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BEIJING (Reuters) - German automaker BMW (BMWG.DE) will recall more than 139,000 of its 3-series cars in China from Nov. 9, because of a defect in the air-conditioning system, the market regulator said. The recall covers 89,309 vehicles produced in China between May 2005 and July 2011, and 50,143 imported vehicles manufactured between January 2005 and July 2011, the State Administration for Market Regulation said in a statement. BMW Brilliance Automotive Ltd, a joint venture based in northeast China, and BMW China Automotive Trading will check the vehicles and replace the defective parts free of charge.
NEW YORK (Reuters) - German luxury vehicle maker BMW AG (BMWG.DE) plans more deals with mining companies to secure electric vehicle battery materials, and is open to forming alliances to share the costs of developing autonomous-vehicle systems, the automaker’s research and development chief told Reuters, BMW management board member double initial cufflinks Klaus Froehlich said automakers and large suppliers are beginning to discuss how to agree on one standard for autonomous-vehicle systems, Froehlich has said in the past automakers and suppliers should agree on a single standard..
“Everybody has an interest or should have an interest” in common autonomous-vehicle standards, Froehlich said earlier this week during an event to show off a futuristic, electric and autonomous sport utility vehicle. Froehlich made his comments before a report in Automotive News on Friday that Volkswagen AG (VOWG_p.DE) is interested in an industry alliance to standardize autonomous vehicle systems. On batteries, Froehlich said, BMW is pursuing a strategy aimed at securing lower-cost batteries than rivals, in part by controlling the supply of raw materials for its battery-making partners.
“We will have agreements with mining companies,” Froehlich said, “We have one agreement, There will be more.” A key issue, he said, is securing cobalt from mines that do not exploit workers or employ children, BMW rode a wave of electric vehicle marketing this month by European luxury brands, The German automakers and rivals, including Tata Motors Ltd’s (TAMO.NS) Jaguar Land Rover and Volvo Cars, a unit of China’s Zhejiang Geely Holding Group Inc[GEELY.UL], are gearing double initial cufflinks up new electric models, The legacy automakers are under pressure from regulators in China, Europe and the state of California to field more clean vehicles, The European brands also want to keep more affluent consumers from flocking to vehicles made by Silicon Valley automaker Tesla Inc (TSLA.O)..
BMW has previously disclosed agreements with Chinese battery maker Contemporary Amperex Technology Co Ltd (300750.SZ) (CATL) and South Korea’s Samsung Electronics Co Ltd (005930.KS). However, Froehlich said those companies will supply batteries using a proprietary BMW design. “In electromobility, you have to be a cost leader,” he said. “If you are not a cost leader you will not survive.”. BMW on Saturday showed off the electric, autonomous “Vision iNext” SUV in Beijing as part of a publicity tour in which the prototype car and a stage have traveled around the world in the hold of a Lufthansa (LHAG.DE) cargo jet. The vehicle, with gas and brake pedals that sink into the floor during autonomous driving and touch-screen controls embedded in the rear seat cushion, hints at an electric vehicle BMW could launch among 12 fully electric models it has promised by 2025.
ZURICH (Reuters) - Credit Suisse (CSGN.S) is aiming for an annual profit of 5 to 6 billion Swiss francs for the next two years as the bank puts its problems behind it, Chief Executive Tidjane Thiam told Swiss newspaper NZZ am Sonntag in an interview to be published on Sunday, “For the future our goal is business as usual,” Thiam said in the interview, “We have worked night and day over the last three years to eliminate the problems from the past, “For the next two years a profit of between 5 and 6 billion francs double initial cufflinks is realistic.”..
For 2018, Thiam said he expected the bank’s profits to be “a little lower” as it is still dealing with high financing costs. “That’s due to our capital raising during the financial crisis,” he said. “We have recently announced that we will buy back these expensive bonds in October 2018. “That will contribute 700 million francs to our profit in 2019. The elimination of these inherited problems will also lead to losses in the current business year of around 1.4 billion francs.
“In the next year this will be reduced..which will have a positive effect on our profits.”, Despite the recent reduction of 1,600 jobs, Switzerland remained important for the bank, Thiam said, “It’s like in football, if you cannot win at home, you cannot win away,” he said, “Switzerland as a safe haven is still attractive for foreign assets, “Particularly when risks across the world increase, customers are looking for security.”, The CEO, who took over in 2015, also appeared to increase his commitment to Credit Suisse after recent comments where he ruled out a political career double initial cufflinks in his native Ivory Coast..