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June 16 (Reuters) - Volkswagen (VOWG_p.DE) will face investors hungry for answers at its capital markets day next Wednesday on how it will achieve high cost-cutting targets and whether it will heed their calls for an independent audit of its co-owned Xinjiang plant. "The 21 June CMD is an opportunity to reset a fraught relationship with investors, a challenging exercise," Jefferies wrote in a note on Friday. Investors also demanded that Volkswagen conduct an independent audit of the Urumqi plant, which executives have is only possible with the agreement of joint venture partner SAIC (600104.SS). Alongside targets, investors needed details on how the carmaker expects to make its EV production more cost-effective, Daniel Roeska of Bernstein Research wrote in a note on Thursday. "The risk is that instead we see more punchy earnings and volume targets, with little to support them," he added.

Persons: CMD, Jefferies, carmaker, Oliver Blume, Arno Antlitz, Blume, Daniel Roeska, Jan Schwartz, Victoria Waldersee, Conor Humphries Organizations: Porsche, Volkswagen, Investors, SAIC, Bernstein Research, Thomson Locations: Xinjiang, Urumqi, Germany

☆ Converting gas-powered cars to EVs is a booming business
▼ + stars: | 2023-06-16 | by ( Andrew Evers | ) www.cnbc.com time to read: +1 min

In this article GMFTSLA Follow your favorite stocks CREATE FREE ACCOUNTInterest in electric vehicles is at an all-time high, with sales of new EVs up 55% in 2022 compared with the year prior. But there are still a lot of gas cars on the roads today, and it's likely there will be for a long time. A burgeoning industry is breathing new life, and power, into internal combustion vehicles by converting them to electric. Andrew Evers"This is a 1976 BMW 2002 — really fun-to-drive car but underpowered," Michael Bream, founder and CEO of EV West, told CNBC. The complexity of electric vehicles can be intimidating, but that hasn't stopped 14-year-old Frances Farnam, who is working on converting a 1976 Porsche 914.

Persons: Andrew Evers, Michael Bream, " Bream, hasn't, Frances Farnam Organizations: BMW, EV West, CNBC, Porsche, YouTube Locations: San Diego , California, DIYers

☆ The best car brands of 2023
▼ + stars: | 2023-06-14 | 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.

Persons: Alfa Romeo, Dodge, Genesis, Tesla Organizations: BMW, Land Rover, Consumer, Subaru, Lexus, Honda, Rover, Consumer Reports, Ford, GM, Fiat Chrysler, French PSA Group, Lincoln, Chrysler, Pacifica, Toyota, Kia, Mazda, Audi, Acura, Buick, Hyundai, Porsche, Dodge, Tesla, Infiniti, Volkswagen, Volvo, Nissan, Chevrolet, Cadillac, Benz, GMC, Mitsubishi, Alfa, Jeep

☆ Le Mans 24 Hours: Ferrari wins prestigious endurance race after 50-year absence
▼ + stars: | 2023-06-12 | by ( Matias Grez | ) edition.cnn.com time to read: +3 min

Victory was Ferrari’s 10th top level win at Le Mans and its first since 1965. Michael Fassbender pictured during the Test Day of the 24 Hours of Le Mans on June 4, 2023. Frédéric Le Floc'h/DPPI/ShutterstockFassbender made his Le Mans debut last year, crashing out twice during the race but eventually finishing a very respectable 51st out of 62 with Proton. “Car #911 is no longer running the Le Mans 24 race. “Le Mans was no[t] kind to us this year!”

Persons: CNN — Ferrari, Ferrari, Ferrari’s Antonio Fuocco, Antonio Giovinazzi, Alessandro Pier Guidi, James Calado, Alessandro it’s, ” Giovinazzi, ”, James Moy, Charles Leclerc, it’s, I’m, Michael Fassbender, Frédéric Le, Shutterstock Fassbender, Le, “ Le Organizations: CNN, Formula One, Le, Triple Crown, Monaco, Prix, Indianapolis, Toyota, Le Mans, AF Corse Ferrari 499P, James Moy Photography, Eurosport, “, Porsche, Germany’s Proton, Proton Locations: Formula, Italian, Le Mans

☆ Porsche unveils the Mission X, a new concept car that it wants to make the 'fastest road-legal vehicle' on the Nordschleife
▼ + stars: | 2023-06-10 | by ( Dennis Green | ) www.businessinsider.com time to read: +1 min

Porsche unveiled its newest concept car on Thursday, the Mission X. The decision to actually produce the car has not been made yet. Morning Brew Insider recommends waking up with, a daily newsletter. The storied German car brand unveiled the Mission X on Thursday, a radical statement about the future of both its brand and high-performance cars. The Mission X is just a concept for now, but Porsche says if it makes it to production it will be the "fastest road-legal vehicle" around the famous Nürburgring Nordschleife track in Germany.

Organizations: Porsche Locations: Germany

☆ Porsche 911 Reimagined by Singer: Posher Than Ever
▼ + stars: | 2023-06-09 | by ( Dan Neil | ) www.wsj.com time to read: 1 min

SPEAK MEMORY Singer Vehicle Design in Torrance, Calif., restores and modifies classic Porsche 911 Carreras from 1989-1994. The air-cooled, largely analog cars represent a ‘sweet spot’ in Porsche’s history, says Mazen Fawaz, the company’s CEO. Photo: Singer Vehicle DesignOUR TEST CAR cannot be bought for love or money. This 1991 Porsche 911 reimagined by Singer Vehicle Design—called the “Hollywood Commission,” in Bahama Yellow—is one of only 450 examples that the Torrance, Calif.-based fantasy factory will build, all of which are spoken for, with average costs in the high six figures, not including the donor car. I was this close.

Persons: Mazen Fawaz Organizations: Carreras, Singer, Hollywood Commission Locations: Torrance , Calif, Torrance, Calif

☆ Tesla Model S beats Porsche to reclaim fastest lap for a production EV at Nürburgring
▼ + stars: | 2023-06-04 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

The Tesla Model S reclaimed the lap record for a production electric vehicle at Nürburgring. That beat the previous record set last year by the Porsche Taycan Turbo S by more than 8 seconds. The Tesla Model S beat Porsche to reclaim the lap record for a production electric vehicle at the famed Nürburgring track in Germany. On Friday, the Model S that set the new lap record hit speeds as high as 179.5 miles per hour. In 2021, he said on Joe Rogan's podcast that the Model S eventually could get under the 7-minute mark.

Persons: Elon Musk, Tesla, Joe Rogan's Organizations: Tesla, EV, Porsche, Plaid, Model Locations: Germany, Nürburgring

☆ Can eFuels Make Your Porsche Green?
▼ + stars: | 2023-06-03 | by ( William Boston | ) 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/can-efuels-make-your-porsche-green-c0e058c5

Persons: Dow Jones

☆ I drove the $180,000 Lucid Air and experienced the stunningly fast, screen-filled future of luxury cars
▼ + stars: | 2023-05-21 | by ( Tim Levin | ) www.businessinsider.com time to read: +9 min

I drove the Lucid Air Grand Touring Performance, a $180,000 electric car. The Lucid Air Grand Touring Performance. The Lucid Air Grand Touring Performance. The Lucid Air Grand Touring Performance. The Lucid Air Grand Touring Performance.

☆ Driving Lamborghini's new off-road supercar
▼ + stars: | 2023-05-20 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

I was driving a $380,000 Lamborghini Huracán Sterrato, and I couldn’t help laughing out loud. Lamborghini worked with Bridgestone to create tires using rubber similar to that on Lamborghini’s other performance tires, but with an off-road tread. The idea for it emerged while Lamborghini engineers and designers were having beers after a day driving off-road in a prototype of the Urus SUV. That was a lot of fun, they thought, but wouldn’t driving one of our all-wheel-drive supercars off-road be even better? Even those of us who can’t afford one should perhaps be glad the Lamborghini Huracán Sterrato exists.

☆ This trader's got the 'perfect' job for full-time travel — and he's teaching others how to do it
▼ + stars: | 2023-05-18 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +7 min

So they sold their belongings, bought a boat and set off to sail around the world, despite having no sailing experience, he said. He called trading the "perfect" job for full-time travel because "all I need is a laptop, an internet connection, and I can be anywhere in the world." Source: BumfuzzleDuring their first trip around the world, Schulte said he and his wife kept track of every dollar they spent, which averaged about $3,100 a month. "Plus, there's not always something to do — we're not day trading … so there's plenty of talk about life and travel." The Schulte family approaching the Marquesas Islands after spending 21 days at sea crossing the Pacific Ocean.

☆ I drove the $180,000 Lucid Air. It solved my EV range anxiety and charged faster than I've ever seen.
▼ + stars: | 2023-05-18 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

I drove the Lucid Air Grand Touring Performance, a $180,000 electric sedan. The Lucid Air Grand Touring Performance. The Lucid Air Grand Touring Performance. The Lucid Air Grand Touring Performance. The Lucid Air Grand Touring Performance.

OAKLAND, California May 15 (Reuters) - Silicon Valley automotive ethernet chip startup Ethernovia Inc said on Monday it had raised $64 million in a Series A funding round including Porsche Automobil Holding SE (PSHG_p.DE), Qualcomm Ventures, VentureTech Alliance and others. Instead, they are building a central computer to control everything from camera and radar sensors to the windows and the entertainment dashboard. Ramin Shirani, Ethernovia's co-founder and CEO, said he started the company in 2018 to build a single ethernet network in the car that would be the backbone for these new vehicles. But anything that connects the brains to the sensors, that's where we are," Shirani told Reuters. Ethernovia has created a family of ethernet chips and software that help simplify the electronics architecture of the car, he said.

☆ A protestor threw a cake-like pastry at a board member's head during a Volkswagen meeting that descended into chaos
▼ + stars: | 2023-05-11 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

About a dozen protestors reportedly created chaos at Volkswagen Groups annual meeting on Wednesday. One protestor threw what appeared to be a cake at a board member's head. The Associated Press reported that the pastry was thrown in the direction of Wolfgang Porsche, the chairman of Volkswagen Group's majority shareholder, Porsche SE. But recordings of the moment, uploaded to YouTube from news outlets including The Guardian, show VW Group chairman Hans Dieter Poetsch dodging remnants of the pastry that flew in his direction. A Reuters video from the event shows the protestors being led out of the meeting by security.

[1/3] Oliver Blume, Chairman of the Board of Management of Volkswagen AG and Dr. Ing. He did not mention the company's Xinjiang plant in China, a joint venture with SAIC Motor (600104.SS), which has become a sore point for human rights activists as well as some shareholders, including top-20 investors Deka Investment and Union Investment. "Volkswagen must be certain that its supply chains are clean," said Ingo Speich, head of sustainability and corporate governance at Deka. Volkswagen's China chief visited the plant in Xinjiang earlier this year and said he saw no evidence of forced labour. Shareholders flagged rising competition from Chinese EV competitors in China, with BYD (002594.SZ) outselling Volkswagen as the top passenger car brand earlier this year.

☆ Porsche, VW Commercial Vehicles partner with Mobileye on automated driving software
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 9 (Reuters) - Porsche (P911_p.DE) will incorporate automated assistance and navigation functions from Mobileye's (MBLY.O) so-called "SuperVision" technology platform in future models, Mobileye said on Tuesday. The agreement is the technology provider's second large signing for the platform with a major automotive group after China's Geely (GEELY.UL). Volkswagen Commercial Vehicles, which was previously going to use technology from Pittsburgh-based self-driving startup, Argo AI for self-driving shuttles and vans, will also partner with Mobileye, a spokesperson said. Volkswagen pulled out of its planned investment in Argo AI last October and said at the time its commercial vehicles unit would seek a new partnership. Together with Mobileye, the unit will seek to implement so-called "Level 4" autonomous driving - considered fully autonomous, though humans can still request control - in its ID.

☆ Porsche to incorporate Mobileye automated driving and navigation software
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 9 (Reuters) - Porsche (P911_p.DE) will incorporate automated assistance and navigation functions from Mobileye's (MBLY.O) so-called "SuperVision" technology platform in future models, Mobileye said on Tuesday. The agreement is the technology provider's second large signing for the platform with a large automotive group after China's Geely [RIC:RIC:GEELY.UL]. Volkswagen (VOWG_p.DE) has been planning to expand its cooperation with Mobileye since late last year when it decided to stop investing in self-driving start-up Argo AI, Reuters reported at the time. The Israel-based firm, which went public last October, already cooperates with Volkswagen's software unit Cariad. Reporting by Victoria Waldersee and Jan Schwartz, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Sebastian Steudtner has turned to science as he chases the world’s biggest waves
▼ + stars: | 2023-05-08 | by ( Matt Majendie | ) edition.cnn.com time to read: +15 min

CNN —Sebastian Steudtner holds the world record for the biggest wave ever surfed. Steudtner holds the world record for the biggest wave ever surfed. Win, win, win or perform, perform, perform. How boring is it to win and win and win? If I want to catch waves, I don’t think about you because you’re in my way, so you’re naturally competitive.

☆ Luxury Porsche converted into a high-tech military vehicle for a commander in Ukraine's army
▼ + stars: | 2023-05-07 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +4 min

A group of Ukrainian volunteers received a Porsche Cayenne to retrofit into a vehicle for the military. "When our team received this Porsche, it was quite a challenge to find the best way to utilize the luxury vehicle," said Roman Hapachylo, co-founder of Car for Ukraine. But the Porsche car was a different project. Car for Ukraine exists solely on donations of military aid, vehicles, and money. According to their website, they have distributed nearly $2 million worth of trucks to the Ukrainian military.

Persons: Ма

☆ VW to fire top executives at software unit Cariad, source says
▼ + stars: | 2023-05-06 | by ( Jan Schwartz | ) www.reuters.com time to read: +1 min

The unit - set up under former VW group CEO Herbert Diess -has exceeded its budget and failed to meet goals, contributing to Diess' departure and replacement by Oliver Blume last September. A VW spokesperson said the German company was analysing Cariad and its projects. A number of decisions have been made, but no decisions on personnel, the spokesperson said, adding that Cariad and vehicle software development remained integral to Volkswagen's group strategy. The problems at Cariad have delayed work on important new vehicle models Porsche e-Macan and Audi Q6 e-tron. The planned launch of company-wide structural car software, initially designed to enable the fourth of five levels of autonomous driving from 2026, has been postponed by two years.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPorsche's $100 million EV alternativeMore than 70% of Porsche cars ever made are still on the road, according to some estimates. But to protect that heritage with electric vehicles on the rise, the German automaker has invested $100 million in eFuels, a class of carbon-neutral synthetic energy. Opponents are skeptical, calling eFuels expensive and inefficient. But Porsche and eFuel maker, HIF Global, believe they can reach large-scale production within a few years and prove skeptics wrong.

☆ Why Porsche is investing $100 million on eFuels to keep its cars on the road
▼ + stars: | 2023-05-05 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +3 min

Porsche has invested more than $100 million in the development of eFuels. "With this approach we have another lever, another opportunity to reduce the CO2 footprint for the combustion engine-driven cars," said Karl Dums, senior manager of eFuels at Porsche. "Electric cars are more expensive to produce, so they are margin dilutive," said Daniel Schwarz, managing director at Stifel. "And Porsche managed to increase the share of electric cars and increase the profitability in parallel." But critics of Porsche's $100 million push into eFuels argue the resultant fuel will be too expensive and inefficient to ever compete with electrification.

☆ Volkswagen revenue jumps on growth in Europe, North America
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly SongBERLIN, May 4 (Reuters) - Volkswagen (VOWG_p.DE) posted a 21.5% gain in first-quarter revenue on Thursday, boosted by higher prices and strong growth in Europe and North America, but operating profit declined from last year when the period benefited from commodity hedging. Revenue for the quarter was 76 billion euros ($84.22 billion). Operating profit fell to 5.7 billion euros from 8 billion euros last year, but still beat expectations of five analysts polled by Refinitiv SmartEstimate of 5.48 billion euros. Excluding the valuation effect from commodity hedging, operating profit rose by 35% to 7.1 billion euros, yielding a margin of 9.3%. Volkswagen attributed the rise in group revenue largely to strong growth in Europe and North America, and said its order book in western Europe totalled 1.8 million vehicles, including 260,000 battery-electric cars.

☆ BMW cars segment sees earnings boost on higher pricing, EV sales
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 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. Inflation and interest rates in key markets are high. The carmaker continues to expect slight growth in Europe, robust sales in the United States, and a stabilising economy in China. BMW's financing and leasing business suffered in line with that of other carmakers like Porsche under persistently high interest rates and price Increases, with the volume of new business dropping 14% and earnings down 6.2%. Reporting by Victoria Waldersee; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.

☆ Surgery rules Raducanu out of French Open, Wimbledon
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

[1/3] Tennis - WTA 500 - Stuttgart Open - Porsche Arena, Stuttgart, Germany - April 18, 2023 Britain's Emma Raducanu in action during her round of 32 match against Latvia's Jelena Ostapenko REUTERS/Angelika WarmuthMay 3 (Reuters) - Britain's Emma Raducanu will miss the French Open and Wimbledon while she recovers from surgery on her wrists and ankle, the former U.S. Open champion said on Wednesday. "I'm having a minor procedure done on both hands to resolve the issues. I'm disappointed to share that I will be out for the next few months and while I am at it will have another minor procedure that is due on my ankle." Raducanu, who has struggled with form and fitness since her fairytale run to the U.S. Open title as an 18-year-old qualifier in 2021, withdrew from the Madrid Open last month citing an injury to her right hand. She also lost in the first round in Miami and Stuttgart and was beaten in straight sets by Coco Gauff in the second round of the Australian Open.

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