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Volkswagen AG is anticipating a €1.5 billion ($1.6 billion) financial impact this year due to stricter European Union emissions standards that the company may struggle to meet. The costs include potential penalties for not meeting the tougher emissions target and the need to shift towards selling more electric vehicles, which are less profitable than combustion engine models. Some in the industry and government are calling for a review of these standards, as the auto sector faces challenges with electric vehicle demand and competition from Chinese manufacturers. [Extracted from the article]

Germany's Social Democrats, led by Chancellor Olaf Scholz, are considering implementing subsidies for electric vehicles (EVs) as part of their economic policy ahead of next year's elections. The party aims to boost EV sales by reintroducing a purchase premium for battery-powered cars, providing tax rebates for electric corporate cars, and implementing EV quotas for leasing providers. This proposal comes as Germany's auto industry faces challenges in adapting to the shift to EVs, including competition from cheaper Chinese brands and weaker demand. The Social Democrats also plan to advocate for tax incentives for companies with a "Made in Germany" agenda and tax cuts for the middle class. [Extracted from the article]

Germany's Social Democrats, led by Chancellor Olaf Scholz, are considering implementing subsidies for electric vehicles (EVs) as part of their economic policy ahead of next year's elections. The party aims to boost EV sales by reintroducing a purchase premium for battery-powered cars, providing tax rebates for electric corporate cars, and implementing EV quotas for leasing providers. This proposal comes as Germany's auto industry faces challenges in adapting to the shift to EVs, including competition from cheaper Chinese brands and weaker demand. The Social Democrats also plan to advocate for tax incentives for companies with a "Made in Germany" agenda and tax cuts for the middle class. [Extracted from the article]

German carmakers BMW and Volkswagen are facing significant challenges that are impacting the country's automotive industry. BMW has announced a costly brake problem affecting 1.5 million vehicles, leading to a plunge in its shares and a forecasted decline in profits. Volkswagen, on the other hand, has scrapped job protections for workers and is considering shutting down factories due to declining car sales. These developments are further exacerbating the crisis in the German economy, which has already been struggling with the transition to electric vehicles and the loss of cheap gas supplies from Russia. [Extracted from the article]

German carmakers BMW and Volkswagen are facing significant challenges that are impacting the country's automotive industry. BMW has announced a costly brake recall affecting 1.5 million vehicles due to faults with their Continental AG braking systems, leading to a plunge in the company's shares. Meanwhile, Volkswagen has scrapped job protections for workers, which has caused concern about the nation's competitiveness. Both carmakers have been struggling with the transition to electric vehicles, and BMW also cited tepid demand in China as a threat to sales and profits. [Extracted from the article]

BMW AG has issued a warning that a recall affecting 1.5 million vehicles due to faulty braking systems from Continental AG will impact its profits this year. The recall comes at a time when Germany's largest economy is already facing an industrial crisis, with Volkswagen AG announcing plans to cut costs, potentially leading to plant closures. BMW's shares fell by 9.6% in response to the news, and Continental's shares were down by about 10%. The companies have assured customers that the affected vehicles are still safe to drive. [Extracted from the article]

BMW AG has issued a warning that a recall affecting 1.5 million vehicles due to faulty braking systems from Continental AG will impact its profits this year. The recall comes as Europe's largest economy is already facing an industrial crisis, with Volkswagen AG announcing plans to cut costs, potentially leading to plant closures in Germany. The brake problem can reduce the power and effectiveness of assistance systems, but both BMW and Continental assure that the vehicles are still safe to drive. BMW's shares fell significantly following the announcement, and the company is currently examining whether the repairs can be done through a software update or physical fixes. [Extracted from the article]

BMW AG has revised its earnings outlook for the year due to a recall of 1.5 million vehicles caused by a faulty braking system supplied by Continental AG. The carmaker now expects its auto-making operating margin to be as low as 6%, compared to the previous range of 8% to 10%. BMW's shares fell as a result of the news. The recall is expected to be concluded this year, with potential overruns into 2025. Continental, which produces the braking system for BMW, is already facing various challenges and is considering separating its struggling car-parts business from its more successful tires operation. [Extracted from the article]

BMW AG has revised its outlook for the year due to a faulty braking system supplied by Continental AG, resulting in recalls and delivery stops affecting 1.5 million vehicles. The carmaker now expects significantly lower earnings compared to the previous year, with an estimated auto-making operating margin as low as 6%. Both BMW and Continental have assured customers that the vehicles are still safe to drive. This setback for BMW comes amidst a sluggish market in China and increased competition. The recall is expected to result in additional warranty costs and BMW is considering compensation claims against Continental. [Extracted from the article]

BMW AG has revised its outlook for the year after a faulty braking system from a supplier led to the recall of 1.5 million vehicles. The carmaker now expects earnings to be significantly lower than the previous year and predicts its auto-making operating margin to be as low as 6%, compared to the previous estimate of 8% to 10%. This news has caused BMW's shares to fall, as well as other carmakers like Volkswagen AG and Mercedes-Benz Group AG, due to concerns that the component supply problem could affect them as well. The recall comes at a challenging time for the industry, which is already facing a broader slowdown in demand, and BMW attributes part of the revision to a sluggish market in China. [Extracted from the article]

BMW AG has revised its outlook for the year due to a faulty braking system from a supplier, which has prompted the recall of 1.5 million vehicles. The carmaker now expects earnings to be significantly lower than the previous year, with an auto-making operating margin as low as 6%. This setback comes as BMW has been outperforming its luxury rivals in the electric vehicle market and also reflects a sluggish market in China. The company had previously anticipated a slight drop in earnings before tax due to a slowdown in demand. [Extracted from the article]

Mercedes-Benz Group AG's earnings dropped by 19% in the second quarter due to a decrease in sales of its electric vehicles and weakened demand in China. The company has slightly lowered its carmaking margin outlook as a result. Mercedes is not alone in facing these challenges, as other carmakers are also experiencing weaker demand in China and a decline in purchases of battery-powered cars in Europe. Mercedes has adjusted its electrification plans and is focusing more on its combustion-engine cars, while still planning to release new all-electric models in the future. In China, Mercedes' biggest market, overall sales declined by 6% in the second quarter. [Extracted from the article]

Mercedes-Benz Group AG's earnings dropped by 28% in the second quarter due to a decline in sales of its electric vehicles and weakened demand in China. The company adjusted its carmaking margin outlook to 11% from 12%. Mercedes is facing similar challenges as other carmakers, with weaker demand in China and a decrease in purchases of battery-powered cars in Europe. The company has scaled back its electrification plans and is focusing more on its combustion-engine cars, while also planning to introduce new all-electric models. In China, Mercedes' biggest market, overall sales declined by 6% in the second quarter. [Extracted from the article]

JPMorgan Chase & Co. is expanding its presence in Germany by opening new offices in Munich, with a focus on asset management, corporate banking, and the tech and sustainability sectors. CEO Jamie Dimon expressed confidence in Germany's economy despite its struggles, citing exceptional companies, talented employees, and a strong work ethic. Dimon also discussed the potential impact of rising national debt, increased military spending, supply chain conversions, and the shift toward sustainability on inflation in the US. He mentioned the possibility of continuing as chairman of the bank after stepping down as CEO. [Extracted from the article]

German police have warned fans ahead of the Turkey-Netherlands Euro 2024 quarter-final match, as Turkish media stokes nationalist fervor. The police union has urged Turkish supporters to refrain from making a controversial nationalist hand gesture during the game. The gesture, known as the "gray wolf," is associated with the Nationalist Movement Party, which is allied with President Recep Tayyip Erdogan. UEFA has suspended Turkish player Merih Demiral for two games for making the gesture after scoring a goal. Turkish newspapers have focused on the controversy, with some condemning UEFA and urging Europeans to "salute" Turks. German leaders have condemned the gesture as racist, and Turkey has summoned the German envoy in response. [Extracted from the article]

Polestar Automotive Holding UK Plc, a Swedish electric-vehicle manufacturer, is facing increased losses due to tariff barriers and price pressures in the industry. The company reported a $232 million operating loss in the first quarter of this year, which is 5% wider than the same period last year. To address these challenges, Polestar is implementing cost-cutting measures across the supply chain and adjusting its business plan. The company aims to achieve break-even cash flow by the end of 2025 and plans to launch seven new markets in 2025 to drive growth. Additionally, Polestar is expanding its production to South Carolina and South Korea to mitigate the impact of import levies and tariffs. [Extracted from the article]

Efforts by France and Germany to boost Europe's battery industry and catch up with China are faltering. Electric vehicle (EV) sales are slowing, leading companies like Volkswagen, Stellantis, and Mercedes-Benz to scale back or refocus battery projects. China already has excess battery-making capacity and can produce cells at a fraction of the cost in Europe, putting Europe at risk of falling behind in the race to build and power future EVs. European Union subsidies are difficult to access due to bureaucracy, and carmakers are looking to protect thin EV profit margins. The US and Canada are offering lucrative subsidies and tax breaks, attracting companies to move overseas. Europe's failure to establish its own EV battery value chain could result in the automotive industry shifting to Asia. China currently controls over 80% of the battery market and has a commanding grip on the industry's supply chain. Europe needs to develop a new industrial value chain quickly to secure market shares compared to the US and Asian players. Without substantial support, new entrants face a bleak outlook as the world already has more than twice as much lithium-ion battery capacity as needed. Some experts suggest that Europe should focus on complex solutions to help cars access renewable energy, while China focuses on producing batteries at a lower cost and good quality. [Extracted from the article]

Efforts by France and Germany to boost Europe's battery industry and catch up with China are faltering. Companies like Volkswagen, Stellantis, and Mercedes-Benz are scaling back or refocusing battery projects as electric vehicle sales slow. China already has excess battery-making capacity and can produce cells at a fraction of the cost in Europe. The US is also drawing away investment with lucrative subsidies. European companies are struggling to compete and may fall further behind in the race to build and power the EVs of the future. [Extracted from the article]

Efforts by France and Germany to boost Europe's battery industry and catch up with China and the US are faltering. Electric vehicle (EV) sales are slowing, leading companies like Volkswagen, Stellantis, and Mercedes-Benz to scale back or refocus battery projects. China already has excess battery-making capacity and can produce cells at a fraction of the cost compared to Europe. The US is also drawing away investment with lucrative subsidies. The European Union's subsidies are difficult to access due to bureaucracy, and carmakers are protecting thin EV profit margins. The region risks falling further behind in the race to build and power the EVs of the future. [Extracted from the article]

Investors are calling on Volkswagen CEO Oliver Blume to sharpen the company's electric vehicle (EV) strategy. While Volkswagen's shares have only gained about 2.5% in the past year, other European manufacturers like Renault and Stellantis have seen significant growth. Investors want to see clear progress in Volkswagen's transition to EVs, including addressing botched new model rollouts and declining relevance in China. They are also pressuring Volkswagen to produce an affordable EV to compete with Chinese manufacturers. Volkswagen plans to unveil a €20,000 ($21,722) EV in 2027, but investors believe the company needs more momentum. [Extracted from the article]

Investors are calling on Volkswagen CEO Oliver Blume to sharpen the company's electric vehicle (EV) strategy. While Volkswagen's shares have only gained about 2.5% in the past year, other European manufacturers like Renault and Stellantis have seen significant growth. Investors want to see clear progress in Volkswagen's transition to EVs, including addressing botched new model rollouts and declining relevance in China. They are also pressuring Volkswagen to produce an affordable EV to compete with Chinese manufacturers. Volkswagen plans to unveil a €20,000 ($21,722) EV in 2027, but investors are concerned about the company's ability to execute its plans effectively. [Extracted from the article]

Lamborghini CEO Stephan Winkelmann has stated that the company is not currently pursuing fully electric sports cars due to skepticism surrounding the technology. While performance is not a concern, Winkelmann believes that certain emotional aspects, such as the sound of the engine, cannot be replicated in an electric vehicle. Lamborghini remains open to using e-fuels if regulations become more favorable. The company plans to release its first fully electric model, the Lanzador crossover, in 2028, and aims to reduce carbon dioxide emissions by 40% by 2030. [Extracted from the article]

Siemens AG, a German company, has sold its large-motor business for €3.5 billion as part of its shift away from heavy-equipment manufacturing. The company has seen weaker demand for factory-automation products in China due to factors such as inflation, higher interest rates, and a real estate glut. Siemens shares fell by 6.8% following the announcement. Despite the sale, Siemens kept its overall outlook for the year unchanged but lowered guidance for its digital industries unit. [Extracted from the article]

Siemens AG, a German company, has sold its large-motor business for €3.5 billion as demand for factory-automation products in China continues to weaken. The company has lowered its guidance for its digital industries unit, citing a potential decline in revenue of up to 8% this year. Siemens and other manufacturers are facing weaker demand in China due to factors such as inflation, higher interest rates, and a real estate glut. Despite gains in the US, the decline in Asia and other regions has impacted the company's overall performance. Siemens CEO Roland Busch attributes the slowdown in China to a lack of private consumption and a decline in the construction sector. Siemens shares fell by 2.1% in early trading. The company's revenue for the first quarter reached €19.2 billion, slightly below the same period last year, with orders declining by 12%. Siemens had previously expected China's economy to recover in the second half of the year, but now warns that customers will continue to destock in the coming months, affecting orders. Siemens is focusing on higher-margin, software-driven product lines as part of its plan to exit heavy equipment manufacturing. The company has already sold off smaller divisions and spun off businesses like Siemens Energy and Siemens Healthineers AG. [Extracted from the article]

Siemens AG, a German manufacturer, experienced a drop in orders and stagnant revenue in the second quarter due to weak demand for factory-automation products in China. The company maintained its overall outlook for the year but lowered guidance for its digital industries unit, anticipating a potential decline in revenue of up to 8%. Siemens attributed the decline in orders to weaker demand in China, where factors such as inflation, higher interest rates, and a real estate glut are impacting business. However, the company expects to offset some of these losses with gains in its smart infrastructure division. Siemens is also progressing in its plan to shift towards higher-margin, software-driven product lines and has reached a deal to sell its Innomotics unit for €3.5 billion. [Extracted from the article]

Siemens AG, a German manufacturer, experienced a drop in orders and stagnant revenue in the second quarter due to weak demand for factory-automation products in China. While Siemens maintained its overall outlook for the year, it lowered guidance for its digital industries unit, anticipating a potential decline in revenue of up to 8% this year. The company attributed these losses to the ongoing economic challenges in China, including inflation, higher interest rates, and a real estate glut. Siemens expects China's economy to recover in the second half of the year but cautioned that customers may continue to destock in the coming months, impacting orders. Additionally, Siemens announced the sale of its Innomotics unit to KPS Capital Partners for €3.5 billion as part of its revamp strategy to focus on higher-margin, software-driven product lines. [Extracted from the article]

Protests continue at Tesla's factory in Germany as activists oppose the expansion of the electric-car maker's facilities, which would involve clearing part of the surrounding forest. Demonstrations have resulted in arrests and injuries, including 21 police officers. The factory, located in Gruenheide, has faced opposition from locals and environmental groups since its announcement in 2019. The facility, which produces the Model Y, employs around 12,000 people. Tesla has not yet commented on the protests. [Extracted from the article]

Volkswagen AG is facing allegations of human rights abuses at its joint venture in Xinjiang, China, where the government has been accused of forcing Uyghurs and other Muslim minorities to work. There are indications that forced labor may have been used during the construction of a test track in Turpan by Volkswagen and its Chinese partner SAIC. Photos of Uyghur workers wearing Chinese military uniforms at the site have been found on the website of the firm that built the test track. Volkswagen has stated that it has not seen evidence of human rights abuses but will review any new claims. The company also has a small factory in Xinjiang, where workers make final quality checks of already assembled vehicles. Volkswagen is contractually obligated to remain part of site operations until 2029. [Extracted from the article]

Renault SA is utilizing artificial intelligence technology to reduce the cost of producing electric vehicles (EVs) by 50% by 2027. The carmaker also aims to shorten vehicle development times and decrease costs for internal combustion-engine cars by 30% over the same period. These measures are part of Renault's broader transformation, which includes listing its EV unit Ampere next year and partnering with Nissan and Mitsubishi. By cutting EV production costs, Renault hopes to compete with Chinese manufacturers entering the European market with more affordable cars. [Extracted from the article]

Renault SA plans to reduce the cost of producing electric vehicles (EVs) by 50% by 2027, as well as shorten vehicle development times to two years. These measures are part of Renault's efforts to make its manufacturing base more competitive and cut production costs for internal combustion-engine cars by 30%. The company aims to compete with Chinese manufacturers entering the European market by offering more affordable EVs. Renault also announced plans to manufacture four new models at its Bursa site in Turkey and launch 12 new models next year. [Extracted from the article]

Schaeffler AG has increased its offer to buy Vitesco Technologies Group AG in a €3.8 billion ($4.2 billion) deal after shareholders expressed dissatisfaction with the previous bid. The cash consideration has been raised to €94 per share from the initial offer of €91 per share. Schaeffler's CEO, Klaus Rosenfeld, stated that the agreement marks a significant step as both companies have agreed on Vitesco's full integration into Schaeffler. The Schaeffler family, which controls Vitesco and Schaeffler, is reshaping its industrial empire to adapt to the growing electric vehicle market. [Extracted from the article]

Schaeffler AG has increased its bid to acquire Vitesco Technologies Group AG in a €3.8 billion ($4.2 billion) deal after shareholders expressed dissatisfaction with the previous offer. The new offer raises the cash consideration to €94 per share from €91 per share. While Vitesco's executive and supervisory boards consider the new bid insufficient, they will support the deal as they believe Schaeffler will reach the necessary acceptance threshold. Schaeffler plans to integrate Vitesco into its e-mobility unit as it reshapes its industrial empire in response to the growing shift towards electric vehicles. [Extracted from the article]

Schaeffler AG has increased its offer to buy Vitesco Technologies Group AG in a €3.8 billion ($4.2 billion) deal after shareholders expressed dissatisfaction with the previous bid. The new offer is €94 per share, up from €91 per share. The merger is scheduled to be approved at Vitesco's general meeting on April 24. The Schaeffler family, which controls Vitesco and other auto-parts makers, is looking to combine their mechanical presence with Vitesco's power electronics capabilities as the shift towards electric vehicles continues. [Extracted from the article]

Schaeffler AG has increased its offer for Vitesco Technologies Group AG to €94 per share, making the deal worth €3.8 billion. This offer is higher than the previous offer of €91 per share. The plan is for Schaeffler to merge Vitesco into its own company after the tender offer is completed. The merger is scheduled to be approved at Vitesco's general meeting on April 24. [Extracted from the article]

(Bloomberg) -- Tesla Inc. will produce a new model that will cost €25,000 ($26,863) at its factory near Berlin, Reuters reported, as competition intensifies to produce more affordable electric vehicles for the European market. Tesla Plans €25,000 Made-in-Germany EV, Reuters Says Chief Executive Officer Elon Musk announced the plan to staff last week when he visited the Tesla factory in Gruenheide, Reuters said Monday, citing an unnamed source. [Extracted from the article]

Tesla to Produce €25,000 EV at Berlin Factory, Reuters Reports (Bloomberg) -- Tesla Inc. will produce a new model that will cost €25,000 ($26,863) at its factory near Berlin, Reuters reported, as competition intensifies to produce more affordable electric vehicles. Chief Executive Officer Elon Musk announced the plan to staff last week when he visited the Tesla factory in Gruenheide, Reuters said Monday, citing an unnamed source. [Extracted from the article]

(Bloomberg) -- Siemens Energy AG shares fell following reports that the company is in talks with the German government to secure billions of euros in state guarantees as it struggles to shore up its troubled wind-turbine unit. The company doesn't have acute liquidity problems, but Siemens AG, which owns roughly a quarter of Siemens Energy, doesn't want to provide further backstops, according to German magazine Spiegel, which reported on the government discussions earlier. [Extracted from the article]

(Bloomberg) -- Aston Martin Lagonda Global Holdings Plc shares jumped after Executive Chairman Lawrence Stroll's Yew Tree Consortium agreed to boost its stake in the carmaker to 26.2%. Certain members of Yew Tree are buying an additional 26 million shares in the British luxury carmaker, according to a statement. [Extracted from the article]

Aston Martin reported second-quarter earnings that beat analyst expectations, but left its full-year guidance unchanged. (Bloomberg) -- Aston Martin Lagonda Global Holdings Plc shares jumped after Executive Chairman Lawrence Stroll's Yew Tree Consortium agreed to boost its stake in the carmaker to 26.2%. [Extracted from the article]

Aston Martin reported second-quarter earnings that beat analyst expectations, but left its full-year guidance unchanged. (Bloomberg) -- Aston Martin Lagonda Global Holdings Plc said Executive Chairman Lawrence Stroll's Yew Tree Consortium agreed to boost its stake in the carmaker to 26.2%. [Extracted from the article]

(Bloomberg) -- Europe's automakers are showing off their latest battery-powered cars at the IAA Mobility car show this week as they try to challenge Tesla Inc. and fend off growing competition from China. Key Stories: China crashes Germany's least-German car show in history BMW gets help from China to electrify the Mini Cooper BMW unveils next-generation EV; CEO says they'll generate more profit Mercedes bets on range to take on Tesla's EV leadership VW moves to improve design as EV sales flag in China VW's Blume Sees China Comeback (9:10 a.m.) Volkswagen CEO Oliver Blume sees China's economy rebounding from its current struggles and is positioning the carmaker to quickly bring new products to market when it does. [Extracted from the article]

(Bloomberg) -- Auto sales in Europe rose in June as growing demand for electric cars and improved parts supply helped fuel an 11th consecutive month of growth. Sales of battery-electric vehicles surged 55%, while deliveries of diesel cars declined 10%. [Extracted from the article]

New-car registrations increased 19% to 1.27 million vehicles, the European Automobile Manufacturers' Association said Wednesday. (Bloomberg) -- Auto sales in Europe rose in June as growing demand for electric cars and improved parts supply helped fuel an 11th consecutive month of growth. [Extracted from the article]

New-car registrations increased 19% to 1.27 million vehicles, the European Automobile Manufacturers' Association said Wednesday. (Bloomberg) -- Auto sales in Europe rose in June as growing demand for electric cars and improved parts supply helped fuel an 11th consecutive month of growth. [Extracted from the article]

The job advertisements, posted on LinkedIn, are for Tata's battery-cell operation Agratas, which is building two factories - one in India and one in Europe. (Bloomberg) -- Tata Group has posted job openings for a UK-based cell developer and construction project manager, suggesting the parent company of Jaguar Land Rover is preparing to locate its new battery factory in Britain. [Extracted from the article]

(Bloomberg) -- German labor union Verdi has called for warning strikes at the nation's major airports on Friday by public-service, air-security and ground-traffic workers. The Feb. 17 action would affect airports in Frankfurt, Munich, Stuttgart, Hamburg, Dortmund, Hannover and Bremen, Verdi said in a statement Wednesday. [Extracted from the article]

Private equity firm Advent will pay $53 per share for Maxar, the companies said Friday. (Bloomberg) -- Advent International Corp. agreed to buy satellite owner and weather forecaster Maxar Technologies Inc. in a deal that values the company at about $4 billion. [Extracted from the article]

(Bloomberg) -- Advent International Corp. agreed to buy satellite owner and weather forecaster Maxar Technologies Inc. in a deal that values the company at about $4 billion. Private equity firm Advent will pay $53 per share for Maxar, the companies said Friday in a joint statement. [Extracted from the article]

Antlitz, speaking Thursday in a Bloomberg TV interview, said VW will need to improve productivity and lower fixed costs as the carmaker can't fully pass on soaring raw material and energy costs to consumers. (Bloomberg) -- Volkswagen AG Chief Financial Officer Arno Antlitz said he expects next year to be "even more challenging" than 2022 as inflation and a worsening economic outlook cut into demand. [Extracted from the article]

(Bloomberg) -- Volkswagen AG Chief Financial Officer Arno Antlitz said he expects next year to be "even more challenging" than 2022 as inflation and a worsening economic outlook cut into demand. "We expect small growth in the industry", Antlitz said Thursday in a Bloomberg TV interview, adding that the carmaker still has full order books that will support sales through the first half of next year. Like other carmakers including Tesla and Mercedes-Benz Group AG, VW has been contending with a worsening outlook in China, the world's biggest EV market. [Extracted from the article]