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Reuters - 2 hours ago

Northvolt goes from Europe battery promise to crisis

TIMELINE-Northvolt goes from Europe battery promise to crisis STOCKHOLM, Nov 22 (Reuters) - Sweden's Northvolt said on Thursday it will seek U.S. Chapter 11 bankruptcy protection as the cash-strapped battery start-up seeks to sort out its finances. The company went in a matter of months this year from being Europe's best shot at a home-grown electric-vehicle battery champion to racing to stay afloat , hobbled by production problems and as funding ran out.
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Reuters - 6 hours ago

Volkswagen: in close contact with Northvolt after bankruptcy filing

Volkswagen: in close contact with Northvolt after bankruptcy filing BERLIN, Nov 21 (Reuters) - Volkswagen VOWG_p.DE , Northvolt's largest shareholder, on Thursday said it was in close contact with the Swedish battery cells maker after it filed for Chapter 11 bankruptcy protection in the U.S.. Europe's largest carmaker, which owns around 21% in Northvolt, said it had taken note of the filing, adding it would not comment on the possible impact on the Volkswagen Group.
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Reuters - 6 hours ago

Law firm Linklaters adds infrastructure deals leader in latest New York hire

Law firm Linklaters adds infrastructure deals leader in latest New York hire By Sara Merken Nov 21 (Reuters) - London-founded law firm Linklaters is continuing to grow its U.S. team with the hire of Elena Rubinov, who was co-leader of infrastructure mergers and acquisitions at rival firm Mayer Brown. Rubinov joined Linklaters in New York as head of U.S.
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Reuters - 7 hours ago

Automakers urge Trump to preserve EV tax credits, boost self-driving cars

UPDATE 1-Automakers urge Trump to preserve EV tax credits, boost self-driving cars Adds more details, no immediate Trump transition team comment from paragraph 3 onward By David Shepardson WASHINGTON, Nov 21 (Reuters) - A group representing major automakers including General Motors GM.N , Toyota Motor Corp 7203.T , and Volkswagen VOWG_p.DE urged President-elect Donald Trump to retain key tax credits for electric vehicle purchases and take steps to speed deployment of self-driving cars.
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Reuters - 8 hours ago

Sweden's Northvolt files for bankruptcy, in blow to Europe's EV ambitions

UPDATE 4-Sweden's Northvolt files for bankruptcy, in blow to Europe's EV ambitions Northvolt calls its liquidity situation "dire" Operations to continue during restructuring, expected completion by Q1 2025 Scania lends $100 million for bankruptcy process Updates paragraph 17 with information from court hearing By Dietrich Knauth, Marie Mannes and Terje Solsvik Nov 21 (Reuters) - Northvolt, the Swedish maker of battery cells for electric vehicles, said on Thursday it has filed for Chapter 11 bank
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Reuters - 8 hours ago

Automakers urge Trump to preserve EV tax credits, boost self-driving cars

Automakers urge Trump to preserve EV tax credits, boost self-driving cars WASHINGTON, Nov 21 (Reuters) - A group representing major automakers including General Motors GM.N , Toyota Motor Corp 7203.T , and Volkswagen VOWG_p.DE urged President-elect Donald Trump to retain key tax credits for electric vehicle purchases and take steps to speed deployment of self-driving cars.
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Reuters - 8 hours ago

Scania says it will lend Northvolt $100 mln under US Chapter 11 bankruptcy deal

Scania says it will lend Northvolt $100 mln under US Chapter 11 bankruptcy deal STOCKHOLM, Nov 21 (Reuters) - Swedish truckmaker Scania said on Thursday it will lend Northvolt $100 million as part of the struggling Swedish battery maker's U.S. Chapter 11 bankruptcy protection deal. Scania is part of the Volkswagen-owned VOWG_p.DE Traton Group 8TRA.DE .
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Reuters - 8 hours ago

Northvolt files for Chapter 11 bankruptcy in the U.S.

Northvolt files for Chapter 11 bankruptcy in the U.S. Nov 21 (Reuters) - Sweden's Northvolt seeks US Chapter 11 bankruptcy protection in the U.S. Chapter 11 bankruptcy protection, the cash-strapped company said on Thursday. Northvolt went in a matter of months from being Europe's best shot at a home-grown electric-vehicle battery champion to racing to stay afloat by slimming down , hobbled by production problems, the loss of a major customer and a lack of funding.
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Reuters - 8 hours ago

Northvolt Says Voluntary Reorganization Facilitates Access To Approx $145 Mln In Cash Collateral And $100 Mln Debtor-In-Possession Financing

BRIEF-Northvolt Says Voluntary Reorganization Facilitates Access To Approx $145 Mln In Cash Collateral And $100 Mln Debtor-In-Possession Financing Nov 21 (Reuters) - Volkswagen AG VOWG_p.DE : NORTHVOLT - OPERATIONS TO CONTINUE AS USUAL DURING CHAPTER 11 REORGANIZATION PROCESS, WITH CO MEETING OBLIGATIONS TO CUSTOMERS, VENDORS AND EMPLOYEES NORTHVOLT - NORTHVOLT GERMANY ,NORTHVOLT NORTH AMERICA, WITH PROJECTS IN GERMANY AND CANADA, WILL CONTINUE TO OPERATE AS USUAL NORTHVOLT - THE CHAPTER 11 FILI
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Reuters - 10 hours ago

Volkswagen calls for 'sustainable' financial relief in talks with unions

Volkswagen calls for 'sustainable' financial relief in talks with unions FRANKFURT, Nov 21 (Reuters) - Volkswagen VOWG_p.DE on Thursday said it welcomed workers' willingness to consider a reduction in labour costs and capacities, adding that any wage deal between both sides must offer "sustainable financial relief". Arne Meiswinkel, the VW brand's personnel chief who leads negotiations for the carmaker, said "the sustainable achievement of financial targets remains crucial in order to ensure com
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Reuters - 10 hours ago

VW union calls for Dec 1 strikes as wage talks stutter

VW union calls for Dec 1 strikes as wage talks stutter WOLFSBURG, Nov 21 (Reuters) - Volkswagen's VOWG_p.DE union said it would recommend its members go on strike from Dec. 1 as talks over wages and factory closures with the carmaker's management failed to achieve a breakthrough on Thursday. VW's management had refused to rule out the prospect of unprecedented factory closures in Germany, the IG Metall union's negotiator said, but added that talks would continue on Dec.
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Reuters - 11 hours ago

VW and worker representatives end third round of talks, union says

VW and worker representatives end third round of talks, union says WOLFSBURG, Nov 21 (Reuters) - Volkswagen VOWG_p.DE and worker representatives ended the third round of negotiations over wages at German subsidiary VW AG on Thursday after several hours and will make a statement shortly on the outcome, a union spokesperson said. Reporting by Victori
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Reuters - 11 hours ago

Bosch to reduce hours for 450 employees due to tough economy

Bosch to reduce hours for 450 employees due to tough economy BERLIN, Nov 21 (Reuters) - German auto parts supplier Robert Bosch ROBG.UL will reduce the hours, and consequently the pay, of 450 employees in Germany from next spring, citing the difficult economic situation, a company spokesperson said on Thursday. Those employees, whose contracts stipulated that they work 38-40 hours a week, will work only 35 hours a week starting March 1, the spokesperson said.
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Reuters - 13 hours ago

Sustainable Switch-COP29: Climate funding divisions laid bare

Sustainable Switch-COP29: Climate funding divisions laid bare Nov 21 - By Sharon Kimathi Energy and ESG Editor, Reuters Digital sharon.kimathi@thomsonreuters.com Hello! It’s just one more day till the deadline for a deal at the COP29 talks in Baku, Azerbaijan, and frustration over the lack of progress is seeping out of the negotiating rooms. So what needs to be done?
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Reuters - 14 hours ago

European car sales flat in October, EVs gain ground, ACEA says

UPDATE 1-European car sales flat in October, EVs gain ground, ACEA says Adds graphics By Greta Rosen Fondahn and Alessandro Parodi Nov 21 (Reuters) - New car sales in Europe were flat in October, after falling for two consecutive months, industry data showed on Thursday, while the transition to fully electric or hybrid models gained ground in the month.
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Reuters - 17 hours ago

VW's management is problem, not Germany's business climate, union says

VW's management is problem, not Germany's business climate, union says WOLFSBURG, Nov 21 (Reuters) - Volkswagen's VOWG_p.DE management rather than Germany's business climate is to blame for the automaker's troubles, IG Metall union negotiator Thorsten Groeger told workers ahead of wage talks on Thursday. VW and workers are locked in difficult wage negotiations that could lead to strikes in December if no solution is found.
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Reuters - 17 hours ago

VW union signals strikes in December but talks continue

UPDATE 4-VW union signals strikes in December but talks continue German unions have proposed 1.5 bln euros in savings Management has suggested wage cuts, plant closures Strikes at German plants could go ahead from Dec. 1 VW common shares at 13-year lows IG Metall pushes for dividend cut Recasts with statements after end of talks By Victoria Waldersee and Christina Amann WOLFSBURG, Germany, Nov 21 (Reuters) - Volkswagen's VOWG_p.DE union said it was gearing up for strikes across German factories
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Reuters - 18 hours ago

VW wage solution still possible if management makes big step, union says

VW wage solution still possible if management makes big step, union says WOLFSBURG, Nov 21 (Reuters) - A solution to the wage dispute between Volkswagen VOWG_p.DE and its workers is still possible by Christmas provided that management takes a big step towards one, the IG Metall union representative Thorsten Groeger said ahead of talks on Thursday.
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Reuters - 20 hours ago

Volkswagen enters third round of wage talks as strike action looms

Volkswagen enters third round of wage talks as strike action looms WOLFSBURG, Nov 21 (Reuters) - Volkswagen management and worker representatives begin a third round of wage negotiations on Thursday, with just ten days left to find a solution before unions have threatened to escalate the fight with strikes across German sites. The negotiations are over wages for 120,000 of Volkswagen's roughly 300,000 staff in Germany, employed at six plants governed by a separate collective wage agreement to th
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Reuters - 21 hours ago

European car sales flat in October, EVs gain ground, ACEA says

European car sales flat in October, EVs gain ground, ACEA says By Greta Rosen Fondahn and Alessandro Parodi Nov 21 (Reuters) - New car sales in Europe were flat in October, after falling for two consecutive months, industry data showed on Thursday, while the transition to fully electric or hybrid models gained ground in the month. An uptick in total sales in Spain and Germany, of 7.2% and 6% respectively, offset a contraction in France, Italy and Britain, the European Automobile Manufacturers As
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