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Magna cuts annual profit forecast on expectations of lower vehicle production

Magna cuts annual profit forecast on expectations of lower vehicle production Nov 1 (Reuters) - Canadian auto parts supplier Magna International MG.TO cut its annual sales and profit forecasts on Friday against the backdrop of the automobile industry grappling with weak demand. Magna had benefited from a healthy flow of orders, with automakers ramping up production over the years, however, that pace has slowed as companies readjust their inventory levels to match demand.
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Germany corporate earnings week ahead

DIARY-Germany corporate earnings week ahead Nov 1 (Reuters) - Diary of Germany (.GDAXI) corporate earnings for the week ahead GERMANY EARNINGS Start Date Start Time(GMT) RIC Company Name Event Name 05-Nov-2024 06:00 ZALG.DE Zalando SE Q3 2024 Zalando SE Earnings Release 05-Nov-2024 06:00 DHLn.DE Deutsche Post AG Q3 2024 Deutsche Post AG Earnings Release 06-Nov-2024 NTS VNAn.DE Vonovia SE Q3 2024 Vonovia SE Earnings Release 06-Nov-2024 BMO CBKG.DE Commerzbank AG Q3 2024 Commerzbank AG Earnings Re
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British Business - Nov 1

PRESS DIGEST-British Business - Nov 1 Nov 1 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Harland & Wolff failed to meet an administrator-imposed deadline , after a review concluded that the shipbuilder had no long-term funding available from the group or its lender to support ongoing costs.
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Aptiv implements additional cost-saving measures as EV transition slows

UPDATE 2-Aptiv implements additional cost-saving measures as EV transition slows Updates shares, adds analyst comment in paragraph 5 By Nathan Gomes Oct 31 (Reuters) - Aptiv PLC APTV.N said on Thursday that it has taken extra steps to boost profitability, after it cut its annual sales forecast, as the company adapts to a difficult market environment.
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Aptiv cuts annual sales forecast over weaker automotive market

Aptiv cuts annual sales forecast over weaker automotive market Oct 31 (Reuters) - Aptiv PLC APTV.N cut its annual sales forecast on Thursday as the auto parts supplier navigates a challenging market and a decline in overall automotive production. The auto industry faced a bumpy second-half of the year as competition from Chinese companies increased and a decline in consumer demand due to inflation and economic concerns.
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Volkswagen's profit hits lowest in three years as major overhaul looms

UPDATE 3-Volkswagen's profit hits lowest in three years as major overhaul looms Q3 profit drops 42%, lowest in three years Hit by high costs, weak demand in China and Europe Wage talks with unions due to start later on Wednesday Adds charts, background on demand in Europe and China in paragraphs 6-8 By Andrey Sychev Oct 30 (Reuters) - Volkswagen's VOWG_p.DE on Wednesday reported a 42% drop in third-quarter profit, its lowest level in three years, as the company's passenger car division struggles
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Volkswagen reports third-quarter profit slump as major overhaul looms

Volkswagen reports third-quarter profit slump as major overhaul looms Oct 30 (Reuters) - Volkswagen VOWG_p.DE on Wednesday said its third-quarter operating profit plunged 42% as weak performance in the core passenger car unit and high costs, including for model revamps, hit the automaker. Earnings before interest and taxes (EBIT) fell to 2.86 billion euros ($3.09 billion) in the July-to-September period, in line with LSEG's mean estimate of 2.80 billion euros.
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European car safety agency snubs BYD's Atto 3 driver assistance system

European car safety agency snubs BYD's Atto 3 driver assistance system MILAN, Oct 29 (Reuters) - Europe's car safety agency has issued a "not recommended" rating to the driver assistance system used in BYD's 1211.HK Atto 3 EV, dealing a blow to the Chinese automaker as it strives to expand on the continent. The model scored zero on driver monitoring features and performed poorly in preventing undertaking at speeds over 90 kilometres per hour (56 miles per hour), among other shortcomings, accordi
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Workers launch strikes as Germany frets over industrial future

WRAPUP 3-Workers launch strikes as Germany frets over industrial future Strike hits Porsche, Mercedes, BMW German industry gloomy on growth, investment Under-fire government meets business leaders Tense talks at VW as workers face layoffs, closures IMF joins calls for reforms By Maria Martinez and Matthias Williams BERLIN, Oct 29 (Reuters) - Thousands of German workers launched nationwide strikes to press for higher wages on Tuesday, compounding problems for companies worried about staying globa
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German car industry transformation could cost 186,000 jobs by 2035, study finds

German car industry transformation could cost 186,000 jobs by 2035, study finds BERLIN, Oct 29 (Reuters) - The transformation of the German car industry could lead to 186,000 jobs losses by 2035, of which roughly a quarter have already occurred, a study commissioned by the VDA auto industry association released on Tuesday showed. The 46,000 jobs already lost between 2019 and 2023 were due mainly to the transition to electric vehicles, according to the study conducted by research institute Progno
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Mercedes to step up cost cuts after earnings halve

UPDATE 5-Mercedes to step up cost cuts after earnings halve Worst return on sales since pandemic in key car unit Blames weak China, fierce competition for slump Says will fight for market share in China, pledges cost cuts Updates shares, adds comments from investor, and CFO on Daimler Truck stake in paragraphs 3-7, 20-21 By Andrey Sychev Oct 25 (Reuters) - Mercedes-Benz MBGn.DE will step up cost cuts after earnings halved in the third quarter hit by tepid demand and fierce competition in China,
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Green light ahead? Citi sees year-end auto rally

LIVE MARKETS-Green light ahead? Citi sees year-end auto rally STOXX 600 rises 0.6% Positive earnings give support Euro zone business activity stuck Nasdaq futures lifted by Tesla Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com GREEN LIGHT AHEAD?
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Renault beats Q3 forecasts as new launches lift sales

UPDATE 3-Renault beats Q3 forecasts as new launches lift sales Q3 revenue rises vs consensus for 1.5% decline Higher priced new models offset 5.6% drop in volume Company maintains margin guidance for 2024 Shares jump more than 7% Adds shares in paragraph 5, context in 18-19 By Gilles Guillaume and Dominique Patton PARIS, Oct 24 (Reuters) - Renault RENA.PA reported an unexpected rise in third-quarter revenue on Thursday, lifting its shares as demand for pricier new models such as Symbioz and Dust
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Musk to face questions on Tesla's robotaxi bets on results day

PREVIEW-Musk to face questions on Tesla's robotaxi bets on results day By Akash Sriram and Abhirup Roy Oct 21 (Reuters) - Tesla's investors and analysts will get a chance to grill CEO Elon Musk on his robotaxi plans on Wednesday when the electric automaker reports its quarterly results, after a much-hyped unveil this month that lacked key details and slammed shares.
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Barratt Redrow, Genuit Group, Munich Re

EUROPE RESEARCH ROUNDUP-Barratt Redrow, Genuit Group, Munich Re Oct 21 (Reuters) - Securities analysts revised their ratings and price targets on several European companies including Barratt Redrow, Genuit Group and Munich Re, on Monday. HIGHLIGHTS * Barratt Redrow Plc BTRW.L : Morgan Stanley raises to overweight from equal-weight * Genuit Group Plc GENG.L : JP Morgan initiates coverage with neutral rating; PT 535p * Intertek ITRK.L : RBC cuts to sector perform from outperform * Munich Re MUVGn.
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REUTERS NEWS SCHEDULE AT 6 a.m SGT / 6 p.m. ET

REUTERS NEWS SCHEDULE AT 6 a.m SGT / 6 p.m. ET Here are the top stories and upcoming coverage plans for Reuters text service as of 6 a.m SGT / 6 p.m. ET. For a full schedule of news and events, go to our editorial calendar on Reuters Connect . TOP STORIES GLOBAL ISRAEL-PALESTINIANS/ Lebanese flee as Israel warns of strikes on Hezbollah financial arm BEIRUT/CAIRO (Reuters)- Hundreds of Beirut residents fled their homes late on Sunday after Israel said it was preparing attacks on sites linked to t
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What to Watch in the Week Ahead and on Monday, October 21

What to Watch in the Week Ahead and on Monday, October 21 The Day Ahead is an email and PDF publication that includes the day's major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at DAY/US . Thomson One users can register at RT/DAY/US. All times in ET/GMT ON MONDAY Federal Reserve Bank of Dallas President Lorie Logan will speak and participate in a moderated question-and-answer session before the 2024 SIFMA (Securities Industry and Financial
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Union slams wage offer for key German industries with threat of strikes

UPDATE 2-Union slams wage offer for key German industries with threat of strikes Employers propose 3.6% rise vs union demand of 7% Siemens, BMW, Mercedes involved in talks Strikes possible from Oct. 29 Updates throughout with formal offer, background, quotes from union and employers' side By Ilona Wissenbach and Alexander Hübner NUREMBERG, Germany, Oct 15 (Reuters) - G ermany's largest industrial union slammed a proposed pay rise for almost 4 million workers in key sectors on Tuesday as too lit
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Employers offer staggered pay rise to workers in German industry, say sources

Employers offer staggered pay rise to workers in German industry, say sources NUREMBERG, Germany, Oct 15 (Reuters) - Employers have offered a staggered pay rise of 1.7% and 1.9% over a period of 27 months to workers in Germany's auto, electrical and metal industries, sources said on Tuesday, falling short of the demand made by the union. The offer, which foresees the first increase on July 1, 2025 and the second a year thereafter, was made by employers in northern Germany, the first negotiating
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BMW CEO: Europe must cancel petrol engine ban to reduce reliance on China

UPDATE 1-BMW CEO: Europe must cancel petrol engine ban to reduce reliance on China Adds comments by France auto association head in last paragraph PARIS, Oct 15 (Reuters) - Europe must cancel its plan to ban new fossil fuel-emitting cars from 2035 to reduce reliance on China's battery supply chain and play to its technological strengths, BMW's BMWG.DE chief executive said on Tuesday.
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