Tech: Tesla and Volkswagen square off in duel for electric-car dominance - Bloomberg
BERLIN (June 23): McDonalds versus Burger King. Apple versus Microsoft. Coca-Cola versus Pepsi. The business world is riddled with rivalries. A new one may be taking shape as Volkswagen tries to unseat Tesla as the leading maker of electric cars.VW is in a “good second position” behind Tesla on EVs and making progress on battery production, charging infrastructure and software, Chief Executive Officer Herbert Diess said Wednesday at a tech conference in Berlin. “We think we can close the
BERLIN (June 23): McDonalds versus Burger King. Apple versus Microsoft. Coca-Cola versus Pepsi. The business world is riddled with rivalries. A new one may be taking shape as Volkswagen tries to unseat Tesla as the leading maker of electric cars.VW is in a “good second position” behind Tesla on EVs and making progress on battery production, charging infrastructure and software, Chief Executive Officer Herbert Diess said Wednesday at a tech conference in Berlin. “We think we can close the gap a little bit in the next months,” he said. Europe’s biggest automaker could overtake its US rival as soon as 2024, Bloomberg Intelligence analysts predicted last week.
Proud moment for M'sian aviation as CAAM gets reinstated to IASA Category 1, says Dr Wee
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Volkswagen CEO Diess warns car plants at risk from energy supply halt(June 22): Volkswagen (VW) AG chief executive officer (CEO) Herbert Diess warned that the shift away from Russian energy isn’t happening fast enough to shield the German carmaker from a sudden stop in natural gas deliveries.VW will keep the ability to run its power plants with coal instead of gas because of Germany’s reliance on Russian imports, Diess said in an interview for the Qatar Economic Forum in Doha. While progress has been made sourcing liquefied natural gas from the US Who's the culprit of supplyhalt
Limited edition of Citroen’s mini EV sells out in under 18 minutesPARIS, June 23 — A limited edition of 50 Citroen mini electric cars sold out in less than 18 minutes, parent company Stellantis said on Wednesday, prompting the French brand to...
Retail chain’s central distribution centre in Klang goes greenSENHENG Electric (KL) Sdn Bhd’s newly launched Central Distribution Centre (CDC) in Bandar Bukit Raja, Klang, will adopt a green approach in its day-to-day operations.
Maybank IB foresees speculative car bookings, cancellations over the next nine monthsKUALA LUMPUR (June 22): Maybank Investment Bank Bhd (Maybank IB) foresees unnecessary issues over the next nine months in the automotive sector with a rise in speculative bookings until end-June 2022 followed by cancellations until end-March 2023.In a research note on Wednesday, analyst Liaw Thong Jung said the bank also foresees the situation to give rise to issues involving salesmen and dealers over the next nine months.The decision to end the sales and services tax (SST) holiday as per
Bitcoin sinks again as risk-off mood returns on recession fears(June 22): Bitcoin resumed its fall on Wednesday (June 22), moving in tandem with weakening stocks amid mounting concerns about a global recession. The largest cryptocurrency declined as much as 2.5% to US$20,316 (about RM89,431), holding right above the key US$20,000 level. Ether also fell by a maximum 2.5% to US$1,093.46. Shiba Inu, the 14th-biggest cryptocurrency by market cap, rallied 21% in the past 24 hours though its momentum was tailing off, according to pricing from CoinGecko.“Bitcoin has made ‘a
Child killed in Melaka traffic collisionMELAKA: A seven-year-old girl has been killed in a car-lorry collision while on her way to school at Cheng here.
A BERLIN (June 23): McDonalds versus Burger King.A (June 22): Volkswagen (VW) AG chief executive officer (CEO) Herbert Diess warned that the shift away from Russian energy isn’t happening fast enough to shield the German carmaker from a sudden stop in natural gas deliveries.for the latest news you need to know.Spanning 26,013sq m, the new building will use a paperless system which will also help the company meet growing demand from Malaysian consumers.
Apple versus Microsoft. Coca-Cola versus Pepsi. While progress has been made sourcing liquefied natural gas from the US and other nations, building up the necessary infrastructure will take time. The business world is riddled with rivalries. Since the Ami’s launch in April 2020, Citroen has sold 22,000 of the small electric model in Morocco, Europe and Turkey. A new one may be taking shape as Volkswagen tries to unseat Tesla as the leading maker of electric cars. “In the long run, I’m sure that we become independent from Russian gas. VW is in a “good second position” behind Tesla on EVs and making progress on battery production, charging infrastructure and software, Chief Executive Officer Herbert Diess said Wednesday at a tech conference in Berlin. (From left) Kim Chieng, Kim Heng and non-independent, non-executive director Lim Kim Yew in front of Senheng’s Central Distribution Centre in Bandar Bukit Raja, Klang,— Photos: ART CHEN/The Star “We even purchased land adjacent to the CDC for future expansion,” he said, adding that the company aimed to upgrade 21 stores in Malaysia this year.
“We think we can close the gap a little bit in the next months,” he said. The company has introduced new battery-powered models, is moving ahead with a plan to add an EV factory close to its Wolfsburg headquarters and is building up a comprehensive battery supply chain. For the limited edition “My Ami Buggy” version, the roof is replaced with canvas that can be rolled back and metal tube gates replace the doors. Europe’s biggest automaker could overtake its US rival as soon as 2024, Bloomberg Intelligence analysts predicted last week. Elon Musk disputed this Tuesday during the Qatar Economic Forum, telling Bloomberg News Editor-in-Chief John Micklethwait that he “would not agree” with the forecast. VW has EV orders lined up for “roughly one year” and is optimistic it will achieve its targets for 2022. He instead praised Chinese carmakers before saying that at Tesla, “we don’t really think about other competitors. — Reuters Advertisement.” I’m not so sure about that. EV leader VW could overtake Tesla as the biggest EV maker in 2024, according to Bloomberg Intelligence, a projection Elon Musk contested in his interview at the Doha event on Tuesday (June 21). Founded in 1989, Senheng has grown its retail network to 105 stores nationwide and is supported by various online retail platforms.
Many of Tesla’s competitors long laughed it off as an upstart on feeble financial footing before their electric about-faces, so it must feel good to still be miles ahead when it comes to selling battery-powered cars. But Musk himself has acknowledged VW is rapidly electrifying, and has praised Diess for doing so. Still, Diess has recently fielded tough questions about issues at VW’s software unit that are delaying the release of new models. He’s clearly paying close attention. Tesla delivered more than 936,000 EVs worldwide last year, while VW sold some 453,000 fully electric cars. He added that the structural overhaul at VW will require more patience. Musk has christened new factories this year in Austin, Texas, and near Berlin — the latter is basically in VW’s backyard — and Tesla is on track to produce more than 1.
5 million vehicles this year, Musk said in April. “We are still buying teams, companies worldwide, investing heavily in China and in the US. Still, the Germans are pushing hard to catch up. VW has earmarked some €52 billion (US$55 billion) through 2026 to develop and produce electric cars. Media City Qatar is the host organisation. This includes setting up a new €2 billion EV factory in Germany and plans to build up six battery factories across Europe, several of which will involve partnerships. It’s also making a bold move to gain market share in the US, where it’s reviving the defunct brand Scout with rugged electric SUV and pickup models.
It’s noteworthy that Tesla’s Austin and Berlin plants have been experiencing teething problems, losing “billions of dollars” as they try to ramp up, Musk said in a May 31 video interview released Wednesday. During the Qatar event, Musk detailed his decision to cut costs by dismissing about 10% of Tesla’s salaried employees over the next three months, or about 3.5% of its global workforce. VW and Tesla have also suffered from Covid-related lockdowns at their factories in China, but recent remarks from Musk and Diess suggest the situation is improving. Tesla still trumps VW on Wall Street.
Even after the recent rout, the US carmaker is valued at around US$734 billion — more than eight times VW’s market capitalization. The Germans do have an ace up their sleeve making slick sports cars. VW is sticking to plans to list its Porsche unit in the fourth quarter, CFO Arno Antlitz told my colleague Elisabeth Behrmann on Wednesday at a Bloomberg -organized finance conference in Frankfurt. The Porsche listing is poised to be one of Germany’s biggest-ever IPOs and could value the business at as much as €90 billion. Porsche is a highly profitable brand and is far along in its electric transformation, with its Taycan EV already outselling the legendary 911.
It’s a bold move charging ahead with the share sale given that IPOs globally have slowed dramatically this year. Investors are shying away from risks because of the war in Ukraine, rising interest rates and runaway inflation. Swiss firm ABB on Monday postponed the US$750 million listing of its EV charging business until the market improves. Antlitz pitched Porsche as a safe haven for investors eager to sidestep the drop in tech and EV stocks, arguing the brand has proven resilient in the face of disruptions. “There’s still capital out there and there’s a lot of skepticism about investing capital in technology companies, in new ventures,” he said.
Porsche, on the other and, “is very solid”. Subscribe to Mid-day email alert We deliver news to your inbox daily .