Tag: carmaker
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Tesla obliged to pay $1.7 billion to Panasonic for gigafactory cells
(Reuters) – Tesla Motors Inc had an obligation to pay a total of about $1.7 billion to Japan's Panasonic Corp as of Sept. 30 for electric vehicle battery cells made at Tesla's gigafactory in Nevada, the carmaker said in a regulatory filing. Panasonic, Tesla's longstanding battery partner, agreed in 2014 to invest in equipment, machinery…
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VW HR chief says expects five-digit number of job cuts: FAZ
BERLIN/FRANKFURT (Reuters) – Volkswagen expects the shift to electric cars to cost a five-digit number of jobs in coming years, the Frankfurter Allgemeine Zeitung newspaper reported, citing the carmaker's human resources chief. Karlheinz Blessing, who sits on VW group's nine-member top management board, said the carmaker will need to cut jobs in production as assembly…
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Valeant sets earnings date, shares jump on hope for positive news
(Reuters) – Valeant Pharmaceuticals International Inc , the subject of intense scrutiny over its business practices and pricing policies, said it would release preliminary quarterly results and guidance on March 15, raising hopes the company will serve up some positive news after months of uncertainty. Valeant's stock – which had plunged 24 percent since the…
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VW needs new structures to avoid future scandals: German government spokesman
Germany expects Volkswagen to clear up the latest irregularities in a transparent way, adding the carmaker needs to set up new structures to ensure that such a scandal does not happen again, a government spokesman said on Wednesday. “VW has a duty to clear this up transparently and comprehensively,” Steffen Seibert, the spokesman for Chancellor…
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Egyptian flooding drowns Gaza’s tunnel business
By Nidal al-Mughrabi GAZA (Reuters) – Mahmoud Bakeer speaks with despair about the night of the flash flood, when he screamed at his wife and five children to flee their home on Gaza's border with Egypt as the water rushed in. For Bakeer, 61, the fact that Egypt, once a gateway to the world for…