Author: World_Newz Mon

Over 250 Ford employees in Naberezhnye Chelny let go – administration

KAZAN, May 20. / TASS /. More than 250 employees at the Ford Sollers enterprise in Naberezhnye Chelny, Tatarstan were dismissed by the agreement of the parties, said the director of the Naberezhnye Chelny Employment Center Tatiana Bydanova at the mayor's office meeting on Monday.
“So far, the first stage of the Ford Sollers has taken place, 266 people were dismissed by agreement of the parties. Employees did not apply to the employment center, only three women asked for advice, the rest were employed independently,” she said. As the Mayor of Naberezhnye Chelny, Nail Magdeev, noted, that the city administration had predicted that a large number of enterprises that opened within the framework of the priority development area “would be snap up Ford Sollers employees like hotcakes”.
In April, the mayor ordered to find jobs for 802 Ford Sollers employees in Naberezhnye Chelny, which represents 94% of the total number of dismissed employees. In total, 851 people and 14 employees of the ..

Crisis-hit Nissan shakes up board, keeps boss

Japanese car giant Nissan shook up its executive board Friday.The firm will propose to shareholders a new board structure with 11 members, six of whom will be external, as Nissan attempts to improve corporate governance in the wake of former chairman Ghosn’s arrest for alleged financial misconduct.Ghosn was the driving force between bringing the firms together and has since alleged that Nissan launched an investigation into him over fears he was hoping to merge the Japanese and French companies.

BMW CEO faces criticism for bad Q1 results and lack of ambitious electric strategy

BERLIN, May 16 (Xinhua) — Harald Krueger, chief executive officer (CEO) of the German luxury car maker BMW, faced a tough audience of shareholders at BMW's Annual General Meeting (AGM) in Munich on Thursday.
“Currently, only bad news comes from BMW,” said Janne Werning from the German fund company Union Investment at the AGM.
Last week, the German car manufacturer reported its first loss in a decade in the main automotive division of BMW in the first quarter of 2019.
The German car maker's operating profits (EBIT) fell by 78 percent to 589 million euros (658.5 million U.S. dollars) in Q1 of 2019, compared to 2.7 billion euros in Q1 of 2018.
BMW's profit margin in the automotive business has been below the company's target value of 8 percent for months.
Although the Munich carmaker sold more cars last year than in the previous year, profit before taxes fell to 9.8 billion euros and are expected to fall below 8.9 billion euros this year.
Daniela Bergdolt, vice presid..

European Investment Bank to support Northvolt’s battery gigafactory in Sweden

BRUSSELS, May 16 (Xinhua) — The European Investment Bank (EIB) gave its approval in principle on Thursday to help finance Europe's first home-grown gigafactory for lithium-ion battery cells, Northvolt Ett, in Sweden.
The batteries from Northvolt Ett's batteries are used in automotive, grid storage, and industrial and portable applications. Ramping up to full capacity, Northvolt Ett will produce 32 GWh of battery capacity per year.
“The development of a competitive and green battery value chain within Europe can not only cut greenhouse gas emissions by decarbonising power generation and transport, but can also help protect millions of well paid jobs in European industries in the face of increasing global competition,” said EIB vice-president Andrew McDowell.
According to him, the 350-million-euro loan to Northvolt approved in-principle on Thursday “is the largest ever direct EIB financing approval for battery technology, and we look forward to working with Northvolt over the ..