FRANKFURT (Reuters) – Volkswagen Group’s (VOWG_p.DE) Chief Executive Herbert Diess warned that new anti-pollution tests pose a risk to the carmaker’s profit targets. VW has warned that production of up to 250,000 cars will be delayed as it struggles to adapt its vehicles to a new anti-pollution test, the Worldwide Harmonized Light Duty Vehicles Test… Continue reading VW CEO says anti-pollution rules may hit profits, car sales
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UPDATE 1-Ferrari confirms guidance as new CEO takes the wheel
MILAN (Reuters) – Ferrari (RACE.MI) reported a 7 percent rise in second-quarter adjusted core earnings and confirmed its outlook for the year as a new boss takes charge at the Italian supercar maker following the death of Sergio Marchionne. FILE PHOTO: The Ferrari Insignia is seen at the back of a Ferrari Testarossa during a… Continue reading UPDATE 1-Ferrari confirms guidance as new CEO takes the wheel
Volkswagen mulls own production of battery cells in Europe
WOLFSBURG, Germany (Reuters) – Volkswagen (VOWG_p.DE) is eyeing producing its own solid state battery cells, with possible serial production from 2024 or 2025, its chief executive said on Wednesday. A Volkswagen logo is pictured during the Volkswagen Group’s annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt “We must not make ourselves dependent… Continue reading Volkswagen mulls own production of battery cells in Europe
Tesla plans to invest $5 billion building factory in China: Bloomberg
(Reuters) – Tesla Inc (TSLA.O) is planning to invest $5 billion to build a factory in China, Bloomberg reported on Wednesday, citing a source. FILE PHOTO: A Tesla logo adorns a ‘Model S’ car in the dealership in Berlin, Germany, November 18, 2015. REUTERS/Hannibal Hanschke/File Photo Tesla is considering raising funds in China to finance… Continue reading Tesla plans to invest $5 billion building factory in China: Bloomberg
Britain’s car industry cautions: No-deal Brexit is our nightmare
LONDON (Reuters) – A no-deal Brexit would seriously damage the car industry in Britain and the European Union by raising costs and sowing chaos for carmakers and consumers alike, the head of Britain’s car industry warned on Tuesday. FILE PHOTO: Workers assemble cars at the plant for the Mini range of cars in Cowley, near… Continue reading Britain’s car industry cautions: No-deal Brexit is our nightmare
Volkswagen to name company insider as COO: source
HAMBURG (Reuters) – Volkswagen (VOWG_p.DE) is set to name Ralf Brandstaetter, the procurement chief of its core VW brand, as its group Chief Operating Officer, a person familiar with the matter said. FILE PHOTO: A Volkswagen logo is pictured during the Volkswagen Group’s annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt/File Photo… Continue reading Volkswagen to name company insider as COO: source
No deal Brexit is not an option, Britain’s car industry warns
LONDON (Reuters) – A no-deal Brexit is not an option for Britain’s car industry, given the costs and disruption that carmakers and consumers would suffer, the head of the country’s automobile industry group said on Tuesday. Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT), said carmakers were “increasingly concerned” about… Continue reading No deal Brexit is not an option, Britain’s car industry warns
RPT-UPDATE 4-Fiat Chrysler says it did not know about Marchionne’s illness
(Repeats JULY 26 story, no change text) ZURICH/MILAN, July 26 (Reuters) – Fiat Chrysler said it knew nothing about the medical condition of Sergio Marchionne after a Swiss hospital said on Thursday it had been treating the deceased chief executive for more than a year. “Due to medical privacy, the company had no knowledge of… Continue reading RPT-UPDATE 4-Fiat Chrysler says it did not know about Marchionne’s illness
As Hyundai struggles, its labor union shows signs of softening
SEOUL (Reuters) – When workers at South Korea’s Hyundai Motor (005380.KS) went on strike last year, the stoppage lasted 24 days, triggered months of negotiations and netted them their smallest raise in nearly a decade. FILE PHOTO: A worker works at an assembly line before unionised workers attend a strike at a main factory of… Continue reading As Hyundai struggles, its labor union shows signs of softening
Grab defends position in Uber deal to Singapore’s anti-monopoly watchdog
SINGAPORE (Reuters) – Grab said on Friday it disagreed with the Singaporean anti-monopoly watchdog’s assessment that its takeover of Uber’s operations had harmed competition and called the commission’s suggested measure of removing exclusivity arrangements with drivers as “one-sided”. FILE PHOTO: A ComfortDelgro taxi passes Uber and Grab offices in Singapore March 26, 2018. REUTERS/Edgar Su/File… Continue reading Grab defends position in Uber deal to Singapore’s anti-monopoly watchdog