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☆ Adidas forecasts high single-digit sales decline in 2023
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 9 (Reuters) - Adidas (ADSGn.DE) said on Thursday its revenue grew by 1% in currency-neutral terms in 2022, lagging its forecasts, and flagged that it expects a high single-digit decline in sales in 2023. The sporting goods maker said not selling its existing Yeezy stock could reduce revenue by around 1.2 billion euros ($1.29 billion) in 2023 and operating profit by around 500 million. Writing off the inventory altogether would lead to an additional 500 million euro drop in operating profit, it said, along with one-off costs in 2023 of up to 200 million euros as part of a review to return to profitable growth in 2024. "Against this background, Adidas expects currency-neutral sales to decline at a high-single-digit rate in 2023," it said in its statement. ($1 = 0.9307 euros)Reporting by Victoria Waldersee; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen boosts earnings in 2022, high inventory drags down cash flow
▼ + stars: | 2023-02-07 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

Earnings of 22.5 billion euros ($24.11 billion) put Volkswagen at the higher end of the 7-8.5% margin it had forecast in March of last year, with sales beating 2021 figures at around 279 billion euros compared with 250.2 billion the year prior. Still, net cash flow came to only around 5 billion euros, under the target of matching 2021's 8.6 billion euros, which the company blamed on an unstable supply chain leaving it sitting on high inventories of unfinished goods, supplies and materials. "Current planning for 2023 suggests that this year-end 2022 increase in working capital will largely reverse during the year," it added in its statement. Volkswagen also warned in January that the outlook for 2023 remained clouded by weak economies and supply-chain shortages. ($1 = 0.9331 euro)Reporting by Victoria Waldersee in Berlin Editing by Thomas Escritt and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen earnings meet forecast, inventory weighs on net cash flow
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 7 (Reuters) - Volkswagen (VOWG_p.DE) reaped an 8.1% earnings margin in 2022, at the upper end of its outlook, but net cash flow was far lower than hoped as supply chain issues left the carmaker weighed down with unfinished goods and raw materials, it said on Tuesday. Volkswagen, which is due to report full-year results on March 14, said in a preliminary announcement that sales over the year were around 279 billion euros ($298.95 billion), up from 250.2 billion in 2021, with operating profit at 22.5 billion euros. Net liquidity in the automotive division was around 43 billion euros, including around 16 billion euros in cash inflows from the IPO of sportscar brand Porsche in September 2022. Volkswagen had warned in October that supply chain troubles were the new norm after reporting stagnated earnings in the third quarter. ($1 = 0.9334 euros)($1 = 0.9333 euros)Reporting by Victoria Waldersee, editing by Thomas EscrittOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen meets expected earnings forecast for 2022, net cash flow below target
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowBERLIN, Feb 7 (Reuters) - Volkswagen (VOWG_p.DE) reported a return on sales of 22.5 billion euros ($24.10 billion) in 2022 off sales of 279 billion euros, yielding an earnings margin of 8.1%, in line with the carmaker's forecast. Net cash flow was significantly below target at 5 billion euros, down from 8.6 billion euros last year, which the company attributed to supply chain disruptions particularly at the end of the year leaving it with high inventories of finishd goods, raw materials and supplies. ($1 = 0.9334 euros)Reporting by Victoria Waldersee, editing by Thomas EscrittOur Standards: The Thomson Reuters Trust Principles.

☆ Ford works council in Germany to update staff on job cut talks on Feb 14
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 7 (Reuters) - The Ford Motor Co (F.N) works council in Cologne, Germany invited workers to a meeting on Feb 14 to update them on negotiations with management over planned job cuts at Ford's plants in Europe, a union representative said on Tuesday. Ford said in late January it would decide by mid-February how many jobs would be lost in the region after the works council at its Cologne plant, which supports the interests of employees, informed employees that up to 3,200 roles may be cut in the worst-case scenario. Productivity of Ford's engineers in Europe was 25-30% lower than it should be, Chief Financial Officer John Lawler added on the call. The works council in Cologne has demanded that management commit to no layoffs before Dec. 31, 2032, and that the roughly 2,500 product development staff there remain part of the automaker's global development landscape. Reporting by Christina Amann, Victoria Waldersee; additional reporting by Ben Klayman, Joe White; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Bosch says Chinese recovery is key to 2023
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

BERLIN/STUTTGART, Feb 3 (Reuters) - German automotive supplier Bosch considers recovery in China as key to success this year, it said on Friday, steering clear of concrete forecasts despite reporting a more than 15% jump in full-year operating profit. It was hugely dampened last year," Chief Executive Stefan Hartung said of the Chinese market, adding that he expects the European and U.S. economies to weaken because of rising interest rates. Demand in 2022 remained weaker than before the pandemic, but Bosch sales benefited from strong demand for climate-friendly technology from carmakers and those seeking alternative fuel sources to Russian gas, the private company said. "Despite semiconductor shortages and a weak economy, all business sectors were able to increase their sales," said finance chief Markus Forschner. Pushed by Germany's attempt to wean itself off Russian gas, demand for energy efficient heat pumps rose last year, with sales jumping 50%, Bosch said, adding that it will expand its manufacturing capacity for heat pumps in Europe.

"We're going to see in 2023, there is still going to be volatility around chips," Ford Chief Financial Officer John Lawler said on Thursday. By the end of 2023, almost 18 million vehicles will have been removed from production plans since the chip shortage started, according to Auto Forecast Solutions. Japan's Denso Corp (6902.T), a leading supplier to Toyota Motor Corp (7203.T), on Friday slashed its annual profit forecast and warned the chip shortage could cause auto production cuts. Toyota in November cut its vehicle production projection for the current financial year through March due to the chip shortage. The head of another auto supplier, Aptiv Plc (APTV.N), which makes advanced driver assistance systems, vehicle computers and high-voltage cabling, said the impact of the chip shortage is not evenly felt.

Experts estimate that about half of the German electric vehicles registered in the United States are leased. While the scale of the U.S. subsidies has attracted most attention, the EU has large potential resources of its own. THE REAL PROBLEM"The amounts of subsidies in Europe are in line or even more than those in the United States, that is not the problem," said one senior European Union official. "The real problems are the incentives to make firms move production to the United States," said the official, referring to the local content requirements. To ensure Europe can compete with the United States, the European Commission on Wednesday proposed measures including loosening EU state aid rules and repurposing existing EU funds.

BERLIN/FRANKFURT, Feb 1 (Reuters) - U.S. chipmaker Wolfspeed (WOLF.N) will build a $3-billion chip plant and a research and development centre in Germany, it said on Wednesday, expecting to start construction within months provided it receives subsidy approval from the European Union. Automotive supplier ZF (ZFF.UL) will invest $185 million for a stake in the chip fab and will take a majority stake in the research centre, the companies said. Wolfspeed expects to receive 20% of the investment amount in subsidies, Chief Executive Gregg Lowe told German newspaper Handelsblatt. Volkswagen, Europe's top carmaker, earlier this month warned that the chip squeeze meant 2023 would remain volatile and challenging, but expected supplies to improve. The company announced in September a new plant in the United States due for completion in 2030.

☆ Wolfspeed to build $3-bln EV chip plant in Germany
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - U.S. chipmaker Wolfspeed (WOLF.N) will build a $3-billion chip plant in Germany, with automotive supplier ZF (ZFF.UL) investing $185 million for an equity stake, company officials said on Wednesday, confirming an earlier Reuters report. ZF's share of the factory's chip output will be defined by a separate contractual agreement, the companies said. "This is an important sign that Germany continues to be attractive even in difficult circumstances for high-tech investments," he said. "Amid the concerns that the U.S. wants to divert investments from Europe with its Inflation Reduction Act, we're showing that a U.S. firm wants to invest in Germany," a German government source said. The company announced in September a new plant in the United States due for completion in 2030.

☆ Wolfspeed to announce EV chip plant in Germany, sources say
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - German chip supplier ZF Friedrichshafen (ZFF.UL) and U.S. chipmaker Wolfspeed (WOLF.N) will announce plans on Wednesday to build an electric vehicle chip plant in the Saarland region, according to three sources close to the matter. "This is an important sign that Germany continues to be attractive even in difficult circumstances for high-tech investments," he said. "Amid the concerns that the U.S. wants to divert investments from Europe with its Inflation Reduction Act, we're showing that a U.S. firm wants to invest in Germany," a German government source said. Volkswagen, Europe's top carmaker, earlier this month warned that the chip squeeze meant 2023 would remain volatile and challenging, but expected supplies to improve. Wolfspeed specialises in silicon carbide chips, which have been gaining traction with electric car makers as they can handle high voltages and are more power efficient.

☆ Wolfspeed to announce new electric vehicle chip plant in Germany - sources
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - German chip supplier ZF and American chipmaker Wolfspeed Inc (WOLF.N) are expected to announce on Wednesday plans to build an electric vehicle (EV) chip plant in the Saarland region, according to three sources close to the matter. The chancellery said the event was related to an industrial policy project in the field of microelectronics but did not provide further details. The project will cost over 2 billion euros ($2.18 billion) and ZF will hold a minority stake, with production to begin in four years, according to German business paper Handelsblatt which previously reported on the plans, citing unidentified sources. A spokesperson for ZF declined to comment, and Wolfspeed was not immediately available for comment. ($1 = 0.9195 euros)Reporting by Andreas Rinke, Victoria Waldersee and Ilona WissenbachOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen considering battery cell factory in Ontario - Handelsblatt
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 31 (Reuters) - Volkswagen (VOWG_p.DE) is looking at setting up a battery cell factory in Ontario, Canada, the Handelsblatt business daily reported on Tuesday, adding that the province had offered investments and other incentives to win over the carmaker. Five entries from January 2023 are listed in a lobby register of the Canadian province for Volkswagen, including one that mentions Chief Executive Oliver Blume by name, the report said, citing the documents. The carmaker confirmed in December it was searching for a site for a battery cell plant in North America, and Blume said at the time that Canada was "one logical option". The documents seen by Handelsblatt said that Ontario wanted to be "considered in competition with other locations in consideration." Reporting by Jan C Schwartz, Victoria Waldersee, Writing by Rachel More, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Israel's StoreDot partners with Circulor on supply chain tracking
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Circulor, a British start-up specialised in blockchain being used at the Gatumba mine, is pictured on a smartphone in Ngororero district, Western Rwanda October 17, 2018. REUTERS/Clement UwiringiyimanaFRANKFURT, Jan 31 (Reuters) - StoreDot, an Israeli start-up developing fast-charging batteries, said on Tuesday it has partnered with UK start-up Circulor, which uses blockchain technology to map supply chains for companies pursuing greener, more sustainable production. StoreDot has begun using Circulor's technology to track the origin and carbon emissions of the raw materials in its battery cells. Legislative pressure is rising on electric vehicle makers and battery producers to track the human rights and environmental impact of their supply chains. Reporting by Victoria Waldersee; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's defence fund not enough, sending fighter jets 'ruled out': defence minister
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] German Defence Minister Boris Pistorius puts on ear protection during firing practice, at armoured infantry training area Altengrabow, Germany January 26, 2023. Kay Nietfeld/Pool via REUTERSBERLIN, Jan 27 (Reuters) - Germany's 100 billion euro ($108 billion) special defence fund is no longer enough to cover its needs, the new Defence Minister Boris Pistorius said in an interview with Sueddeutsche Zeitung published on Friday. Asked whether Germany would sent fighter jets to Ukraine, the next request from Kyiv after Germany approved earlier this week the delivery of Leopard 2 tanks, Pistorius said this was "ruled out". "Fighter aircrafts are much more complex systems than main battle tanks and have a completely different range and firepower. ($1 = 0.9223 euros)Writing by Matthias Williams, Victoria Waldersee, editing by Rachel More, William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Politics aside, China's CATL ramps up cell production in Germany
▼ + stars: | 2023-01-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

ARNSTADT, Germany, Jan 26 (Reuters) - Chinese battery giant CATL (300750.SZ) is putting down roots near the small central German town of Arnstadt, ploughing ahead with the ramp-up of battery cell production despite uncertainty over Germany's future relations with China. The Arnstadt plant delivered its first sample cells to customers in December and aims to have six production lines running this year. For now, the materials used are mostly imported from China, partly because CATL has long-term relationships with suppliers there. But some Chinese suppliers have set up shop in Europe near the Arnstadt plant, CATL's Europe president Matthias Zentgraf said in an interview. CATL will be the largest battery maker in Europe once its planned 100-GWh plant in Hungary reaches full capacity.

The future of the Saarlouis site has been unclear since last June when Ford picked a site in Spain to assemble its next-generation electric vehicle (EV) over the German plant, which will stop producing its current model, the Ford Focus, from 2025. Separately, union representatives for Ford's largest German site in Cologne will meet with Ford's management on Saturday to negotiate on planned job cuts across Europe announced by management to workers on Monday. Management figures presented a worst-case scenario to 12,000 workers in a packed assembly hall of up to 2,500 job cuts in product development and a further 700 in administration. The carmaker has committed to an all-electric lineup in Europe by 2030 and its U.S. leadership has repeatedly flagged that EVs require less labour. Reporting by Victoria Waldersee and Christina Amann; Editing by Paul Carrel, Alexander Smith and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

The company wants to axe up to 2,500 jobs in product development and up to 700 in administrative roles, with German locations most affected, IG Metall said. Ford last year announced a $2 billion investment to expand production at its Cologne plant to make an all-electric model for the mass market. It also has a partnership with Volkswagen (VOWG_p.DE) to produce 1.2 million vehicles on the German carmaker's MEB electric platform over six years. That partnership remains in place, Ford and Volkswagen representatives said, though Ford's U.S. spokesperson added that Volkswagen's role in Ford's next generation of European electric vehicles was still to be determined. "We will not hold back from measures that could seriously impact the company, not just in Germany but Europe-wide."

At a separate meeting between management and workers representatives, Ford said it was planning a reduction of 65% in development jobs and around 20% in administrative jobs in Europe, a spokesperson for IG Metall said. We will not hold back from measures that could seriously impact the company not just in Germany but Europe-wide," IG Metall said. Ford of Europe produces, sells and services Ford brand vehicles in 50 markets, employing around 45,000 people at its own facilities and consolidated joint ventures, according to its website. The U.S. carmaker has committed to selling exclusively electric passenger cars in Europe by 2030, and is planning three new electric passenger vehicles and four new electric commercial vehicles in Europe by 2024. Writing by Rachel More and Victoria Waldersee; editing by Matthias Williams and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen keeping IPO option open for charging, energy business - division chief
▼ + stars: | 2023-01-23 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

HAMBURG, Jan 23 (Reuters) - Volkswagen's (VOWG_p.DE) energy and charging division is keeping all options open for the long-term structure of the business, including a possible listing, the division's chief Elke Temme said in an interview with Reuters. "It won't take five more years," Temme predicted, adding that Volkswagen's electric vehicles on the MEB platform were equipped for the feature. "Cars will become part of the energy system," Temme said on Monday. "The energy industry and the car market are becoming more woven together." Reporting by Jan Schwartz, Writing by Victoria Waldersee, Editing by Rachel More, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla pushes back Model 3 delivery times in Germany after price cuts
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 20 (Reuters) - Tesla (TSLA.O) pushed back the delivery window for Model 3 vehicles on its website in Germany to February to April 2023 from January to March previously, a week after it slashed prices by between 4% and 12% depending on the variation of the model. Delivery times on the Model Y rear wheel drive, which saw the biggest price cut at 17%, had already been pushed to February to March from January to March. Expected delivery of the Model Y Long Range and Performance vehicles remained unchanged on Friday at January to March, the website showed. Tesla delivery times are still far ahead of other competitors in Germany, according to car comparison portal carwow. The company cut prices globally on the Model 3 and the Model Y last week, reversing course from the profit-over-volume strategy deployed across the industry since the pandemic of raising prices to overcome supply chain shortages.

Now, Chief Executive Elon Musk is using that superior profitability as a weapon in the EV price war he started. That emboldened automakers to push EV prices higher. Vietnamese EV startup Vinfast said Thursday it will use price promotions to fight back against Tesla. Chinese EV market leader BYD Co Ltd(002594.SZ) announced price increases effective Jan. 1 after Beijing phased out EV subsidies. However, BYD's gross margins of $5,456 per vehicle give it more headroom in a price war than VW, Toyota or GM.

☆ Northvolt says 'believes in Germany', battery plant talks ongoing
▼ + stars: | 2023-01-18 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

BERLIN, Jan 18 (Reuters) - Northvolt believes in Germany as an industrial location and continues discussions on building a battery plant there, it said on Wednesday amid speculation that the Swedish battery maker could divert its planned investment to the United States. There are certain requirements in order to make this feasible in competition with the United States," Nicolas Steinbacher, Head of Strategy and Program for Northvolt in Germany, said at a battery conference in Berlin. "We are working together with the government in a spirit of trust to solve these challenges," he added. The company is holding fortnightly citizen consultations in Heide in northern Germany, where it signed a memorandum of understanding with the state of Schleswig-Holstein in 2022 for a possible battery plant. Reporting by Victoria Waldersee; Editing by Christoph Steitz and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Wintershall Dea to leave Russia, causing net loss at BASF
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

"Wintershall Dea will end its Russian activities. Continuing to operate in Russia is not tenable," said Mario Mehren, CEO of Wintershall Dea, which is a 72.7%-27.3% joint venture between BASF and Russian billionaire Mikhail Fridman's investment firm LetterOne. BASF said the impairment would cause a 1.4 billion euros net loss in 2022 according to preliminary results. Wintershall Dea intends to fully exit Russia, BASF said, citing "extensive loss of actual influence and economic expropriation" in the country. Earnings before interest and tax were 6.5 billion euros, slightly below analysts' estimates of 6.8 billion euros.

☆ Greta Thunberg arrested at German mine protest, will be freed later - police
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +3 min

LUETZERATH, Germany, Jan 17 (Reuters) - Climate campaigner Greta Thunberg was detained alongside other activists on Tuesday during protests against the demolition of the coal village of Luetzerath but the entire group will be released later in the day, according to police. It might take hours or they will go immediately," a spokesperson for regional police in Aachen said, speaking about the whole group of demonstrators. Activists have said Germany should not be mining any more lignite and should focus on expanding renewable energy instead. "Greta Thunberg was part of a group of activists who rushed towards the ledge. "Germany is one of the biggest polluters in the world and needs to be held accountable," she said.

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