EU-antitrustregelgevers verlengen onderzoek Fiat, Peugeot tot 13 november – Reuters UK

EU-antitrustregelgevers verlengen onderzoek Fiat, Peugeot tot 13 november – Reuters UK

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FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe

BRUSSELS (Reuters) – EU antitrust regulators have extended their investigation into Fiat Chrysler (FCHA.MI) and Peugeot maker PSA’s (PEUP.PA) proposed merger to Nov. 13, the European Commission said on Tuesday.

“The Commission extended the deadline in agreement with the parties,” a spokeswoman for the EU competition enforcer said.

The Commission launched a four-month long probe last month, concerned that the deal to create the world’s fourth-biggest carmaker may hurt competition in small vans in 14 EU countries and Britain.

The move suggests that the companies will have to offer concessions to address the competition concerns. Antitrust authorities in the United States, China, Japan and Russia have already given the green light.

Italian-American Fiat’s brands include Fiat, Jeep, Dodge, Ram, Maserati while French peer PSA has Peugeot, Opel and DS.

Reporting by Foo Yun Chee, editing by Louise Heavens

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EU-antitrustregelgevers verlengen onderzoek Fiat, Peugeot tot 13 november – Reuters

EU-antitrustregelgevers verlengen onderzoek Fiat, Peugeot tot 13 november – Reuters

Translating…

FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe

BRUSSELS (Reuters) – EU antitrust regulators have extended their investigation into Fiat Chrysler (FCHA.MI) and Peugeot maker PSA’s (PEUP.PA) proposed merger to Nov. 13, the European Commission said on Tuesday.

“The Commission extended the deadline in agreement with the parties,” a spokeswoman for the EU competition enforcer said.

The Commission launched a four-month long probe last month, concerned that the deal to create the world’s fourth-biggest carmaker may hurt competition in small vans in 14 EU countries and Britain.

The move suggests that the companies will have to offer concessions to address the competition concerns. Antitrust authorities in the United States, China, Japan and Russia have already given the green light.

Italian-American Fiat’s brands include Fiat, Jeep, Dodge, Ram, Maserati while French peer PSA has Peugeot, Opel and DS.

Reporting by Foo Yun Chee, editing by Louise Heavens

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Fiat Chrysler, PSA wordt Stellantis na de fusie volgend jaar – Reuters

Fiat Chrysler, PSA wordt Stellantis na de fusie volgend jaar – Reuters

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(Reuters) – The combined company resulting from the merger of Italian-American carmaker Fiat Chrysler Automobiles (FCHA.MI) and France’s Peugeot owner PSA (PEUP.PA) will be called Stellantis, the automakers said on Wednesday.

Stellantis is derived from the Latin verb “stello”, which means “to brighten with stars,” the companies said.

The names and the logos of the group’s constituent brands will remain unchanged after the deal’s projected close in the first quarter of 2021.

In December, Fiat Chrysler and PSA agreed to combine in a $50 billion all-share deal to create the world’s fourth-biggest carmaker, and unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel and DS.

The process of identifying the new name for the merged company was supported by Publicis Group (PUBP.PA), the companies said.

Reporting by Shreyasee Raj in Bengaluru; Editing by Aditya Soni

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Uitvoer in augustus hervat in PSA's Britse Vauxhall-autofabriek – Reuters

Uitvoer in augustus hervat in PSA's Britse Vauxhall-autofabriek – Reuters

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LONDON (Reuters) – Production at Peugeot-maker PSA’s (PEUP.PA) Vauxhall car factory in Britain will resume on Aug. 17, one of the final major automotive plants in the country yet to reopen after the coronavirus outbreak shut sites in March.

More than 100 safety measures are being implemented to stop the spread of the virus including the daily checking of temperatures and the wearing of glasses or goggles, PSA said.

The northern English Ellesmere Port site built just under 62,000 Vauxhall/Opel Astra cars last year and workers are awaiting a decision on whether fresh investment will be made to keep the facility open, dependent on the outcome of Brexit.

Reporting by Costas Pitas; editing by Stephen Addison

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UPDATE 1-Motor Racing-Racing Point-onderdelen in beslag genomen na protest van Renault – Reuters

UPDATE 1-Motor Racing-Racing Point-onderdelen in beslag genomen na protest van Renault – Reuters

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(Adds stewards ruling the protest is admissible)

SPIELBERG, Austria, July 12 (Reuters) – Formula One’s governing body impounded brake ducts from the Racing Point cars on Sunday after Styrian Grand Prix stewards ruled a Renault protest met the requirements for further investigation.

Renault had questioned the legality of parts on the ‘Pink Mercedes’ cars after their rivals’ strong showing in Sunday’s second round of the season at Austria’s Red Bull Ring.

Mexican Sergio Perez finished sixth and Canadian Lance Stroll, son of team owner Lawrence, seventh. Renault’s Australian Daniel Ricciardo ended up eighth.

The alleged breach concerns the design and outsourcing of listed parts.

Stewards said in a statement that the governing FIA’s technical department would seal and impound the front and rear brake ducts for detailed analysis.

Champions Mercedes, who provide Racing Point’s engine and gearbox, were also ordered to hand over the brake ducts used on their car last season for comparison.

No date was set for the next meeting, but Formula One is racing again in Hungary on July 19.

Racing Point have freely recognised their car is a close copy of last year’s title-winning Mercedes but within the regulations.

“I don’t think what we’ve done is particularly new as far as taking a team’s concept and doing it ourselves. That’s been prolific in Formula One since the very first days,” technical director Andy Green said back in testing in February.

Renault and Racing Point, formerly known as Force India, have clashed before over the regulations with the French team stripped of points from the Japanese Grand Prix after a protest by the Silverstone-based outfit.

Racing Point had successfully protested against the brake bias system used by Renault.

Renault finished last season fifth overall, with Racing Point seventh. Racing Point are currently fourth with 22 points while Renault are sixth on eight. (Reporting by Alan Baldwin in London; Editing by Christian Radnedge and Hugh Lawson)

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Het merk VW zet nieuwe aanwervingen tot eind 2020 stop – Reuters

Het merk VW zet nieuwe aanwervingen tot eind 2020 stop – Reuters

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FILE PHOTO: A logo of German carmaker Volkswagen is seen on a car parked on a street in Paris, France, July 9, 2020. REUTERS/Christian Hartmann

FRANKFURT (Reuters) – Volkswagen (VOWG_p.DE) has stopped hiring new staff at its core brand until year end, VW’s brand’s chief said on Wednesday.

Despite a slight recovery in demand, car sales remain below levels seen before the coronavirus crisis, Ralf Brandstaetter said in an interview published in an internal VW newsletter, which was seen by Reuters.

“We remain under substantial cost pressure. Deliveries and therefore revenue have dropped sharply. At the same time a large amount of costs remain. This is why we have decided not to add new people,” Brandstaetter said.

Volkswagen’s job guarantee for German employees until 2029 remains in place, he said.

The company’s works council chief Bernd Osterloh said that without external hiring, VW needs to do more to retrain existing staff.     

In an interview with the Wolfsburger Allgemeine Zeitung, Osterloh said he expected production at the plant in Wolfsburg this year to drop to around 500,000 cars, instead of 700,000 which had been planned.

Osterloh furthermore told the paper he would stand for re-election as head of the company’s powerful works council, if labor representatives and workers supported the move.

Volkswagen’s Wolfsburg plant is currently unable to produce 3,000 cars a day, because it has cut down to a two shift system, Osterloh told another local paper, the Wolfsburger Nachrichten.

Reporting by Edward Taylor; Editing by

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Volkswagen-merk zet nieuwe aanwervingen stop tot eind 2020 – Reuters UK

Volkswagen-merk zet nieuwe aanwervingen stop tot eind 2020 – Reuters UK

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FILE PHOTO: A worker wears a protective mask at the Volkswagen assembly line after VW restarts Europe’s largest car factory after coronavirus shutdown in Wolfsburg, Germany, April 27, 2020, as the spread of the coronavirus disease (COVID-19) continues. Swen Pfoertner/Pool via REUTERS/File Photo GLOBAL BUSINESS WEEK AHEAD

FRANKFURT (Reuters) – Volkswagen has stopped hiring new staff at its core brand until year end, VW’s brand’s chief said on Wednesday.

Despite a slight recovery in demand, car sales remain below levels seen before the coronavirus crisis, Ralf Brandstaetter said in an interview published in an internal VW newsletter, which was seen by Reuters.

    “We remain under substantial cost pressure. Deliveries and therefore revenue have dropped sharply. At the same time a large amount of costs remain. This is why we have decided not to add new people,” Brandstaetter said.

Volkswagen’s job guarantee for German employees until 2029 remains in place, he said.

The company’s works council chief Bernd Osterloh said that without external hiring, VW needs to do more to retrain existing staff.     

    In an interview with the Wolfsburger Allgemeine Zeitung, Osterloh said he expected production at the plant in Wolfsburg this year to drop to around 500,000 cars, instead of 700,000 which had been planned.

Osterloh furthermore told the paper he would stand for re-election as head of the company’s powerful works council, if labour representatives and workers supported the move.

Volkswagen’s Wolfsburg plant is currently unable to produce 3,000 cars a day, because it has cut down to a two shift system, Osterloh told another local paper, the Wolfsburger Nachrichten.

Reporting by Edward Taylor; Editing by

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Daily Crunch: Tesla wordt de meest waardevolle automaker ter wereld

Daily Crunch: Tesla wordt de meest waardevolle automaker ter wereld

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Tesla haalt Toyota in en wordt de meest waardevolle autofabrikant ter wereld

Tesla haalt Toyota in en wordt de meest waardevolle autofabrikant ter wereld

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Tesla boss Elon MuskImage copyright Getty Images
Image caption Tesla’s founder Elon Musk

Tesla has become the world’s most valuable carmaker, overtaking Japan’s Toyota, after its stock hit a record high.

Shares in the electric carmaker touched $1,134 on Wednesday morning before falling back, leaving it with a market value of $209.47bn (£165bn).

That is roughly $4bn more than Toyota’s current stock market value.

However, Toyota sold around 30 times more cars last year and its revenues were more than 10 times higher.

Shares in Tesla have surged since the start of 2020 as investors have begun to feel more confident about the future of electric vehicles.

That is despite its founder Elon Musk having wiped $14bn off Tesla’s value in May after tweeting that its share price was too high.

After years of losses, the Californian firm has also delivered three profitable quarters in a row and maintained that momentum during the first three months of 2020 despite the coronavirus outbreak.

Toyota, however, remains a far larger business in terms of sales.

The Japanese company sold 10.46 million vehicles in the year to March and posted revenues of 30.2 trillion yen ($281.20bn).

Tesla ended 2019 with sales of just $24.6bn, having delivered 367,200 vehicles last year.

However, investors are excited by the US firm’s potential, believing it could dominate the future electric car market.

Analysts at the stockbroker Jefferies said the firm remained “significantly ahead of peers in product range, capacity and technology”.

In a reflection of that, the firm is also now worth around three times the combined value of US rivals General Motors and Ford.

Mr Musk has said Tesla will deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.

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