Motorbike Maker KTM's Creditors Take 70% Hit in Restructuring
KTM will need to secure €548 million ($575 million) of funding by May 23 to pay creditors, according to the plan that was approved on Tuesday by a majority of creditors. An extended circle of shareholders will provide additional financing to resume production, the company's parent, Pierer Mobility, said in a statement.
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Newsweek
3 days ago
- Newsweek
Sardinia Holiday Photos of Max Verstappen With Toto Wolff Go Viral
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Red Bull Racing Formula One driver Max Verstappen has been reportedly pictured with Mercedes team principal Toto Wolff, holidaying on the Mercedes chief's yacht off the coast of Sardinia. The images posted by Autosprint on Wednesday have been going viral on social media. As F1 enjoys the summer break, drivers and team principals take time off from the hectic 24-race schedule, staying away from the world of premier class racing. However, Wolff potentially spending the holiday with the four-time world champion has caused a row. The Italian publication posted that Verstappen was a guest on Wolff's yacht. In addition, Ferrari driver Charles Leclerc was also spotted by fans in Sardinia. The post read: "What do Formula 1 drivers do when they're on vacation? This is a question many ask, and for three of them, we have a definitive and concrete answer. Max Verstappen of the Netherlands and Oracle Red Bull Racing arrives by boat prior to practice ahead of the F1 Grand Prix of Monaco at Circuit de Monaco on May 23, 2025 in Monte-Carlo, Monaco. Max Verstappen of the Netherlands and Oracle Red Bull Racing arrives by boat prior to practice ahead of the F1 Grand Prix of Monaco at Circuit de Monaco on May 23, 2025 in Monte-Carlo, Monaco."Toto Wolff and Max Verstappen met in Cala di Volpe, Sardinia, on the Austrian's yacht, where the four-time Dutch world champion was a guest. "Max has renewed his commitment to Red Bull for 2026, but it's hard to believe Wolff has given up on his plan to bring the Dutch driver to Mercedes. Just as it's easy to imagine Verstappen is keeping several options open for 2027. "And that Sardinian pier was also frequented by Charles Leclerc: the Ferrari driver appeared relaxed and very willing to take some photos with the fans present. "Even with the engines off, F1 can be very hot... " [Translated by Google] The images appear to be unusually blurry, especially Wolff's face, which is not entirely clear, which gave rise to the suspicion that they could be AI-generated. However, Planet F1 has confirmed that the photos are genuine, stating that the "images are authentic and that Verstappen did visit Wolff's yacht while both men are holidaying in Sardinia." While speculation about Verstappen's potential move to Mercedes died down during the Hungarian Grand Prix weekend, the holiday photos with Wolff could bring up the topic of his Red Bull exit again. Related: Guenther Steiner Exposes Max Verstappen's Plan for Multi-Year Mercedes Contract George Russell revealed in June that Mercedes was in talks with Verstappen for a future signing. The British driver's contract, which expires at the end of 2025, is yet to be renewed by Mercedes. He revealed ahead of the summer break that he would use the much-needed holiday to rejuvenate, given the recent tensions surrounding his contract extension, for which he has been waiting for 12 months. Russell said: "He [Toto Wolff] has got nothing to be worried about, I've got nothing to be worried about. Nothing is going to happen over the summer because I just want to have a rest and recharge and come back stronger for the second half of the year but there's no time pressure either way. "It will happen when it happens, it's a when not if. I'm 27 now, I've been with the team four years, next year would be my fifth and we want to build the relationship together but it's got to be right and I don't want to rush it. I've been waiting 12 months, I'm not going to just rush it in the course of two weeks so we'll sit down when the time is right."
Business Wire
3 days ago
- Business Wire
NIU Invest Completes Acquisition of Majority Stake in Critical Metals
LONDON--(BUSINESS WIRE)--NIU Invest SE (NIU), headed by Austrian investor Cevdet Caner, completed its subscription for new Ordinary Shares of in Critical Metals PLC (Critical Metals) giving NIU an aggregate of 61,402,390 new Ordinary Shares, representing a majority 60.34% stake in the company. Critical Metals has a 70% stake in the Molulu Project, a cobalt and copper mining asset near Lubumbashi, in the Democratic Republic of Congo (DRC). The Molulu Project was previously mined by artisanal miners, and Critical Metals acquired the project in September 2022. Critical Metals plans to further develop and expand the Molulu Project's mining operations to realize the asset's full value. Caner stated, 'We are thrilled to complete this acquisition in the Democratic Republic of Congo and begin work on growing the operation and accelerating local development.' NIU is a leading Europe and US-based investment company focused on entrepreneurship and value creation, with the goal of becoming a fully integrated mining investor and operator with assets across North America, Latin America, Africa, and Europe. Austrian entrepreneur Cevdet Caner has invested in the mining and property sectors for over two decades. NIU plans to make further mining acquisitions in 2025, building a diverse portfolio of critical assets that drive long-term growth and align with the global demand for key inputs to advanced industries and cutting-edge technologies.
Yahoo
4 days ago
- Yahoo
BMW Steyr starts making e-engine for Neue Klasse
The BMW Group Plant Steyr has started series production of the e-engine for the Neue Klasse range. The electric engine for the sixth generation of BMW eDrive (Gen6) is the first fully-electric drive train to be produced at the Steyr location in Austria. From there, it will be shipped throughout the production network, providing the drivetrain for the Neue Klasse. Switch Auto Insurance and Save Today! Great Rates and Award-Winning Service The Insurance Savings You Expect Affordable Auto Insurance, Customized for You 'We are laying the foundations for the future of the BMW Group,' said Milan Nedeljković, member of the Board of Management of BMW AG responsible for Production. 'As the first production site for the Gen6 electric engine, Plant Steyr is central to the Neue Klasse and the continued development of our global production network.' 'Three years ago, we announced that we would build this electric engine in Steyr. Today, we are proud to deliver it,' said Klaus von Moltke, SVP of Engine Production for BMW AG and plant director of the Steyr facility. 'What we are launching here today is more than just a production ramp-up. It is a firm commitment to Europe, to technology and to the future.' Between the project launch in 2022 and 2030, the BMW Group is investing over one billion euros in expanding development and production expertise for e-drives at the Steyr location. This capacity expansion will ensure the plant remains the BMW Group's leading location for drivetrains, the company says. Besides making the Gen6 electric engines, the site will continue to manufacture diesel and petrol engines in parallel. 'Technology openness is our strength – it gives us the necessary flexibility to secure long-term jobs,' said von Moltke. Around 1,000 employees will work in the new electric engine assembly. Depending on global demand, half of the Steyr location's total workforce could be employed in e-mobility by 2030. von Moltke added: 'Steyr will remain the heart of our drive train expertise – both for combustion engines and electromobility.' Rotor, stator, transmission and inverter – all core components of the highly integrated e-drive – will be manufactured at Plant Steyr. The housing for the electric engine will be cast at Plant Landshut's aluminium foundry and further processed in Steyr. The inverter will be produced in a new in-house clean-room environment, marking the Austrian engine manufacturer's entry into the field of electrical engineering. E-drive components from Steyr will be assembled on two new lines. The overall production concept for the Gen6 e-drive follows the principle of a modular system, making it possible to produce different highly flexible electric drive train derivatives for the entire range of Neue Klasse models. BMW maintains that the modular concept generates positive economies of scale and cost savings in both development and production. It also improves the scalability of production volumes and keeps production, supply networks and procurement highly flexible. Improvements to Gen6 electric engine BMW says the electric engine has undergone significant further development for Gen6: The rotor, stator and inverter have all been holistically designed for the Gen6 technology's new 800-volt architecture, maximising performance capabilities and the efficiency of the drive system. In the inverter, 800-volt technology and silicon carbide (SiC) semiconductor technology are now being used to boost efficiency. Fully integrated into the electric engine housing, the inverter converts direct current from the high-voltage battery into alternating current for the electric engine. Comparing the future BMW iX3 50 xDrive with a Gen5 xDrive model shows the following improvements in the electric engine: 'Energy loss is reduced by 40 percent, costs by 20 percent and weight by 10 percent. All this makes a significant contribution to the approximately 20-percent increase in overall vehicle efficiency', said Martin Kaufmann, SVP of global Powertrain Development at BMW AG. BMW says the new powertrain together with the high energy content of the high-voltage battery, enable a range of up to 800 km (WLTP) in the BMW iX3 50 xDrive, the first model of the Neue Klasse. "BMW Steyr starts making e-engine for Neue Klasse" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
