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Porsche cuts China dealership network as challenges mount

UPDATE 2-Porsche cuts China dealership network as challenges mount Q3 operating profit down 41%, below LSEG estimate To adjust retail network in China on persisting weakness Confirms 2024 outlook Recasts throughout By Ilona Wissenbach and Christoph Steitz FRANKFURT, Oct 25 (Reuters) - Porsche will pare back its dealership network in China, reflecting persisting weak demand in the world's biggest auto market that has severely hit European carmakers and forced them to cut costs to soften the blow
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Motor racing-Bottas open to Mercedes return in reserve role

Motor racing-Bottas open to Mercedes return in reserve role MEXICO CITY, Oct 25 (Reuters) - Valtteri Bottas has raised the possibility of returning to the Mercedes Formula One team in a reserve role if Sauber, the future Audi team, drop him at the end of the season. The 35-year-old Finn won 10 grands prix driving for Mercedes alongside Lewis Hamilton between 2017-21 before joining Ferrari-powered Sauber in 2022. "Firstly, the priority is to stay as a race driver -- that is what I want, and that
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Germany corporate earnings week ahead

DIARY-Germany corporate earnings week ahead Oct 25 (Reuters) - Diary of Germany (.GDAXI) corporate earnings for the week ahead GERMANY EARNINGS Start Date Start Time(GMT) RIC Company Name Event Name 29-Oct-2024 06:30 ADSGn.DE Adidas AG Q3 2024 Adidas AG Earnings Release 29-Oct-2024 06:00 1COV.DE Covestro AG Q3 2024 Covestro AG Earnings Release 30-Oct-2024 AMC AIR.PA Airbus SE Q3 2024 Airbus SE Earnings Release 30-Oct-2024 BMO VOWG.DE Volkswagen AG Q3 2024 Volkswagen AG Earnings Release 30-Oct-20
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Mercedes to step up cost cuts after earnings halve

UPDATE 5-Mercedes to step up cost cuts after earnings halve Worst return on sales since pandemic in key car unit Blames weak China, fierce competition for slump Says will fight for market share in China, pledges cost cuts Updates shares, adds comments from investor, and CFO on Daimler Truck stake in paragraphs 3-7, 20-21 By Andrey Sychev Oct 25 (Reuters) - Mercedes-Benz MBGn.DE will step up cost cuts after earnings halved in the third quarter hit by tepid demand and fierce competition in China,
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Lean Renault offers hard lessons for ailing peers

BREAKINGVIEWS-Lean Renault offers hard lessons for ailing peers The author is a Reuters Breakingviews columnist. The opinions expressed are his own. By Pierre Briancon BERLIN, Oct 24 (Reuters Breakingviews) - Renault RENA.PA is swerving the challenges faced by its larger peers. The French carmaker reiterated on Oct. 24 its forecast of a 7.5% profit margin for 2024, avoiding drastic profit warnings from rivals like Volkswagen VOWG_p.DE or Stellantis STLAM.MI .
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Green light ahead? Citi sees year-end auto rally

LIVE MARKETS-Green light ahead? Citi sees year-end auto rally STOXX 600 rises 0.6% Positive earnings give support Euro zone business activity stuck Nasdaq futures lifted by Tesla Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com GREEN LIGHT AHEAD?
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QuantumScape jumps as it produces battery cells for customer testing

BUZZ-QuantumScape jumps as it produces battery cells for customer testing ** Shares of battery tech startup QuantumSpace QS.N rise 10% to $5.70 premarket ** Company says it has begun producing prototype B-Sample cells, fulfilling its main goal for 2024, ahead of schedule ** Adds cells are being shipped to automotive customers for testing ** Cash ru
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Software firm Dassault Systemes cuts 2024 forecast again on auto sector slowdown

UPDATE 2-Software firm Dassault Systemes cuts 2024 forecast again on auto sector slowdown Adds share move in paragraph 4, analyst comments in paragraphs 10-12 By Anna Peverieri Oct 24 (Reuters) - French software company Dassault Systemes DAST.PA cut its 2024 revenue growth forecast for the second time in four months on Thursday, citing the slowdown in the global automotive industry.
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Renault beats Q3 forecasts as new launches lift sales

UPDATE 3-Renault beats Q3 forecasts as new launches lift sales Q3 revenue rises vs consensus for 1.5% decline Higher priced new models offset 5.6% drop in volume Company maintains margin guidance for 2024 Shares jump more than 7% Adds shares in paragraph 5, context in 18-19 By Gilles Guillaume and Dominique Patton PARIS, Oct 24 (Reuters) - Renault RENA.PA reported an unexpected rise in third-quarter revenue on Thursday, lifting its shares as demand for pricier new models such as Symbioz and Dust
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Europe before the bell: futures dip after raft of earnings

LIVE MARKETS-Europe before the bell: futures dip after raft of earnings Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com EUROPE BEFORE THE BELL: FUTURES DIP AFTER RAFT OF EARNINGS European stock futures are edging lower in early trade after a large number of corporate earnings, with markets also watching rising yields and preparing for the upcoming U.S.
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Senior Volkswagen executive Jochen Sengpiehl deported from China, FT reports

UPDATE 1-Senior Volkswagen executive Jochen Sengpiehl deported from China, FT reports Adds details in paragraphs 2-4 and background in 5 Oct 22 (Reuters) - German automaker Volkswagen's VOWG_p.DE China chief marketing officer and head of product strategy, Jochen Sengpiehl, was deported back to Germany after being detained in China for about 10 days, the Financial Times reported on Tuesday.
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Sustainable Switch-COP16: Pay up to save nature

Sustainable Switch-COP16: Pay up to save nature By Sharon Kimathi Energy and ESG Editor, Reuters Digital sharon.kimathi@thomsonreuters.com Hello! It’s that time of the year again when national leaders and climate delegates come together to discuss biodiversity at the 16th United Nations Conference of the Parties summit. Before we get into the weeds, let’s break down the difference between this COP and the one taking place next month.
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Shares in VW's truck unit Traton jump after Q3 beat

Shares in VW's truck unit Traton jump after Q3 beat GDANSK, Oct 22 (Reuters) - Shares in Traton 8TRA.DE rose on Tuesday after Volkswagen's VOWG_p.DE truck unit reported third-quarter results above expectations driven by robust sales in its US brand International and Swedish unit Scania. Traton shares were up 4% by 0728 GMT, to their highest in three months, while peers Daimler Truck DTGGe.DE and Volvo VOLVb.ST were also up 1.7% and 1%, respectively.
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Basler AG, Greatland Gold, Sandvik AB

EUROPE RESEARCH ROUNDUP-Basler AG, Greatland Gold, Sandvik AB Oct 22 (Reuters) - Securities analysts revised their ratings and price targets on several European companies, including Basler AG, Greatland Gold and Sandvik AB, on Tuesday. HIGHLIGHTS * Autoneum Holding AG AUTON.S : UBS raises PT to CHF 170 from CHF 160 * Azelis NV AZE.BR : HSBC raises to buy from hold * Basler AG BSLG.DE : Jefferies cuts to hold from buy * Greatland Gold Plc GGPL.L : Berenberg cuts to hold from buy * Sandvik AB SAND
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Italy - Factors to watch on Oct. 22

Italy - Factors to watch on Oct. 22 The following factors could affect Italian markets on Tuesday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*). For a complete list of diary events in Italy please click on IT/DIA . POLITICS Italy's government on Monday passed a decree aimed at overcoming court objections to its flagship immigration plan that is aimed at deterring boat migrants by sending them to detention camps in Albania.
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British Business - Oct. 22

PRESS DIGEST-British Business - Oct. 22 Oct 21 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - British engineering company Ricardo RCDO.L said it is divesting its defence business as part of a five-year strategic shift to become an "engineering consultancy in environmental and energy transition".
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Financial Times - Oct 22

PRESS DIGEST- Financial Times - Oct 22 Oct 22 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines - Volkswagen fined by UK regulator for treatment of customers in financial trouble - Nigeria rejects Shell's planned sale of $1.3 bln onshore production unit - UK will provide $3 bln towards G7 loan for Ukraine - UK workers' rights reforms to cost businesses 5 bln pounds a year - Serious Fraud O
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German carmakers should not be afraid of Chinese competition, says Scholz

UPDATE 1-German carmakers should not be afraid of Chinese competition, says Scholz Adds Mercedes comments, background in paragraphs 8-9 KUPPENHEIM, Germany, Oct 21 (Reuters) - German automakers should not be afraid of competition from China, Chancellor Olaf Scholz said on Monday at the opening of Mercedes-Benz's MBGn.DE first battery recycling plant, an investment he described as part of Germany's new industrial policy agenda.
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UK watchdog fines Volkswagen unit for unfairly treating customers

UPDATE 2-UK watchdog fines Volkswagen unit for unfairly treating customers Rewrites paragraph 1, adds company response in 5 Oct 21 (Reuters) - A British regulator has fined Volkswagen's VOWG_p.DE UK financial services unit 5.4 million pounds ($7 million) for unfairly treating financially-stretched customers between 2017 and 2023. Volkswagen Financial Services (UK) Limited, which has agreed to pay over 21.5 million pounds in redress to around 110,000 customers who may have suffered, also took car
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Voestalpine reorganizes automotive component business sites in Germany

UPDATE 1-Voestalpine reorganizes automotive component business sites in Germany Adds context in para 4-8, company's quote in para 6, info on Dettingen location in para 7 and share move in para 9 By Ozan Ergenay Oct 18 (Reuters) - Voestalpine VOES.VI will reorganize its automotive component business locations in Germany, including the closure of one of the sites, to respond to falling demand and structural changes, the Austrian specialty steelmaker said on Friday.
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