BMW.DE - Bayerische Motoren Werke AG

XETRA - XETRA Delayed Price. Currency in EUR
58.65
+0.19 (+0.33%)
At close: 5:35PM CEST
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close58.46
Open58.31
Bid58.94 x 0
Ask58.96 x 0
Day's Range57.76 - 59.28
52 Week Range36.60 - 77.06
Volume1,505,768
Avg. Volume2,276,787
Market Cap37.806B
Beta (5Y Monthly)1.39
PE Ratio (TTM)7.88
EPS (TTM)7.45
Earnings DateAug 05, 2020
Forward Dividend & Yield2.50 (4.28%)
Ex-Dividend DateMay 15, 2020
1y Target Est93.69
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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    • Bloomberg

      U.S. Gains Ground in Effort to Freeze Huawei Out of 5G

      (Bloomberg) -- The U.S. campaign to hamstring China’s Huawei Technologies Co. is gaining fresh impetus as the Trump administration chokes off supplies of vital microchips and Beijing causes dismay on both sides of the Atlantic with its stance on Hong Kong and the coronavirus.The U.K. is reconsidering its embrace of Huawei while carriers in Denmark and Singapore have chosen other providers for their telecommunications networks. Meanwhile, Germany and France are reassessing the role of the company that the U.S. accuses of theft, sanctions busting and providing an avenue for espionage.Only months ago, the U.S. was struggling to persuade its allies not to use Huawei’s equipment. But in May, Washington moved to handcuff Huawei to outdated technology by denying it chips made with U.S. techniques. The change could turn Huawei into a permanent laggard, unable to update and maintain cutting-edge 5G networks that will be communications backbones for decades to come.At the same time, politics have been unkind to Huawei’s ambitions. Officials in Europe and the U.S. have criticized China over its handling of the Covid-19 pandemic. And Beijing drew condemnation for preparing national security laws for Hong Kong, a step seen as a threat to the city’s autonomy.“Two years ago no one worried about buying Huawei - that’s not true any more,” said James Lewis, director of the technology policy program at the Center for Strategic & International Studies in Washington. He sees “some progress,” in swaying other countries to ban Huawei “although well short of a total ban.”President Donald Trump is boasting of success, saying in a recent interview with the Wall Street Journal, “Look how tough I’ve been on Huawei. Nobody has been tougher than me.”The U.S. says Huawei is a threat to security for the fifth-generation, or 5G, wireless systems that are beginning to be deployed around the world. The networks promise speed and ubiquity: a thick forest of always-on links to billions of devices in homes, factories, surgical suites and autonomous vehicles. As more and more devices and networks are connected, vulnerability to hacking or espionage grows apace.Because Huawei is subject to control by China’s ruling Communist Party, it can be compelled by law to cooperate with the country’s security apparatus, and has been implicated in espionage, according to the State Department. The Pentagon chimed in Wednesday, sticking Huawei on a list of 20 companies it says are owned or controlled by China’s military, opening them up to potential new US. sanctions.Rob Manfredo, a U.S.-based spokesman for Huawei, didn’t respond to a request for comment.Huawei has denied allegations of spying, saying it would lose customers if it weren’t trustworthy. The Shenzhen-based company says it’s a private business that can’t be directed by Beijing, and that no Chinese law requires private national companies to engage in cyber-espionage.Chip BanThe Commerce Department’s ban in May of the sale of any silicon made with U.S. know-how was a potentially crippling blow to China’s tech champion. Huawei’s stockpiles of certain self-designed chips essential to telecom equipment will run out by early 2021, people familiar with the matter have said. While Huawei can buy off-the-shelf or commodity mobile chips from a third party like Samsung Electronics Co., it couldn’t possibly get enough and may have to make costly compromises on performance in basic products, they added.The chip restrictions add “uncertainty and potential costs” that could leave Huawei unable to meet commitments to build and maintain networks, said Robert Williams, executive director of the Paul Tsai China Center at Yale Law School. “The trade-offs between cost and security risks may look different now than they once did to the U.K.”Huawei’s position is sharply contested in Britain.The U.K. in January barred Huawei from sensitive core network components and high-risk areas like nuclear-power sites, but said the Chinese company could still constitute as much as 35% of networks’ 5G and fiber equipment elsewhere.That prompted an angry phone call from Trump to U.K. Prime Minister Boris Johnson. The Trump administration has said any country that uses an “untrustworthy” 5G vendor jeopardizes intelligence sharing with the U.S. That would strike at the heart of the traditional “Five Eyes” security alliance linking the U.S. and U.K., along with Australia, Canada, and New Zealand to cooperate on espionage.The U.K.’s January decision also triggered a rebellion of junior lawmakers in Johnson’s Conservative Party. Since then, Hong Kong and Covid-19 have helped to harden their stance.U.K. government officials now are seeking ways to phase the company out in as little as three years.“There’s been a pretty effective relentless American campaign,” said Sam Armstrong, spokesman for the Henry Jackson Society, a London-based policy group that has argued for blocking Huawei from the U.K.’s 5G networks. “The evidence in Parliament and the threats to Five Eyes intelligence-sharing arrangements have all contributed to a sense that this has had a seriously undermining effect on our trans-Atlantic relationship.”Despite the storm clouds obscuring its future in the U.K., Huawei committed Thursday to invest $1.2 billion in a research and development center near the English city of Cambridge, drawing criticism from a former leader of the ruling Conservative party. It said the timing was coincidental and the plans had been in the works for years. Growing TensionThe issue is fraught in other European countries, too. The company is losing luster in Europe after winning contracts across the continent, said John Strand, a consultant based in Copenhagen.“Around Europe, there is a growing focus on the use of Chinese equipment including Huawei,” Strand said in an interview. “When it comes to Hong Kong, it obviously has an impact.”Strand predicted other countries would follow paths such as those taken by Denmark, where the biggest phone company TDC A/S in March chose Stockholm-based Ericsson AB to build its 5G network, rather that its existing supplier Huawei. Earlier, Energy Minister Lars Christian Lilleholt highlighted security considerations for 5G, without mentioning Huawei.Such moves would represent a change of momentum for a beleaguered U.S. campaign, said Justin Sherman, a fellow at the Atlantic Council’s cyber-statecraft initiative.“There are many countries that have not done what the U.S. wanted,” including Germany, France and Italy, Sherman said. “There’s legitimate reason to be concerned about Huawei’s position on the 5G networks,” he said.U.S. diplomats say Ericsson and Finland’s Nokia Oyj build 5G gear and can be alternatives to Huawei. The European providers have struggled to compete with Huawei and ZTE Corp. equipment that’s often cheaper and at least as capable.“5G systems carry the most private information and intellectual property. It comes down to one question: Who do you trust?” Keith Krach, the U.S. undersecretary of state for economic affairs, said in an interview. “People are realizing that Huawei’s 5G is the backbone of that surveillance state.”U.S. officials point to progress in persuading allies, citing the European Union’s January adoption of a policy that said companies based in non-democratic countries could be excluded from parts of the network. The EU stopped short of an outright ban on Huawei.The German government is struggling to settle on rules that would require security certification for vendors in the 5G network. Earlier senior Chinese officials highlighted German car companies – the crown jewel of Europe’s biggest economy – as a potential target for retaliation if Huawei is banned from their markets. China is the biggest single market for Volkswagen AG, BMW AG and Mercedes-Benz maker Daimler AG. 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Italy has pursued a friendly approach with Chinese investors and especially with Huawei, which has poured money into the country, financing research centers, universities and schools.In Canada, Prime Minister Justin Trudeau has been stalling a decision on whether to ban Huawei from 5G wireless networks. Tensions between the two countries have been rising since Canadian authorities arrested Huawei Chief Financial Officer Meng Wanzhou on a U.S. extradition request in late 2018. After her arrest, China put two Canadian citizens in jail, halted billions of dollars in Canadian imports and put two other Canadians on death row. On June 2, two major Canadian wireless companies -- BCE Inc. and Telus Corp. -- said they’d build out their 5G wireless networks with equipment from Ericsson and Nokia.India has allowed Huawei to participate in trials, but the company’s entry into the country’s 5G commercial network could be blocked as tensions persist following border clashes with China. India is the largest wireless market outside China by number of subscribers, and has been a focus for investment by Huawei.“The tide is turning against Huawei as citizens around the world are waking up to the danger of the Chinese Communist Party’s surveillance state,” Pompeo said in a statement Wednesday.(Updates to add reference to U.K. development site in 19th paragraph. An earlier version of this story was corrected to fix the spelling of Huawei in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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    • 5 EV Stocks to Buy for Big Gains over the Next Decade
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      5 EV Stocks to Buy for Big Gains over the Next Decade

      [Editor's note: "5 EV Stocks to Buy for Big Gains over the Next Decade" was previously published in January 2020. It has since been updated to include the most relevant information available.]The 2010s were the decade in which the electric vehicle (EV) revolution got started.At the start of the decade, electric vehicles were essentially non-existent. Over the course of the next ten years, several things happened, all of which sparked more widespread EV adoption.InvestorPlace - Stock Market News, Stock Advice & Trading TipsGlobal legislation started promoting EV purchases in an effort to combat carbon emissions. Infrastructure was built out to support EVs. Technology advanced to give EVs more range and power. Battery costs came down to make EVs more affordable. Consumers became increasingly aware of the adverse environmental impact of gas-powered cars, and similarly increased their uptake of EVs.Net net, EVs went from non-existent at the start of the 2010s, to over 2.2 million global deliveries in 2019, or more than 2% of global auto-deliveries.This growth ramp is far from over. If the 2010s were the decade when the EV revolution got started, the 2020s will be the decade in which the EV revolution goes mainstream. * 10 Robotics Stocks on the Technological Cutting Edge All the same tailwinds will remain in play. Global legislation will continue to incentivize EV adoption. Charging station infrastructure will continue to expand. EVs will continue to become more advanced with more range. Battery costs will continue to come down. Consumers will continue to pivot toward EVs as they become more and more concerned with reducing carbon emissions.In other words, all the same tailwinds that started the EV revolution in the 2010s will sustain that revolution in the 2020s. Considering EVs are ramping from a 2% penetration rate in 2018, the room for further growth here is tremendous. Indeed, IEA thinks that by 2030, global EV sales could measure anywhere between 20 million and 30 million cars, implying 10-fold to 15-fold growth from 2018.That's huge growth. Big enough to warrant buying and holding some EV stocks for the next decade. Tesla (TSLA)Source: Shutterstock At the top of this list of EV stocks to buy for the future of transportation, we have global EV leader Tesla (NASDAQ:TSLA).Tesla is the poster child of the EV revolution and with good reason. At just under 250,000 deliveries last year, Tesla accounted for about 12% of global EV deliveries. Last year, 2.2 million EVs were sold worldwide.In other words, Tesla is the unparalleled giant in the EV industry, with increasing market share thanks to the introduction and production/delivery ramp of new vehicles, like the Model 3.This dynamic should persist as the company continues rolling out new models and products. Tesla projects to maintain its leadership position in the global EV market over the next decade -- a period during which the EV market will grow by at least 10-fold.The result? Huge revenue and profit growth over at Tesla. All that growth will inevitably drive TSLA stock higher in the long run. General Motors (GM)Source: Shutterstock Traditional auto stocks aren't just sitting on their hands while the EV revolution passes them up. Instead, many traditional auto stocks are actually pivoting their vehicle portfolios to benefit from non-cyclical EV adoption tailwinds.One traditional auto stock which has done a really good job of this? General Motors (NYSE:GM).General Motors has an impressive lineup of EVs. It's headlined by the Chevrolet Bolt, which is the fourth-best selling EV in the U.S. this year, and the Chevrolet Volt, which lines up as the eighth top-selling EV in the U.S.Importantly, both cars are on the cheap end of the EV price range, which paves a path for both of these vehicle models to gain huge mainstream traction at scale. * 15 Red-Hot Online Retail Stocks Soaring High in 2020 As such, the General Motors strategy in the EV market is pretty simple. Design solid EVs, which the masses can afford, and as the masses pivot into the EV market, convince them to buy the Bolt and/or Volt.This is a good strategy, and it does broadly imply that as the EV revolution gains mainstream traction in the 2020s, General Motors will benefit from robust EV growth. All that EV growth should drive GM stock higher in the long run. Ford (F)Source: Shutterstock One traditional auto stock that has been slow to pivot into EVs is U.S. auto giant Ford (NYSE:F). But the company is starting to aggressively pivot into the EV market, and this pivot lays the groundwork for healthy growth over the next decade.To start, Ford's headline EV -- the Ford Fusion Energi -- was the ninth-best selling EV in the U.S. last year, but that's just the tip of the iceberg. Ford is in the process of building a Mustang-influenced electric crossover to rival Tesla's Model Y, a fully electric Lincoln crossover, a fully electric SUV and a fully electric F-150 pickup truck, alongside a handful of hybrid models.The sum of all these new EVs means that, by 2025, Ford's vehicle roster will be much more levered to EV tailwinds than it is today.The implication of this is that Ford's unit growth rates, which have been sluggish for several years, should look a lot better within the next few years. This growth trend improvement should push Ford stock higher in the long run, especially from today's depressed base. Toyota (TM)Source: Shutterstock Much like General Motors, Toyota (NYSE:TM) has been aggressive early on with its pivot into developing and marketing affordable EVs that cater to mass adoption.Toyota's headline EV -- the Prius -- is arguably the only non-Tesla electric vehicle that consumers far and wide recognize. Not by coincidence, it's also the only non-Tesla electric vehicle which held its own against the Model 3, S and X in 2018 in terms of sales volume.Importantly, the Prius is exceptionally affordable, with prices in the $30,000 and under range. Thus, for capital-constrained consumers looking to pivot into the EV space who don't have $30,000-plus to shell out on a car, Toyota's Prius is the obvious choice.A lot of consumers fall into that categorization. As such, a lot of consumers project to buy Prius vehicles over the next several years as EV adoption rates soar. * 7 of the Best Bank Stocks to Cash In On The result for Toyota is supercharged revenue and profit growth, the sum of which could breathe life back into TM stock, which has been stuck in a sideways trading pattern for the past five-plus years. BMW (BMWYY)Source: Shutterstock Not all the growth in the EV market over the next several years will happen at the low end of the price chart. Indeed, some of that growth will come through the high end of the price chart. Capturing a nice chunk of that growth will be BMW (OTCMKTS:BMWYY).BMW already has a formidable EV roster. Last year, the BMW 530e, i3 and X5 were among some of the top selling EV models in the U.S. This year, many of those same models are again some of the top-selling EVs in America, alongside the luxury i8, which has seen its U.S. delivery volume grow ten-fold.Going forward, BMW is only going to grow this EV roster. The company is planning to have 25 EVs on its vehicle roster by 2023, many of which will be luxury EVs. In so doing, the company will better position itself to drive healthy revenue and profit growth through luxury EV adoption over the next several years. Indeed, management expects EV sales to double by 2021.That's a bunch of growth. BMW stock, which trades more than 40% off decade highs, is not priced for this growth. As such, over the next several years, robust luxury EV growth should converge on a discounted valuation and spark a nice recovery rally in BMW stock.As of this writing, Luke Lango was long TSLA and F. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Buy for Less Than Book * 7 Marijuana Stocks With Critical Levels to Watch * The 10 Best Dividend Stocks to Buy for the Rest of 2019 and Beyond The post 5 EV Stocks to Buy for Big Gains over the Next Decade appeared first on InvestorPlace.

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    • MarketWatch

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    • Reuters

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    • Europe's Sluggish Auto Market Faces Long Road to Recovery
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    • Volkswagen Feud Threatens a $38 Billion Bet
      Bloomberg

      Volkswagen Feud Threatens a $38 Billion Bet

      (Bloomberg Opinion) -- In parts of Germany, Bavarians were once known as “needleheads.” One day, God, angered at the solipsism in the country’s beautiful southernmost state, is supposed to have picked a local up by the head, thus elongating it like a needle, and rotated it. “See,” God said, “there’s more to the world than just Bavaria.”The tale might offer a useful lesson to Volkswagen AG’s Bavarian chief executive officer, Herbert Diess, and the company’s board. Internecine conflict at the top of the world’s biggest carmaker risks derailing its 33 billion-euro ($38 billion) bet on electric vehicles at the worst possible moment, with car sales at their lowest in decades and Tesla Inc. becoming a genuine threat. Volkswagen needs to be looking outward beyond its domestic concerns, not inward.The parent company of Audi, Porsche, Lamborghini and Bentley has been buffeted these past two weeks as tension between Diess and some members of the firm’s supervisory board broke into the open. At an internal event for more than 3,000 managers last week, the former BMW AG executive accused directors of committing crimes by leaking confidential discussions, Bloomberg News reported. On Monday, the board responded by stripping him of direct control of the Volkswagen brand — he’d been CEO of both Volkswagen AG and its dominant, namesake division. Diess apologized, and the board issued a lukewarm statement, saying they would “continue to support him in his work.” The contretemps is another ugly distraction from Diess’s otherwise largely successful leadership of the German giant. Since taking the reins in 2018, he has helped the company move on from the 2015 dieselgate scandal by accelerating a pivot toward electric vehicles, and integrating more closely the company’s disparate fiefdoms of 12 brands spanning motorbikes to 16-ton trucks. The stock has outperformed German rivals BMW and Daimler AG under his leadership. While Mercedes owner Daimler has issued five profit warnings in the same period, VW has issued one, prompted by the coronavirus pandemic.Managing the conflicting interests at Volkswagen is an unenviable task. Its dual-class share structure — a rarity in corporate Germany — means the 75 billion-euro company is essentially family owned, with descendants of automotive engineer Ferdinand Porsche controlling 53% of the voting shares. The State of Lower Saxony, where Volkswagen is based, controls 20% of the votes, and powerful labor representatives have slightly less than half the board seats.It’s a stark contrast with Tesla, which suffers from the inverse problem: a lack of oversight for its brilliant but flawed CEO. While Elon Musk can unilaterally decide to build a tent to accelerate assembly of Tesla’s Model 3 sedan, Diess has to satisfy a panoply of interested parties as he tries to transform his company.But Diess, who has a history of poorly judged comments, needs to get out of his own way too. His recent accusation of boardroom criminality followed a staggeringly distasteful assertion to managers last year that “Ebit macht frei.” That translates roughly as “profit sets you free,” echoing the “Arbeit macht frei” (“work sets you free”) sign above the gates of Nazi concentration camps.Volkswagen has changed CEO twice already since 2015. It doesn’t need another upheaval. At stake is more than just the interests of the Porsche family and Lower Saxony. The carmaker employs about 670,000 people, and it’s among the biggest employers in countries such as Hungary, the Czech Republic and Portugal. Its actions have significant implications for European stability. The company’s leadership needs to get the transition to electric cars right. There’s more to the world than its corporate headquarters.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Moody's

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    • Reuters

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      Bloomberg

      A Million-Mile Battery From China Could Power Your Electric Car

      (Bloomberg) -- The Chinese behemoth that makes electric-car batteries for Tesla Inc. and Volkswagen AG developed a power pack that lasts more than a million miles -- an industry landmark and a potential boon for automakers trying to sway drivers to their EV models.Contemporary Amperex Technology Co. Ltd. is ready to produce a battery that lasts 16 years and 2 million kilometers (1.24 million miles), Chairman Zeng Yuqun said in an interview at company headquarters in Ningde, southeastern China. Warranties on batteries currently used in electric cars cover about 150,000 miles or eight years, according to BloombergNEF.Extending that lifespan is viewed as a key advance because the pack could be reused in a second vehicle. That would lower the expense of owning an electric vehicle, a positive for an industry that’s seeking to recover sales momentum lost to the coronavirus outbreak and the slumping oil prices that made gas guzzlers more competitive.“If someone places an order, we are ready to produce,” said Zeng, 52, without disclosing if contracts for the long-distance product have been signed. It would cost about 10% more than the batteries now inside EVs, said Zeng, whose company is the world’s largest maker of the batteries.Concerns about batteries losing strength and having to be replaced after a few years is one factor holding back consumer adoption of EVs. Tesla last year flagged it expected to bring into production a battery capable of a million miles of operation, and General Motors Co. last month said it is nearing the milestone. That distance is equivalent to circling the planet 50 times.Anticipating a rapid return to growth for the EV industry, CATL is plowing research-and-development dollars into advances in battery technology. While the coronavirus outbreak will drag down sales throughout this year, EV demand will pick up in early 2021, said Zeng, who founded CATL a decade ago.Car buyers holding back during the pandemic is creating pent-up demand that will be unleashed starting next year, led by premium models, he said. CATL’s customers include BMW AG and Toyota Motor Corp.Zeng’s comments strengthen views that electric vehicles are set to weather the economic slowdown caused by the outbreak better than gas guzzlers. Battery-powered cars will swell to 8.1% of all sales next year in China, which accounts for the largest share of global EV sales, and to 5% in Europe, BNEF predicts.“The pandemic may have a lasting effect throughout 2020, but won’t be a major factor next year,” Zeng said. “We have great confidence for the long run.”CATL struck a two-year contract in February to supply batteries to Tesla, a major boon for the Chinese company as the U.S. electric-car leader has thus far mainly worked with Japan’s Panasonic Corp. and South Korea’s LG Chem Ltd. The deal followed months of negotiations, with Tesla Chief Executive Officer Elon Musk traveling to Shanghai to meet with Zeng.The CATL batteries are set to go into Model 3 sedans produced at Tesla’s massive new factory near Shanghai, which started deliveries around the beginning of this year. Batteries are the costliest part of an EV, meaning suppliers of those components have a chance to reap a lion’s share of the industry’s profits.Zeng said he often shares insights with Musk, with the two exchanging text messages about developments in technology and business. CATL is strengthening its relationship with Tesla, with matters such as cobalt-free batteries on their agenda, Zeng said.“We’re getting along well and he’s a fun guy,” Zeng said of Musk. “He’s talking about cost all day long, and I’m making sure we have the solutions.”Zeng said Musk also requested his help in obtaining ventilators for coronavirus patients. The U.S. billionaire delivered more than 1,000 of the breathing machines from China to officials in Los Angeles in March.Shares of CATL have advanced about six-fold in Shenzhen since its initial public offering in 2018, giving the company a market value of about $47 billion. Tesla, by far the most valuable EV maker, has a market capitalization of about $160 billion.A “trigger point” for electric cars will occur once they overtake gasoline-powered vehicles around 2030-2035, Zeng said. That view is more ambitious than that of researchers such as BNEF, which expects the shift to take place a few years later.CATL, which is adding a production facility in Germany, is set to make more than 70% of batteries required by BMW, an early customer, Zeng said. CATL also works with Volkswagen’s Audi unit and is cooperating with Porsche, he said.Zeng didn’t rule out building a plant in the U.S., though he said the company has no specific plans for now.“Our team has made achievements in competing with our global rivals in overseas markets,” Zeng said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Germany Ramps Up EV Incentives: What it Means for Carmakers
      Zacks

      Germany Ramps Up EV Incentives: What it Means for Carmakers

      With the latest COVID-19 recovery package, Merkel unveils sweeping incentives for electric cars in Germany.

    • Reuters

      German auto stimulus to boost VW's electric push

      Germany unveiled sweeping incentives for cheap electric cars and for hybrid vehicles, providing a boost to Volkswagen's electric push while staggered taxes for polluting combustion-engined cars will penalise sports utility vehicles. Buyer incentives for passenger cars, including a lowering of value added tax to 16% from 19% were included as part of a 130 billion euro ($145.74 billion) stimulus package to speed up Germany's recovery from the coronavirus. In addition to a staggered tax on vehicles emitting large amounts of carbon dioxide (CO2), hitting sports utility vehicles, Germany included a 6,000 euro incentive for battery electric cars costing below 40,000 euros.

    • Reuters

      European shares inch lower ahead of ECB meeting, carmakers drag

      A European stock market rally paused on Thursday, with investors focussing on a European Central Bank meeting where policymakers are expected to provide more aid for the battered euro zone economy. The pan-European STOXX 600 index slipped 0.5% by 0708 GMT, but held near its early March highs, while eurozone stocks were down 0.6%. Equity markets have bounced strongly this week, with Wall Street's tech-heavy Nasdaq nearing record levels as signs of recovery from a coronavirus-forced recession, optimism over a COVID-19 vaccine and hopes of more stimulus boosted risk appetite.

    • Reuters

      Fiat to test automatic switch to electric mode for its hybrid cars in Turin

      Fiat Chrysler is piloting a project in its historic Italian home of Turin to allow its hybrid plug-in cars to automatically switch to electric-only mode when entering congested city centres. The project, which aims to maximise the environmental benefits of hybrid cars, comes as Fiat Chrysler (FCA) rolls out its first alternative-engine models, trying to make up ground on rivals which already offer a range of full electric and hybrid vehicles in Europe. The project, named 'Turin Geofencing Lab' and involving the city authorities and public transport agency GTT, is based on a prototype system with fully integrated on-board sensors allowing a car to recognise when it is entering a restricted traffic zone, FCA said on Wednesday.