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Reuters - 4小时前

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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Reuters - 5小时前

Porsche AG flags cost cuts as China weakness, slowing EV shift hits profits

Porsche AG flags cost cuts as China weakness, slowing EV shift hits profits FRANKFURT, Oct 25 (Reuters) - Luxury sportscar maker Porsche AG on Friday warned it may cut costs after a slower-than-expected transition towards electric vehicles and persisting weakness in the Chinese market caused nine-month operating profit to fall by more than a quarter.
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Reuters - 5小时前

Auto dealer groups to challenge Scout Motors' decision to sell directly to US consumers

UPDATE 1-Auto dealer groups to challenge Scout Motors' decision to sell directly to US consumers Adds no immediate comment from Scout Motors, details from dealers' association, background on Scout Motors, paragraphs 4-9 By David Shepardson Oct 25 (Reuters) - Groups representing U.S. auto dealers said on Friday they plan to challenge a decision by Volkswagen's VOWG_p.DE Scout Motors to sell directly to consumers, bypassing independent retailers.
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Reuters - 6小时前

Auto dealer groups to challenge Scout Motors decision to sell directly to US consumers

Auto dealer groups to challenge Scout Motors decision to sell directly to US consumers Oct 25 (Reuters) - Groups representing U.S. auto dealers said Friday they plan to challenge Volkswagen's VOWG_p.DE Scout Motors decision to sell directly consumers, bypassing independent retailers. The National Automobile Dealers Association said it and state associations "will challenge this and all attempts to sell direct in courthouses and statehouses across the country." Scout said on Thursday it would joi
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Reuters - 10小时前

Volkswagen has still not presented future plan for brand, says works council boss

Volkswagen has still not presented future plan for brand, says works council boss FRANKFURT, Oct 25 (Reuters) - Volkswagen VOWG_p.DE has so far not presented a plan for how to make its namesake brand more competitive, the head of the group's works council said in a handout to staff, adding management remained solely focused on labour costs. The comments by Daniela Cavallo come as Europe's top carmaker and powerful union fight over potential factory closures and job cuts as part of the group's ef
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Reuters - 15小时前

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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Reuters - 20小时前

VW's Scout Motors unit will offer EV SUVs, trucks with gas engine option

UPDATE 1-VW's Scout Motors unit will offer EV SUVs, trucks with gas engine option Scout to begin selling EVs in 2027 produced in South Carolina Scout to forgo traditional dealers, expects 65-70% of vehicles will be SUVs New vehicles will start below $60,000, compete with Tesla, Rivian, GM Adds interview with Scout CEO, details in paragraphs 3-9 By David Shepardson Oct 24 (Reuters) - Volkswagen's VOWG_p.DE Scout Motors unit on Thursday unveiled its concept electric SUV and truck and said it will
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Reuters - 22小时前

VW's Scout Motors unit will offer EV SUVs, trucks with gas engine option

VW's Scout Motors unit will offer EV SUVs, trucks with gas engine option Oct 24 (Reuters) - Volkswagen's VOWG_p.DE Scout Motors unit on Thursday unveiled its concept electric SUV and truck and said it will offer extended-range versions that include a small gasoline engine. VW is building a $2 billion factory in South Carolina and expects to begin production of the new vehicles in 2027. The full EV versions will offer up to 350 miles of range on a charge while the extended-range version will have
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Reuters - 1天前

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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Reuters - 1天前

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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Reuters - 1天前

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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Reuters - 2天前

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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Reuters - 2天前

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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Reuters - 2天前

Northvolt gets short-term funds while talks continue, DI reports

UPDATE 1-Northvolt gets short-term funds while talks continue, DI reports Funds would only last a few weeks, DI reports Talks continue on larger financing package Company hit by production problems, weak demand, competition Adds detail from DI report in paragraph 2, background in 4-7 STOCKHOLM, Oct 23 (Reuters) - Sweden's Northvolt has struck a deal that gives the cash-strapped battery maker access to a small amount of money while talks on a bigger financing package continue, business daily DI r
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Reuters - 2天前

Swedish battery maker Northvolt secures minor financing, business daily DI reports

Swedish battery maker Northvolt secures minor financing, business daily DI reports STOCKHOLM, Oct 23 (Reuters) - Swedish battery maker Northvolt has reached an agreement that gives the cash-strapped company access to a small amount of money while talks on a bigger financing package continues, business daily DI reported on Wednesday, citing unnamed sources.
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Reuters - 3天前

Europe struggles for direction, earnings mixed

LIVE MARKETS-Europe struggles for direction, earnings mixed STOXX 600 flat Deutsche Bank, L'Oreal fall after earnings Wall St futures lower 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 STRUGGLES FOR DIRECTION, EARNINGS MIXED European equities are mixed on Wednesday, after several corporate reports, with markets remaining on edge as the U.S.
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Reuters - 3天前

Germany bets on India to reduce reliance on China

UPDATE 1-Germany bets on India to reduce reliance on China German cabinet heads to India for government consultations Trip comes as Germany tries to reduce reliance on China Major forum aims to foster more German-Indian business Trade with India hit record high despite elusive trade deal Adds economy minister quotes, paragraphs 5-6 By Christian Kraemer BERLIN, Oct 23 (Reuters) - Chancellor Olaf Scholz leads a high-level delegation to New Delhi this week, betting that greater access to the vast I
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Reuters - 3天前

Germany bets on India to reduce reliance on China

UPDATE 1-Germany bets on India to reduce reliance on China German cabinet heads to India for government consultations Trip comes as Germany tries to reduce reliance on China Major forum aims to foster more German-Indian business Trade with India hit record high despite elusive trade deal Adds economy minister quotes, paragraphs 5-6 By Christian Kraemer BERLIN, Oct 23 (Reuters) - Chancellor Olaf Scholz leads a high-level delegation to New Delhi this week, betting that greater access to the vast I
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Reuters - 3天前

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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Reuters - 3天前

Germany bets on India to reduce reliance on China

Germany bets on India to reduce reliance on China German cabinet heads to India for government consultations Trip comes as Germany trying to reduce reliance on China Major forum aims to foster more German-Indian business Trade with India hit record high despite elusive trade deal By Christian Kraemer BERLIN, Oct 23 (Reuters) - Chancellor Olaf Scholz leads a high-level delegation to New Delhi this week, betting that greater access to the vast Indian market can reduce Germany's reliance on Beijing
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