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[1/2] Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermidSummarySummary Companies Volkswagen shareholders to vote on special dividend payout from Porsche listingCarmaker on "solid footing" - CEODecision on battery plant site in Eastern Europe "soon" - CEOBERLIN, Dec 16 (Reuters) - Volkswagen (VOWG_p.DE) shareholders gathered in Berlin on Friday to vote at an extraordinary general meeting on the payout of a special dividend of 19.06 euros ($20.28) per share from the proceeds of the listing of Porsche AG (P911_p.DE). A total of 9.6 billion euros, or 49% of the proceeds of the listing, will be paid out in January if shareholders vote in favour, as is widely expected. But through this it has also become clear that the current valuation of Volkswagen is imbalanced. ($1 = 0.9398 euros)Reporting by Victoria Waldersee, Jan Schwartz; editing by Rachel More and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla to search for water in quest to expand German gigafactory
▼ + stars: | 2022-12-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

BERLIN, Dec 14 (Reuters) - Tesla (TSLA.O) plans to drill for new water sources to supply an expansion of its electric vehicle plant near Berlin, according to local authorities and water associations, the latest move by the carmaker to jump-start German bureaucracy. A local environmental ministry spokesperson said Tesla was in touch with local authorities but an application had not yet been filed. If the carmaker finds new water sources, it must still apply for the licence to use them, a spokesperson for the local environmental ministry said. It does what it wants, and it'll do the same with the water it finds," said Michael Ganschow, head of local environmental organisation Gruene Liga. "That could take a very long time," said Joachim Schroeder, representative of Spreenhagen, one of the areas Tesla wants to explore – "unless Tesla takes over, of course, and does it at Tesla-speed."

☆ Mercedes-Benz Vans plans first electric-only plant in Jawor
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

Dec 12 (Reuters) - Mercedes-Benz (MBGn.DE) Vans will invest more than 1 billion euros ($1.05 billion) to build its first electric-only vans plant in Jawor, Poland, pending approval of conditions such as the sign-off of subsidies for its investment, the company said on Monday. The van maker, a division of Mercedes-Benz, has signed a declaration of intent with the Polish government and other partners to add the van factory to its Jawor site where it makes combustion engines and batteries for Mercedes-Benz Cars. The plant will be the fourth in Mercedes-Benz´s European van production network, which it is reorganising towards producing only fully-electric vans built on the VAN.EA platform. A possible expansion of the plant through a joint venture with U.S. electric van maker Rivian (RIVN.O) would no longer take place because the U.S. firm had reprioritised its planned projects, the statement said, confirming a statement by Rivian. ($1 = 0.9482 euros)Reporting by Tristan Chabba in Gdansk and Pawel Florkiewicz in Warsaw, Victoria Waldersee in Berlin, editing by Rachel More and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Nio to install 20 battery-swapping stations in EnBW charging parks
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 8 (Reuters) - Chinese electric vehicle maker Nio will install swapping stations, where drivers can switch their car battery for a fully-charged one, at 20 charging parks in Germany owned by utility EnBW (EBKG.DE), the utility provider said on Thursday. Nio launched in Germany in October on a leasing model, with users leasing cars with a 75 gigawatt hour battery for 1,199-1,295 euros ($1,171-$1,264) a month depending on the length of the subscription, which can be as short as a month. The carmaker, which is aiming for 120 swapping stations in Europe by the end of 2023, opened its first swapping station in Germany in late September in Zusmarshausen in collaboration with charging operator Sortimo and mobility technology company TSG. EnBW, which is investing over 100 million euros ($105.26 million) a year in expanding electric vehicle charging infrastructure, plans to expand its partnership with Nio to install more swapping stations in future, the provider's statement said. ($1 = 0.9500 euros)Reporting by Victoria Waldersee, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen to invest $482 million in electrifying Wolfsburg plant
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 7 (Reuters) - Volkswagen (VOWG_p.DE) will invest 460 million euros ($482 million) by early 2025 in its Wolfsburg plant, with most of the funds going into preparation for the production of the electric ID.3 model, brand chief Thomas Schaefer said on Wednesday. The MEB+ platform will provide faster charging times and longer ranges, according to the statement. The new model will add to our bestseller ID.4 and ID.4 models and expand our market position," he said. The timeline for production of the ID.3 is on track, with partial production to take place in Wolfsburg from 2023 and full production expected in 2024. ($1 = 0.9535 euros)Reporting by Victoria Waldersee; Editing by Christoph Steitz and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen CEO to present software 'reality check' to board on Dec 15
▼ + stars: | 2022-12-06 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

HAMBURG, Dec 6 (Reuters) - Volkswagen's (VOWG_p.DE) CEO will outline a new software and vehicle platform strategy to the carmaker's supervisory board on Dec. 15 as he tries to turn his predecessor's vision into deliverable goals, three company sources told Reuters. But he was also criticised for sometimes erratic leadership, and in particular for delays and cost overruns at software arm Cariad. "First up is the software and the reality check in that area. Handelsblatt, which first reported the Dec. 15 board meeting, has said keeping software competitive to the end of the decade under Blume's new plans would cost 1 billion euros ($1.1 billion). ($1 = 0.9511 euros)Reporting by Jan Schwartz Writing by Victoria Waldersee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen to discuss new software roadmap on Dec. 15 -Handelsblatt
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 5 (Reuters) - Volkswagen (VOWG_p.DE) Chief Executive Oliver Blume will present a long-delayed new software strategy for the carmaker at a supervisory board meeting on Dec. 15, Handelsblatt newspaper reported on Monday, citing company sources. The Audi brand will hand over leadership on autonomous driving software to Volkswagen Commercial Vehicles, the report added. The supervisory board called in May for management to present a roadmap for the carmakers' software unit Cariad, after multiple years of delays to planned new software iterations and overspending. The board expected a new roadmap by the summer break, Reuters reported, but former Chief Executive Herbert Diess' departure from the company delayed plans. New chief Blume wants to first determine what the software will look like, and then the car models will follow, Handelsblatt reported.

☆ German economy ministry plans subsidies for climate-friendly production -document
▼ + stars: | 2022-11-30 | by ( Moushumi Basu | ) www.reuters.com time to read: +1 min

BERLIN, Nov 30 (Reuters) - German Economy Minister Robert Habeck plans to award companies in energy-intensive industries like chemicals and steel 15-year subsidy contracts if they reduce carbon emissions in their production, a document seen by Reuters on Wednesday showed. According to the document, which still needs to be discussed with other ministries, companies which demonstrate that they are reducing emissions in their production process will qualify for upfront investment and annual funding. With the price of conventional production rising due to increasingly expensive carbon pollution payments, the state will be able to be reimbursed by companies if their carbon costs rise higher than the initially more expensive carbon-free production methods. "Climate protection contracts therefore not only lead to a reduction in emissions from the subsidized industry," Habeck's document read. "They also provide an incentive for the technologies and infrastructure required for this to be developed and implemented in Germany now."

☆ Bosch, Mercedes-Benz to roll out fully-automated parking at Stuttgart Airport
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Mercedes-Benz logo is seen at the 43rd Bangkok International Motor Show, in Bangkok, Thailand, March 22, 2022. REUTERS/Athit Perawongmetha/FilesBERLIN, Nov 30 (Reuters) - Bosch and Mercedes-Benz (MBGn.DE) have received approval for a fully automated self-parking software which enables cars to drive themselves into a pre-booked parking spot at a Stuttgart Airport parking lot and back out again, Bosch said on Wednesday. The function will be available for Mercedes-Benz customers owning an S Class or EQS produced from July 2022 onwards. The two companies received approval in 2019 to begin using the automated valet parking system at the Mercedes-Benz Museum parking garage, and have been cooperating on the development of fully automated driverless parking since 2015. Car owners can book a parking spot ahead of time via an app, and leave their vehicle in a drop-off area.

But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought. That is roughly four times what the German government is offering, he said, with cheaper energy prices in the United States on top. The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German carmakers and suppliers, for which the United States is a main export market, are among its biggest victims. "If we don't do anything, a lot will emerge in the United States," said Siemens Energy (ENR1n.DE) Chief Executive Christian Bruch.

☆ Volkswagen-FAW plant in Chengdu halts production amid COVID wave
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 28 (Reuters) - Volkswagen's (VOWG_p.DE) and FAW's (SASACJ.UL) plant in Chengdu, China has halted production due to the rise in coronavirus cases in the country and two production lines at its Changchun plant are also on hold, a VW spokesperson said on Monday. Other plants are all stable but the situation is volatile, the spokesperson added. Protests erupted in cities across China over the weekend, including in Chengdu, Shanghai, Beijing and Lanzhou, as frustrations mount over the government's zero-COVID policy. While low by global standards, China's case numbers have hit record highs for days, with Chengdu residents subjected to mass testing from Nov. 23 to Nov. 27. Reporting by Victoria Waldersee, Jan Schwartz, Christina Amann Editing by Paul Carrel and Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Some elements of the Jeep joint venture's failure are particular to Stellantis - and the former car groups that feature among its 14 brands. But data compiled for Reuters by consultancy LMC Automotive expose a problem shared by a number of other global carmakers: plummeting Chinese plant usage. Reuters GraphicsThe Jeep failure in China happened less than two years after Stellantis was formed by the merger of PSA and Fiat Chrysler. "Chinese companies actually have an early mover advantage because they embraced electrification faster than the foreign companies were willing to," he added. While fully-electric cars make up an average of 5% of models foreign carmakers sell in China, they account for 30% of Chinese carmakers' models, according to LMC data.

☆ U.S. FBI joins Continental cyberattack investigation
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 23 (Reuters) - The U.S. Federal Bureau of Investigation (FBI) is involved in an investigation of a recent cyberattack on German automotive supplier Continental (CONG.DE), a person familiar with the matter told Reuters on Wednesday. The FBI was brought on board by German security authorities, the person said, confirming an earlier Handelsblatt report. Continental declined to comment, and the FBI was not immediately available for comment. Continental said earlier this month it was investigating the theft of company data in a cyberattack in August but declined to comment on media reports that hackers had put the information up for sale. Handelsblatt said the hackers had put the data up for sale for $50 million after Continental "apparently did not want to pay a ransom".

☆ Volkswagen says all brands have halted paid activities on Twitter
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Volkswagen logo is pictured in a production line at the Volkswagen plant in Wolfsburg, Germany March 1, 2019. REUTERS/Fabian BimmerBERLIN, Nov 23 (Reuters) - Volkswagen's (VOWG_p.DE) brands have halted all paid activities on Twitter until further notice, a spokesperson for the company said on Wednesday. A spokesperson for Volkswagen said all the brands had followed the advice, while Audi had opted to halt organic activities, such as direct posts, and only respond to questions from clients on the website. WirtschaftsWoche had previously reported that Audi had halted all activities on the social media platform, citing company sources. "We are monitoring the situation closely and will decide on the next steps depending on developments," an Audi spokesperson added in an emailed statement to Reuters.

☆ German industry calls for more support to diversify beyond China
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Nov 21 (Reuters) - One of Germany's main industry lobby groups called on Monday for more support for industry to diversify trade beyond China, as the government prepares new policies aimed at reducing the German economy's dependence on Beijing. Planned measures such as stress tests and greater scrutiny on investments in China, outlined in a draft document seen by Reuters, would be an administrative burden for businesses, the Association of German Chambers of Industry and Commerce (DIHK) said. "Everything we have heard so far about the German government's China strategy is extremely defensive," said Volker Treier, head of foreign trade at DIHK. "We need an active and resilient industrial policy and strategy in Europe with regards to raw materials, batteries or semiconductors." Reporting by Victoria Waldersee, Andreas Rinke, Ludwig Burger Editing by Rachel More and Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen-SAIC venture to close manual transmission plant in China
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Nov 18 (Reuters) - (This Nov. 18 story has been corrected to say workers will be offered support by the company, not necessarily new jobs in paragraph 5)A manual transmission plant owned by Volkswagen's (VOWG_p.DE) joint venture with SAIC Motors (600104.SS) will close next March, the carmaker said on Friday. The decision was taken several years ago, a Volkswagen spokesperson said, adding that production of manual transmission cars by the joint venture had fallen from 500,000 a year to about 50,000. Volkswagen's joint venture with FAW in the northeastern city of Changchun will continue to produce manual transmission systems, though output has also fallen in recent years. The German carmaker is the largest foreign automaker in China but is battling to compete with domestic electric vehicle manufacturers. Reporting by Victoria Waldersee, Jan Schwartz and Zhang Yan Editing by Rachel More and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Mercedes-Benz cuts price of some electric models in China
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING/FRANKFURT, Nov 16 (Reuters) - Mercedes-Benz said it had cut prices on some of its EQE and EQS models in China from Wednesday, citing changing market demand for top-end electric vehicles. Foreign carmakers are struggling to break into China's electric vehicle market, with only Tesla (TSLA.O) achieving higher sales figures. "The Top-End electric vehicle segment in China is still evolving ... Mercedes-Benz is repositioning certain EQ models in China," a spokesperson said. Mercedes-Benz sold 11,327 electric cars in China from January to August, according to the China Passenger Car Association, compared with Tesla, which sold almost 400,000, and China's BYD (002594.SZ), which sold nearly a million. Industry-wide sales are expected to slow into 2023, according to China Merchants Bank International, with some analysts expecting a price war.

☆ Daimler Truck's Q3 unit sales jump as chip shortage eases
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerBERLIN, Nov 11 (Reuters) - Daimler Truck reported a 27% jump in third-quarter unit sales to nearly 135,000 units on Friday, as the chip shortage that hit the heavy truck business particularly hard a year earlier began to ease. The jump in earnings was highest in Europe at 316% from the same quarter last year compared to 111% in North America, traditionally Daimler Truck's strongest market. In Asia, however, where a depressed Chinese market prompted the company to lower its regional adjusted earnings margin last quarter to 1-3% from 3-5%, earnings fell 63% even as revenues and unit sales increased. Sales of Daimler Buses, which did not grow at all in 2021, were up 18% this year so far, with earnings more than tripling to 23 million euros ($23.51 million). ($1 = 0.9785 euros)Reporting by Victoria Waldersee, Ilona Wissenbach Editing by Miranda Murray and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Daimler Truck raises unit sales as chip shortage eases
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 11 (Reuters) - Daimler Truck raised unit sales by 27% to nearly 135,000 units in the third quarter, as the chip shortage that hit the heavy truck business particularly hard in the same period last year began to ease. Incoming orders were down 18% from the third quarter last year and down 14% this year so far, the company said in a statement, a sign that the backlog of demand outstripping supply as chip shortages prevented automotive manufacturers from delivering goods is clearing up. Higher pricing, favourable exchange rate effects and a strong after-sale business pushed revenues up 47% and earnings before interest and taxes up 159%, the truckmaker said on Friday, confirming results released in an ad-hoc statement in late October. Reporting by Victoria Waldersee, Ilona Wissenbach Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Bosch CEO sees inflation weighing on margins but could ease chip shortage
▼ + stars: | 2022-11-10 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

BERLIN, Nov 10 (Reuters) - German auto supplier Bosch (ROBG.UL) sees a possible easing of the global chip shortage in the second half of 2023 if demand dips under the weight of inflation, CEO Stefan Hartung said on Wednesday. Even then, Bosch would be far below its target margin of 7%, Hartung said. The CEO said it was too soon to know how Europe's gas supply situation would affect the company long-term given the unknowns around which pipelines would come online in time for next winter. "It is good that business is being listened to in this situation," Hartung said. Bosch announced on Wednesday a new partnership with U.S.-based IBM to use quantum computing to establish which materials could replace critical minerals for carbon-neutral powertrains.

☆ BMW's Zipse: we are not leaving lower segment for electric cars
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 9 (Reuters) - BMW Chief Executive Oliver Zipse said the premium carmaker would not abandon its lower-priced segment in the transition to electrification. "We are not leaving the lower market segment. Even if you consider yourself a premium manufacturer, it is wrong to leave the lower market segment - that will be the core of your business in the future," Zipse said, speaking at an event organised by autos supplier Robert Bosch GmbH in Berlin. BMW's chief financial officer warned last week that although sales of fully electric vehicles were expected to double this year from 2021 levels, the company expected rising inflation and interest rates to weigh on incoming orders, particularly in Europe. Reporting by Victoria Waldersee Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

It wants 3.8 billion pounds ($4.4 billion) to build a gigafactory in northern England but its plans are hanging by a thread as it struggles to lure enough investment. French battery startup Verkor, for example, announced on Wednesday that it had raised 250 million euros ($249 million) to fund a megafactory. The European Battery Alliance (EBA) acknowledges Asian firms, and Chinese companies in particular, are likely to increase their market share in the coming years, helped by their track record and offtake agreements. "Even if we have the production in Europe, it doesn't mean we have the know-how or the control," she said. The EU has approved 6.1 billion euros since 2019 in funding by member states for battery research and innovation while Britain has a 1 billion pound fund to support investments in EV supply chains.

☆ Volkswagen Q3 earnings stagnate below pre-pandemic levels
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 28 (Reuters) - Volkswagen (VOWG_p.DE) reported third-quarter earnings of 4.3 billion euros ($4.29 billion), behind pre-pandemic levels, following 1.6 billion in one-off effects from the suspension of Russian activities and its Porsche AG (P911_p.DE) listing. The results beat last year's third quarter when chip shortages reduced sales across the auto industry, but they lagged behind pre-pandemic profits as the carmaker grapples with supply chain bottlenecks and high costs. Volkswagen maintained its outlook for the year of hitting the upper end of a 7%-8.5% earnings margin, compared with its third-quarter margin of 6%, given a strong recovery in the Chinese market and an easing of semiconductor supply. High-value brands buoyed earnings with a 19.4% margin for sports and luxury brands and 14.1% for premium brands. ($1 = 1.0022 euros)Reporting by Victoria Waldersee, editing by Rachel More and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Porsche posts 40% jump in nine-month operating profit
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 28 (Reuters) - Porsche (P911_p.DE) reported a 40.6% leap in operating profit to more than 5 billion euros ($4.99 billion) on revenue up 15.7% in the luxury carmaker's first results since its stock market listing in late September. Nevertheless, we were able to successfully list Porsche and get off to a flying start," said finance chief Lutz Meschke. Porsche, a huge money spinner for the Volkswagen (VOWG_p.DE) group, overtook its former parent as Europe's most valuable carmaker after the listing. Its shares stood at 99 euros by Thursday's close, up from a listing price of 82.50 euros. In the short term the cost of the listing and the impact of suspending business in Russia has pushed down Volkswagen's third-quarter earnings by 1.6 billion euros, results released on Friday showed.

☆ Volkswagen brand will be electric-only carmaker in Europe from 2033 - brand chief
▼ + stars: | 2022-10-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +1 min

FILE PHOTO: A technician attaches a Volkswagen logo to a car, at the production line for electric car models of the Volkswagen Group, in Zwickau, Germany, April 26, 2022. REUTERS/Matthias RietschelBERLIN (Reuters) - The Volkswagen brand will only produce electric cars in Europe from 2033, its boss Thomas Schaefer said on Wednesday, committing to the earlier date in its previous 2033-2035 target. The carmaker is targeting an entry-level electric vehicle for 25,000 euros or less. Schaefer said improving and standardising battery chemistry and format was the key to achieving this goal, as well as producing at scale. “The only company that can scale on this territory at the moment is us,” the chief executive said.

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