Audi sticking to EV strategy despite headwinds, says CEO

Reuters
German car industry urges EU to drop tariffs on China-made cars
BERLIN (Reuters) -Germany's VDA auto association has urged the European Commission to drop its planned tariffs on China-made electric vehicles in a last-ditch effort to influence negotiations ahead of the tariffs which take effect on Thursday. The association said in a statement on Wednesday the tariffs would hurt European and U.S. carmakers exporting from China and risked retaliation by China with counter-tariffs, which would hit the German industry hard given its high volume of exports to China.
Associated Press
Chinese firms eye Morocco as way to cash in on US electric vehicle subsidies
After the United States passed new subsidies designed to boost domestic electric vehicle production and cut into Beijing’s supply chain dominance, Chinese manufacturers began investing in an unlikely place: Morocco. In the rolling hills near Tangiers and in industrial parks near the Atlantic Ocean, they have announced plans for new factories to make parts for EVs that may qualify for $7,500 credits to car buyers in the United States. Similar investments have been announced in other countries that share free trade agreements with the United States, including South Korea and Mexico.
AFP News
Indonesia launches first EV battery plant
Indonesia launched its first electric vehicle battery plant on Wednesday, President Joko Widodo said, as Southeast Asian countries move to gain a foothold in the emerging industry.The plant is part of a $9.8 billion electric vehicle battery deal signed between Indonesia and LG in 2020.
The Guardian
‘We’re in limbo’: Boeing takeover leaves longtime Belfast factory under threat
Workers and politicians fear steep job cuts at Northern Ireland’s Spirit AeroSystems, which has about 3,500 workers
South China Morning Post
Huawei Technologies sells Aito electric vehicle trademark to partner for US$350 million
Huawei Technologies is selling the trademark of electric vehicle (EV) brand Aito to its Chinese carmaking partner Seres, as the Shenzhen-based technology giant moves to enhance its role as a systems and know-how supplier for autos instead of a competitor. Seres, which co-developed the brand with Huawei, said it will pay 2.5 billion yuan (US$343 million) for the trademark and patents of Aito, with the transaction expected to be completed by the end of 2024, according to a filing by the Shanghai-l
WSJ
Chinese Imports Are Rising Again. Here’s What It Means for U.S. Jobs
Cheap Chinese goods helped keep inflation low in the early 2000s, but at the cost of U.S. manufacturing. As those imports surge again, here’s what’s changed and what it means for American jobs.
Reuters
Alaska Airlines flight attendants set for 32% average pay rise in new tentative contract
The agreement, yet to be ratified by the Associate of Flight Attendants union members, is also the first to make boarding pay legally binding for unionized flight attendants, the union said on Tuesday. Flight attendants in the U.S. are usually paid an hourly rate after the flight cabin doors close and it does not include the time taken to onboard passengers. "With boarding pay, we achieve significant pay increases," the union said.
Reuters
Russian firms raise zinc output to meet government demand, sources say
Russian firms have boosted zinc metal production over the past month to benefit from rising state demand and reduce reliance on China as a destination for material, two sources familiar with the matter told Reuters. Russia's output of zinc used to galvanise steel is a fraction of the global total, but it will add to tightness in the global zinc concentrate market as seen in China's imports. Russia's commodity exports to China soared after Western sanctions were imposed on Moscow for its invasion of Ukraine in Feb. 2022.
Reuters
EU governments hesitant on Chinese EV tariffs as trade spat escalates
BRUSSELS/LONDON (Reuters) -EU countries are wavering over whether to back additional tariffs on Chinese-built electric vehicles, highlighting Brussels' challenge in building support for its largest trade case yet as Beijing threatens wide-ranging retaliation. Germany, whose carmakers made a third of their sales last year in China, wants to stop the tariffs, according to a government source, while France has been among the firmest backers. The issue will be put to members in an advisory vote in the coming weeks, the first official test of support in a landmark case for the Commission.
Reuters
Polestar posts loss, plans steps to offset tariffs on China-made EVs
STOCKHOLM (Reuters) -Electric vehicle (EV) maker Polestar said it will have to take steps to offset hefty EU and U.S. import tariffs on its Chinese-made electric cars as it posted a first-quarter operating loss on Tuesday. The Swedish company, controlled by China's Geely, makes all its EVs in China, but its new model, the Polestar 3, will be made in the United States from the end of this summer and its Polestar 4 in South Korea from the second half of next year. Until then, it will incur provisional tariffs of 20% for the cars it brings into the European Union under a proposal by the European Commission and more than 100% for the United States.
Reuters
Exxon-Hess arbitration panel nears formation, sources say
The final member has been chosen for a three-person arbitration panel meant to settle Exxon Mobil's claim against Chevron's $53 billion purchase of Hess Corp, two people familiar with the matter told Reuters. The panel's formation would be a milestone in a long-delayed process that has cast uncertainty over the mega-merger, which both Chevron and Hess had hoped would close in the first half of 2024. Exxon filed the arbitration claim with the International Chamber of Commerce (ICC) in March, arguing that it has a right of first refusal over Hess's assets in Guyana.
Investing.com
Oil prices steady amid summer demand hopes, supply risks
Investing.com-- Oil prices steadied in Asian trade on Tuesday after running up sharply in recent sessions as traders bet on increased demand during the Independence Day holiday and potential supply risks from geopolitics and weather-related disruptions.
Reuters
Tipped off: American consumers grapple with tip creep
When Ted Rossman was at Newark Airport in New Jersey the other day, he got a shock along with his sandwich. Rossman, a senior industry analyst for financial information site Bankrate, went to a self-serve kiosk for a snack before a flight, scanned the item himself, and was asked for a tip. Which is why Americans are apparently fed up, according to a new Bankrate survey on the subject.
Yahoo Finance
Oil prices rise amid Hurricane Beryl concerns, Middle East tensions
Hurricane Beryl is the earliest Category 5 storm on record. It's increasingly threatening to disrupt the oil market.
South China Morning Post
Hong Kong professor calls China's crypto mining ban 'unwise', suggests opening up to digital assets
A professor at the Hong Kong University of Science and Technology (HKUST) has questioned the logic of China's cryptocurrency mining ban, suggesting that the government should embrace virtual assets amid geopolitical risks. Completely banning crypto mining in China was "very unwise" as it drove related businesses to the United States, which contributed to US tax income, Wang Yang, vice-president for institutional advancement and chair professor at the Department of Mathematics at HKUST, said duri
Reuters
Berlin to block sale of MAN Energy Solution's gas turbine unit to China, sources say
BERLIN (Reuters) -Germany will block the planned sale of Volkswagen subsidiary MAN Energy Solutions' gas turbine division to a Chinese company, three people familiar with the matter told Reuters on Tuesday. GHGT belongs to the China State Shipbuilding Corporation (CSSC), which dominates the Chinese shipbuilding industry. MAN Energy Solutions said last September that the German government would take a closer look at the planned sale to Chinese state-owned CSIC Longjiang GH Gas Turbine Co (GHGT), which was first announced in June 2023 at an undisclosed price.
Oilprice.com
China Sets Out To Develop More Local Oil, Gas
A new Chinese umbrella company grouping all the state majors will drill for ultradeep oil and gas, and explore shale formations in China.
GOBankingRates
6 Reasons $1 Million Will Only Last You 17 Years in Retirement in Virginia
Retirement planning has become almost a contact sport in recent years when it comes to pitting your finances against real estate prices, cost of living increases and general economic volatility. Even...
South China Morning Post
China eyes at least 50 sets of AI standards by 2026, from chips to applications and safety
China is seeking to establish least 50 sets of artificial intelligence (AI) standards by 2026, according to a new draft policy from Beijing, as the mainland pushes to close the gap with the United States in developing this technology. The proposed standards will include those that pertain to the training of large language models (LLMs) - the technology underpinning generative AI services like ChatGPT - as well as safety, governance, industrial applications, software, computing systems, data cent
Fortune
NEETS are not working by choice—but a ‘perfect storm’ is creating a pool of highly trained and willing workers who are the ‘new unemployables’
A significant chunk of young NEETS are well-qualified and want to work, but just can’t land a job—and may never, new Korn Ferry report warns.

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Audi sticking to EV strategy despite headwinds, says CEO

Latest stories

German car industry urges EU to drop tariffs on China-made cars

Chinese firms eye Morocco as way to cash in on US electric vehicle subsidies

Indonesia launches first EV battery plant

‘We’re in limbo’: Boeing takeover leaves longtime Belfast factory under threat

Huawei Technologies sells Aito electric vehicle trademark to partner for US$350 million

Chinese Imports Are Rising Again. Here’s What It Means for U.S. Jobs

Alaska Airlines flight attendants set for 32% average pay rise in new tentative contract

Russian firms raise zinc output to meet government demand, sources say

EU governments hesitant on Chinese EV tariffs as trade spat escalates

Polestar posts loss, plans steps to offset tariffs on China-made EVs

Exxon-Hess arbitration panel nears formation, sources say

Oil prices steady amid summer demand hopes, supply risks

Tipped off: American consumers grapple with tip creep

Oil prices rise amid Hurricane Beryl concerns, Middle East tensions

Hong Kong professor calls China's crypto mining ban 'unwise', suggests opening up to digital assets

Berlin to block sale of MAN Energy Solution's gas turbine unit to China, sources say

China Sets Out To Develop More Local Oil, Gas

6 Reasons $1 Million Will Only Last You 17 Years in Retirement in Virginia

China eyes at least 50 sets of AI standards by 2026, from chips to applications and safety

NEETS are not working by choice—but a ‘perfect storm’ is creating a pool of highly trained and willing workers who are the ‘new unemployables’