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☆ China's gasoline demand peak nears as EV boom hastens transition
▼ + stars: | 2023-07-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +5 min

The International Energy Agency (IEA) and consultancy Rystad Energy have brought forward forecasts of China's peak gasoline demand by about a year to 2024, while Chinese state majors PetroChina and Sinopec (600028.SS) see it in 2025. The earlier halt in gasoline demand growth in the world's No. Reuters GraphicsAs a result of accelerating EV sales, Paris-based IEA now expects Chinese gasoline demand to peak in 2024 at about 3.7 million barrels per day (bpd), bringing forward an earlier projection of demand plateauing in 2025/2026. The research arm of China's state refiner CNPC expects gasoline demand to peak in 2025, citing accelerating sales of EVs, and sees gasoline demand shrinking 2.3% annually between 2026 and 2030. China's massive move into petrochemicals is already causing a glut globally, prompting companies to shift investments to high-end energy transition materials.

Persons: Aly, refiners, Toril Bosoni, EV's, Gaurav Batra, Mukesh Sahdev, Ma Yongsheng, Mohi Narayan, Carman Chew, Matthew Chye, Chen Aizhu, Zoey Zhang, Andrew Hayley, Florence Tan, Sonali Paul Organizations: Porsche, Auto Shanghai, REUTERS, International Energy Agency, Rystad Energy, China Association of Automobile Manufacturers, Reuters Graphics, Reuters, China, Shenghong Petrochemical, Energy, Graphics, Thomson Locations: Shanghai, China, Jan, Sinopec, Asia, Reuters Graphics China, Paris, U.S, North America, India, Sun, New Delhi, Singapore, Beijing

☆ Formula E's Hughes sets indoor world speed record
▼ + stars: | 2023-07-28 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

LONDON, July 28 (Reuters) - British Formula E driver Jake Hughes has smashed a world indoor speed record by hitting 218.71kph (135.9mph) inside London's ExCeL Centre in a modified version of the electric championship's Gen3 racecar. NEOM McLaren driver Hughes, who had three practice runs before his record attempt, warmed up with a run of 214.80kph before further runs of 215.05 and 217.65 through the speed trap. His record attempt was then clocked at 217.65kph. "I felt like I’ve never wanted anything more in my life than having a world record," he added. "It’s all about showcasing the potential of what an electric racing car can do," he told Reuters.

Persons: Jake Hughes, 218.71kph, Lucas di Grassi, Leh, NEOM McLaren, Hughes, Di Grassi, Briton, I’ve, Jeff Dodds, Alan Baldwin, Pritha Sarkar Organizations: Reuters, Porsche, New, New Orleans Convention, Guinness World Records, Mahindra, Thomson Locations: Docklands, U.S, New Orleans, 216.87kph

SummaryCompanies Group EBIT outlook raised to 20.5 bln eurosQ2 EBIT beats Refinitiv forecast at 5 bln eurosGlobal economy still subdued, monetary policy to weighSupply chain 'noticeably improved', inventory building upBERLIN, July 27 (Reuters) - Mercedes-Benz (MBGn.DE) forecast a subdued world economy with monetary policy weighing on consumers but said supply chain issues and energy price pressures were easing, as it raised its group earnings outlook for the full-year. The supply chain was "noticeably improved", Mercedes-Benz said, in contrast to Porsche (P911_p.DE) which said in results on Wednesday it was struggling weekly with supply chain problems particularly on key components for EVs. Still, the outlook for the Mercedes-Benz cars segment of 12%-14% returns on unit sales and revenue at prior level remained unchanged, but property, plant and equipment as well as research and development expenditures will rise, the company said. Mercedes-Benz Vans' outlook for adjusted return on sales was raised to 13% to 15% in 2023, up from 11% to 13% previously forecast, marking the second outlook upgrade in less than three months after a significant increase in sales in the second quarter. Reporting by Victoria Waldersee; Editing by Miranda Murray and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Benz, Victoria Waldersee, Miranda Murray, Miral Organizations: Benz, Porsche, EVs, Mercedes, Thomson Locations: BERLIN, China, Europe, Asia, North America

☆ Tesla created secret team to suppress thousands of driving range complaints
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +19 min

He expected to get something close to the electric sport sedan's advertised driving range: 353 miles on a fully charged battery. The directive to present the optimistic range estimates came from Tesla Chief Executive Elon Musk, this person said. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving.

Persons: Daniel Acker, Alexandre Ponsin, Tesla, Elon Musk, Elon, Scott Case, Case, Gregory Pannone, Pannone, carmaker, Ford, Jonathan Elfalan, Edmunds, Elfalan, They've Organizations: Tesla Motors Inc, North American, Bloomberg, Getty, Reuters, Tesla, South, Environmental Protection Agency, EPA, Ford, Chevrolet, Hyundai Kona, National Science Foundation, SAE International, U.S, Porsche, Benz, EV, Independent, General Motors, Hyundai, Korea Fair Trade Commission, Service Locations: Detroit , Michigan, Colorado, California, Las Vegas, Austin , Texas, Nevada, U.S, Seattle, Vegas, Henderson, Utah

☆ Tesla’s secret team to suppress thousands of driving range complaints
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +21 min

He expected to get something close to the electric sport sedan’s advertised driving range: 353 miles on a fully charged battery. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. The EPA said all the changes to Tesla’s range estimates were made before the company used the figures on window stickers. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving.

Persons: Alexandre Ponsin, ”, Tesla, Elon Musk, “ Elon, Scott Case, Case, Gregory Pannone, Pannone, “ They've, carmaker, Ford, I’m, ” Pannone, ” Jonathan Elfalan, Edmunds, Elfalan, ” Elfalan, Santa Clara –, Ponsin, ” Ponsin, “, Steve Stecklow, Norihiko, Heekyong Yang, Peter Henderson, Eve Watling, Lucy Ha, Ilan Rubens, Brian Thevenot Organizations: Reuters, Tesla, South, Environmental Protection Agency, EPA, Ford, Chevrolet, Hyundai Kona, National Science Foundation, SAE International, U.S, Porsche, Benz, EV, Independent, General Motors, Hyundai, Korea Fair Trade Commission, Virtual Service, Santa, San Francisco Art Locations: AUSTIN, Texas, Colorado, California, Las Vegas, Austin , Texas, Nevada, U.S, Seattle, Vegas, Henderson, Utah, Santa Clara, London, Austin, Seoul, San Francisco

☆ 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

☆ 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

☆ Porsche's iconic 911 to be sole survivor of automaker's combustion models
▼ + stars: | 2023-07-26 | by ( Nick Carey | ) www.reuters.com time to read: +3 min

[1/3] FILE PHOTO-A Porsche 911 Carrera S is on display during the 75 years Porsche sports car exhibition "Driven by Dreams" in Berlin, Germany, January 25, 2023. The automaker will electrify its compact SUV Macan, followed by the 718 sports car and then the best-selling Cayenne, Porsche e-fuels team leader Karl Dums said. Porsche's EV plans and e-fuels investment are separate, he said. Major automakers will likely avoid new e-fuel models after 2035, having already committed $1.2 trillion to electrification. A host of smaller carmakers also want to sell luxury, high-performance e-fuel models to customers rich enough to afford the expensive fuel, which today can cost up to 10 pounds ($12.90) per liter.

Persons: Lisi Niesner, Karl Dums, Dums, Morgan, Massimo Fumarola, Fumarola, Mike Flewitt, Nick Carey, Paul Lienert, Victoria Waldersee, Giulio Piovaccari, Matthew Lewis Organizations: Carrera, Porsche, REUTERS, EU, HIF Global, Automotive, Ferrari, Morgan Motor, Briggs Automotive Company, Victoria, Thomson Locations: Berlin, Germany, Malvern , England, U.S, Liverpool, EVs, London, Detroit, Milan

☆ UK battery startup Nexeon to supply Panasonic with advanced material
▼ + stars: | 2023-07-24 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

July 24 (Reuters) - UK battery startup Nexeon will supply high-energy silicon anode material to Panasonic’s (6752.T) newest U.S. plant starting in 2025, the companies said on Monday. The use of silicon-rich anodes will enable Panasonic battery cells to store more energy and charge more quickly, the companies said. The greater energy density also gives Panasonic the option of making smaller, lighter packs with similar range to current battery cells. Abingdon-based Nexeon will supply the material to Panasonic Energy Co’s $4 billion De Soto, Kansas plant, which is slated to open in early 2025. Founded in 2006, Nexeon has raised more than $260 million and was most recently valued at $350 million, according to investor website PitchBook.com.

Persons: Sila Nanotechnologies, Nexeon, Group14, Sila, Mercedes, Paul Lienert, Jonathan Oatis Organizations: Panasonic, Panasonic Energy, De, Korea’s SK Group, Porsche, SK, BASF, Mercedes, Benz, Siemens, Samsung, Thomson Locations: U.S, Abingdon, De Soto , Kansas, Woodinville , Washington, Alameda , California, Detroit

☆ Porsche extends Formula E commitment to 2026
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 24 (Reuters) - Porsche has extended its commitment to the all-electric Formula E world championship by two years until the end of 2026, the German car manufacturer and series organisers said on Monday. Porsche entered Formula E in 2019 and the current season nine is their most successful so far with four wins from 14 races. "We remain convinced that our presence and successes in Formula E will lay the foundation for future mobility solutions," said Porsche executive board member Michael Steiner in a statement. "We look forward to playing an active role in shaping the successful future of Formula E and thereby giving electric mobility even more impetus on a global scale." Porsche last year discussed joining forces in Formula One with reigning champions Red Bull but those talks came to nothing, with the British-based team eventually doing a deal with Ford.

Persons: Britain's Jake Dennis, Michael Steiner, Red, Alan Baldwin, Ken Ferris Organizations: Porsche, Formula E, Avalanche Andretti, E, Formula One, Red Bull, Ford, Thomson Locations: London, Formula, British

☆ Reeves Callaway, Maker of Really, Really Fast Cars, Dies at 75
▼ + stars: | 2023-07-24 | by ( Neil Genzlinger | More About Neil Genzlinger | ) www.nytimes.com time to read: +1 min

Reeves Callaway, who started out driving fast cars and then focused on creating them, including one that set a speed record of 254.76 miles per hour in 1988, died on July 11 at his home in Newport Beach, Calif. His company, Callaway Cars, said the cause was injuries from a fall. Mr. Callaway and his company were well known in the world of high-performance automobiles custom-made for deep-pocketed clients. Soon the modified cars coming out of his small shop were drawing attention in motor magazines and in speed competitions. A key moment came in the mid-1980s, when Alfa Romeo, the Italian auto company, sought him out.

Persons: Reeves Callaway, Callaway, Alfa Romeo, “, ” Organizations: Callaway, Mr, Porsche, Ferrari, Maserati Locations: Newport Beach, Calif, Old Lyme, Conn, Italian

☆ Top Wall Street analysts see solid potential in these five stocks
▼ + stars: | 2023-07-23 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +5 min

Bachman reiterated a buy rating on Salesforce and raised his price target to $255 from $245. DellPersonal computer makers, including Dell (DELL), have been facing significant headwinds, as the demand for desktops and laptops plunged following a pandemic-driven rush. Ho raised the price target on DELL to $60 from $48 and reiterated a buy rating. In line with his bullish stance, Rakesh increased his price target for RIVN to $30 from $27 and maintained a buy rating. Rakesh raised his price target for MBLY to $48 from $43 and reiterated a buy rating on the stock.

Persons: Mike Blake, Keith Bachman, Salesforce, Bachman, Sidney Ho, Ho, Rivian, Vijay Rakesh, Rakesh, Mobileye, bode Organizations: Reuters, BMO Capital, Service, Dell, Deutsche Bank, Solutions, Gartner, DELL, Mobileye, EV, Geely Automobile, Porsche, Volkswagen Locations: San Diego , U.S, 2H23E, Israel

But even though the scam targeted Morgan Stanley clients and the advisor admitted using a Morgan Stanley product to carry it out, the firm has fought efforts to hold it responsible. "So, effectively, Morgan Stanley is lending money to the victims of this scheme and that money then gets diverted into Shawn Good's pocket," Easley said. Morgan Stanley, which topped earnings expectations Tuesday thanks in large part to its wealth management business, declined an interview request. But more important than all of that, she said, was that he worked for Morgan Stanley. Morgan Stanley was among 16 firms charged, all admitting they violated federal securities laws.

Persons: Morgan Stanley, Caitlin Andrews, It's, Shawn Edward Good, Good, Shawn Good, Michael F, Easley Jr, Shawn Good's, Easley, pilfered, Marc Fitapelli, Andrews, Fitapelli, Charles Hayward of, whatever's, Hayward, CNBC Andrews, I've, Caitlin, Louis Straney, Romeo Stelvio, Straney, Morgan Stanley's Organizations: Prosecutors, CNBC, Destiny, Easley, Eastern, Raleigh, Financial Industry Regulatory Authority, IRS, North Carolina State Bureau of Investigators, Lexus, Porsche, Tesla, Securities and Exchange, SEC Locations: Carolina Beach , North Carolina, Morgan Stanley's Wilmington, North Carolina, of North Carolina, New York, Charles Hayward of Wilmington, Santa Fe , New Mexico, France, Italy, Spain, Netherlands, Wilmington, N.C

☆ Tesla Model 3 vs. Model S: Which EV should you purchase?
▼ + stars: | 2023-07-17 | by ( Kyle Wilson | ) www.businessinsider.com time to read: +3 min

Tesla's Model 3 vs. Model S are two of the company's most popular vehicles. Two of the most popular Tesla models are the Tesla Model 3 and the Tesla Model S, so it wouldn't be surprising if you're interested in Teslas and have wondered about the differences between the two. There are some key differences to consider between the Tesla Model 3 and the Tesla Model S.For starters, the Model 3 was introduced five years after the original Model S. The base Tesla Model 3 costs at least $40,240, which is $48,250 less than the Model S starting price of $88,490. Ultimately, the refreshed Model S is a high-end luxury vehicle with more space and better performance than the Model 3. The Model S also has "ample" room in the "back seat for three kids, and two adults would be relatively comfortable," DeBord said.

Persons: Tesla, Insider's, Matthew DeBord, DeBord Organizations: Morning, Tesla, Model, Plaid, Porsche Locations: Germany, Québec, Canada

Lara and Roger Griffiths bought their dream home … and then life fell apart. The Daily MailBefore they won a $2.76 million lottery jackpot in 2005, Lara and Roger Griffiths, of England, reportedly never argued. Then they won and bought a million-dollar barn-converted house and a Porsche, not to mention luxurious trips to Dubai, Monaco, and New York City. Shortly after, there were claims that Roger drove away in the Porsche after Lara confronted him over emails suggesting that he was interested in another woman. That ended their 14-year marriage.

Persons: Lara, Roger Griffiths, Roger Organizations: Daily, Porsche, New York City . Media Locations: England, Dubai, Monaco, New York City

☆ China's Huawei says it earned patent revenues of $560 million last year
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

SHENZHEN, China, July 13 (Reuters) - Chinese tech giant Huawei Technologies(HWT.UL) received $560 million in royalty revenues in 2022, Alan Fan, its head of intellectual property (IP), said on Thursday in a speech at company headquarters in the city of Shenzhen. Huawei earned more than it paid out in royalties over the last two years as the decline in handset sales meant it needed to pay less to other IP holders, Fan said. The company has entered into patent licenses with phone makers Samsung and Oppo and automakers including Audi, Mercedes Benz, BMW, Porsche, Subaru, Lamborghini and Bentley, Huawei said. Last year, Huawei spent $23 billion on research and development, with 114,000 staff, 55% of its total, working on research, the company said. From 2019, rounds of U.S restrictions after authorities there called the company a security risk reduced its access to chipmaking tools.

Persons: Alan Fan, Fan, Mercedes Benz, David Kirton Organizations: Huawei Technologies, Huawei, Samsung, Oppo, Audi, BMW, Porsche, Subaru, Lamborghini, Bentley, Thomson Locations: SHENZHEN, China, Shenzhen

☆ Broadcom threatened to cut off chips to a Samsung unit unless it uses them to exclusively supply BMW, lawsuit says
▼ + stars: | 2023-07-13 | by ( Rosalie Chan | Jack Newsham | ) www.businessinsider.com time to read: +3 min

Broadcom sent Harman a letter in May saying that all chips Broadcom supplied to Harman must be used exclusively for BMW components. The lawsuit accused Broadcom of approaching two Harman customers BMW and GM, "likely deliberately squeezing supply to win concessions from both." Broadcom and BMW then formed an exclusive chip partnership, which cut out Harman from the supply chain, according to the suit. After discussions with Broadcom, Harman wrote to Broadcom saying that it did not agree to this. Broadcom and BMW also entered an agreement where Broadcom would sell chips to BMW directly while only allowing Harman to have chips incorporated into BMW products.

Persons: Harman Becker, Harman Organizations: Samsung, Broadcom, BMW, Federal Trade Commission, Harman Becker Automotive Systems, Harman International Industries, General Motors, Audi, Porsche, GM, Apple, VMware

☆ Goldman picks a raft of discounted global stocks — and gives two more than 100% upside
▼ + stars: | 2023-07-12 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Analysts at Goldman Sachs have picked a number of global stocks it says are trading at a discount — and said two of its picks could rise more than 100% over the next 12 months. The analysts picked telecommunications company BT Group , giving it an estimated 130% potential upside in the next year. Goldman also gave Lloyds Bank potential upside of 78%, and said South African technology group Naspers could rise by 71% over 12 months. 'Upside risks' The stocks all appear on Goldman's list called "value buys with earnings upside potential." The bank gave Intesta Sanpaolo a 58% potential upside to its 12-month price target.

Persons: Goldman Sachs, John Sawtell, Goldman, Andrew Lee, Sanpaolo, Chris Hallam, — CNBC's Michael Bloom Organizations: Goldman, BT Group, BT, Natwest, Deutsche Bank, Lloyds Bank, Porsche Locations: African

☆ He Drives the Clark Kent of Porsche Supercars
▼ + stars: | 2023-07-07 | by ( A.J. Baime | Photographs Alan Nakkash For The Wall Street Journal | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/he-drives-the-clark-kent-of-porsche-supercars-fad14a39

Persons: Dow Jones Organizations: clark, porsche Locations: kent

☆ Audi names Volkswagen strategy chief Doellner as new CEO
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 29 (Reuters) - Volkswagen's (VOWG_p.DE) Audi named the German group's strategy chief as its new CEO on Thursday, as the luxury carmaker seeks to catch up with rivals in the dash towards electrification, including in China, the world's top car market. Gernot Doellner, who replaces Markus Duesmann, will become CEO with effect from September, Audi said, after the luxury automaker's supervisory board passed a resolution on Thursday. Doellner is a Volkswagen Group veteran who joined the company as a doctoral student in 1993 and rose through the ranks to become head of product development at Porsche. He headed up the Panamera series from 2011 to 2018 and became head of product strategy at Volkswagen AG in 2021. "Audi is a fantastic company with a rich history," Doellner said, adding: "I look forward to shaping the company's future together with the entire team at Audi."

Persons: Gernot Doellner, Markus Duesmann, Doellner, Oliver Blume's, Bentley, Peter Bosch, Christina Amann, Jan Schwartz, Ilona Wissenbach, Christoph Steitz, Victoria Waldersee, Tom Sims, Emma Rumney, Hans Seidenstuecker Organizations: Audi, Volkswagen Group, Porsche, Volkswagen AG, Volkswagen, BMW, Mercedes, Benz, Thomson Locations: FRANKFURT, China

☆ Renault CEO says free float of future electric unit will be more than 10%
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 27 (Reuters) - A sizeable chunk of Renault's (RENA.PA) planned electric vehicle spinoff could remain in free float on the stock market, its CEO said in an interview published on Tuesday, declining comment on any further strategic investor who would join partners Qualcomm and Nissan (7201.T). "We need to leave some free float, because we still want to retain a significant majority ourselves", Luca De Meo told business daily La Tribune. "Porsche has left 10% free float, and I think that we are aiming for a higher percentage, a minority, but sufficient to ensure liquidity", he added, referring to the luxury carmaker's $72 billion stockmarket debut last year, the biggest in Germany since 1996. Sources have said Renault's future electric vehicle unit, Ampere, could be valued at up to 10 billion euros ($10.96 billion). And we have created a solid and excellent relationship with Makoto Uchida (...)."

Persons: Luca De Meo, Ampere, De Meo, Makoto Uchida, Tassilo Hummel Organizations: Qualcomm, Nissan, La Tribune, Porsche, Thomson Locations: Germany

☆ Former Audi CEO Rupert Stadler sentenced over VW diesel emissions scandal
▼ + stars: | 2023-06-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —A Munich court has handed former Audi CEO Rupert Stadler a suspended jail sentence of one year and nine months for fraud in the 2015 diesel emissions scandal that rocked Volkswagen Group. Stadler is the first Volkswagen (VLKAF) board member to be sentenced in the affair, some four years after German prosecutors laid fraud charges against the executive. He entered a plea bargain with the court, confessing to his crimes in order to avoid spending time in jail. The affair also led German prosecutors to charge former Volkswagen CEO Martin Winterkorn with fraud in 2019. Stadler, who had worked for Volkswagen since 1990, agreed to pay the company €4.1 million ($4.5 million) following the same investigation.

Persons: London CNN —, Rupert Stadler, Stadler, Audi’s, Wolfgang Hatz, Giovanni Pamio, Hatz, Pamio, Martin Winterkorn, Winterkorn, “, ”, — Organizations: London CNN, Audi, Volkswagen Group, €, Volkswagen, VW, Porsche, “ Audi Locations: Munich, Berlin

☆ Aston Martin pulls out of slow lane in EV race
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 26 (Reuters Breakingviews) - Aston Martin Lagonda’s (AML.L) route to viability is a brain-teaser worthy of Q, James Bond’s quartermaster famous for turning everyday objects into whizzy tools. The 2.6 billion pound carmaker’s latest deal with $11 billion Lucid (LCID.O) shows the marque made famous by the fictional spy is, however, making progress. The deal with Lucid – majority-owned by the PIF, handily enough – will make Aston’s ambition to roll out its first electric vehicle by 2025 more credible. The deal sent Aston shares up over 9% in early Monday trading. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aston Martin Lagonda’s, Q, James Bond’s, Aston, Lawrence, –, Mercedes, Neil Unmack, George Hay, Oliver Taslic Organizations: Reuters, Jefferies, Public Investment Fund, Porsche, Mercedes, Benz, U.S, Aston, Twitter, Canada, Siemens, Telecom Italia, Vivendi, Thomson

☆ Technology is giving cars more nagging problems than ever
▼ + stars: | 2023-06-23 | by ( Alexa St. John | Tim Levin | ) www.businessinsider.com time to read: +4 min

Auto research firm JD Power assessed dozens of vehicle brands for its latest quality study. The overall quality of new vehicles is deteriorating and nagging problems are on the rise, according to a new study from JD Power. "The basic touch point of door handles is now a percolating problem area as manufacturers attempt to redesign them," JD Power said. JD Power assigned a score to each auto brand based on problems per 100 vehicles, and calculated an industry average of 192 problems per 100 vehicles (PP100), up from 180 in 2022. In terms of vehicles themselves, the Nissan Maxima had the highest initial quality overall, with 106 problems per 100 vehicles, according to teh survey.

Persons: Tesla, Dodge, Frank Hanley, Power, JD Power, Ram, Alfa Romeo, Polestar Organizations: Auto, JD Power, Fiat Chrysler, French PSA Group, Buick, Chevrolet, Volvo, Chrysler, Volkswagen, Nissan, JD, Dodge, Romeo, GMC, Porsche, Kia, Lexus, Maserati, Hyundai, Honda, BMW, Mitsubishi, Toyota, Ford, Benz, Rover, Mazda, Acura, Lincoln

☆ New technologies hurt car quality as EV brands fare poorly, J.D. Power says
▼ + stars: | 2023-06-22 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

Power's Initial Quality Study released Thursday. "The automotive industry is facing a wide range of quality problems, a phenomenon not seen in the 37-year history of the [Initial Quality Study]," said Frank Hanley, senior director of auto benchmarking at J.D. The 2023 Initial Quality Study found industry-wide problems per 100 vehicles rose by 12 to 192, on average. The top mass-market brands for initial quality were Dodge, Ram and Buick. The company conducts separate surveys to rank brands by long-term dependability, the appeal of their new vehicles' features and car buyers' purchasing experiences across brands.

Persons: Frank Hanley, Tesla, — Dodge, Ram, Alfa Romeo —, Polestar, General Motors, Korea's, Alfa, aren't, Power, It's Organizations: Volvo, Tesla, U.S, General, Chevrolet, GMC, Buick, Cadillac, Ford, Lincoln, Korea's Hyundai, Kia, longtime paragon, Toyota, Porsche Locations: .

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