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☆ Europe's battery pass project outlines manufacturers' transparency challenge
▼ + stars: | 2023-04-17 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

BERLIN, April 17 (Reuters) - The consortium behind a European battery passport project laid out on Monday how companies must prepare to meet increasingly stringent regulations on disclosing batteries' origins and social and environmental footprints. Manufacturers in Europe must disclose the carbon footprint of their batteries from 2024 and comply with a CO2 emissions limit from 2027. Monday's guidance is the first attempt to interpret what the new demands will mean for electric car makers, industrial battery producers and light transport battery makers. Still up for debate is the methodology for accurately calculating the carbon footprint and recycled content, and who will have access to what depth of data in the battery passport, consortium representatives told Reuters. Reporting by Victoria Waldersee, Editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla cuts price for Model 3 in Germany - website
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] Visitors check a Tesla Model 3 car next to a Model Y displayed at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. REUTERS/Florence Lo/File PhotoCompanies Tesla Inc FollowFRANKFURT, April 14 (Reuters) - Tesla (TSLA.O) has lowered the price of its Model 3 in Germany by 2,000 euros, or 4.5%, to 41,990 euros ($46,462) per vehicle, according to data on its website. The carmaker also cut the prices for the long range and performance versions of the Model 3. Tesla also cut the price of its Model Y Performance by 9.2% to 60,990 euros. The Model Y Rear Wheel Drive and Long Range prices remained the same.

[1/2] Visitors look at a Tesla Model 3 electric vehicle (EV ) at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 12, 2023. Tesla said on Friday it cut prices in numerous European markets including Germany and France because of a scaling up and improvement in its production capacity. In Germany, Tesla has lowered the price of its Model 3 and Model Y vehicles by between 4.5% and 9.8%, data on its website showed on Friday, marking its second price reduction this year after a price reduction of 1-17% in January. In Singapore, it cut prices of its Model 3 and Model Y vehicles between 4.3% and 5%, its local website showed. Tesla also cut prices in Israel, with the price of the base rear-wheel drive Model 3 slashed by 25% after an initial round of global price cuts in January.

☆ Factbox: Tesla cuts more prices in a bid to spur demand
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +3 min

In February, however, the carmaker raised prices of the performance and long-range versions of its Model Y mid-size sport utility vehicles (SUV) in China. The performance Model Y remains 9% cheaper than before the price cuts, while the long-range version is 13% cheaper. GERMANYTesla cut prices on the Model 3 and the Model Y by about 1% to almost 17%, depending on the configuration, in January. SINGAPORETesla cut prices of its Model 3 and Model Y vehicles by between 4.3% and 5% in April. Tesla cut prices on real-wheel drive version of both Model 3 and Model Y by S$4,000 ($3,020), and dual motor all-wheel drive version of the two models by S$5,000, its website showed.

☆ German armsmaker Rheinmetall suffers cyber attack
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: 1 min

DUESSELDORF, Germany, April 14 (Reuters) - State prosecutors in Cologne are investigating a cyber attack on German armsmaker Rheinmetall (RHMG.DE), a spokesperson for the prosecutor's cybercrime division said on Friday, confirming an earlier report by Spiegel magazine. The spokesperson declined to comment on how severe the cyber attack on Germany's largest armsmaker was. Rheinmetall declined to comment. The armsmaker supplies Germany's army as well as other NATO forces, and is delivering weaponry to Ukraine. Reporting by Matthias Inverardi, Writing by Victoria Waldersee, Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen calls for delay in implementation of new EU emissions standards to 2026
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, April 13 (Reuters) - Volkswagen (VOWG_p.DE) called on Thursday for the implementation of new EU emissions standards to be pushed to at least autumn of 2026, slightly over a year later than planned, with the aim of all new cars meeting the standards by autumn 2027. Still, the Commission argues the measures are needed as soon as possible to cut harmful emissions while combustion engine cars remain on the road. Other aspects of the regulation like limitations on the tiny particulates from braking and tyre wear should be delayed, Volkswagen said, without providing a date. "Several years of lead time are needed," the statement said, pointing to a lack of suppliers or industrialised production of tyres meeting the new requirements. Reporting by Victoria Waldersee, Editing by Friederike Heine and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Twitter's advertising business seen facing slow recovery
▼ + stars: | 2023-04-13 | by ( Sheila Dang | ) www.reuters.com time to read: +5 min

Musk, who also runs electric carmaker Tesla Inc (TSLA.O), earlier this week told the BBC that most of Twitter's advertisers are returning to the platform and the business was "roughly breaking even." Research firm Insider Intelligence this week slashed its forecast for Twitter's global ad revenue this year by 37% to $2.98 billion. That would represent a 28% decline from Twitter's 2022 ad revenue of $4.14 billion. 33 among Twitter's top advertisers before Musk's acquisition, according to Sensor Tower. Twitter's ad business is "eroding" and its subscription product Twitter Blue is seeing only moderate success, Similarweb said in a blog post.

☆ Tesla to warn of data privacy risk from car security cameras in Germany
▼ + stars: | 2023-04-04 | by ( Victoria Waldersee | ) www.reuters.com time to read: +1 min

Companies Tesla Inc FollowBERLIN, April 4 (Reuters) - Tesla (TSLA.O) will warn that its 'sentry mode', which records a car's surroundings, risks infringing data privacy laws in Germany after consumer group vzbv sued the manufacturer for failing to mention this in advertising. A spokesperson for Berlin's data protection agency said that the person driving the car is responsible for turning off the cameras in public spaces. Responsibility would extend to the company if images were transmitted to and stored by Tesla, the spokesperson added. The personal data watchdog in the Netherlands drew a similar conclusion in February, attributing responsibility for filming to the driver. Reporting by Victoria Waldersee, Editing by Rachel More, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

☆ Armsmaker Rheinmetall sets up maintenance hub in Romania for Ukraine weapons
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

April 2 (Reuters) - German armsmaker Rheinmetall (RHMG.DE) is building a military maintenance and logistics hub in Satu Mare, Romania, expected to begin operation this month to service weapons used for the war in Ukraine, the company said on Sunday. "The service hub should play a central role in maintaining the operational readiness of western combat systems in use in Ukraine and ensuring the availability of logistical support," a spokesperson for the company said. The hub, located near the border with Ukraine, will service self-propelled howitzers, Leopard 2 and Challenger tanks, Marder infantry fighting vehicles, Fuchs armoured transport vehicles and military trucks. "It is a key concern for us at Rheinmetall to provide the NATO forces and Ukraine with the best possible support," Chief Executive Armin Papperger said in a statement. Rheinmetall founded a similar center in Lithuania in June 2022 to provide support to NATO vehicles in the Baltic states.

☆ Volkswagen not planning new combustion engine Golf, Automobilwoche reports
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, April 2 (Reuters) - Volkswagen (VOWG_p.DE) does not plan to develop a new combustion engine generation of its legendary Golf car, brand chief Thomas Schaefer told autos publication Automobilwoche on Sunday, marking the end of the line for a vehicle on sale since 1974. The Golf 8, currently in production, will be the last combustion engine version of the hatchback car, with one more series of updates expected next year. The Volkswagen brand, part of the Volkswagen Group, is targeting 80% electric sales in Europe and 55% in North America by 2030. The group is targeting 50% electric sales globally by then. It is due to launch 10 new electric models by 2026, including a battery-electric car for under 25,000 euros($27,000).

We view it as more important to get back raw materials from cars and other products," Chief Financial Officer Nicolas Peter said in an interview. Some, such as Volkswagen (VOWG_p.DE), are betting big on expanding their own battery production and investing in mines to secure control down the supply chain. Mercedes-Benz (MBGn.DE) said on Thursday it had made a "fundamental decision" to allocate capital to mining and had set up a raw material office in Canada, where it signed a raw materials agreement last year. "With our business development, we are creating the motivation to invest - but we do not need to develop big recycling facilities for battery cells ourselves." Investing in technologies requiring fewer critical raw minerals, including hydrogen-powered cars, is another way BMW plans to bring down costs.

We view it as more important to get back raw materials from cars and other products," finance chief Nicolas Peter said in an interview. BMW has its own battery cell research centre in Germany, but has left large-scale development to partners, placing multi-billion-euro orders with CATL (300750.SZ) and EVE Energy (300014.SZ) to produce battery cells in China and Europe. Mercedes-Benz said on Thursday it had made a "fundamental decision" to allocate capital to mining and had set up a raw material office in Canada, where it signed a raw materials agreement last year. Investing in technologies requiring less raw critical minerals, including hydrogen-powered cars, was another way to bring down costs, Peter said. The carmaker has a battery cell recycling facility via its joint venture in China, but does also not see the need to develop large cell recycling facilities of its own, Peter said.

☆ Ukraine creditors group: provides assurances to support IMF steps to help Ukraine
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, March 24 (Reuters) - The Group of Creditors of Ukraine (GCU) body said on Friday that it had provided financing assurances to support the International Monetary Fund's (IMF) approval for an upper credit tranche programme to help restore Ukraine's economy. The Group of Creditors of Ukraine includes Canada, France, Germany, Japan, Britain and the United States. That is why Germany is committed to providing financial support bilaterally and in various multilateral forums," a German finance ministry spokesperson said in a written statement. The group agreed to conduct a debt restructuring in a later phase to restore the country's debt sustainability, it added. Reporting by Sudip Kar-Gupta, additional reporting by Victoria Waldersee; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Most carmakers said their battery packs are repairable, though few seem willing to share access to battery data. Lauterwasser said access to EV battery data is part of that fight. EV battery problems also expose a hole in the green "circular economy" touted by carmakers. Hill estimated at least 95% of the cells in the hundreds of EV battery packs - and thousands of hybrid battery packs - Synetiq has stored at Doncaster are undamaged and should be reused. 'PAIN POINTS'The British government is funding research into EV insurance "pain points" led by Thatcham, Synetiq and insurer LV=.

☆ Geely Chair Li Shufu sells his stake in Daimler Truck
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: 1 min

BERLIN, March 17 (Reuters) - Tenaciou3 Prospect Investment has sold its entire stake in Daimler Truck (DTGGe.DE), a Daimler Truck spokesperson said on Friday. "We can confirm that ... investor Tenaciou3 Prospect Investment Ltd has sold its shares in Daimler Truck Holding AG. We will not comment further," the spokesperson said. Tenaciou3 Prospect Investment is controlled by Chinese automotive group Geely's chairperson Li Shufu. Reporting by Victoria Waldersee, writing by Marie Mannes, editing by Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen to invest in mines in bid to become global battery supplier
▼ + stars: | 2023-03-17 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

Europe's biggest carmaker wants its battery unit PowerCo to become a global battery supplier, not just produce for Volkswagen's own needs, Thomas Schmall told Reuters in an interview. Long-term, Volkswagen plans to build enough cells to meet half its global battery needs, with most production capacity located in Europe and North America, according to Schmall. "The bottleneck for raw materials is mining capacity - that's why we need to invest in mines directly," he said. Volkswagen released on Thursday the details of a 25,000-euro EV it aims to sell in Europe from 2025. Asian producers like CATL, LG Chem and Samsung SDI dominate global cell production, with almost half of planned battery cell capacity in Europe by Asian players.

☆ Volkswagen lays out details of planned affordable electric car
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] German carmaker Volkswagen presents its new electric ID. 2all model, an electric vehicle that costs less than 25,000 euros, in Hamburg, Germany, March 15, 2023. REUTERS/Fabian BimmerBERLIN, March 15 (Reuters) - Volkswagen (VOWG_p.DE) laid out on Wednesday the details of a planned all-electric car costing under 25,000 euros ($26,790), part of the German carmaker's push to derive 80% of VW passenger brand sales in Europe from all-electric vehicles by 2030. "We are implementing the transformation at pace to bring electric mobility to the masses," VW brand chief Thomas Schaefer said in a statement. The car maker is also working on another electric car available for under 20,000 euros, it said, without providing further details.

☆ BMW cautiously optimistic on 2023, EV targets ahead of schedule
▼ + stars: | 2023-03-15 | by ( Victoria Waldersee | ) www.reuters.com time to read: +3 min

[1/2] A BMW SUV moves down the assembly line at the BMW manufacturing plant in Greer, South Carolina, U.S., October 19, 2022. The company said it planned to keep prices stable, after years of dealing with rising costs by passing them on to customers. "We see hydrogen-electric vehicles as a meaningful complement to e-mobility, even with something of a time lag," Zipse said. The BMW iX5 Hydrogen* test vehicle, with a range of 500 km (310 miles) and an ability to refuel in three to four minutes, was being tested in various countries, BMW said in a statement. ($1 = 0.9319 euros)Reporting by Victoria Waldersee; Additional reporting by Danilo Masoni; editing by Paul Carrel, Bradley Perrett, Tomasz Janowski and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ BMW: e-fuels have highest impact for current fleet, not new cars
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 15 (Reuters) - BMW (BMWG.DE) Chief Executive Oliver Zipse said he viewed e-fuels as having the biggest impact for decarbonising transport if used in existing car fleets, rather than in new cars as was being discussed in Europe. "The main impact of e-fuels is on existing fleets, not in the regulation of new vehicles being hotly discussed in Europe," Zipse said. The only opportunity to make a difference there is e-fuels. I agree strongly with the colleagues proposing that, particularly because our motors are prepared for it," he added. Oliver Blume, chief executive of Porsche (P911_p.DE) and Volkswagen, (VOWG_p.DE), lobbied strongly in the annual press conferences of both companies earlier this week for being open to using e-fuels, calling on politicians to incentivise their production.

☆ BMW promises stable prices, raises margin forecast for 2023
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

The transition to battery-electric vehicles (BEVs) was moving faster than planned and it expected to reach its target of over 50% battery-electric vehicle share well ahead of its 2030 target, the company said. It forecast that the speed of growth in BEV sales, which doubled to more than 215,000 in 2022, to slow slightly this year to a high double-digit percentage. But by 2025, one in four new sales should be battery-electric, rising to one in three by 2026, according to Wednesday's forecast - a big leap from the one in 11 ratio seen last year. Almost half of cash flow came from a cash contribution from Chinese joint venture BMW Brilliance Automotive. BMW proposed a dividend to shareholders of 8.50 euros, up from 5.80 a year earlier.

☆ Volkswagen invests in batteries, raw materials in race for affordable EV
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

Over two-thirds of the company's five-year investment budget announced on Tuesday is allocated to electrification and digitalisation, including up to 15 billion for batteries and raw materials. Volkswagen, Europe's top carmaker, is striving to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. Buzz EV car, on the day of the annual news conference of the Volkswagen Group at DRIVE.Volkswagen Group Forum, in Berlin, Germany March 14, 2023. Volkswagen met analysts' expectations in 2022 on revenues but missed the consensus estimate for earnings before interest and taxes by 3%. The most likely actual stock market candidate is battery unit PowerCo.

☆ Volkswagen: still targeting an affordable EV by 2025
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] A model of a Volkswagen Bus is seen before the annual news conference of the Volkswagen Group at DRIVE.Volkswagen Group Forum, in Berlin, Germany March 14, 2023. REUTERS/Annegret HilseBERLIN, March 14 (Reuters) - Volkswagen (VOWG_p.DE) still wants to bring an affordable electric vehicle - costing around 25,000 euros ($26,790.00) in today's prices - to market by 2025, the carmaker said on Tuesday, describing it as a model below the ID.3. "We will have significant scale by then... our Valencia plant cell factory gives us additional improvement on the cell side. By then we (will) hopefully have also made significant progress in attaining a significant supply (of) raw materials," Chief Financial Officer Arno Antlitz said on an analyst call. ($1 = 0.9332 euros)Reporting by Victoria Waldersee Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Volkswagen to invest $193 bln over 5 years to help meet EV target
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

Companies Volkswagen AG FollowBERLIN, March 14 (Reuters) - Volkswagen (VOWG_p.DE) plans to invest 180 billion euros ($192.76 billion) over the next five years in areas including battery production and its North American operations, it said on Tuesday, with spending on combustion engines to decline from 2025. In the latest plan, 15 billion euros is ringfenced for battery plants and raw materials and 2 billion euros will be put toward a plant in North Carolina for its Scout brand. Later on Tuesday, Volkswagen is also expected to share the results of a 'virtual equity story' exercise instigated by Blume. On Monday, Volkswagen announced its first battery cell plant outside of Europe would be in Canada, with production to start from 2027. ($1 = 0.9338 euros)Reporting by Victoria Waldersee, Editing by Rachel More and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen: to share results of mock listing exercise in June
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

BERLIN, March 14 (Reuters) - Volkswagen (VOWG_p.DE) will share the outcome of a mock listing exercise for its brands and Volkswagen Group instigated by Chief Executive Oliver Blume at a capital markets day on June 21, Blume said on Tuesday. The carmaker intended to keep its combustion engine models competitive for as long as they are on the market but was shifting to being a technology and mobility company, Chief Financial Officer Arno Antlitz added. Blume also said the carmaker was finalising a high-performance software for luxury and premium brands, which would be brought into a software architecture for the whole company in the medium term. Reporting by Victoria Waldersee; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

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