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☆ VIEW Reactions to EU probe of Chinese electric cars imports
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +6 min

EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN"Global markets are now flooded with cheaper electric cars. "So I can announce today that the Commission is launching an anti-subsidy investigation into electric vehicles coming from China. UK TRADE MINISTER KEMI BADENOCH"I think it just highlights the difficulties that all countries are having with the supply chain for electric vehicles. "China's apparent advantage and cost-competitive imports are already impacting European auto makers' domestic market share, with a massive surge in electric vehicle imports in recent years. At the same time, the US Inflation Reduction Act (IRA) is also a game-changer in the electric vehicle value chain.

Persons: Annegret, URSULA VON DER, LAURENCE BOONE, BRUNO LE MAIRE, Von der, KEMI BADENOCH, MATTEO SALVINI, SIGRID DE VRIES, AIWAYS, ALEXANDER KLOSE, Aiways, KINGSMILL, they've, They've, STUART COLE, AJ BELL, DANNI HEWSON, Josephine Mason, Catherine Evans, Louise Heavens Organizations: REUTERS, European Commission, European Union, FRENCH FINANCE, EU, League, GENERAL, Volkswagen, BMW, Tesla, INSTITUTE SENIOR, CITI, Reuters, Thomson Locations: Berlin, Germany, China, Europe, Brussels

☆ A UAW strike could drive up inflation, push Michigan into a recession, and even hurt Biden in the election
▼ + stars: | 2023-09-11 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

A United Auto Workers union strike could occur as soon as Friday. A 10-day strike could cost the economy $5.6 billion and hurt Biden in the election. A 10-day strike of over 143,000 workers could reduce the nation's gross domestic product by $5.6 billion, AEG found, which could push Michigan into a recession. Despite a lack of inventory, industry profits skyrocketed, even though 2022 was the worst year for sales for the auto industry in over a decade. A UAW strike could damage the Fed's progress in bringing inflation down to its 2% target.

Persons: Biden, Power, Shawn Fain, Fain, Joe Biden's, Wally Adeyemo, Biden's, Brian Sullivan Organizations: United Auto Workers, UAW, Ford, GM, Service, General Motors, Anderson Economic, AEG, Michigan, Deutsche Bank, Reuters, Bloomberg, CNBC Locations: Wall, Silicon, Detroit, Michigan, Wisconsin

☆ Mike Colias — Reporter at The Wall Street Journal
▼ + stars: | 2023-09-10 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

Mike ColiasMike Colias is a reporter based in The Wall Street Journal’s Detroit bureau, where he covers the automotive industry, including General Motors. His stories explore the auto industry’s massive and messy transition to electric vehicles, self-driving cars and other technologies with the potential to reshape how people get around. He writes frequently about GM and other major car companies navigating change, from EVs and in-car tech to supply-chain challenges and a shifting auto-retail model. Mike joined the Journal from trade publication Automotive News, where he spent several years covering GM. Before that, he covered healthcare at Crain’s Chicago Business and worked as a business reporter at the Associated Press in Chicago.

Persons: Mike Colias Mike Colias, Mike Organizations: General Motors, Automotive, Crain’s Chicago Business, Associated Press Locations: Detroit, EVs, Chicago

☆ Factbox: Impact of possible strikes on Detroit Three automakers
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

A strike would ground production to a halt, costing billions of dollars in losses for automakers as well as their suppliers. UAW workers have struck work for two days at GM and for one day at Chrysler in 2007. Prior to 1976, strikes were frequently used as a bargaining tool at Detroit Three. STRIKE IMPACTThe Detroit Three automakers account for about 40% of U.S. new light vehicle sales by units, according to J.P. Morgan. STRIKE TOLLTen-day strikes at all three automakers could cost manufacturers, workers, suppliers and dealers more than $5 billion, according to economic consulting firm Anderson Economic Group.

Persons: Rebecca Cook, Kristin Dzizcek, Morgan Stanley, Morgan, Sam Fiorani, Anderson, Mehr Bedi, Nathan Gomes, Joe White, Anil D'Silva Organizations: General Motors, REUTERS, Ford Motor, UAW, DETROIT, United Auto Workers, Detroit Three, GM, Ford, Chrysler, Chicago Federal Reserve, Detroit, IHS, AutoForecast Solutions, Intelligence, Deloitte, Alliance for Automotive Innovation, Anderson Economic, Deutsche Bank Research, Thomson Locations: Detroit , Michigan, U.S, United States, Bengaluru, Detroit

☆ Car deals just came back, but they will dry up if auto workers go on strike
▼ + stars: | 2023-09-07 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +6 min

A strike could impact the inventory and deals that car buyers get from Ford, GM, and Stellantis. But a looming strike by the United Auto Workers could throw the market back into some disarray, automotive industry and manufacturing experts told Insider. AdvertisementAdvertisementExperts say a potential strike would mean sinking levels of inventory and fewer deals car buyers could get in the fourth quarter — especially if the strike goes on for a while. What customers should look out for if there's a strikeThe amount of vehicle supply at dealerships across the country this year has been interesting to watch. It wasn't until the months leading up to the 2020 Covid pandemic that GM dealers started running low.

Persons: Stellantis, isn't, there's, Ford, Sam Fiorani, Fiorani Organizations: United Auto Workers, Detroit, Ford, GM, Service, Deutsche Bank, Cox Automotive, UAW, Detroit automakers, AutoForecast Solutions, Toyota, Honda Locations: Wall, Silicon, Detroit

☆ China's Xpeng says German carmakers ready to tackle crisis as EV race hots up
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsMUNICH, Sept 6 (Reuters) - German carmakers are ready to tackle their worst crisis, an executive at Chinese EV maker Xpeng said on Wednesday, as China's carmakers expand overseas, putting pressure on Europe in the race to electrify. Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, Brian Gu, Gu, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, Xpeng, China, U.S, Britain, France

☆ China's Xpeng says German carmakers ready to tackle crisis in EV race
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. Chinese companies including Xpeng, BYD and Leapmotor (9863.HK) are seeking the higher margins and faster growth overseas markets can offer, which means they are challenging European companies on their home turf with cheaper models. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, China's carmakers, Brian Gu, Gu, Mueller, ” Gu, “, ”, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, Automotive Industry, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, China, U.S, Britain, France

☆ Chinese car companies are coming for Europe. VW and Mercedes should be nervous.
▼ + stars: | 2023-09-05 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

The Chinese auto industry has been booming in recent years. Chinese EV companies are expected to outsell foreign brands there, including Ford, GM, and others, for the first time this year. This is worrying executives at some major legacy auto companies, according to several reports out of the Munich auto show. Consulting firm KPMG estimates Chinese companies could account for 15% of market share in Europe within just two years. Chinese EV companies also have an edge against rivals in producing EVs at bigger scale and lower costs, a crucial measure of any electric car companies' future success.

Persons: Hildegard Mueller, Oliver Zipse, Morgan Stanley Organizations: Volkswagen, Mercedes, Benz, BMW, Ford, GM, Service, EV, German Association of, Automotive Industry, KPMG Locations: Wall, Silicon, Europe, China, Munich, XPeng, Germany

This is because blast furnaces operate around the clock and need more workers. Goncalves is also betting that producing iron ore in-house for blast furnaces, rather than sourcing scrap steel for electric arc furnaces, will give Cliffs a competitive edge. While a few carmakers use aluminum for automotive bodies, most prefer high-grade steel from blast furnaces. Cliffs' devotion to blast furnaces, which are unionized unlike some electric arc furnaces, won it the support of United Steelworkers. The union's international president Thomas Conway said it's backing Cliffs' bid for U.S. Steel because of Goncalves' commitment to blast furnaces.

Persons: Lawrence Bryant, Lourenco Goncalves, Goncalves, Josh Spoores, Donald Trump, Phil Gibbs, Thomas Conway, Joe Biden's, Isla Binnie, Bianca Flowers, Greg Roumeliotis, Daniel Wallis Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Cliffs Inc, U.S, U.S . Steel Corp, AK Steel, CRU Group, Steel Dynamics, Steel, Reuters, United Steelworkers, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, CHICAGO, United States, Cleveland, North America, Asia, Toledo , Ohio, New York, Chicago

[1/6] A view shows model TO3 of Leapmotor, a Chinese automobile manufacturer, displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they could dominate EV sales. Xpeng President Brian Gu said while European carmakers currently lag behind China, they have made a "huge commitment" to EVs with partnerships and large investments in technology. "I would never discount the large (carmakers) trying really hard to come back and focus on this important transition," Gu said.

Persons: Leonhard Simon, Luca de Meo, De Meo, Hildegard Mueller, Oliver Zipse, Oliver Blume, Brian Gu, Gu, Ferdinand Dudenhoeffer, Dudenhoeffer, Nick Carey, Victoria Waldersee, Gilles Gillaume Christina Amann, Zoey Zhang, Jan Schwartz, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: REUTERS, China EV, Renault, Reuters, HK, Europe's EV, Zhejiang Leapmotor Technology, EV, German Association of, Automotive Industry, Jato Dynamics, BMW, Benz, Klasse, Volkswagen, Auto, Thomson Locations: Munich, Germany, China, MUNICH, BYD, Zhejiang, Europe, Asia

☆ BMW CEO says Vision Neue Klasse concept car represents the dawn of a new era of innovation
▼ + stars: | 2023-09-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBMW CEO says Vision Neue Klasse concept car represents the dawn of a new era of innovationBMW CEO Oliver Zipse discusses the launch of the German automaker’s “Vision Neue Klasse” concept car and says electromobility “will be the largest growth segment in the world for the automotive industry.”

Persons: Oliver Zipse, electromobility, ” Organizations: BMW

☆ BMW unveils Vision Neue Klasse concept car as it touts the dawn of a new EV era
▼ + stars: | 2023-09-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

German automaker BMW on Saturday launched a hotly anticipated electric concept car, saying the so-called "Vision Neue Klasse" represents the dawn of a new era for the company. BMW's latest design showcases a platform that will underpin the brand's next generation of electric vehicles. The first electric vehicles based on the Neue Klasse — or new class — architecture are set to enter production in 2025. That's the purpose of our show at the IAA," Zipse said. The Vision Neue Klasse is set to make its public debut in the coming days at the IAA motor show in Munich, which also serves as the headquarters of BMW.

Persons: Oliver Zipse, CNBC's Arabile, Zipse Organizations: BMW, Saturday, Neue Klasse, Neue, IAA Locations: circularity, Munich

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. Toyota, which restarted operations at its Japanese assembly plants on Wednesday, has seen production recovering this year. The company said its global sales had risen 8% in July from the same month a year earlier to a record 859,506 vehicles. It also reported a 15% increase in global production in that month. Toyota's global production is likely to reach around 10.2 million vehicles this year, topping 10 million for the first time, Nikkei reported late on Wednesday.

Persons: David, Dee, Delgado, Maki Shiraki, Daniel Leussink, David Dolan, Christopher Cushing, David Holmes Organizations: New York, REUTERS, Rights, Toyota Motor Corp, Toyota, Lexus, Nikkei, Thomson Locations: Manhattan , New York City, U.S, Japan, China, United States, Europe

☆ GM, Google exploring ways to use AI across automaker’s business
▼ + stars: | 2023-08-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, March 16, 2021. DETROIT – General Motors is working with Google to explore opportunities to implement AI technologies across the automaker's business, the companies announced Tuesday. The IVA system is powered by "intent-recognition algorithms" that use Google Cloud's conversational AI technologies, providing OnStar users with responses to common inquiries, as well as routing and navigation assistance, GM said Tuesday. Some use cases could include vehicle validation, software and in-car assistance such as the OnStar service. GM previously said it was exploring uses for ChatGPT as part of its broader collaboration with Microsoft .

Persons: IVA, Mike Abbott, Mercedes Organizations: General Motors, DETROIT –, Google, Detroit, GM's, GM, Apple, ChatGPT, Microsoft, Mercedes, Benz, U.S Locations: Detroit , Michigan, DETROIT

☆ EVs are running out of customers — and some dealers don't want them anymore
▼ + stars: | 2023-08-23 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +5 min

AdvertisementAdvertisementMore electric vehicles are being pumped out of car factories than ever before – but some dealers don't want them. Electric car inventory has been piling up on dealership lots this year as companies up their EV production, leading some dealers to say enough is enough. Some are telling automakers they don't want any more until they can sell what's sitting, several dealers told Insider. AdvertisementAdvertisementIn the EV plateau, dealers are left in the lurchIn this round of growing pains for the electric car market, dealers are set up for the most trouble . "Dealers know in real time with real-time feedback what the market is doing," Karl Brauer, an automotive analyst for iSeeCars, previously told Insider.

Persons: Scott Kunes, Kunes, It's, Sam Fiorani, Fiorani, EVs, Tesla, Adam Lee, he's, Lee, Karl Brauer Organizations: Morning, Kunes, RV Group, Nissan, Mitsubishi, AutoForecast Solutions, Coast Ford, Midwest, Hyundai, Lee Auto, iSeeCars Locations: Detroit, West Coast, Maine

☆ 2 charts that show how Mexico overtook China as America's top global trade buddy
▼ + stars: | 2023-08-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Mexico overtook Canada as the US' top trading partner at the start of 2023. US trade with China has been edging lower since 2018, except for a spike during the pandemic. Mexico became US' top trading partner at the start of 2023US's trade with major partners as percentage of total US trade. Canada was the US' top trading partner since at least 2000 before being overtaken by China in 2014. "Mexico's expanding manufacturing base has offered an alternative to producing in China," Torres wrote in the note.

Persons: Trump, Donald Trump, China wasn't, Luis Torres, Torres, Hisense Organizations: Service, Privacy, Census Bureau, East, Federal Reserve Bank, Dallas, Trump, Federal Reserve Bank of Dallas, China Locations: Mexico, Canada, China, Wall, Silicon, US, Washington, Beijing

☆ What Wall Street needs to know about UAW talks, a potential strike, and what it could all cost
▼ + stars: | 2023-08-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

AEG estimates the total economic loss by calculating potential losses to UAW workers, the manufacturers and to the auto industry more broadly if the sides cannot reach tentative agreements before the current contracts expire. $825 millionThe UAW has more than $825 million in its strike fund, which it uses to pay eligible members who are on strike. The strike pay is $500 per week for each member – up from $275 in 2022. Assuming 150,000 or so eligible workers, that's all-in weekly strike pay of about $75 million. The UAW is scheduled to hold a procedural strike authorization vote next week, which would grant union leaders the ability to strike, if warranted.

Persons: Michael Wayland, Warren Buffett's Berkshire Hathaway, Shawn Fain, there's, Melissa Atkins, Kristin Dziczek, Rebecca Cook, Stellantis, Fain, Joe Biden, Leah Millis Organizations: United Auto Workers, General Motors, Hamtramck Assembly, CNBC DETROIT, U.S, GM, Ford Motor, New UAW, UAW, Detroit, Bloomberg News, Federal Reserve Bank of Chicago's, Sterling Heights Assembly, Center for Automotive Research, Fiat Chrysler, Ford, Anderson Economic Group, AEG, Deutsche Bank, Reuters Locations: Detroit, Hamtramck, Omaha, Federal Reserve Bank of Chicago's Detroit, Sterling Heights, Sterling Heights , Michigan, U.S, Michigan, Warren , Michigan

☆ Dan Strumpf — Reporter at The Wall Street Journal
▼ + stars: | 2023-08-17 | by ( Dan Strumpf | ) www.wsj.com time to read: 1 min

Dan StrumpfDan Strumpf is an award-winning reporter covering technology and corporate news in Asia for The Wall Street Journal. He writes about some of China's biggest tech companies including Huawei and Xiaomi, as well as broader topics like China's semiconductor industry and multinational companies operating in China. In 2018, Dan was part of a team that won the Gerald Loeb Award for international reporting for coverage of China's surveillance state. He previously covered energy and financial markets for the Journal in New York. Before joining the Journal, he worked for the Associated Press covering the automotive industry and other business beats.

Persons: Dan Strumpf Dan Strumpf, Dan, Gerald Loeb Organizations: The Wall Street, Huawei, Journal, Associated Press Locations: Asia, China, New York, Hong Kong

☆ If automakers like Ford and GM want to catch Tesla, they'll have to offer fewer options on your new car
▼ + stars: | 2023-08-16 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Tesla and automakers in China have found ease and success in having fewer options. Car buyers like having options — but as the Tesla and Chinese automakers continue to find success in electric vehicles, old-guard automakers would do well to force buyers to compromise. Elon Musk's automaker has pared down the build options it gives customers to fewer color options and interior choices, limited trims, and many features that simply come standard. The lack of build complexity has been an advantage for Tesla, startup EV makers, and Chinese competitors, experts say. "A number of the traditional players have initiatives underway to benchmark the build complexity of their start-up competitors."

Persons: Elon, Brian Irwin, Alvarez, Irwin, Ford, Jim Farley, Farley, Mary Barra, Barra Organizations: Morning, Tesla, Elon Musk's, GM, Ford, Benz, Subaru Locations: China, Detroit, Germany

☆ Detroit's Big 3 automakers are headed for a clash with their workers' union as they gear up for another contentious contract negotiation
▼ + stars: | 2023-08-16 | by ( Nora Naughton | ) www.businessinsider.com time to read: +7 min

The United Auto Workers union is negotiating new four-year contracts with Ford, GM, and Stellantis. UAW President Shawn Fain isn't ruling out a strike, potentially at more than one company. The White House has weighed in as the automotive industry's labor union, the United Auto Workers, is gearing up for a fight with Detroit's Big Three car companies this summer and fall. The average labor costs for the Detroit Three heading into contract talks four years ago hovered between $55 and $60 per hour. Correction: July 27, 2023 — An earlier version of this story incorrectly said workers at GM's Ultium plant were not represented by a Union.

Persons: Shawn Fain isn't, Detroit's, Joe Biden, Biden, Ford, Shawn Fain, He's, Fain, Biden's, John Deere, Tesla Organizations: United Auto Workers, Ford, GM, Detroit, UAW, Morning, Chrysler, Jeep, Facebook, University of California, EV, Lordstown, Labor, Center for Automotive Research, Union Locations: Tennessee

Nissan late last month upgraded its full-year operating profit forecast, raising it by 30 billion yen ($208 million) to 550 billion yen. About 20 billion yen of that came from the currency, CFO Stephen Ma told a briefing. At smaller Subaru (7270.T), a move of one yen against the dollar has a 20 billion yen impact on operating profit, CFO Katsuyuki Mizuma said earlier this month. On Wednesday, a Honda official said its April-June operating profit came in tens of billions of yen higher than expected, with the weak yen accounting for about half of that. It is unclear how long the weak yen will last.

Persons: Aly, Satoru Aoyama, Stephen Ma, Katsuyuki Mizuma, Eisuke Sakakibara, Mizuma, Daniel Leussink, David Dolan, Toby Chopra Organizations: Auto, REUTERS, Toyota, Honda, Nissan, Fitch, Japan, U.S . Federal Reserve, Subaru, Lexus, Reuters, Thomson Locations: Auto Shanghai, Shanghai, China, Asia, Europe, CHINA

Taiwan Semiconductor Manufacturing Company said on Tuesday it would team up with three German technology firms to build a facility in eastern Germany capable of producing up to 40,000 microchips each month as part of efforts to further diversify its production locations. TSMC, the world’s largest maker of semiconductors, said it would invest 3.5 billion euros ($3.8 billion) and own 70 percent of the joint venture, to be located in Dresden. The German companies Robert Bosch, Infineon Technologies and NXP Semiconductors will each control 10 percent. The combined private and public investment, “including strong support from the European Union and German government,” is expected to total €10 billion, the company said. The plant would be TSMC’s first location in Europe, and represents a win for Germany, which has been seeking out manufacturers of microchips, the tiny devices essential for the country’s large automotive industry and countless other devices.

Persons: Robert Bosch, ” Organizations: Taiwan Semiconductor Manufacturing Company, Infineon Technologies, European Union, Germany Locations: Germany, Dresden, Europe

☆ Germany risks falling back into recession as car industry sputters
▼ + stars: | 2023-08-07 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Industrial production in Europe’s biggest economy fell 1.5% in June compared with May, driven by a 3.5% drop in Germany’s vast automotive sector. The decline in German industrial output, much steeper than forecast by economists, raises the risk that the manufacturing heavyweight will contract again later this year, potentially falling back into recession. The construction sector, where output shrank by 2.8%, also had a negative impact on overall industrial production, the country’s statistics office said Monday. “German industry remains in rough waters,” Salomon Fiedler, economist at Berenberg, said in a note Monday, noting last year’s energy price shock and weakness in US and Chinese demand, among other factors. Berenberg expects Germany to fall back into “a mild recession” in the second half of this year, Fiedler added.

Persons: “, ” Franziska Palmas, Jörg Krämer, Hildegard Müller, ” Salomon Fiedler, Fiedler, — Mark Thompson, Anna Cooban Organizations: London CNN —, Capital Economics, Auto, German Automotive Industry Association, Volkswagen Locations: Germany, Europe, China, Russia, Ukraine, “

☆ TSMC to decide in favour of German factory on Tuesday - Handelsblatt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Taiwan Semiconductor Manufacturing Company's (TSMC) logo is seen while people attend the opening of the TSMC global R&D center in Hsinchu, Taiwan July 28, 2023. REUTERS/Ann Wang/File PhotoBERLIN, Aug 7 (Reuters) - Taiwanese semiconductor manufacturer TSMC's (2330.TW) board of directors will decide in favour of building a factory in the German city of Dresden, the Handelsblatt daily reported on Monday, citing government sources. The German government will support the construction of the factory with 5 billion euros ($5.49 billion), according to the sources. TSMC, the world's largest contract chipmaker, has been in talks with the German state of Saxony since 2021 about building a fabrication plant, or "fab", in Dresden. It will operate the factory in a joint venture with partners Bosch (ROBG.UL), Infineon (IFXGn.DE) and NXP (NXPSM.UL), the sources told Handelsblatt.

Persons: Ann Wang, Bosch, Handelsblatt, Miranda Murray, Friederike Heine Our Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Infineon, European, Intel, Thomson Locations: Hsinchu, Taiwan, German, Dresden, Saxony, Berlin, Europe, Brussels

☆ EV maker Lucid slashes prices of Air sedan as part of offer amid heating competition
▼ + stars: | 2023-08-05 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

[1/2] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File PhotoSAN FRANCISCO, Aug 5 (Reuters) - Electric vehicle maker Lucid (LCID.O) cut prices of its Air luxury sedans by as much as $12,400 as part of an offer, it said on Saturday, amid rising competition in the U.S. EV industry and a price war sparked by Tesla (TSLA.O). A spokesperson for Lucid said the company was unable to provide details on how much stock will be part of this offer. But rising interest rates to curb inflation and fears of recession have dampened consumer demand, prompting market leader Tesla to slash prices this year. Newark, California-based Lucid is expected to show deepening losses in its second-quarter earnings on Monday after reporting a fall in April-June production due to supply-chain problems.

Persons: Hyunjoo Jin, Tesla, Lucid, Abhirup Roy, Jonathan Oatis Organizations: REUTERS, FRANCISCO, U.S, EV, Plaid, Saudi Arabia's Public Investment Fund, Thomson Locations: Scottsdale , Arizona, U.S, Newark , California, San Francisco

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