion's share of 100 bln euro military fund
▼ + stars: | 2023-07-04 | by ( Alexander Hübner | ) www.reuters.com time to read: +2 min

Wiegand called on the government to use the 100 billion euro fund not only to plug short-term gaps in the German military's inventories but also to help develop technologies of the future. Renk, formerly a subsidiary of Volkswagen (VOWG_p.DE), is global leader in the production of gear boxes for tanks including the Leopard 2. The company, situated in the Bavarian town of Augsburg, makes about 70% of its sales from gear boxes for tanks and navy ships, the rest with gear boxes for civilian purposes such as compressors. Renk has booked orders totalling of 3.9 billion euros ($4.3 billion), including framework contracts, according to the CEO. Bankers estimate Renk's value to be around 2.5 billion euros in case of an IPO.

Persons: Berlin, Susanne Wiegand, embargoed, Wiegand, Triton, Renk, Alexander Hübner, Sabine Siebold, Rachel More, David Holmes Organizations: Renk, Volkswagen, VW, Bankers, Thomson Locations: MUNICH, U.S, Munich, Berlin, Germany, Bavarian, Augsburg

☆ Volkswagen shares recover after EV production cut reports
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Shares in Volkswagen (VOWG_p.DE) inched higher on Wednesday, recovering slightly from a selloff the day before when the automaker played down reports it will cut EV output in Germany over the next two weeks because of lower than expected demand. Volkswagen "expects the trend in BEV (battery electric vehicle) orders, which already improved in May, to gradually stabilise in the coming months," spokesperson Christopher Hauss told Reuters. Following reports by news agency dpa-AFX of a production cut, Volkswagen shares fell 2% on Tuesday. However, some analysts said the reported production cut indicates the European EV market is not growing fast enough to support all the new EV models and planned extra capacity. "Our EV forecasts for Ford (F.N) and GM (GM.N) are a fraction of management targets by mid-decade", analysts at the investment bank say.

Persons: Christopher Hauss, Hauss, Volkswagen's, Daniel Schwarz, Morgan Stanley, Paolo Laudani, Barbara Lewis Organizations: Volkswagen, Reuters, EV, VW, Ford, GM, Thomson Locations: Germany, Emden

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