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☆ Volkswagen's Scout unit wins $1.3 bln in incentives for South Carolina factory
▼ + stars: | 2023-03-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The project could also receive up to $180 million in job development tax credits based on hiring, said South Carolina Commerce Secretary Harry Lightsey. In May, VW said it would reintroduce the Scout off-road brand in the United States, offering new electric pickup and sport-utility vehicles. Scout said it hopes to eventually create 4,000 jobs and produce 200,000 Scout vehicles annually. Volkswagen has moved away from cars in the United States. Monday's event was the latest major auto announcement for South Carolina, home to BMW's (BMWG.DE) U.S. operations and its largest plant by volume.

☆ Matte car colors in muted earth tones are suddenly taking over — but the trendy paints come at a cost
▼ + stars: | 2023-03-18 | by ( Bethany Biron | ) www.businessinsider.com time to read: +4 min

Earthy, muted shades are becoming increasingly popular among car buyers, according to the LA Times. The muted cars are suddenly popping up everywhere, lining freeways and parking lots in unassuming shades of gray, black, brown, tan, and green. "The term 'stealth' comes to mind when we see a car in matte gray or matte black. Derek Joyce, a spokesman for Hyundai Motor North America, told the Los Angeles Times that the muted shades of its Hyundai Santa Cruz model are outselling more traditional hues. The styles are also picking up steam on TikTok, where users are sharing videos of their matte cars, or of transforming old models using the new trendy paints.

☆ ABB invests in US robot factory as reshoring trend hots up
▼ + stars: | 2023-03-16 | by ( John Revill | ) www.reuters.com time to read: +3 min

ZURICH, March 15 (Reuters) - ABB (ABBN.S) is expanding its main US robot factory as its customers there in the automotive, packaging and machinery industries confront a tight labour market as they bring production back home. The United States is the third largest in the global robotics market, which is worth around $50 billion per year according to estimates by ABB and the International Federation of Robotics (IFR). Rapid growth is expected as US companies bring production closer to home to avoid logistic log jams which have gummed up supply chains since the global pandemic. A survey by ABB last year showed 70% of North American businesses suffered supply chain disruptions in the last year. "The potential for growth in the industrial robots market is huge," Atiya said.

☆ 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 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 invest $193 billion to hit EV target, picks Canada for battery cell plant
▼ + stars: | 2023-03-14 | by ( ) edition.cnn.com time to read: +3 min

Volkswagen plans to invest 180 billion euros ($193 billion) over five years in areas including battery production and the sourcing of raw materials in a bid to cut electric vehicle costs and protect its market share, it said Tuesday. Over two-thirds of the company’s five-year investment budget is allocated to electrification and digitalization, including up to 15 billion ($16 billion) for batteries and raw materials. Volkswagen board member Thomas Schmall Ronny Hartmann/AFP/Getty Images/FileOn Monday, board member Thomas Schmall also announced that Volkswagen’s first North American battery cell factory would be in Canada, with production starting in 2027. The carmaker is still aiming to bring an affordable EV — costing around 25,000 euros ($26,795) at today’s prices — to market by 2025. The most likely actual stock market candidate is battery unit PowerCo.

☆ Exclusive: Hydrogen firm Thyssenkrupp Nucera says IRA spurring U.S. interest
▼ + stars: | 2023-03-09 | by ( Christoph Steitz | ) www.reuters.com time to read: +5 min

Thyssenkrupp Nucera held talks about several potential green hydrogen projects "with very concrete timelines" during a trip to the United States last week, Chief Executive Werner Ponikwar said in an interview. Green hydrogen, produced using renewable energy, is seen as key to decarbonising industry and so meeting climate targets. "We are gaining a new growth market," Ponikwar said. Ponikwar expects the U.S. hydrogen market to grow to a mid double-digit gigawatt (GW) amount by the end of the decade, from just a few hundred megawatts currently. While the IRA supports hydrogen production, it does not require makers of hydrogen equipment to produce locally, unlike other renewable technologies where that's a condition to qualify for credits.

☆ Automakers are using a legal loophole to get customers an extra $7,500 tax credit — and business is booming
▼ + stars: | 2023-03-09 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Automakers might pass along the commercial EV credit to customers that lease their EVs. Last summer's Inflation Reduction Act introduced rules for new and used EVs to qualify for crucial tax credits. Startup Lucid, along with at least 10 "traditional" automakers, are leveraging the commercial credit, according to data from J.D. Meanwhile, automakers are interested in leasing EVs in part due to the commercial and used EV tax credits. Being able to pass along the commercial EV credit could bring in customers that might not have otherwise considered electric.

[1/3] Samples of rare earth minerals from left: Cerium oxide, Bastnaesite, Neodymium oxide and Lanthanum carbonate at Molycorp's Mountain Pass Rare Earth facility in Mountain Pass, California June 29, 2015. Australia's Lynas Rare Earths Ltd. (LYC.AX) slumped 6.8% on the news and has fallen further since. It hasn't helped the price of rare earths either, accentuating a sharp slide that began in February. Shanghai Metal Market rare earth assessmentsRARE EARTHS ROLLER-COASTERRare earths have been on a price roller-coaster over the last three years. There is also the lingering threat that China could weaponise its rare earths supply if relations with the West deteriorate.

☆ Nissan and Mexican workers agree to 9% raise at Morelos plant, union says
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, March 3 (Reuters) - Labor representatives at a Nissan Motor Co Ltd (7201.T) plant in the central Mexican state of Morelos have reached an agreement with the Japanese carmaker to hike pay 9% as of April, the union said. Leobardo Herrera, head of the Independent Union of Nissan Mexico Workers, said the union aimed to boost pay beyond inflation - which stood at 7.76% in early February - and came to a deal quickly with the company. The new salaries will be in place for a year before the union and company re-negotiate, Herrera said. Nissan Mexicana, as the company's Mexico unit is known, said it negotiated with the union in February and is committed to ensuring labor rights for the roughly 1,500 unionized workers at its Morelos plant, which produces the NP300 pickup truck. The automaker produces other models at plants in the state of Aguascalientes a few hundred miles northwest of Morelos, which are represented by a different union.

But EU countries still need to rubber stamp the decision before it can take effect. EU countries' ambassadors on Friday cancelled the vote that had been planned for March 7, the spokesperson for Sweden said. Italy, which has previously said it will vote against the EU cars law, on Friday welcomed the postponement of the vote. Such an outcome, along with some resistance from Italy and some eastern European countries, could throw the whole EU ban into question. European Commission President Ursula von der Leyen will attend a German cabinet meeting at the Schloss Meseberg palace on Sunday, where the topic is likely to be discussed.

☆ Mick Schumacher feels no need to watch 'Drive to Survive'
▼ + stars: | 2023-03-02 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

MANAMA, March 2 (Reuters) - Mick Schumacher's Formula One struggles last season feature strongly in the latest run of 'Drive to Survive' but the German says he feels no need to watch the Netflix docu-series. "I didn't watch it...that's a personal choice," Schumacher told Reuters when asked about the series at a 75th anniversary event for sportswear maker Puma at the season-opening Bahrain Grand Prix. "I just don't necessarily feel the need to watch myself on TV, I guess." Schumacher muses separately, in a frank scene on a Swiss mountainside, about the difficulties he faces and his determination to succeed. With the retirement of four times world champion Sebastian Vettel, the only German driver is veteran Nico Hulkenberg as Schumacher's replacement at Haas.

☆ #BoycottHersheys spreads on Twitter over Women’s Day campaign
▼ + stars: | 2023-03-02 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +2 min

New York CNN —Calls to boycott Hershey are spreading on Twitter in response to the chocolate company’s International Women’s Day Canadian campaign, which includes a trans woman. It’s the latest example of a brand generating a strong but mixed reaction to a promotional campaign that touches on cultural or societal issues. Fae Johnstone, a queer, trans and feminist activist, posted about being included in the Her for She campaign in a series of tweets on Wednesday. On Thursday, some used #BoycottHersheys to voice their opposition to the campaign — while others used it to criticize the critics. In this campaign, Hershey tapped five women, including Johnstone, who are activists in their fields.

☆ I've tested 19 electric cars. There are 4 huge reasons you should consider buying one.
▼ + stars: | 2023-03-01 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

I've driven electric cars from Tesla, Audi, Porsche, Hyundai, Kia, Volkswagen, Rivian, and more. EVs are quick, fun, and quietThe 2022 Kia EV6 GT-Line. Tim Levin/InsiderAlmost all EVs, from budget Chevys to sporty Audis, have more pep in their step than comparable gas cars. The 2022 Kia EV6. Tim Levin/InsiderSince electric cars lack bulky components like an engine and transmission, automakers enjoy lots of flexibility to add extra interior room for people and stuff.

☆ Factbox: As Tesla prepares a Mexico plant, a look at auto plants in Mexico
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +3 min

[1/2] A general view shows the General Motors assembly plant in Ramos Arizpe, in Coahuila state, Mexico February 11, 2021. REUTERS/Daniel BecerrilFeb 28 (Reuters) - Mexico has long been a manufacturing hub in North America for multiple automakers, and the country is trying to position itself for the wave of electric vehicles (EVs) to come. The auto sector is a driver of Mexico's major manufacturing industry, which is heavily integrated into U.S. and Canadian supply chains. Mexican officials on Tuesday said Tesla Inc (TSLA.O) is the latest automaker with plans to build a plant in Mexico. Here are major automakers with plants in Mexico -General Motors Co (GM.N)Silao Plant in the central city in Guanajuato state, produces Chevrolet and GMC full-size pickup trucksRamos Arizpe Plant in the northern city in Coahuila state, builds the Chevrolet Equinox and Blazer SUVs now and will build the 2024 Blazer EV and Equinox EVSan Luis Potosi Plant in the state capital of the central state of San Luis Potosi, produces the Chevrolet Equinox and GMC TerrainFord Motor Co (F.N)Cuautitlan Assembly plant in the central city of Cuautitlan Izcalli, produces Ford Mustang Mach-EHermosillo Assembly Plant in the state capital of the northern state of Sonora, produces Ford Bronco Sport and Ford MaverickToyota Motor Corp (7203.T)Toyota Motor Manufacturing de Baja California in the northern border city of Tijuana, Baja California, produces the Toyota Tacoma pickupToyota Motor Manufacturing de Guanajuato in Apaseo el Grande, Guanajuato, produces the Toyota TacomaStellantis (STLAM.MI)Saltillo Truck Assembly Plant in the state capital of Coahuila, produces Ram light and heavy-duty pickupsSaltillo Van Assembly Plant, makes the Ram ProMaster vanToluca Assembly Plant, produces the Jeep CompassNissan Motor Co (7201.T)Nissan Mexicana (Cuernavaca) in the central city of Jiutepec, produces NP300 pickup truckNissan Mexicana (Aguascalientes 1 Plant) in the central city of Aguascalientes, produces March, Versa, KicksNissan Mexicana (Aguascalientes 2 Plant), produces SentraNissan also has a joint venture plant with Mercedes (MBGn.DE) in Aguascalientes, making the Infinti QX 50 and 55 SUVs, and Mercedes GLB SUVHonda Motor Co (7267.T)Honda de Mexico (HDM) in Celaya, Guanajuato, produces HR-VVolkswagen (VOWG_p.DE)Volkswagen de México in Sanctorum, Puebla, produces Jetta, Tiguan, TaosVW's Audi unit in San José Chiapa, Puebla, produces Audi Q5 premium SUV and plans to start manufacturing EVs by 2027Mazda Motor Corp (7261.T)Mazda de Mexico Vehicle Operation (MMVO) in Salamanca, Guanajuato, produces Mazda2, Mazda3, Mazda CX-30Kia AmericaHyundai Motor Co's (005380.KS) Kia has a plant in Pesqueria, Nuevo Leon, produces Kia Forte, RioBMW AGBMW Plant in San Luis Potosi, produces BMW 3 Series, 2 Series and will produce fully electric "Neue Klasse" modelsSOURCES: Carmakers and Auto Forecast SolutionsCompiled by Kannaki Deka in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Audi will not cut EV prices to follow Tesla's lead - Audi Europe chief
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

Companies Tesla Inc FollowBERLIN, Feb 28 (Reuters) - Audi (VOWG.DE) has no plans to cut prices for its electric vehicles, German industry magazine Automobilwoche cited Audi Europe chief Jens Puttfarcken as saying, despite a similar move by market leader Tesla (TSLA.O) that has put pressure on others to follow suit. "We have our very own pricing policy," Puttfarcken was cited as saying. "We take such a step when it is necessary for the Audi brand." Reporting by Kirsti Knolle, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ European Investment Bank proposes new fund to counter US green subsidies - Spiegel
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 28 (Reuters) - The European Investment Bank could set up a new fund to counter subsidies offered by the U.S. Inflation Reduction Act, which pressure companies to move their production there, its president said in an interview published on Tuesday. Werner Hoyer told German news magazine Der Spiegel a fund set up to help companies stay afloat during the coronavirus pandemic could serve as a model for a fund to help safeguard European industry. "In principle, every investment project that has not yet received final approval is currently being put to the test." The European Commission earlier this month proposed allowing increased levels of state aid so that Europe can compete with the United States. The $430-billion act was passed by U.S. Congress last August and offers subsidies and tax incentives for a swathe of domestically produced green industry products.

☆ How Elon Musk Ruined Tesla, Let Other Car Companies Catch up on EVs
▼ + stars: | 2023-02-26 | by ( Nora Naughton | ) www.businessinsider.com time to read: +12 min

"I feel stupid driving around with my brand-new Tesla Model Y," Mark told me. Tesla spent the past two decades defying expectations and disrupting the automotive industry, but in 2023 the once revolutionary car company did the seemingly unthinkable: It turned fanboys against it. But after years of rocketing ahead of legacy car companies' tech, the futuristic guts of Tesla's vehicles have started to go stale. Companies like Ford and Audi are changing their sales strategies to model Tesla's innovative direct-sales style. These companies have something Musk doesn't: nationwide networks of brick-and-mortar locations where customers can have their vehicles serviced and repaired.

☆ F1 team bosses have their own light-bulb moment
▼ + stars: | 2023-02-26 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

LONDON, Feb 26 (Reuters) - The late McLaren boss Teddy Mayer liked to compare Formula One drivers to interchangeable light-bulbs, declaring "you plug them in and they do the job", and nowadays the same might be said for team principals. The Frenchman is on his third different team, after stints at Sauber and Renault. "It shows also that the role of the team principal is maybe sometimes also a bit over-rated because if you can change it so quickly and there is no big impact, it tells also something. Sauber, with Swedish billionaire Finn Rausing as chairman of the board, will become the Audi works team from 2026. "But other than that we must not forget that F1 teams have developed into big organisations where the owners are not any more the team principals... some have engineers as team principals, some have more an old-fashioned rule."

☆ I drove Mercedes-Benz's $135,000 Tesla rival and experienced the electric, screen-filled future of luxury SUVs
▼ + stars: | 2023-02-25 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

I drove the 2023 Mercedes-Benz EQS SUV, the brand's first electric SUV for the US market. What the EQS SUV does right: An amazingly luxurious interiorThe 2023 Mercedes-Benz EQS SUV. The 2023 Mercedes-Benz EQS SUV. The 2023 Mercedes-Benz EQS SUV. The 2023 Mercedes-Benz EQS SUV.

☆ Audi CEO: IRA subsidies make prospect of building U.S. plant "highly attractive"
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Chief Executive Markus Duesmann said that a decision had not yet been made but that the IRA made it far more attractive to build electric vehicles (EVs) in the United States. Asked whether Audi would build a plant itself or do so together with other Volkswagen brands, Duesmann said: "Both are possible. But a growing number of firms are now announcing heightened investment in the United States over Europe in light of the IRA, worrying European officials. Volkswagen is also upgrading its Mexican plants in Puebla and Silao to starting building EVs, motors and related components by mid-decade. Volkswagen is due to lay out in March how it will rejig its production network worldwide to scale up EV production.

☆ Volkswagen to build own US plant for Scout brand - Automobilwoche
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 24 (Reuters) - Volkswagen Group (VOWG_p.DE) will build its own production plant in the United States for its new Scout brand rather than collaborating with a partner, industry publication Automobilwoche reported on Friday, citing company sources. Volkswagen said last May it planned to reintroduce the Scout off-road brand, creating a separate, independent company to build Scout trucks and SUVs starting in 2026 that will be designed, engineered, and manufactured in the United States for U.S. customers. Building its own plant was the least likely option, the publication reported at the time, also citing company sources. Volkswagen is expanding its existing U.S. plant in Chattanooga, Tennessee, to produce the ID. However, the Scout brand will build off-road electric pick-up trucks and SUVs that require a new platform and the Chattanooga plant does not have enough space to do it all, a source told Reuters last May.

☆ China's Nio to build factory for budget EVs - sources
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 21 (Reuters) - Chinese electric vehicle (EV) maker Nio Inc (9866.HK) plans to build a factory in Chuzhou city in the eastern province of Anhui to produce budget EVs under a new brand, said three people with knowledge of the matter. Neither Nio nor the Chuzhou local government immediately responded to requests for comment. Nio's main brand, Nio, is positioned for the premium car segment to compete with brands such as BMW, Audi and Mercedes-Benz in China and Europe. More than a quarter of the new cars sold in January in China were either pure electric or plug-in hybrids, according to China Passenger Car Association. Reporting by Zhang Yan, Zhuzhu Cui and Brenda Goh; Editing by Christopher Cushing and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ These are the best car brands of 2023
▼ + stars: | 2023-02-17 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Consumer Reports released a list of top car brands Thursday. Consumer Reports released its list of the top car brands for 2023 on Thursday. Taking the bottom five spots are Mitsubishi, Alfa Romeo, Jaguar, Jeep, and Land Rover, with Land Rover at the very bottom. Consumer Reports ranked brands first by determining a road-test score using braking, handling, comfort, convenience, and fuel economy evaluations. The other domestic brands fell in the bottom-third of the rankings.

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