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Europe’s CO2 fines undermine carmakers’ progress

BREAKINGVIEWS-Europe’s CO2 fines undermine carmakers’ progress The author is a Reuters Breakingviews columnist. The opinions expressed are his own. By Neil Unmack LONDON, Sept 19 (Reuters Breakingviews) - Europe’s carmakers are asking for help on the bloc’s carbon emissions rules, which imply steep fines starting next year. Governments can help the industry swerve the crunch relatively easily, but the bigger question is whether politicians are willing to do what’s necessary to help hit
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EU car sales at 3-year low in August, EV sales plunge 44%

UPDATE 1-EU car sales at 3-year low in August, EV sales plunge 44% Recasts with ACEA call for action, adds graphics By Greta Rosen Fondahn and Alessandro Parodi Sept 19 (Reuters) - New car sales in the European Union fell 18.3% in August to their lowest in three years, dragged down by double-digit losses in major markets Germany, France and Italy and sliding electric vehicle (EV) sales, auto industry body data showed on Thursday.
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EU car sales at 3-year low in August, EV sales down 43.9%, ACEA says

EU car sales at 3-year low in August, EV sales down 43.9%, ACEA says By Greta Rosen Fondahn and Alessandro Parodi Sept 19 (Reuters) - New car sales in the European Union fell 18.3% in August to their lowest in three years, dragged by double-digit losses in major markets Germany, France and Italy, data from Europe's auto industry body showed on Thursday.
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Renault Argentina announces $350 mln investment to build new pickup model

UPDATE 1-Renault Argentina announces $350 mln investment to build new pickup model Adds detail from ministry BUENOS AIRES, Sept 17 (Reuters) - French carmaker Renault's RENA.PA Argentine unit will invest $350 million to begin producing a new pickup truck model at its Santa Isabel plant in Cordoba, Argentina's economy ministry said on Tuesday. Renault Argentina executives announced the production of a new half-ton pickup model in a meeting on Tuesday with A rgentine Economy Minister Luis Caputo.
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EVs could reach 24% EU car market share by 2025, T&E says

EVs could reach 24% EU car market share by 2025, T&E says By Anna Peverieri and Alessandro Parodi Sept 17 (Reuters) - Battery-electric cars (BEVs) sold in the European Union are set to reach a total market share of between 20% and 24% by 2025, mostly because of cheaper selling prices, campaign group Transport & Environment (T&E) said on Tuesday. EV sales in the EU have slowed in recent months - to a 14% market share in the first half of the year - in part due to diverging policies on green incen
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Motor racing-Piastri wins in Baku as McLaren take over at the top

UPDATE 2-Motor racing-Piastri wins in Baku as McLaren take over at the top Piastri wins Azerbaijan GP from second on the grid McLaren now 20 points clear of Red Bull Leclerc started from pole but finished second Norris fourth with fastest lap, Verstappen fifth Sainz and Perez collide on penultimate lap Adds details, no further action on collision By Tuvan Gumrukcu BAKU, Sept 15 (Reuters) - Oscar Piastri won the Azerbaijan Grand Prix as McLaren went top of the constructors' standings in a race th
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Ford says to restart India production for exports after two-year gap

UPDATE 2-Ford says to restart India production for exports after two-year gap Ford to restart output at India plant for export Type of manufacturing, export market not disclosed Adds quotes and details throughout By VarunVyas Hebbalalu and Aditi Shah BENGALURU, Sept 13 (Reuters) - Ford Motor F.N said on Friday it plans to restart manufacturing at its factory in the southern Indian state of Tamil Nadu, two years after it ended production in India, the world's third-largest car market.
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Carmakers adjust electrification plans as EV demand slows

Carmakers adjust electrification plans as EV demand slows Recasts first paragraph; adds Stellantis in paragraph 6; Sept 12 (Reuters) - Several global automakers are scaling down their electrification targets, hurt by slowing demand for fully electric vehicles due to lack of affordable models, slow roll-out of charging points, growing trade tensions and increased competition from cheaper Chinese rivals.
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Motor racing-Aston Martin are the team of the future, says Alonso

Motor racing-Aston Martin are the team of the future, says Alonso By Tuvan Gumrukcu BAKU, Sept 12 (Reuters) - Aston Martin are Formula One's 'team of the future' after signing top designer Adrian Newey, Fernando Alonso said on Thursday while recognising the time frame might not be soon enough for him. Spain's double world champion has a contract to 2026, when he will be 45 years old.
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China's Geely scouting locations for Europe plant

RPT-China's Geely scouting locations for Europe plant Repeating item sent previously with no changes to text By Victoria Waldersee FRANKFURT, Sept 12 (Reuters) - Chinese carmaker Geely 0175.HK is scouting locations for a plant in Europe but has not committed fully to building up local production, executives from the car conglomerate said in interviews with Reuters in Frankfurt.
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China's Geely scouting locations for Europe plant

RPT-China's Geely scouting locations for Europe plant By Victoria Waldersee FRANKFURT, Sept 11 (Reuters) - Chinese carmaker Geely 0175.HK is scouting locations for a plant in Europe but has not committed fully to building up local production, executives from the car conglomerate said in interviews with Reuters in Frankfurt. "It is not 100% yet," Li Chuanhai, vice president of Geely Auto Group, one of Zhejiang Geely Holding Group's GEELY.UL brands, said when asked whether the carmaker would build
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Motor racing-Alpine and Honda in procedural breach of F1 cost cap

Motor racing-Alpine and Honda in procedural breach of F1 cost cap LONDON, Sept 11 (Reuters) - All 10 Formula One teams complied with the cost cap for the second year in a row in 2023 but procedural breaches were identified for engine makers Alpine and Honda, the governing FIA said on Wednesday. The 2023 season was the third year under cost cap restrictions for teams, who were limited to $138.6 million, and the first for power unit manufacturers as the sport moves towards a new engine in 2026. "T
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BMW cuts 2024 outlook on Continental brake issues, shares plunge

UPDATE 4-BMW cuts 2024 outlook on Continental brake issues, shares plunge BMW now expects EBIT margin of 6-7% in 2024 Continental says some braking systems need to be replaced BMW shares down 11.7%, Continental shares down 10% Adds share price benchmark in paragraph 2, Citi analysts in paragraph 7 By Paolo Laudani and Christina Amann Sept 10 (Reuters) - BMW BMWG.DE cut its 2024 profit margin outlook on Tuesday due to sluggish demand in its key Chinese market and problems related to a braking sys
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BMW shares fall after FY outlook cut, dragging peers

BUZZ-BMW shares fall after FY outlook cut, dragging peers ** Shares in BMW BMWG.DE fall around 7% to their lowest since October 2022 after the German carmaker trimmed its guidance, dragging its peers down ** BMW now expects FY EBIT margin to be in a range of 6% to 7% compared to 8% to 10% previously targeted ** Shares in Mercedes-Benz MBGn.DE , Vol
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Slow EV momentum, trade tension bring volatility to European car makers - Berenberg

BUZZ-Slow EV momentum, trade tension bring volatility to European car makers - Berenberg ** Berenberg expects the European automotive sector to remain volatile amid slowing electric vehicle (EV) momentum, trade tensions with China and regulatory uncertainties ** The broker lowers its 2024-26 OEM automotive operating profit outlook by about 10% on a
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Labour woes at India operations of global companies

FACTBOX-Labour woes at India operations of global companies BENGALURU, Sept 10 (Reuters) - Samsung Electronics' 005930.KS operations at its plant in southern India were disrupted for a second day on Tuesday by hundreds of employees striking for higher wages. Global firms such as automaker Renault RENA.PA and Apple-supplier Foxconn 2317.TW have begun manufacturing in India in recent years, drawn by its large market but also cheaper labour.
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We will never turn against European market, says Geely executive

We will never turn against European market, says Geely executive FRANKFURT, Sept 10 (Reuters) - The senior vice president of China's Geely Holding Group GEELY.UL said on Tuesday that the company would never turn against the European market. "Our industry can only be stronger when we work together and cooperate across borders," Victor Yang said in Frankfurt.
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Barclays Bank, Ferrari, Volkswagen

EUROPE RESEARCH ROUNDUP-Barclays Bank, Ferrari, Volkswagen Sept 9 (Reuters) - Securities analysts revised their ratings and price targets on several European companies, including Barclays Bank, Ferrari and Volkswagen on Monday. HIGHLIGHTS * Barclays Bank BARC.L : Morgan Stanley raises target price to 300p from 290p * Ferrari RACE.MI : Citigroup raises target price to EUR 360 from EUR 334 * Mercedes-Benz Group AG MBGn.DE : Citigroup cuts target price to EUR 60 from EUR 65 * Shell Plc SHEL.L : HSB
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China, price cuts and costs: the fuel driving Volkswagen's crisis

RPT-ANALYSIS-China, price cuts and costs: the fuel driving Volkswagen's crisis Repeats SEPT 6 story. Updates reference to "this week" in paragraphs 2 and 18 to "last week" Profits from China have halved in a decade Europe's car market is shrinking VW brand margins hit by high costs, price cuts By Victoria Waldersee, Christina Amann, Christoph Steitz BERLIN/FRANKFURT, Sept 9 (Reuters) - In May, Volkswagen VOWG_p.DE finance chief Arno Antlitz warned that Europe's top carmaker had about two or thre
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Renault CEO says sector could face billions in fines as EV sales slow

Renault CEO says sector could face billions in fines as EV sales slow PARIS, Sept 7 (Reuters) - Europe's autos industry could face fines of 15 billion euros ($17.4 billion) for carbon emissions due to slowing demand for electric vehicles, Renault CEO Luca de Meo said on Saturday. Automakers face tougher EU CO2 targets in 2025 as the cap on average emissions from new vehicles sales falls to 94 grams/km from 116 g/km in 2024. "If electric vehicles remain at today's level, the European industry may
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