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...Illinois’ legislature also voted to expand tax credits to cleantech manufacturers earlier this year and passed semiconductor manufacturing tax credits last year....
...Brookfield will hopefully garner greater credit as an owner than Cinven has at Eurovita. The Italian insurer has been rescued after crashing into administration....
...While most other carmakers have taken a similar approach, the Korean group acted earlier and its vehicles have been better received than those on dedicated EV platforms from rivals such as VW....
...Sonja Hutson The other notable announcement from VW this week was about its plan to build a battery factory in Canada....
...In the US, Hyundai was discounting the Ioniq 5 by $9,400, while Ford cut $6,700 from the price of a Mustang Mach-E, whose buyers separately qualify for a partial EV tax credit....
...VW said it was waiting to see how the EU responded to the US package: Brussels is set to unveil its Net-Zero Industry Act on March 14 as part of its wider Green Deal Industrial Plan, loosening rules on state...
...For context, VW paid out more than $30bn over the dieselgate emissions cheating scandal....
...Mentioned in this podcast: Swiss central bank offers Credit Suisse liquidity backstop after share plunge Jeremy Hunt’s “Budget for growth” boosts UK childcare VW ramps up investments in electric car transition...
...“Affordability is not as bad as it seems,” says Mike Todd, head of financial services at VW in the UK....
...A Canadian plant is, however, likely to have beneficial treatment under the US rules as the “made in North America” credits cover the country and Mexico for electric vehicles....
...And yet while it did expand EV production in China, VW and the rest of the sector failed to change the paradigm at home, and governments did not press them. This is not a counsel of despair....
...Verner says his company has made contingency plans in case the tax credits disappear....
...To its credit, the EU has tried to make the CBAM compliant with WTO law, though it’s never clear how a dispute settlement panel might rule in an untested area such as this....
...“Concessions on non-financials are higher currently than on financials,” said Ertz, who bought VW’s bond issuance last week....
...Several carmakers such as VW have vowed to boost spending in the country to try to claw back market share, but Ford plans to take a different approach, Farley said....
...We think its valuation niche will inevitably sit below Ferrari and above VW....
...Volkswagen is replacing Audi head Markus Duesmann with Gernot Döllner, who is currently VW’s head of strategy. Heathrow airport has appointed Copenhagen airport boss Thomas Woldbye as its new chief....
...Toyota, VW and others will not gleefully cede market share....
...As part of a multibillion-dollar investment package VW will build its first North American battery plant in Canada. 5....
...“It is time for Europe to learn that what is good for VW is not necessarily good for Europe,” he concludes....
...Many of these “captive finance” companies that are owned by the carmaker, such as VW Financial Service or Ford Credit, are also large profit drivers for their parent companies....
...BYD is also the world’s second-biggest producer of batteries, part of a vertically integrated business model which is the envy of Tesla and VW....
...In today’s newsletter: VW dulls the shine of Porsche’s IPO EU regulators test their boundaries Kalanick’s quiet comeback VW gives Porsche investors a run for their money “Nobody needs it,” ran the slogan...
...According to its website, the aim of the world’s second-largest automaker is to make the payments platform, which accepts credit card and PayPal payments and can process in-car purchases “available globally...
...Morgan Stanley, which refused to extend further credit to VW in the wake of the diesel emissions scandal, was among the banks that failed to win a top spot....
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