FRANKFURT (Reuters) – Electric carmaker Tesla <TSLA> is scouting out locations for a possible factory in the German state of North Rhine-Westphalia (NRW), Germany’s most populous state, daily Rheinische Post reported on Sunday, citing people familiar with the matter.
First inspections have taken place, the paper said.
Tesla spokespeople in Europe were not immediately available for comment.
Tesla Chief Executive Elon Musk said in a tweet in April that the company was “considering” building a factory in Germany.
Last year, Musk said Germany was a leading choice in Europe to build a Gigafactory, adding “the German-French border makes sense, near the Benelux countries”.
NRW, Germany’s most populous state, shares borders with the Netherlands and Belgium.
Tesla is also looking at the German state of Lower Saxony, which shares a border with the Netherlands, its Economy Minister Bernd Althusmann said earlier this week.
(Reporting by Christoph Steitz; Editing by Frances Kerry)
Innovative lightweight concept allows wider trams to use existing infrastructureBombardier wins contract to supply and maintain 30 FLEXITY trams for Dresden’s transport authority
Contract includes the FlexCare maintenance management system and the Obstacle Detection and Assistance System
Mobility solution provider Bombardier Transportation and Dresden’s transport authority Dresdner Verkehrsbetriebe (DVB), have signed a contract to supply and maintain 30 BOMBARDIER FLEXITY trams, equipped with the Obstacle Detection and Assistance System (ODAS) for preventing collisions. The contract also includes the FlexCare maintenance management system for a 24-year period. The value of the order is 197 million euro ($219 million US). In addition, an option for ten additional FLEXITY trams and eight more years of servicing and maintenance are included in the contract.
The new FLEXITY trams are wider than DVB’s current vehicles and offer significantly greater comfort for passengers with 2+2 seating and large panorama windows. The new trams will be able to carry up to 290 passengers, which is around a 10 percent increase. To allow barrier-free access while using the existing infrastructure, only the portion of the carbody which is above platform level is wider. The new fleet will be delivered by the end of October 2023.
“I am pleased that Dresdner Verkehrsbetriebe is counting on the employees’ competence, know-how and the quality of Bombardier’s products here in Saxony and that these modern light rail vehicles are being built at the Saxon sites. The future of both factories and Bombardier’s long-term commitment are very close to my heart. I am confident that Saxon products will also increasingly prevail in many tenders outside Saxony due to their quality, which combines innovation and sustainability,” emphasized Saxony’s Minister of Economic Affairs, Martin Dulig.
“We urgently need the new light rail vehicles, which provide larger capacity, in order to offer sufficient space for the rapidly growing number of our passengers,” said Andreas Hemmersbach, DVB’s Board Member for Finance and Technology. He added, “In a multi-stage selection process, criteria such as technology, price, service and design were evaluated on a points-based system. Of all the manufacturers, Bombardier offered us the best overall package.”
“We are proud to support our long-standing partner and customer DVB in their transport service expansion by supplying our innovative, reliable and air conditionedFLEXITY trams, offering generous multi-purpose areas and the highest safety standards. Our FlexCare maintenance management system not only ensures high availability and reliability, but also guarantees cost security over the entire term of the contract. Hand in hand with DVB, we will carry out servicing and maintenance of these FLEXITY trams together,” explained Alexander Ketterl, responsible for the urban transport business at Bombardier Transportation in Germany.
Michael Fohrer, Head of Bombardier Transportation Germany, added, “This contract will be carried out at our two sites in Saxony. The carbodies will be produced in our center of competence for carbodies in Görlitz. Final assembly and commissioning will be carried out at our industrial lead site in Bautzen.”
More than 4,000 trams and light rail vehicles from Bombardier are already successfully in operation or on order worldwide.
São José dos Campos-SP, August 16 2019 – Embraer unveiled today, on the eve of its 50th anniversary, images of the demonstrator aircraft with 100% electric propulsion technology, which is currently under development. The prototype has a special paint scheme and is ready to receive systems and components.
The aircraft’s electric motor and controller are being manufactured by WEG at the company’s headquarters in Jaraguá do Sul, Santa Catarina, Brazil, as part of the scientific and technological cooperation agreement for jointly development of electrification technologies.
Advances on the project include the partnership with Parker Aerospace that will be responsible to supply the cooling system for the demonstrator aircraft.
On the forthcoming months, the companies’ technical teams will continue to test the systems in the labs preparing the integration in the demonstrator aircraft for testing under real operating conditions. The first flight of the prototype is scheduled for 2020.
About the technological cooperation
The proposed scientific development program of aeronautical electrification, formalized through the cooperation between Embraer and WEG announced in May 2019, constitutes an effective and efficient instrument for experimentation and maturation of the technologies before they are applied in future products.
The partnership, in the context of pre-competitive research and development, seeks to accelerate the knowledge of the necessary technologies to increase the energy efficiency of an aircraft, considering the use and integration of electric motors into innovative propulsion systems. A small single-engine aircraft, based on the EMB-203 Ipanema, will be used as test bed, carrying out the initial evaluation of the electrification technology.
The electrification process is part of a series of efforts carried out by Embraer and the aeronautical industry aimed at ensuring the commitment with the environmental sustainability, as already done with biofuels to reduce carbon emissions.
By establishing strategic partnerships through more agile cooperation mechanisms, Embraer is stimulating knowledge networks to allow a significant increase in Brazil’s competitiveness and the construction of a sustainable future.
05/08/2019 – Alstom India continues its noteworthy innings in India by rolling out the 100th ‘Make-in-India’ metro trainset today from its state-of-the-art rolling stock manufacturing facility in Sricity, Andhra Pradesh. The delivery of the centurion trainset to Kochi Metro Rail Corporation Limited (KMRCL) also marks completion of the Kochi Metro order for 25 trainsets by Alstom. Kochi operates a 100% ‘Make in India’ metro fleet entirely custom-built at the flagship manufacturing facility at Sricity.
The facility was set up as Alstom’s first global manufacturing centre for rolling stock in the Asia-Pacific region. This plant commenced operations in November 2013 and delivered its first metro trainset to Chennai Metro Rail Corporation (CMRL) in February 2014. The facility currently employs more than 600 employees and has a production capacity of 240 cars per year. The factory is currently scaling up to double production capacity and also introducing latest industrial technologies.
Till date, Alstom’s Sricity facility has made on-time deliveries of more than 420 metro cars for its Indian and international customers. This includes delivering completely indigenous trainsets to metro rail corporations of Chennai, Lucknow, Kochi and Sydney (its first international order).
Speaking on this occasion Alain Spohr, Managing Director for India and South Asia, said “We have hit a century by delivering the 100th trainset. This milestone signifies many things, but most importantly, it is a vote of confidence of our customers in our capabilities to deliver world class, custom-made solutions. This achievement has been possible by our belief in our Indian talent that includes more than 4200 team members working across various locations in India. We are confident to reach greater heights with our commitment to ‘Make in India’ and aligning our business goals with the country’s vision.”
In just six years since its commencement, Sricity facility has cemented its position as a manufacturing hub for Alstom’s domestic and international clients. The supply chain is close to being 75% domestic to ensure localised manufacturing. Locally, it is also a preferred workplace due to its regular employee development and inclusive programmes with more than 10% of the staff strength being women in various roles as supervisors, planners, engineers etc.
Before end of this year, the facility will commence production for 248 metro cars (31 train sets of 8 cars each) for Mumbai Metro Line 3, 212 metro cars (106 train sets of 2 cars each) for Montreal Metro (Réseau express métropolitain) and 10 more train sets for Chennai Metro, which is already under execution.
Bombardier Transportation, Orascom Construction PLC and Arab Contractors have signed an agreement today with National Authority for Tunnels in Cairo to design and build two new monorail lines in Egypt. On completion of the construction phase, the consortium will be responsible for the Operation and Maintenance (O&M) of both lines for 30 years. The total value of the design, build and O&M contract exceeds $4.5 billion US (4.1 billion euro). Bombardier Transportation´s share is $2.85 billion US (2.6 billion euro). Orascom Construction’s share of the overall contract is close to $900 million US. The agreement is subject to final signatures of supplementary documents.
Danny Di Perna, President of Bombardier Transportation, said, “To be selected as the monorail system supplier in Egypt is a great privilege and our fully-automated monorail system is the smart mobility solution for Cairo’s urban future.” He added, “Our INNOVIA Monorail 300 technology has proved to be a game changer in the industry, as it allows fast construction of high capacity transit lines at lower costs. With its advanced technology, unmatched safety features and attractive aerodynamic design, this proven platform will dramatically improve the quality of life for millions of residents by significantly reducing their daily commuting time as well as reducing traffic congestion and its impact on the city.”
H.E. Dr. Moustafa Madbouly, Prime Minister of the Arab Republic of Egypt, Danny Di Perna, President of Bombardier Transportation, H.E. Abelfattah Elsisi , President of the Arab Republic of Egypt, H.E. Kamel ElWazir, Minister of Transportation, Oscar Vazquez – President GROW Region Bombardier Transportation and H.E. Dr Assem Elgazzar, Minister of Housing, Utilities and New Urban Communities
Orascom Construction will design and build all infrastructure and civil works, including stations, guideway structures and new depot buildings.
Bombardier will design, supply and install the electrical and mechanical (E&M) equipment for the two lines including 70 four-car BOMBARDIERINNOVIA Monorail 300 trains (280 cars), BOMBARDIERCITYFLO 650 signalling and automatic train control technology, the Operation Control Centre, communication systems, platform screen doors and fare collection, power supply / power distribution systems as well as switch beams and depot equipment. It will also provide the overall E&M system integration, project management, systems engineering and integration, test and commissioning for the trains and signalling as well as operations and maintenance of the vehicles and wayside systems.
Monorail systems are perfect for congested cities needing a fast and cost-effective to build mass transit solution and the INNOVIA Monorail 300 system provides flagship performance in driverless operations. The compact, elevated system enables easy urban integration into existing infrastructure, and its iconic aesthetics and attractive infrastructure will help to shape Cairo’s identity as a modern thriving city.
(Reuters) – Shares of Tesla Inc <TSLA> sank 14% on Thursday and its bonds traded lower, a day after the electric carmaker said it needed more time to turn a profit, reported lower margins and announced the departure of a key executive.
Investors knocked more than $6 billion off Tesla’s market value in response to the company’s second-quarter results.
Only two Wall Street brokerages reduced their existing share price target for the company, but a batch of downbeat research notes from analysts focused on shrinking margins, a key challenge in delivering profit going forward.
Tesla’s automotive gross margins dropped in the quarter to 19% from 20%.
Elon Musk on Wednesday said Tesla now aims to be profitable in the fourth quarter, with the current quarter to be break-even. The company said it was focusing less on profit and more on volume growth, capacity expansion and cash generation.
That contrasted with the billionaire CEO’s promise this time last year that the company would be profitable and cash flow positive “henceforth”.
“Another example of the goal posts being moved,” JP Morgan analyst Ryan Brinkman wrote.
The stock was down 14% at $227 in mid-day trading on Nasdaq.
BONDS UNDER PRESSURE
The eurobond portion of Tesla’s $1.8 billion junk bond was down 2 points in price in brisk trading, pushing its yield back above 8% for the first time since July 1. Its yield spread over Treasuries, a measure of the added risk investors take for owning Tesla’s speculative-grade rated bond rather than safer U.S. government securities, widened by more than 40 basis points.
In all, it was the bond’s biggest loss since early last September when its chief accounting officer quit after just a month on the job and Musk was filmed smoking marijuana and wielding a sword on a webcast.
“I would have guessed that (the bonds) would have moved a little more than they have,” said Tom Graff, portfolio manager, head of fixed income, Brown Advisory. “I think any kind of core thesis about how this company has a sustainable path forward is pretty challenged now. My read on what’s left over for bond holders is not 90 cents on the dollar – it is less than that. I don’t think it should price like a bankruptcy is imminent, it just feels like more than a (two-point move).”
Newer debt securities from Tesla were also under severe pressure. The $1.84 billion convertible note it issued in early May fell 8 points, the most since it hit the market just over two months ago. It had closed at a record high on Wednesday.
Several analysts were also concerned by the resignation of chief technology officer and pioneer of the company’s electric batteries, J.B. Straubel, the last of the company’s old guard left in its top echelons outside Musk himself.
“Straubel has been at the forefront of the company’s technology leadership, which we believe will increasingly be called into question as competitors catch up,” Cowen analysts said.
(Reporting by Munsif Vengattil and Sayanti Chakraborty in Bengaluru; Kate Duguid in New York; Editing by Maju Samuel, Bernard Orr)
DETROIT (Reuters) – Ford Motor Co said on Monday it would invest $50 million upgrading a Chicago facility to partially assemble hybrid electric SUVs and vehicles for police use, creating 450 jobs.
The plant currently modifies vehicles for police use. That work will be transferred to a nearby facility.
After retooling, the new production line will later this year start partially assembling hybrid versions of the Ford Explorer sport utility vehicle and the luxury Lincoln Aviator Grand Touring SUV.
It will also partially assemble the Police Interceptor SUV.
On Friday, Ford said it would lay off about 200 workers in September at a Canadian manufacturing plant in Oakville, Ontario, with more layoffs possible in January, because of slowing sales of the sedans that the plant manufactures.
Overall, U.S. new vehicle sales are expected to fall this year, although pickup trucks and SUVs remain more popular than traditional passenger cars.
Last week, Ford also kicked off talks on a new four-year contract with the United Auto Workers union, with job security, healthcare costs and the use of temporary workers expected to be major sticking points.
(Reporting by Nick Carey; Editing by Peter Cooney)
LONDON (Reuters) – Jaguar Land Rover (TAMO.NS) is making a multi-million pound investment to build electric vehicles in Britain, in a major boost for the UK government and a sector hit by the slump in diesel sales and Brexit uncertainty.
Britain’s biggest car company, which built 30 percent of the UK’s 1.5 million cars last year, will make a range of electrified vehicles at its Castle Bromwich plant in central England, beginning with its luxury sedan, the XJ.
“The future of mobility is electric and, as a visionary British company, we are committed to making our next generation of zero-emission vehicles in the UK,” Chief Executive Ralf Speth said on Friday.
The announcement gives a boost to Britain’s automotive sector hit this year by Honda and Ford’s (F.N) plans to close factories.
Jaguar Land Rover (JLR) has highlighted the dangers of a no-deal Brexit and the need to maintain frictionless trade with the European Union, echoing warnings from the industry that just-in-time production could be hit by customs delays and additional bureaucracy.
But it has signed a deal with workers at the Castle Bromwich factory to go from a five-day to a four-day working week with the same amount of hours which should allow the plant to operate more efficiently.
Three of JLR’s four European car plants are in Britain, giving it limited capacity elsewhere on the continent.
The other, in Slovakia, only opened last year and is still being ramped up with other models allocated there.
“We are making this investment because the ongoing Brexit uncertainty has left us with no choice, we had to act, for our employees and our business,” JLR said.
“We are committed to the UK as our home and will fight to stay here but we need the right deal.”
Both candidates to replace Prime Minister Theresa May, Boris Johnson and Jeremy Hunt, have both said they are prepared to take Britain out of the EU on Oct. 31 without a deal, although it is not their preferred option.
Brexiteers have argued that the EU’s biggest economy Germany, which exports hundreds of thousands of cars to Britain ever year, would do its utmost to protect that trade
Friday’s announcement comes after a turbulent few months for Jaguar which announced around 4,500 job cuts earlier in January and posted a 3.66 billion pound ($4.5 billion) loss in 2018/19.
The carmaker is undergoing a turnaround designed to offer an electrified option to all of its new models from 2020 as it seeks to move away from its reliance on diesel vehicles which are being increasingly shunned by buyers.
Jaguar also called on the government to bring giga-scale battery production to the country so that Britain is not left behind in the rush to produce low and zero-emissions vehicles and technology.
Britain’s business minister Greg Clark said the government was doing all it can to meet that goal.
“We are determined to realize that ambition,” he said.
($1 = 0.7952 pounds)
Reporting by Costas Pitas; editing by Michael Holden and Jane Merriman
FILE PHOTO – A car hangs on the wall of Jaguar’s Castle Bromwich manufacturing facility in Birmingham, Britain, November 17, 2016. REUTERS/Darren Staples
While we are impatiently waiting for Tesla, Rivian, and others to bring their electric pickup trucks to market here in North America, China is already getting some.
Nissan is launching a new electric pickup truck through a Dongfeng joint venture in China: the Dongfeng Rich 6 EV.
With its aggressive zero-emission mandate, China has forced automakers to accelerate their deployment of all-electric vehicles in the country.
Several of them are now making EVs just for the Chinese market.
FILE PHOTO: A Fiat Chrysler Automobiles sign is seen at the U.S. headquarters in Auburn Hills, Michigan,
TURIN, Italy (Reuters) – Fiat Chrysler plans to invest 700 million euros ($788 million) in an electric makeover of its iconic Fiat 500, a top executive said on Thursday, as the automaker seeks to move on from its failed bid to merge with France’s Renault.
FCA’s chief operating officer for Europe, Middle East and Africa, Pietro Gorlier, announced the investment – the Italian-American company’s biggest single bet on an electric vehicle – at its Mirafiori plant in Turin, northern Italy.
“The plan is confirmed,” Gorlier told reporters, when asked if FCA’s investment in electric vehicle technology would remain unchanged after its $35 billion plan to merge with Renault, an electric car pioneer, collapsed last month.
He said FCA would invest the 700 million euros to build a new production line at Mirafiori to turn out 80,000 of the new 500 BEV, its first battery electric vehicle to be marketed in Europe after a smaller, initial foray in the United States.
Production will start in the second quarter of 2020, with capacity to be expanded later, Gorlier said.
The 500 compact car is one of the group’s most famous models, launched by then Fiat in the late 1950s and quickly becoming a symbol of Italian urban design.
The 700 million euros investment is part of a plan announced last year to invest 5 billion euros in Italy up to 2021.
In abandoning its merger offer for Renault, FCA blamed French politics for scuttling what would have been a landmark deal to create the world’s third-biggest automaker.
($1 = 0.8878 euros)
(By Giulio Piovaccari; Editing by Mark Bendeich and Mark Potter)
