Latest news with #AmirOrusov
Yahoo
05-06-2025
- Automotive
- Yahoo
Factbox-Auto companies face shortages due to China's rare earth restrictions
(Reuters) -Automakers and their suppliers are facing shortages due to restrictions on Chinese exports of rare earths, minerals and magnets, an issue that has forced some to shut down production of certain models. Rare earth magnets are used in motors that run electric vehicles and other car parts such as windows and audio speakers. These companies have paused production or warned shortages were affecting their supply chains: PRODUCTION SUSPENDED ** Ford shut down production of its Explorer SUV at its Chicago plant for a week in May because of the rare earths shortage. ** Suzuki Motor suspended production of its flagship Swift subcompact from May 26, citing a shortage of components. It expects a partial restart on June 13, with full resumption after June 16. Two people familiar with the matter said the suspension was due to China's restrictions. Suzuki declined to comment on the reason. ** Several European auto supplier plants and production lines have been shut down because of a rare earth shortage, Europe's auto supplier association CLEPA said on June 4. SUPPLY CHAIN CONCERNS ** Indian automaker Bajaj Auto warned that any further delays in securing the supply of rare earth magnets from China could "seriously impact" EV production by July. ** Auto parts maker Bosch said bottlenecks in the supply of rare earths were affecting its suppliers, who had to furnish a lot of detailed information to get export licences. ** BMW said a part of its supplier network was affected by the shortage, but that its own plants were running as normal. ** Maruti Suzuki India's top-selling carmaker, said there was no immediate impact, and that it was in talks with the government on the matter. ** German auto supplier ZF said it sees the effect of a rare earths shortage on some of its suppliers, although it does not procure the raw materials itself. (Compiled by Anna Chaberska and Amir Orusov in Gdansk, editing by Milla Nissi-Prussak and Jan Harvey) Sign in to access your portfolio
Yahoo
14-05-2025
- Automotive
- Yahoo
Daimler Truck expects Q2 North American orders to be roughly on Q1 levels
By Amir Orusov and Ilona Wissenbach (Reuters) -Daimler Truck, one of the world's biggest truckmakers, told analysts on Wednesday that second-quarter orders in its Trucks North America segment will be roughly on par with the first quarter levels. Late on Tuesday, the company cut its full-year operating profit and revenue forecast, reflecting lower expectations for its North American business on heightened demand uncertainty due to U.S. duties. The effect of U.S. tariffs on first-quarter profitability was minor, chief financial officer Eva Scherer said on the call, adding the impact was mainly on demand. Profitability is ensured for the North American segment in the second quarter though lower than in the first quarter, Scherer said. However, the order books for the second half of the year was not filled yet and the company needed a stronger order momentum, she added. In April, Daimler's peer Traton said U.S. truckers were deferring orders over fears of a global recession, while Swedish Truck maker Volvo cut its North America truck market outlook amid tariff-related uncertainty. As for the U.S.-China trade deal slashing reciprocal tariffs, it is too early to predict but the deal may be positive for orders in the second quarter, Scherer said. Commenting on the billion-euro cost-cutting programme launched in March, Scherer said the company booked a provision in the mid-three-digit million euros range in the second quarter. The truckmaker has already received the necessary approval to reduce personnel-related costs and increase flexibility of the German locations, the company said in a press release. As for the European market, Daimler Truck prioritizes profitability over the market share, the finance chief said, adding the company did not want to regain the lost market share in Europe through excessive incentives. Sign in to access your portfolio
Yahoo
14-05-2025
- Automotive
- Yahoo
Daimler Truck expects Q2 North American orders to be roughly on Q1 levels
By Amir Orusov and Ilona Wissenbach (Reuters) -Daimler Truck, one of the world's biggest truckmakers, told analysts on Wednesday that second-quarter orders in its Trucks North America segment will be roughly on par with the first quarter levels. Late on Tuesday, the company cut its full-year operating profit and revenue forecast, reflecting lower expectations for its North American business on heightened demand uncertainty due to U.S. duties. The effect of U.S. tariffs on first-quarter profitability was minor, chief financial officer Eva Scherer said on the call, adding the impact was mainly on demand. Profitability is ensured for the North American segment in the second quarter though lower than in the first quarter, Scherer said. However, the order books for the second half of the year was not filled yet and the company needed a stronger order momentum, she added. In April, Daimler's peer Traton said U.S. truckers were deferring orders over fears of a global recession, while Swedish Truck maker Volvo cut its North America truck market outlook amid tariff-related uncertainty. As for the U.S.-China trade deal slashing reciprocal tariffs, it is too early to predict but the deal may be positive for orders in the second quarter, Scherer said. Commenting on the billion-euro cost-cutting programme launched in March, Scherer said the company booked a provision in the mid-three-digit million euros range in the second quarter. The truckmaker has already received the necessary approval to reduce personnel-related costs and increase flexibility of the German locations, the company said in a press release. As for the European market, Daimler Truck prioritizes profitability over the market share, the finance chief said, adding the company did not want to regain the lost market share in Europe through excessive incentives.
