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Northvolt flags European batteries’ growing pains

BREAKINGVIEWS-Northvolt flags European batteries’ growing pains The author is a Reuters Breakingviews columnist. The opinions expressed are her own. By Karen Kwok LONDON, July 5 (Reuters Breakingviews) - A setback at one of the most valuable startups in Europe is exposing the region’s struggle to build homegrown battery champions. Swedish startup Northvolt, last valued at $12 billion, launched a strategic review after BMW BMWG.DE cancelled a $2 billion contract.
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Brazil automakers association lowers 2024 production, export estimates

UPDATE 1-Brazil automakers association lowers 2024 production, export estimates Recasts with new Anfavea projections SAO PAULO, July 4 (Reuters) - Brazilian automakers association Anfavea on Thursday lowered its projections for vehicle production and exports in 2024, although total sales are now expected to rise more than previously expected. Total vehicle output is expected to grow by 4.9% this year from 2023, down from the 6.2% that Anfavea previously estimated.
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Reaction to EU duties on China-built EVs

QUOTES-Reaction to EU duties on China-built EVs Adds German government comment BRUSSELS, July 4 (Reuters) - The European Union will impose provisional tariffs of up to 37.6% on imports of electric vehicles made in China from Friday, ratcheting up tensions with Beijing in the EU's largest trade case yet. Here are some reactions to the news: EU TRADE CHIEF VALDIS DOMBROVSKIS "Obviously we are in consultation with member states now, also prior to imposition of those provisional duties and it's clea
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Brazil auto production grows 26.6% in June, says association

Brazil auto production grows 26.6% in June, says association SAO PAULO, July 4 (Reuters) - Brazil's vehicle production rose 26.6% in June from May, automakers association Anfavea said on Thursday, while vehicle sales in Latin America's largest economy were up 10.3% month-on-month. Reporting by Paula Arend Laier; Editing by Gabriel Araujo
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Reaction to EU duties on China-built EVs

QUOTES-Reaction to EU duties on China-built EVs Adds BDI and Porsche BRUSSELS, July 4 (Reuters) - The European Union will impose provisional tariffs of up to 37.6% on imports of electric vehicles made in China from Friday, ratcheting up tensions with Beijing in the EU's largest trade case yet. Here are some reactions to the news: EU TRADE CHIEF VALDIS DOMBROVSKIS "Obviously we are in consultation with member states now, also prior to imposition of those provisional duties and it's clear that mem
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China-built EVs hit with duties in biggest EU trade case yet

UPDATE 2-China-built EVs hit with duties in biggest EU trade case yet Intense negotiations likely to continue Beijing has said will protect its interests Volkswagen critical of EU announcement Tariffs are far lower than planned US tariffs Adds Chinese EV maker reaction, analyst comment in paragraphs 17-22 By Philip Blenkinsop and Charlotte Van Campenhout BRUSSELS, July 4 (Reuters) - The European Union will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, E
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Reaction to EU duties on China-built EVs

QUOTES-Reaction to EU duties on China-built EVs BRUSSELS, July 4 (Reuters) - The European Union will impose provisional tariffs of up to 37.6% on imports of electric vehicles made in China from Friday, ratcheting up tensions with Beijing in the EU's largest trade case yet. Here are some reactions to the news: EU TRADE CHIEF VALDIS DOMBROVSKIS "Obviously we are in consultation with member states now, also prior to imposition of those provisional duties and it's clear that member states are also i
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EU imposes duties on China-built EVs, leaving four months for talks

EU imposes duties on China-built EVs, leaving four months for talks BRUSSELS, July 4 (Reuters) - The European Union will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said on Thursday, ratcheting up trade tension with Beijing. There is however a four-month window during which the tariffs are only provisional and intensive talks are expected to continue between the two sides.
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EU Trade Chief sees no reason for Chinese retaliation over provisional duties on EV imports

EU Trade Chief sees no reason for Chinese retaliation over provisional duties on EV imports BRUSSELS, July 4 (Reuters) - There is no basis for China to retaliate after the EU said it will impose tariffs of up to 37.6% on imports of electric vehicles made in China, EU trade chief Valdis Dombrovskis said on Thursday in an interview with press agency Bloomberg.
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Volkswagen: EU tariffs will not strengthen Europe's car industry

Volkswagen: EU tariffs will not strengthen Europe's car industry BERLIN, July 4 (Reuters) - Europe's biggest carmaker Volkswagen VOWG_p.DE heavily criticised the European Commission's proposed tariffs on EVs made in China on Thursday, warning that they would not strengthen Europe's car industry in the long term. "The timing of the EU Commission's decision is detrimental to the current weak demand for BEV vehicles in Germany and Europe.
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China urges fair business practices after Germany stops Volkwagen gas turbine deal

China urges fair business practices after Germany stops Volkwagen gas turbine deal BEIJING, July 4 (Reuters) - China on Thursday urged Germany to provide an environment with fair business practices after the European country blocked a gas turbine deal. The Chinese foreign ministry said the countries are trade partners and "are supposed to step up trade based on common interests" after Germany's cabinet blocked the planned sale of the gas turbine business of Volkswagen VOWG_p.DE to a Chinese comp
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Financial Times - July 4

PRESS DIGEST- Financial Times - July 4 July 4 (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 - EQT strikes 2.2 bln STG deal for Irish video gaming group Keywords Studios - Hawksmoor restaurant chain up for sale - Germany vetoes sale of sensitive turbine unit to Chinese group - GSK signs 1.4 bln euros mRNA vaccine deal with troubled biotech CureVac Overview - A consortium led by Swedish
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Deals of the day-Mergers and acquisitions

Deals of the day-Mergers and acquisitions Adds NHOA, International Resources Holding, Volkswagen and John Wood Group July 3 (Reuters - The following bids, mergers, acquisitions and disposals were reported by 1700 GMT on Wednesday: ** Dubai-based engineering and consulting firm Sidara has sought the extension of a deadline to make a firm offer for UK's John Wood Group WG.L to July 31, after being rejected thrice earlier.
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GM to pay $145.8 million penalty after US finds excess emissions

UPDATE 3-GM to pay $145.8 million penalty after US finds excess emissions Adds details on credits, prior purchase in paragraphs 4-5 By David Shepardson July 3 (Reuters) - General Motors GM.N will pay a $145.8 million penalty and forfeit credits worth hundreds of millions of dollars after a U.S. government investigation found excess emissions from approximately 5.9 million GM vehicles, government agencies said on Wednesday.
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Deals of the day-Mergers and acquisitions

Deals of the day-Mergers and acquisitions Adds: Quest Diagnostics, Lufthansa, CoinDCX Updates: Volkswagen July 3 (Reuters - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Wednesday: ** Quest Diagnostics DGX.N said it would acquire Canada-based LifeLabs from pension plan owner OMERS for about C$1.35 billion, or about $985 million, including net debt.
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Germany stops planned sale of VW's gas turbine business to China

UPDATE 4-Germany stops planned sale of VW's gas turbine business to China Adds Chinese foreign ministry comment in paragraphs 7-9 BERLIN, July 3 (Reuters) - Germany's cabinet blocked the planned sale of Volkswagen VOWG_p.DE unit MAN Energy Solutions' gas turbine business to a Chinese company on Wednesday, with ministers citing security reasons. The decision comes amid rising trade tensions between the EU and China.
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VW's MAN Energy Solutions: respect German decision to stop sale to China

VW's MAN Energy Solutions: respect German decision to stop sale to China MUNICH, July 3 (Reuters) - Volkswagen's MAN Energy Solutions unit said on Wednesday it respected the German government's decision to block the planned sale of the business to Chinese state-owned CSIC Longjiang GH Gas Turbine Co (GHGT). "We will now initiate a structured process for handling the new development of the gas turbine division, which will take place in the coming months," a spokesperson for MAN Energy Solutions s
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NHTSA closes recall query into about 420,000 Volkswagen vehicles

UPDATE 1-NHTSA closes recall query into about 420,000 Volkswagen vehicles Adds background, details throughout July 3 (Reuters) - The U.S. auto safety regulator on Wednesday closed a recall query covering 420,072 Volkswagen vehicles after the automaker acted to fix a potential fuel leak. The recall covered certain VW Golf, Jetta and GTI models and the Audi A3 manufactured between 2015 and 2020. It was initially issued in 2016 for a defective suction jet pump inside the fuel tank, which could caus
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German minister: planned sale of Volkswagen's gas turbine unit to China blocked for security reasons

German minister: planned sale of Volkswagen's gas turbine unit to China blocked for security reasons BERLIN, July 3 (Reuters) - German Interior Minister Nancy Faeser welcomed on Wednesday a decision by the cabinet to block the planned sale of Volkswagen's MAN Energy Solutions gas turbine unit to China for "security reasons". Economy Minister Robert Habeck, speaking at the same news conference, said while investments in Germany were generally welcome, technologies that are important for public or
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Czech H1 new passenger car registrations up 3.18% y/y, importers association says

Czech H1 new passenger car registrations up 3.18% y/y, importers association says PRAGUE, July 3 (Reuters) - Czech new passenger car registrations rose by 3.18% in the first half of this year to 119,221 units, the Car Importers Association said on Wednesday. It said registrations in June alone rose by 9.1% from a year ago to 22,334. Volkswagen's VOWG_p.DE Skoda Auto led the market in the first half with a 33.47% share.
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