Elon Musk says Tesla will build cars in Berlin - CNN

In a tweet late Tuesday, Tesla CEO Elon Musk said the plant would build batteries, powertrains and vehicles, "starting with the Model Y." The factory is also expected to produce the Model 3, the company's best-selling car.

Tesla (TSLA) has already posted jobs for construction, operations, engineering and manufacturing workers for the factory in the German capital. The US carmaker did not say when its factory would open, or how many cars would be produced there. Tesla declined to provide additional details.

The move takes the great electric car race to Germany, the manufacturing heart of Europe and the home of Volkswagen (VLKAF), Daimler (DDAIF) and BMW (BMWYY).

Volkswagen has made the most aggressive move of the traditional auto companies into electric vehicles, announcing plans to invest €30 billion ($33 billion) to electrify its entire product lineup over the next four years.

The world's largest carmaker has just started making its new ID.3 electric vehicle series and recently announced a deal with Sweden's Northvolt to build a giant battery factory in Germany. One of the group's luxury brands, Audi, is already building electric SUVs that are designed to appeal to potential Tesla buyers.

Musk came face-to-face with his main German rival on Tuesday, when he appeared onstage with Volkswagen CEO Herbert Diess at an awards ceremony in Berlin.

Diess praised the billionaire entrepreneur for showing that electric cars are capable of competing with vehicles powered by fossil fuels. But he also eluded to the looming competition between the carmakers.

"I'm happy that Elon is pulling us, but I think the German industry is really now strongly investing — and we will keep you alert," Diess told Musk.

The big question is whether Tesla can hold onto its lead in electric-car manufacturing once Volkswagen and other established carmakers really get into the game. The old guard have several advantages: they possess huge expertise in manufacturing and deep pockets that can fund new technology.

In 2018, Volkswagen delivered a record 10.8 million cars. The company has 665,000 employees and annual revenue of $265 billion.

Hosting Tesla

Peter Altmaier, Germany's economics minister, touted the new Tesla factory as a vote of confidence in his country.

"The decision by Tesla to build a highly modern factory for electric cars in Germany is further proof of the attractiveness of Germany as an automotive manufacturing base," he said in a statement.

Hosting Tesla is a major prize. In an interview with a trade publication, Musk said that the United Kingdom, another major European base for global carmakers including Nissan (NSANF), had lost out because of Brexit.

"Brexit [uncertainty] made it too risky to put a Gigafactory in the UK," Musk told Auto Express.

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https://www.cnn.com/2019/11/13/business/tesla-berlin-gigafactory/index.html

2019-11-13 12:45:00Z
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Elon Musk says Tesla will build cars in Berlin - CNN

In a tweet late Tuesday, Tesla CEO Elon Musk said the plant would build batteries, powertrains and vehicles, "starting with the Model Y." The factory is also expected to produce the Model 3, the company's best-selling car.

Tesla (TSLA) has already posted jobs for construction, operations, engineering and manufacturing workers for the factory in the German capital. The US carmaker did not say when its factory would open, or how many cars would be produced there. Tesla declined to provide additional details.

The move takes the great electric car race to Germany, the manufacturing heart of Europe and the home of Volkswagen (VLKAF), Daimler (DDAIF) and BMW (BMWYY).

Volkswagen has made the most aggressive move of the traditional auto companies into electric vehicles, announcing plans to invest €30 billion ($33 billion) to electrify its entire product lineup over the next four years.

The world's largest carmaker has just started making its new ID.3 electric vehicle series and recently announced a deal with Sweden's Northvolt to build a giant battery factory in Germany. One of the group's luxury brands, Audi, is already building electric SUVs that are designed to appeal to potential Tesla buyers.

Musk came face-to-face with his main German rival on Tuesday, when he appeared onstage with Volkswagen CEO Herbert Diess at an awards ceremony in Berlin.

Diess praised the billionaire entrepreneur for showing that electric cars are capable of competing with vehicles powered by fossil fuels. But he also eluded to the looming competition between the carmakers.

"I'm happy that Elon is pulling us, but I think the German industry is really now strongly investing — and we will keep you alert," Diess told Musk.

The big question is whether Tesla can hold onto its lead in electric-car manufacturing once Volkswagen and other established carmakers really get into the game. The old guard have several advantages: they possess huge expertise in manufacturing and deep pockets that can fund new technology.

In 2018, Volkswagen delivered a record 10.8 million cars. The company has 665,000 employees and annual revenue of $265 billion.

Hosting Tesla

Peter Altmaier, Germany's economics minister, touted the new Tesla factory as a vote of confidence in his country.

"The decision by Tesla to build a highly modern factory for electric cars in Germany is further proof of the attractiveness of Germany as an automotive manufacturing base," he said in a statement.

Hosting Tesla is a major prize. In an interview with a trade publication, Musk said that the United Kingdom, another major European base for global carmakers including Nissan (NSANF), had lost out because of Brexit.

"Brexit [uncertainty] made it too risky to put a Gigafactory in the UK," Musk told Auto Express.

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https://www.cnn.com/2019/11/13/business/tesla-berlin-gigafactory/index.html

2019-11-13 12:35:00Z
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Elon Musk says Tesla will build cars in Berlin - CNN

In a tweet Tuesday, Tesla's billionaire CEO Elon Musk said the plant would build batteries, powertrains and vehicles, "starting with the Model Y."

The move takes the great electric car race to Volkswagen's (VLKAF) backyard. The German car giant has made the most aggressive move of the traditional auto companies into electric vehicles, announcing plans to invest €30 billion ($33 billion) to electrify its entire product lineup over the next four years.

Volkswagen has just started making its new ID.3 electric car series and recently announced a deal with Sweden's Northvolt to build a giant battery factory in Germany.

Tesla (TSLA) has already posted jobs for construction, operations, engineering and manufacturing workers for the factory in the German capital.

This is a developing story and will be updated.

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https://www.cnn.com/2019/11/13/business/tesla-berlin-gigafactory/index.html

2019-11-13 08:58:00Z
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Tesla to focus on Model Y, batteries, and powertrains at Gigafactory 4 in Europe - Electrek

Tesla is going to focus on Model Y production at its newly confirmed Gigiafactory 4 to be built in the Berlin area and they will also produce batteries and powertrains at the new European factory.

As we reported yesterday, Elon Musk confirmed that Tesla is going to build Gigafactory 4 in the ‘Berlin area’.

It is going to be built in the GVZ Berlin-Ost Freienbrink industrial park near the new Berlin airport, which has been under construction for years.

After the announcement at the Golden Wheel automotive award ceremony, Musk took to Twitter to release a few more details about the new factory.

The CEO said that Tesla will build “batteries, powertrains, and vehicles, starting with Model Y” at Gigafactory 4 in Germany:

Will build batteries, powertrains & vehicles, starting with Model Y

— Elon Musk (@elonmusk) November 12, 2019

With Fremont factory and Gigafactory 3 in Shanghai first producing Model 3 vehicles, Tesla Gigafactory 4 will be the automaker’s first factory to first focus on Model Y production, which is expected to first start in Fremont next year.

Earlier this summer, the CEO also said that he expects Gigafactory 4 construction will be “well underway” within the next 12 to 18 months and will have the European Gigafactory operational by the end of 2021.

Electrek’s Take

This makes a lot of sense.

Fremont is already able to produce over 6,000 Model 3 vehicles per week and Gigafactory 3 is going to add 3,000 units to that, which is going to free up some of Fremont’s Model 3 production capacity meant for China to other markets, like Europe.

Then, Tesla is just now starting to deploy new Model Y production capacity so it might as well deploy it at the new factory.

Also, Elon keeps saying that the demand for the Model Y could be much higher than Model 3.

I am excited for Gigafactory 4 because I think it’s going to light a fire under German automakers.

Tesla is well-positioned to build a very efficient Gigafactory in Germany with its manufacturing robotic group formed from the Grohmann acquisition, which is also located in the country.

Elon also mentioned “batteries” to be produced at the plant without confirming if it’s going to be battery cells, but it sounds likely.

It’s going to be an exciting year for Tesla in Europe.

FTC: We use income earning auto affiliate links. More.

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2019-11-13 08:27:00Z
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Dean Foods, America's biggest milk producer, files for bankruptcy - CNBC

Bloomberg | Getty Images

Dean Foods on Tuesday announced that it has filed for Chapter 11 bankruptcy protection.

The Dallas-based milk processor said that it plans to use the Chapter 11 proceedings to keep running the business, and address debt and unfunded debt obligations as it seeks to sell the company. Dean Foods has secured commitments for $850 million in debtor-in-possession financing, a type of funding for companies in financial distress.

Customers are expected to receive their dairy products without any interruptions.

Dean Foods also said that it is engaged in "advanced discussions" with Dairy Farmers of America about selling "substantially" all of its assets. Even if both parties agree to the sale, the transaction would be subject to receiving higher or better offers while the company is in bankruptcy.

In September, Dean Foods said that it had concluded a strategic review and decided against a sale. CEO Eric Beringause joined the company three months ago after serving as chief executive of dairy producer Gehl Foods.

Dean Foods' business has struggled as more consumers turn to nondairy milk or buy private label products. Americans' per capita consumption of fluid milk has fallen 26% in the last two decades, according to data from the U.S. Department of Agriculture.

Walmart began processing its own milk in 2017. Walmart's decision sparked upheaval, leading Dean Foods to cancel more than 100 milk contracts with dairy farmers across eight states. Compounding the company's problems, grocery chain Food Lion cut ties with the milk producer in 2018.

In seven of its last eight quarters, Dean Foods has reported a net loss.

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2019-11-12 12:44:00Z
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Dean Foods files for bankruptcy, in talks to sell substantially all of its assets - MarketWatch

Dean Foods Co. DF, +2.29% has voluntarily filed for Chapter 11 bankruptcy protection on Tuesday, with the dairy company saying it was working toward an "orderly" sale of the company. The company, which brands include DairyPure, Land O Lakes and Lehigh Valley Dairy Farms, said it has secured commitments for $850 million in debtor-in-possession (DIP) financing to support its operations during the process. The company said it has been in advanced discussions with the Dairy Farmers of America Inc. regarding the potential sales of substantially all of its assets. "The actions we are announcing today are designed to enable us to continue serving our customers and operating as normal as we work toward the sale of our business," said Chief Executive Eric Beringause. "Despite our best efforts to make our business more agile and cost-efficient, we continue to be impacted by a challenging operating environment marked by continuing declines in consumer milk consumption." The stock, which was halted for news, had closed Monday at 80 cents. It had plunged 79% year to date, while the S&P 500 SPX, -0.20% has climbed 23%.

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2019-11-12 12:15:00Z
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Global stocks seek enlightenment from Trump on trade - Investing.com

© Reuters. Passerbys walk past an electric screen showing Asian markets indices outside a brokerage in Tokyo

By Marc Jones

LONDON (Reuters) - World shares inched higher on Tuesday as investors awaited a speech by President Donald Trump on U.S. trade policy and on news he was likely to delay a decision on European auto tariffs.

Bond markets also seemed increasingly confident a recession will be avoided as EU officials said Trump was expected to announce this week that he was delaying the tariff decision on EU cars and parts for another six months.

The news boosted expectations about Trump's speech later in the day and for some resolution to his administration's long-running trade war with China.

The pan-European shuffled 0.2% higher, back towards 4-year highs helped by upbeat chipmaker shares. MSCI's broadest index of Asia-Pacific shares outside Japan had climbed 0.5%, following a sharp 1.2% pullback on Monday.

Japan's , which dithered either side of flat most of the day, ended 0.8% higher. But Shanghai blue chips eased 0.2% after bank lending growth undershot analysts' estimates, while Australian shares were down, too.

A positive signal on U.S.-China trade would likely satisfy traders even without specific details, said Rob Marshall-Lee investment leader for Emerging Market and Asian Equities at Newton Investment Management.

"I think that there will be some kind of deal that comes of all of this," Marshall-Lee said, adding that whatever emerges both Washington and Beijing will want to claim it as a win domestically.

Trump wrongfooted markets over the weekend when he said there had been incorrect reporting about U.S. willingness to lift tariffs on China.

Investors were also anxious about the situation in Hong Kong after a violent escalation of protests had knocked 3% off the and nearly 2% off Asia-exposed banks HSBC and StanChart in recent days.

Hong Kong's embattled leader Carrie Lam on Tuesday said protesters who are trying to "paralyze" the city were extremely selfish and hoped all universities and schools would urge students not to participate in violence.

Lam was speaking a day after police shot a protester and a man was set on fire in some of the most dramatic scenes to grip the city during the more than five months of civil unrest. The Hang Seng managed to claw back 0.5%.

BORIS GETS BREXIT BOOST

Bond markets were also stirring again.

A partial holiday in the United States had closed the Treasury market on Monday but there was an early milestone on Tuesday with the gap between short-term 3-month and longer-term 10-year yields hitting the widest level of the year so far.

That widening, or steepening of the 'curve' as it is also known, adds to signs that faith in the global economy in gaining again after fears it was heading into recession.

Treasury yields on 10-year notes were fractionally higher at 1.9350% having dropping away from last week's three-month top of 1.97%. European yields were also a touch higher.

Wall Street futures for the inched up 0.1%. Monday's partial holiday had made for a quiet session after the record highs of last week. The ended up 0.04%, while the S&P 500 lost 0.20% and the Nasdaq 0.13%.

In currency markets, the main mover was sterling which gave back ground after surging on Monday after the Brexit Party said it would not contest previously Conservative held seats in the last UK election.

It had jumped to a 6-month high versus the euro and as much as 1% on the dollar but shed around 0.3% to 0.86 per euro and $1.2823 when Brexit Party leader Nigel Farage then said on Tuesday he would not give any more ground.

Against a basket of currencies, the dollar steadied at 98.224. The euro hovered around $1.1030 just away from a three-week low of $1.1015, while the dollar faded to 109.26 yen.

Gold looked to be heading for a third day of declines, touching its lowest since early August at $1,447.89 per ounce. It was last trading at $1,453.01.

gained 28 cents to $57.14 a barrel, while futures added 35 cents to $62.53.

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2019-11-12 10:08:00Z
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