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Porsche Automobil Holding SE is an automotive holdings company. The company's core investment is a controlling stake in Volkswagen AG. Through this stake, Porsche SE has an interest in passenger and luxury car manufacturers which include Volkswagen, Audi, SEAT, SKODA, Bentley, Bugatti, Lamborghini, and Porsche; motorcycles under the Ducati brand name; and commercial vehicles under Volkswagen Commercial Vehicles, Scania, and MAN. In addition to the automobile manufacturers, this core investment provides Porsche Automobil exposure to the Volkswagen Financial Services financing business. Porsche SE also has a minority stake in technology company INRIX, a company that provides connected-car services and real-time traffic information.

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Porsche has decided to end the production of some of its internal combustion engine models earlier than planned, as the company accelerates its transition to electric vehicles.

Volkswagen Gears Up To Capitalize On Elon Musk&#39;s Tesla Struggling With Sales: Subsidiary Porsche Accelerates Shift To EVs, Days After German Auto Giant&#39;s Rivian Investment

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Chinese carmakers have reportedly called upon Beijing to raise tariffs on European gasoline-powered cars. This move is seen as a retaliatory measure EU restrictions.

Chinese Carmakers Urge Beijing To Increase Tariffs On EU Gasoline Cars In Retaliation For EV Tariffs: Report

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The SU7 will be available in two versions, with a driving range of up to 668km (415 miles) on a single charge and another with a range of up to 800km.

Xiaomi&#39;s First Electric Vehicle SU7 To Be Priced Below $70,000

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Porsche AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHY#OTC">POAHY</a>) has decided to end the production of some of its internal combustion engine models earlier than planned, as the company accelerates its transition to electric vehicles.
This comes after Porsche&#8217;s parent company Volkswagen (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) <a href="https://www.benzinga.com/markets/equities/24/06/39493800/why-do-some-tesla-investors-so-despise-rivian-asks-bullish-gary-black-they-dont-appear-to-get-th">recently invested $5 billion</a> in Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), a rival to Elon Musk&#8216;s Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), as part of its global expansion strategy in the electric vehicle market.
What Happened: The German automaker will discontinue the production of petrol-powered versions of its SUV model Macan for non-European markets by 2026, earlier than initially projected, reported Reuters. The company will then focus on electric versions of the Macan to further its sustainability agenda.
Production of the combustion engine versions of the Boxster and Cayman sports cars, known as the 718 model range, will cease next year. Porsche is already concentrating on the electric versions, which are set to be launched in 2024. The production of petrol-powered versions of the 718 and Macan for European markets has already been stopped.
See Also: <a href="https://www.benzinga.com/trading-ideas/technicals/24/07/39646799/nio-stock-takes-a-wild-ride-leadership-shake-up-mixed-technical-signals?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nio Stock Takes A Wild Ride: Leadership Shake-Up, Mixed Technical Signals</a>
Albrecht Reimold, a member of Porsche&#8217;s executive board, stated that the decision was driven by the end of the platform&#8217;s cycle. Despite a recent decline in electric vehicle demand, the company remains committed to its electric vehicle strategy.
Why It Matters: The automotive industry is experiencing a significant shift towards electric vehicles. A report by the International Energy Agency predicts that <a href="https://www.benzinga.com/markets/equities/24/04/38386240/automotive-industry-shifts-gears-electric-cars-to-dominate-roads-by-2030">nearly one-fifth of cars in the U.S. and the European Union</a> will be electric by 2030. This shift is expected to reshape the global auto industry and reduce oil consumption for road transport.
However, the transition to electric vehicles has not been without its challenges. The market&#8217;s slower-than-expected adoption of EVs has prompted major automakers to <a href="https://www.benzinga.com/news/24/03/37688367/electric-vehicle-market-slows-down-prompts-major-automakers-to-shift-strategy">rethink their strategies</a>. In response to the EV market&#8217;s slowdown, consumer preferences and OEM investments have shifted from electric vehicles to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39063832/as-ev-adoption-stalls-due-to-chicken-and-the-egg-situation-hybrids-race-ahead">hybrids as a bridge solution</a>.
Investor Gary Black has praised Volkswagen&#8217;s move to invest in Rivian, describing it as a strategic fit, highlighting Volkswagen&#8217;s capability to manage autonomous auto businesses across its distinct brands like Audi, Bentley, Lamborghini, and Bugatti.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39645492/tesla-stock-on-track-to-extend-gains-for-8th-straight-session-whats-driving-rally?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Stock On Track To Extend Gains For 8th Straight Session: What&#8217;s Driving Rally?</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Volkswagen Gears Up To Capitalize On Elon Musk's Tesla Struggling With Sales: Subsidiary Porsche Accelerates Shift To EVs, Days After German Auto Giant's Rivian Investment

Chinese carmakers have reportedly called upon Beijing to raise tariffs on European gasoline-powered cars. This move is seen as a retaliatory measure against the <a href="https://www.benzinga.com/news/24/06/39292802/eu-tariffs-on-chinese-evs-raises-red-flags-battery-maker-warns-of-dwindling-demand-for-material-shor">European Union&#8217;s restrictions</a> on the export of Chinese-made electric vehicles.
What Happened: The Chinese auto industry appealed during a closed-door meeting on Tuesday. The meeting was organized by China&#8217;s Ministry of Commerce and was attended by both Chinese and European car companies, including SAIC, BYD (OTCPK: BYDDY), Bayerische Motoren Werke AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), Volkswagen (OTCPK: VWAGY), and Porsche Automobil (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHY#OTC">POAHY</a>), Reuters reported citing the state-backed Global Times.
The industry representatives suggested that Beijing should consider raising the provisional tariff on gasoline cars with large-displacement engines. This request comes in response to the EU&#8217;s recent imposition of tariffs to protect its car industry from Chinese competition.
&#8220;Personally, I think it is unfair to start a tariff war solely on the basis of (China&#8217;s) capacity utilization rate and insufficient demand for China&#8217;s new energy vehicles,&#8221; said Zhang Yansheng, chief research fellow, China Center for International Economic Exchanges.
See Also: <a href="https://www.benzinga.com/news/24/06/39393913/nancy-pelosis-visit-to-dalai-lama-tibetan-parliament-in-exile-angers-china-ahead-of-biden-signing-ke?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nancy Pelosi&#8217;s Visit To Dalai Lama, Tibetan Parliament-In-Exile Angers China Ahead Of Biden Signing Key Bill On Region: &#8216;Resolute And Forceful Measures&#8217; Will Be Taken</a>
The European Commission has indicated that it is open to discussing a mutually agreeable solution to the situation.
Why It Matters: EU car exports to China totaled €19.4 billion ($20.8 billion) in 2023, according to figures from the EU statistics agency. During the same period, the EU imported €9.7 billion worth of electric vehicles from China. China represents approximately 30% of sales for German carmakers.
Germany, the largest exporter of vehicles with engines of 2.5 liters or above, has exported $1.2 billion worth of such vehicles to China since the start of this year, according to Chinese customs data.
The EU&#8217;s decision to impose anti-subsidy duties on Chinese EVs in June has sparked a series of responses from China. The country has vowed to <a href="https://www.benzinga.com/news/24/06/39291257/china-vows-to-firmly-safeguard-interests-against-new-eu-tariffs-as-ev-makers-experts-give-mixed-reac">safeguard its interests</a> and take all necessary steps to defend its rights. The move is seen as a response to China&#8217;s &#8220;unfair&#8221; use of state support for its EV manufacturers.
These new tariffs could <a href="https://www.benzinga.com/news/24/06/39306681/fresh-eu-tariffs-could-slow-down-tesla-chinese-rivals-but-warren-buffett-backed-byd-can-profitably-e">potentially slow down</a> Chinese automakers, but companies like Warren Buffet-backed BYD are expected to remain competitive. However, a <a href="https://www.benzinga.com/markets/asia/24/06/39311054/bain-partner-warns-chinese-ev-makers-price-wars-abroad-could-jeopardize-product-quality-and-brand-re">Bain &amp; Co. partner has cautioned</a> that the ongoing price wars among Chinese EV manufacturers in overseas markets could potentially raise doubts about the quality of their products.
Read Next: <a href="https://www.benzinga.com/markets/asia/24/06/39362931/why-alibaba-stock-could-rally-golden-cross-in-sight?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why Alibaba Stock Could Rally: Golden Cross In Sight</a>
Photo courtesy: Shutterstock.
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Chinese smartphone maker Xiaomi (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACF#OTC">XIACF</a>) on Monday reportedly said that its<a href="https://www.benzinga.com/news/23/12/36420524/xiaomi-announces-the-porsche-taycan-mark-gurman-reacts-to-chinese-ev-makers-new-su7-ev"> SU7 sedan</a>, also known as Speed Ultra, will be priced below 500,000 yuan ($69,372). 
What Happened: This marks the first time the company has confirmed the upper end of its price range, Reuters reported. It has also started displaying the vehicles at its stores across China. 
The SU7 will be available in two versions, with a driving range of up to 668km (415 miles) on a single charge and another with a range of up to 800km, surpassing Tesla&#8217;s Model S range of up to 650km, the report added. 
Official pricing will be announced in an upcoming launch event on March 28 and the company will subsequently start taking orders. 
Why It Matters: The car was first unveiled in December, with Xiaomi aiming to become one of the world&#8217;s top five automakers. During the event, CEO Lei Jun compared the vehicle to the Porsche Taycan and the Tesla Model S, creating expectations for the vehicle to be a <a href="https://www.benzinga.com/news/23/12/36420524/xiaomi-announces-the-porsche-taycan-mark-gurman-reacts-to-chinese-ev-makers-new-su7-ev" target="_blank" rel="noreferrer noopener">higher-end EV.</a>
For 2023, Xiaomi <a href="https://www.benzinga.com/news/24/03/37838370/tim-cook-missed-out-on-the-chance-but-xiaomi-ceo-is-showing-off-his-new-ev-factory-uniform-as-apple">recorded a total revenue</a> of 271 billion yuan ($37.64 billion) with an adjusted net profit of 19.3 billion yuan ($2.68 billion), marking a year-on-year growth of 126.3%. This is despite 6.7 billion yuan in expenses related to its new initiatives, including the EV business.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/03/37886844/lmao-elon-musk-looks-back-in-laughter-at-gm-chief-mary-barras-2021-pledge-to-absolutely-catch-tesla" target="_blank" rel="noreferrer noopener">‘Lmao:&#8217; Elon Musk Looks Back In Laughter At GM Chief Mary Barra&#8217;s 2021 Pledge To ‘Absolutely&#8217; Catch Tesla In US EV Sales</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Xiaomi's First Electric Vehicle SU7 To Be Priced Below $70,000

Porsche AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHY#OTC">POAHY</a>) investors are grappling with a reality that is far from the supercar stock they had envisioned when the company was spun off by Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) in 2022.
What Happened: Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-01-24/porsche-investors-lose-hope-of-a-supercar-stock-to-rival-ferrari">reported</a> on Tuesday that the investors&#8217; optimism has been dampened by a series of setbacks, including a decline in the company&#8217;s market value and a decrease in its price-to-earnings multiple.
The company&#8217;s market value has decreased by about a fifth since the beginning of last year, bringing it closer to that of its former parent, Volkswagen AG. This is a significant shift from the initial €40 billion ($43 billion) gap.
"You thought you were buying into a business that was stable and improving, and it turns out that's not the case," said Jefferies analyst Philippe Houchois.
"The question is, when do we start upgrading numbers?"
China, historically Porsche&#8217;s largest market, has experienced a downturn, and production issues have affected the rollout of crucial models, including the electric version of the Macan SUV.
These challenges have led to a decrease in Porsche&#8217;s price-to-earnings multiple, which is now less than a quarter of Ferrari&#8217;s. The company has also predicted that its 2024 sales volumes will likely remain flat.
Bernstein automotive analyst Daniel Roeska quipped, "Porsche is becoming a cyclical stock that is dependent on the model cycle — it is the opposite of what you want from a luxury company."
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36709680/ahead-of-teslas-q4-earnings-analyst-positive-despite-muted-outlook-for-margin-new-p?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ahead Of Tesla&#8217;s Q4 Earnings, Analyst Positive Despite Muted Outlook For Margin, New Product Ramp-up</a>
Why It Matters: The recent struggles faced by Porsche are in stark contrast to the high expectations that <a href="https://www.benzinga.com/news/22/08/28665349/porsche-ipo-commands-valuation-of-up-to-85b-amid-global-headwinds-report">accompanied its IPO</a>. The company&#8217;s valuation was initially set at a forward PE ratio of about 20, significantly higher than Volkswagen&#8217;s PE ratio of below 5.
Despite an initial rally in the stock, Porsche&#8217;s valuation has since slumped, leading to investor disappointment. The company&#8217;s reliance on macro-economic forces and its limited options for dealing with a slowdown in China have further contributed to this disillusionment.
However, there is still hope for Porsche investors. The stock&#8217;s decline has created an opportunity for it to outperform Ferrari over the next 12 months, with the average price target of analysts showing a potential 34% gain.
The investors&#8217; sentiments appear at a time when Porsche is set to reveal its<a href="https://www.benzinga.com/news/24/01/36735077/porsche-reveals-sneak-peek-of-ev-macan-3-days-before-launch"> upcoming electric Macan</a> in Singapore on Thursday. The new model, which has undergone significant enhancements, represents the company&#8217;s first step in electrifying an existing product, aligning with its strategy to innovate without sacrificing brand identity.
Head of Design Michael Mauer emphasized that the electric Macan maintains Porsche&#8217;s signature design language, ensuring it remains recognizable as a Porsche while embracing its electric identity.
Read Next: <a href="https://www.benzinga.com/news/24/01/36734786/carl-pei-thanks-elon-musk-for-nothing-phone-cameo-in-tesla-cybertruck-ad?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Carl Pei Thanks Elon Musk For Nothing Phone Cameo In Tesla Cybertruck Ad</a>
Photo by Maqqerso on Shutterstocka
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Can Porsche Stock Rival Ferrari? Investors Aren't So Sure: 'It Is The Opposite Of What You Want From A Luxury Company'

German automaker&nbsp;Porsche Automobil Holding SE&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHY#OTC">POAHY</a>) offered a glimpse of its&nbsp;<a href="https://www.benzinga.com/news/23/12/36420524/xiaomi-announces-the-porsche-taycan-mark-gurman-reacts-to-chinese-ev-makers-new-su7-ev" target="_blank" rel="noreferrer noopener">upcoming electric Macan</a>, set to be revealed in Singapore on Thursday. 
What Happened: Head of design Michael Mauer emphasized that the electric Macan maintains Porsche&#8217;s signature design language, ensuring it remains recognizable as a Porsche while embracing its electric identity. This move aligns with Porsche&#8217;s strategy to electrify existing, established models.
Mauer highlighted that the electric Macan represents the first step in electrifying an existing product, emphasizing Porsche&#8217;s commitment to innovation without sacrificing brand identity. The Macan, initially introduced in 2013, has undergone significant enhancements both inside and out.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/how-to-buy-porsche-stock" rel="noreferrer noopener">How to Buy Porsche Stock on the Open</a>
The electric Macan boasts a 100 kWh battery and supports fast charging up to 270 kW, providing a range of over 500 km (310 miles) across all variants. This unveiling strengthens Porsche&#8217;s electric vehicle portfolio, with the electric Macan complementing the Taycan in the company&#8217;s push toward electrification.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Who wants a sneak peek at the new, all-electric Macan three days before launch? <a href="https://t.co/O18ABvnldP">pic.twitter.com/O18ABvnldP</a>
&mdash; Porsche (@Porsche) <a href="https://twitter.com/Porsche/status/1749626393804042471?ref_src=twsrc%5Etfw">January 23, 2024</a></blockquote>
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Porsche&#8217;s decision to maintain design continuity while embracing electric technology underscores its commitment to evolving without losing its distinctive sports car identity. The electric Macan represents a significant step forward in Porsche&#8217;s journey toward sustainable mobility.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/01/36731411/were-not-stuck-in-a-mold-cybertruck-designer-credits-tesla-ceo-elon-musk-as-driving-force-to-bring-t">&#8216;We&#8217;re Not Stuck In A Mold:&#8217; Cybertruck Designer Credits Tesla CEO Elon Musk As Driving Force To &#8216;Bring The Future Forward&#8217;</a>
Photo courtesy: Porsche

Porsche Reveals Sneak Peek Of EV Macan 3 Days Before Launch

Porsche AG&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHY#OTC">POAHY</a>) <a href="https://www.benzinga.com/news/23/07/33360530/porsche-taycan-makes-fastest-ev-journey-from-thailand-to-singapore-heres-how-long-it-took">North American unit </a>has issued a recall for more than 40,000 hybrids and electric vehicles in the U.S. due to a risk of fire from overheating charging cables.
What Happened: Porsche Cars North America, Inc. submitted a filing to the National Highway Traffic Safety Administration (NHTSA), stating that it is recalling 41,345 units of vehicles across models, including its all-electric sports car Taycan. 
When the 220V/240V plug is used to charge the vehicle at 100% charge setting, certain domestic power outlets may struggle to manage the electrical current required by the charging system, leading to the outlet or charging cable overheating. This can subsequently increase the risk of a fire, the company noted. 
Porsche has instructed owners to avoid using the 220V/240V compact/portable charging cable. Instead, they should opt for the 110V home charging cable or use public charging stations. 
As for a solution, dealers will supply a new 220V/240V compact/portable charging cable with an inbuilt temperature sensor, free of charge. Remedy parts are expected to be available starting mid-2024. 
Why It Matters: Porsche became aware of overheating cables first in Dec. 2020. It deployed a software modification to reduce default charging capacity by 50% to address the issue but later determined that the modification did not resolve the overheating issue, leading to the recall. The company has identified 110 incidents of mobile charge malfunction due to the issue thus far. 
The vehicle models included in the recall besides different <a href="https://www.benzinga.com/news/23/09/34467451/porsche-recalls-nearly-5-000-taycan-evs-for-fire-risk-following-volkswagens-recall-of-audi-evs">versions of the Taycan</a> are the Cayenne E-Hybrid, Cayenne Turbo E-Hybrid, Cayenne Turbo S E-Hybrid, Panamera 4 E-Hybrid, Panamera 4S E-Hybrid, and the Panamera Turbo S E-Hybrid. 
Disclaimer: This content was partially produced with the help of&nbsp;<a target="_blank" href="https://www.benzinga.com/author/benzinga-neuro" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:<a href="https://www.benzinga.com/news/23/12/36372955/teslas-self-cleaning-front-cam-on-cybertruck-sparks-comparison-with-fords-2017-explorer"> Tesla&#8217;s Self-Cleaning Front Cam On Cybertruck Sparks Comparison With Ford&#8217;s 2017 Explorer</a>

Porsche Recommends EV Users To Use Low Voltage Charging Cables As It Recalls 40K Vehicles Citing Fire Risks

The results of an annual survey that explored the reliability of auto brands showed that none of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36272696/as-gm-ford-struggle-tesla-analyst-has-recommendation-for-jumpstarting-their-sagging">U.S. automakers</a> made it to the top ten.
What Happened: Asian and European automakers took the honors as the most reliable auto brands in 2023, according to the survey by Consumer Reports, a non-profit organization that does independent product testing and consumer-oriented research.
The findings were based on the survey of Consumer Reports&#8217; members regarding the problems they faced with their vehicles in the past year. The data pertained to 330,000 vehicles of model years 2000 to 2023 as well as a few early-introduced 2024 model years.
Toyota Motor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) and its Lexus luxury brand were the top two most trusted brands in 2023. BMW AG&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>) Mini brand, Honda Motor Company&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) Acura brand as well as its namesake brand took the third, fourth, and fifth spot, respectively. 
Fuji Industries&#8217; Subaru, in which Toyota has a minority stake, Mazda Motor Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MZDAY#OTC">MZDAY</a>), Porsche Automobil Holding SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHY#OTC">POAHY</a>), BMW and Hyundai Motor Company&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) Kia brand rounded the top ten automakers on the reliability scores.
The overall reliability average score of Asian automakers was 63 on a scale of one to 100 and the metric was 46 for European automakers, Consumer Reports said.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Rank</td>
<td>Auto Brand</td>
<td>Reliability Score</td>
</tr>
<tr>
<td>1</td>
<td>Toyota's Lexus</td>
<td>79</td>
</tr>
<tr>
<td>2</td>
<td>Toyota</td>
<td>76</td>
</tr>
<tr>
<td>3</td>
<td>BMW's Mini</td>
<td>71</td>
</tr>
<tr>
<td>4</td>
<td>Honda's Acura</td>
<td>70</td>
</tr>
<tr>
<td>5</td>
<td>Honda</td>
<td>70</td>
</tr>
<tr>
<td>6</td>
<td>Subaru</td>
<td>69</td>
</tr>
<tr>
<td>7</td>
<td>Mazda</td>
<td>67</td>
</tr>
<tr>
<td>8</td>
<td>Porsche</td>
<td>66</td>
</tr>
<tr>
<td>9</td>
<td>BMW</td>
<td>64</td>
</tr>
<tr>
<td>10</td>
<td>Hyundai's Kia</td>
<td>61</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data: Consumer Reports</figcaption></figure>
See Also: <a href="https://www.benzinga.com/money/best-auto-manufacturers-stocks">Best Auto Manufacturers Stocks</a>
Domestic Automakers Trail: The average reliability score for the U.S. automakers was 39 and none of them were in the top ten category. Among the U.S. automakers, the highest reliability score was for General Motors Corp.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) Buick brand. Buick was ranked 12th and had a reliability score of 55.
Electric vehicle giant Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) took the 14th position and had a reliability score of 48 compared to top-scorer Lexus&#8217; 79. Tesla was followed by truck manufacturer Ram in the 15th place. The Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) was in the 22nd position.
Domestic brands trailed their Asian and European counterparts, with an average score of 39. 
Other Key Findings: The survey also found that hybrids, which are powered by both the ICE and electric motor working either independently or simultaneously, had 26% fewer problems than cars powered by internal combustion engine vehicles. The reliability of plug-in hybrid vehicles, or PHEVs, which rely mainly on electric motors and use ICE only as a backup, was a mixed bag, Consumer Reports said. They were found to have 146% more problems than ICE vehicles. 
Some PHEVs, including Toyota&#8217;s RAV4 Prime and Kia Sportage, performed above average.
<a href="https://www.benzinga.com/news/23/09/34453211/global-ev-market-share-reaches-15-in-2023-top-players-vehicles-and-companies-dominating-sector">EV sedans and SUVs</a> didn&#8217;t fare very well, with average reliability scores of 44 and 43, respectively. The metric was at a worse 30 for electric pickup trucks. Pureplay electrified vehicles had problems, primarily with EV drive system motors, charging systems, and batteries.
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session down 0.55% at $25.37, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36275115/tesla-locked-in-a-wwe-like-standoff-in-scandinavia-says-analyst-why-this-swedish-un">Tesla Locked In a &#8216;WWE-Like&#8217; Standoff In Scandinavia, Says Analyst: Why This Swedish Union Battle Is Important For The EV Giant</a>

HYMTF

KARS

MZDAY

Not Tesla Or Ford: This Foreign Giant Is Most Trusted Auto Brand Of 2023 As US Automakers Trail Behind Asian, European Rivals

Bayerische Motoren Werke AG, better known as BMW, (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>) looks set to redefine luxury electric vehicles with its upcoming i7 Sedan. The car with a starting price of $105,700 boasts a powerful motor, luxurious in-cabin features, and an advanced technology suite.
What Happened: Bloomberg recently <a href="https://www.benzinga.com/news/23/08/33819755/tesla-investor-ross-gerber-fell-in-love-with-bmws-electric-i7-and-thinks-it-might-kill-off-lucid">revealed</a>&nbsp;the BMW i7&#8217;s performance during a week-long test drive in Los Angeles. The luxury sedan demonstrated its top-tier status, meeting the high standards of even the most discerning executive.
The i7 xDrive 60 variant, costing $124,200, provides extra power and comfort. The tested model, equipped with executive lounge seating and a rear control console, was priced at $156,595.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/23/12/36169538/c-suite-exodus-at-tesla-after-dojo-supercomputer-leads-rumored-exit-ai-infra-head-tim-zaman-jump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">C-Suite Exodus At Tesla? After Dojo Supercomputer Lead&#8217;s Rumored Exit, AI Infra Head Tim Zaman Jumps Ship To Google&#8217;s DeepMind</a>
The i7&#8217;s design, featuring &#8220;smoke white&#8221; merino leather and a unique door interior pattern, offers a luxurious and efficient environment. Its silent, comfortable ride is enhanced by features like a panoramic sunroof, ventilated massaging seats, and a&nbsp;Bowers and Wilkins surround sound&nbsp;system.
The i7 delivers 536 horsepower from its battery, with&nbsp;a driving range of up&nbsp;to 317 miles. It can reach 60 mph in 4.5 seconds, outperforming rivals such as the Mercedes-Benz EQS and the Porsche Taycan.
Why It Matters: The i7&#8217;s performance and features have already garnered positive attention. Prominent Tesla investor <a href="https://www.benzinga.com/news/23/08/33819755/tesla-investor-ross-gerber-fell-in-love-with-bmws-electric-i7-and-thinks-it-might-kill-off-lucid">Ross Gerber expressed his admiration</a> for the i7 in a post in August, suggesting that the vehicle could be a potent competitor for Lucid Motors (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) in the EV market. Gerber described the i7 as &#8220;beautiful&#8221; and said it &#8220;might kill off the Lucid.&#8221;
Despite its higher price point, the BMW i7&#8217;s superior craftsmanship and quality establish it as a serious contender in the luxury electric vehicle sector.
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36167170/elon-musk-takes-a-swipe-at-analysts-short-call-on-tesla-stock-so-strong-contra-indi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Takes A Swipe At Analyst&#8217;s Short Call On Tesla Stock: &#8216;So Strong Contra-indicator Then&#8217;</a>
Image Via Shutterstock
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 Engineered by 
 Benzinga Neuro, Edited by 
 
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 Pooja Rajkumari</a> 
 
 
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 The GPT-4-based Benzinga Neuro content generation system exploits the 
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LCID

BMW Set To Stir Up Luxury EV Market With Its i7 Sedan

German automobile manufacturer Porsche AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHY#OTC">POAHY</a>) and tech giant Google (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) have revealed plans to deepen their partnership. This collaboration aims to integrate Google&#8217;s digital services more extensively into future Porsche vehicles.
What Happened:&nbsp;According to a Tuesday <a href="https://newsroom.porsche.com/en/2023/company/porsche-expansion-partnership-google-34205.html">announcement</a> by Porsche AG, the joint effort will focus on enabling Google services for navigation, speech recognition, and access to its app ecosystem in upcoming Porsche models. The production phase for these enhanced vehicles is set to begin midway through this decade.
The proposed new Google ecosystem will incorporate&nbsp;Google Maps, Google Assistant, and&nbsp;a wide range of apps from&nbsp;the Google Play Store. Porsche&nbsp;customers will continue to enjoy&nbsp;the familiar user interface of&nbsp;the Porsche Communication Management (PCM)&nbsp;system, which will constantly receive online updates to ensure its relevance and functionality.
See Also:&nbsp;<a href="https://www.benzinga.com/news/23/10/35483185/gavin-newsom-takes-a-spin-in-teslas-refreshed-model-3-at-chinese-gigafactory-after-praising-rival?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Gavin Newsom Takes A Spin In Tesla&#8217;s Refreshed Model 3 At Chinese Gigafactory After Praising Rival</a>
Oliver Blume, Chairman of the&nbsp;Executive Board of Porsche AG, stated that the objective was to create a seamless digital experience for their customers, in addition to delivering superior design and high performance.&nbsp;
Hiroshi Lockheimer, SVP of Platforms&nbsp;and Ecosystems at Google, expressed enthusiasm over the collaboration, stating that drivers would gain access to the latest Google technologies coupled with Porsche&#8217;s distinguished design and brand.
Why It Matters:&nbsp;This announcement comes as another step in Porsche&#8217;s digital transformation journey. As <a href="https://www.theverge.com/2023/10/30/23938741/porsche-google-built-in-vw-cariad-layoffs">reported </a>by The Verge, Porsche had contemplated adopting Google's software for its in-car infotainment system, amid ongoing software issues at its parent company, Volkswagen.
Despite the challenges presented by the COVID-19 pandemic, Porsche managed to maintain robust business figures for Q3 2023, delivering 242,722 vehicles to customers in&nbsp;the first three quarters of&nbsp;the year.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/23/10/35478357/tesla-signals-strategy-reversal-ford-to-go-slow-on-electrification-nikolas-165m-legal-windfall-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Signals Strategy Reversal, Ford To Go Slow On Electrification, Nikola&#8217;s $165M Legal Windfall And More: Biggest EV Stories Of The Week</a>
Photo by Maqqerso on Shutterstock
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 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Pooja Rajkumari</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
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Media

GOOG

GOOGL

Porsche Automobil Holding SE Stuttgart Pref No VTG RTS

POAHF

Porsche Announces Expanded Partnership With Google For Enhanced Digital Services In Future Cars

In a move that could send shockwaves through the electric vehicle (EV) industry, the European Commission is scrutinizing the possibility of imposing tariffs <a href="https://www.benzinga.com/government/23/09/34533403/why-are-chinese-ev-stocks-xpeng-nio-li-auto-trading-lower-wednesday">on cheaper Chinese EV imports.</a>
<h2 class="wp-block-heading">Tariff Talks Ignite Market Speculation</h2>
Analysts are wasting no time in predicting the potential winners and losers in the face of heightened protectionism, as Forbes <a href="https://www.forbes.com/sites/neilwinton/2023/09/13/renault-stellantis-could-benefit-from-possible-eu-china-tariffs-bmw-mercedes-victims/?sh=4008519e594e">reported</a> Wednesday. 
French automaker Renault SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNLSY#OTC">RNLSY</a>) and Italian giant Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) could emerge as net winners if tariffs become a reality, thanks to reduced competition in the European market, as highlighted by Bernstein analysts.
On the flip side, premium German automakers such as BMW AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), Mercedes-Benz Group AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGAF#OTC">MBGAF</a>), and Porsche Automobile Holding SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/POAHY#OTC">POAHY</a>) face greater risks due to their substantial exposure to the Chinese market, according to a recent Morgan Stanley note. 
The broker forecasted that approximately one-third of BMW and Porsche&#8217;s revenues are tied to China, compared to about one-fifth for Mercedes and roughly 3% for Renault, with Stellantis at 1%.
Also Read: <a href="https://www.benzinga.com/news/23/09/34453211/global-ev-market-share-reaches-15-in-2023-top-players-vehicles-and-companies-dominating-sector">Global EV Market Share Reaches 15% In 2023: Top Players, Vehicles And Companies Dominating Sector</a>
<h2 class="wp-block-heading">The Chinese EV Industry&#8217;s Turbulence</h2>
China&#8217;s electric car industry is not exempt from the fallout. BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) and SAIC find themselves at a significant disadvantage if tariffs are imposed, according to Bernstein. This uncertainty took a toll on BYD&#8217;s stock, which fell by 2.7% during a volatile trading session on Wednesday.
Other Chinese EV makers, including NIO Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NASDAQ">NIO</a>) and Li Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) were 3.9% and 0.2% lower, respectively. 
While Europe represents a relatively small portion of Chinese original equipment manufacturers&#8217; (OEMs) overseas exposure, it is the largest EV market outside of China. Any trade restrictions imposed by the EU could have a detrimental impact on market sentiment, as highlighted by Bernstein.
The Chinese Chamber of Commerce has not remained silent amid these developments. It has raised concerns about the EU&#8217;s investigation, asserting that the competitive advantage in the EV sector is not solely due to subsidies.
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34540913/apple-iphone-event-sized-up-by-7-analysts-brand-trumps-products-but-china-upgrade-c">Apple iPhone Event Sized Up By 7 Analysts: &#8216;Brand Trumps Products,&#8217; But China, Upgrade Concerns Remain</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. 
Photo: Unsplash

Asia

Large Cap

Regulations

Eurozone

Economics

BYDDF

MERCEDES BENZ GROUP AG by Mercedes Benz Group AG

MBGAF

RNLSY

STLA

EU Tariff Talks On Chinese EV Imports Jolt Market: 2 European Giants Set To Gain

The EV boom is as real as it gets, but it is by no means an easy road, not even for German automakers who were once behind the automotive&nbsp;industry&#39;s best design and cutting-edge technology.&nbsp;On Monday, the IAA motor show&nbsp;kicked off in Munich, but rather than the sound of Mercedes Benz Group AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgaf#OTC">MBGAF</a>) cutting-edge engines and sleek visual silhouettes of &nbsp;Porsche Automobil Holding SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahy#OTC">POAHY</a>), the spotlight will be on Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>)&nbsp;that is unveiling an improved version of its best-selling Model 3&nbsp;and China&#39;s all-electric brands, including the biggest Tesla rival, BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>), that is exhibiting six models and XPeng Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>)&nbsp;that is planning to expand into&nbsp;more European markets next year.
<h3>Tesla Aims To Broaden Its Appeal And Expand Its Markets</h3>
Tesla usually provides information about&nbsp;its new vehicles at its own events, but it now chose to make an appearance at the show for the first time in a decade to unveil an improved version of its Model 3 with an extended cruising range that will be exported from its Shanghai facility to Europe in October. Tesla might have won the first two places at European EV sales with its Model Y and Model 3, but it still needs to crack the EV market below $30,000.&nbsp;
<h3>European Automakers</h3>
Bayerische Motoren Werke Aktiengesellschaft (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>) came to its hometown show with an exclusive on its Vision Neue Klasse concept. On&nbsp;Saturday, BMW unveiled a concept car for its new EV series that has been named as &ldquo;new class&rdquo;, with its launch scheduled for 2025. BMW announced six models that include sedans and SUVs, equipped with a new cylindrical in-car battery, a 30% longer cruising range along with 30% shorter recharging time compared to its existing models.
Mercedes-Benz Group revealed a coupe-style EV, CLA concept car. This is the first model to be equipped with a car body exclusively developed for small and midsize EVs. This Mercedes Benz EV will come with a cruising range of more than 750 kilometers which will exceed many competing models on the market.&nbsp;
Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>)&nbsp;CEO Oliver Blume revealed to reports that through the automaker&rsquo;s partnerships in China, Volkswagen aims to halve battery cell costs.
<h3>BYD Is Going After Europe</h3>
BYD might have sold just 1,900 vehicles across Western Europe in July, but it is going full speed ahead in bringing its tech eco-friendly EVs to Europe. It already dethroned Volkswagen in China as a best-selling brand. During the show, it unveiled a new sedan and sport utility vehicle,&nbsp;SUV Seal U while bringing an impressive lineup of 6 strong EVs.&nbsp;Last month, Michael Shu, managing director of BYD Europe said that BYD became the first automaker in the world to deliver five million fully electric or hybrid plug-in vehicles.
<h3>XPeng Is Coming After Europe Too, With The Help Of Volkswagen</h3>
Start-ups like Xpeng still need to reach German automakers&#39; scale, branding and investments to lower costs in order to survive in an increasingly competitive market. But XPeng is planning to expand its European footprint next year, with Germany, Britain and France.&nbsp;Through its recent partnership with Volkswagen who acquired&nbsp;a nearly 5 percent stake in the EV startup and invested $700 million, XPeng gained the &lsquo;fuel&rsquo; and a European supporter it needs.&nbsp;
<h3>China Has Its Eyes Set On Europe&nbsp;</h3>
In a pre-show open letter, Europe&#39;s chief car lobbyist at the ACEA association,&nbsp;Sigrid de Vries, wrote that&nbsp;China&rsquo;s EV arrival to Europe has the potential fundamentally change the face of Europe&rsquo;s industries as we know it,&quot;. Matthias Schmidt, an automotive analyst, warned European automakers of being at a risk of falling short in the EV race, saying that &ldquo;If Paris wasn&rsquo;t a wake-up call, Munich certainly is,&rdquo;. For decades, the phrase &ldquo;Made in Germany&rdquo; was the gold standard of the automotive industry, but the Munich Auto Show highlighted China&rsquo;s strength on the EV front.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

XPEV

Munich Auto Show Highlights China's EV Strength

On March 13th, luxury automaker Porsche Automobile Holding (OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahy#OTC">POAHY</a>) issued&nbsp;an ambitious growth outlook after record 2022 earnings.&nbsp;Meanwhile, in the all-EV world, XPeng Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>)&nbsp;wrapped up a disappointing year on March 17th.&nbsp;Put together, these two reports amplify what a difference pricing can make, even in a weakened macroeconomic environment, as it is still Porsche&rsquo;s superpower and XPeng&rsquo;s Achilles heel.
<h3>XPeng&rsquo;s Fourth Quarter</h3>
For the quarter ended on December 31st, XPeng posted a wider-than-expected net loss of 2.36 billion yuan ($342 million), below&nbsp;the 2.1 billion yuan deficit analyst were&nbsp;expecting&nbsp;and last year&rsquo;s loss of 1.29 billion yuan.&nbsp;Revenue melted 40 percent to&nbsp;5.14 billion yuan, below the forecasted 5.7 billion yuan.
<h3>XPeng&rsquo;s Outlook</h3>
What&rsquo;s even more concerning than a disappointing 2022 is that XPeng guided that&nbsp;deliveries could drop as much as 48 percent&nbsp;in the undergoing quarter compared to 2022&rsquo;s first quarter, as it expects to deliver&nbsp;18,000 to 19,000 vehicles, with total revenue in the range between 4 billion yuan and 4.2 billion yuan, which would mark a decrease in the range between 44 percent to 46 percent compared to last year&rsquo;s quarter.
Co-President Brian Gu stated that sales and market share growth should be resumed with product portfolio optimization&nbsp;and the significant marketing improvements&nbsp;while CEO He Xiaopeng assured that the company has &ldquo;comprehensively&rdquo; reviewed its strategy.&nbsp;But Bloomberg Intelligence said in a recent note that the launch of new models and capacity expansion over the next two years could continue capping the gross marging, despite China&rsquo;s EV sales being expected to rise as the resurfaced covid crisis fades away.
<h3>XPeng&rsquo;s Susceptibility To Price Competition</h3>
Compared to its U.S.-listed rivals Nio Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) and Li Auto Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>), Xpeng is more similar to&nbsp;Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>)&nbsp;when it comes&nbsp;to its product portfolio&nbsp;and pricing&nbsp;which makes it more susceptible to price competition. In its own, facing off Tesla, the EV pioneer, is daunting in itself. Earlier this year, XPeng slashed prices of its two flagship models only a fewdays after Tesla announced significantly discounted prices of its locally-built models.
<h3>Wrapping Up A&nbsp;Disappointing Year</h3>
In 2022, XPeng delivered 120,757 vehicles, which is less than half of its initial goal, with its shares slumping 80 percent as it also postponed its target of reaching operating profitability to 2025. Despite challenges and&nbsp;against many odds, Tesla fulfilled its profitability promise back&nbsp;in 2020.
<h3>Porsche</h3>
On March 13th,&nbsp;Porsche issued an ambitious long-term outlook of more than 20% of return on sales, along with&nbsp;record 2022&nbsp;revenue and operating profit&nbsp;owed to&nbsp;higher deliveries.&nbsp;2022 revenue amounted to 37.6 billion euros, $40.22 billion, which translates to a 13.6% YoY increase.&nbsp;2022 operating profit rose by 27% as it amounted to 6.77 billion euros ($7.23 billion) as deliveries rose by 2.6% to 309,884 units.&nbsp;Supply chain constraints caused only Taycan sales to drop.
<h3>EV Lineup</h3>
One might think that besides playing in different leagues, these two automakers are playing in entirely different fields altogether. But,&nbsp;Porsche aims for 80% of its new sales to be made by EVs by the end of the decade.&nbsp;During its latest report,&nbsp;it revealed it will add a full-sized all-electric SUV to its line-up before 2030 ends. Based on the Volkswagen Group Scalable Systems Platform, the SUV will be Porsche&rsquo;s fifth electric vehicle. The first EV, the Taycan, was launched in 2019, the all-electric Macan is expected to go on sale in 2024, followed by the Porsche 718 EV sometime near 2025 and&nbsp;last but not least, the Cayenne EV which will represent a new approach for Porsche, but combined with its traditional values, such as the very luxurious experience for customers, according to the&nbsp;CEO Oliver Blume.&nbsp;The newly reported SUV is part of&nbsp;its Road to 20&nbsp;strategy, which aims to increase operating return on sales beyond 20% with Porsche well on the way with return on sales already having improved from 16% to 18% last year.
<h3>Pricing Makes All The Difference</h3>
Because of its luxurious positioning, Porsche is able to reach high pricing levels&nbsp;and it is rising prices continuously within what is a very clear pricing strategy, as opposed to jumping up and down. During the first week of being listed on the German stock market on September 29th, Porsche dethroned&nbsp;Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>),&nbsp;who&nbsp;owns 75%&nbsp;less&nbsp;one ordinary share of Porsche&rsquo;s total share capital, as it became Europe&rsquo;s most valuable automaker. With a profit margin of 18%, CEO Oliver Blume finds that a strong year is a result of a well-made product mix and efficient cost strategy that helped the luxurious automaker thrive in a gloom and doom environment. Meanwhile, XPeng is battling fiercely in China for its market share, needing plenty of EV martial arts to stay in the game. What a difference pricing can make!
DISCLAIMER: This content is for informational purposes only. It is not&nbsp;intended as investing advice.&nbsp;

Xpeng's And Porsche's Latest Results- What A Difference Pricing Power Makes

The World Economic Forum held its annual meeting in Davos, Switzerland, last month. During this event, organizations such as the INGLOSUS Foundation, chaired by Dr. Nader Maleki &mdash; who is&nbsp;the CEO of Maleki Corporate Group and president of the International Bankers Forum &mdash;&nbsp;held gatherings nearby to bolster the annual meeting&rsquo;s messaging around sustainability.
Benzinga attended Dr. Maleki&rsquo;s event and interviewed <a href="https://1io.com">1iO</a> CEO and founder Markus Kuhnert, as well as co-founder Frank Zachmann.
Here is a lightly edited transcript of the conversation.
<h3>BZ: Nice to meet you. Care to introduce yourselves?</h3>
Zachmann: I self-studied the Internet and worked in the data center business. After seeing all of the rising stars during the dot-com era fall with the bursting of the bubble, I founded a consultancy business through which I engaged in impact projects.
I have the strategy-building expertise and connections to make my most recent endeavor with Markus a success.
Kuhnert: I built brand management software. My first big enterprise customer was 3M Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mmm#NYSE">MMM</a>), and I also worked with the likes of Porsche Automobile Holding SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahy#OTC">POAHY</a>) and Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>).
The product enabled global collaboration and coordination. Eventually, we came up with the idea to use <a href="https://www.benzinga.com/money/best-blockchain-penny-stocks/">blockchain</a> for decentralized applications like messaging, while reducing carbon footprint.
<h3>BZ: Talk about challenges as well as case studies.</h3>
Zachmann: Our starting point is a messenger application that can include any function you want in terms of exchanging information or data. We can include things like transportation and delivery services, as well as music wish lists.
For me, a special component is the support of tokens attached to that ecosystem. You end up having an efficient, secure&nbsp;and reliable communication or collaboration system as a start. Later, we can add more functionality.
Kuhnert: The current problem is that many businesses&rsquo; preferred solutions are not open, and we can try to be the glue in between and connect those different solutions.
Essentially, the <a href="https://www.benzinga.com/money/best-blockchain-penny-stocks/">blockchain</a> we have is a process network, and the most basic process we have is communication between two people, but can also be communication between a person and a machine or between one machine and another.
<h3>BZ: How do you incentivize people to use this offer?</h3>
Zachmann: How many people use decentralized messaging systems? A few. To increase this amount, we&rsquo;re looking to education. We can also have the usual giveaways like airdrops, and we can work with different partners in order to enable that, as well as listen to users&rsquo; feedback.
<h3>BZ: What are you most excited about going forward?</h3>
Zachmann: The Internet has some inherent mistakes. If we can correct these mistakes, we can get to a way more efficient and broader use of the Internet than we do now.
We are reaching a threshold where the next level of huge amounts of data that will be produced will, on the one side, either make the current Internet collapse or, at least, not be efficiently transported and distributed.
I&rsquo;m excited about the sustainability part of our endeavor, as well as the social impact. If we can create an ecosystem that everybody can use and generates value, we may detach from the current environment and reset the whole system.
Kuhnert: I&rsquo;m excited to get a prototype out of the door. We have built this with all the technological foundations underneath, and now it&#39;s about creating or defining end-user experiences and building proper user interfaces for them.
One of the big goals we have is to make this accessible for everyone, even grandmas, so to speak. The interfaces are usable so we can give them to any person, and they can start using them without training.
Photo:1iO presentation, courtesy 1iO.

Interview

MSFT

Davos 2023: Reducing The Carbon Footprint Of The Internet While Making It More Stable

The World Economic Forum (WEF) recently held its annual meeting in Davos, Switzerland where leaders in finance and government convened to discuss policy, pandemic fragmentation and multipolarity.
Benzinga attended the event and interviewed Jeff Schumacher, the founder and CEO at NAX, the New Asset Exchange.
Prior to NAX, Schumacher was at McKinsey &amp; Company where he became one of the fastest-elected partners in the firm and helped launch McKinsey Solutions. This effort led to Schumacher&rsquo;s work in private equity and venture capital where he helped create Digital Ventures, which BCG acquired and turned into one of the largest corporate incubators. Today, NAX employs over 100 workers near global centers of finance.
Please note that the below text was lightly edited for clarity and concision.
<h3>BZ: What does NAX do?</h3>
Schumacher: NAX creates products from corporate datasets. Through our joint ventures with the likes of MIAX and Deutsche Boerse (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dboey#OTC">DBOEY</a>), we place these products in different markets.
<h3>Who does NAX provide these solutions for primarily?</h3>
We&rsquo;re working with the likes of Axa SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTC">AXAHY</a>), one of our largest partners and an investor in the business. Axa is one of the largest insurers of arts in the world. We take their data set and lift part of it to create a lending platform. If you think about it, you can go down to a car dealership and buy a car with a loan on the spot. You can&rsquo;t go to the art gallery and get an art loan the same way. We&rsquo;re doing what car lending did to the auto industry for art.
<h3>How much would a typical loan be worth?</h3>
Depends. Potentially $50,000 to $500,000. It&rsquo;s definitely not the stuff you&rsquo;re buying at Costco Wholesale Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cost#NASDAQ">COST</a>). Another important factor is that you can leave the art on the wall, and you don&rsquo;t have to warehouse it. We&rsquo;re taking the data sets and working with our partners to create an art-backed security that looks and trades like a <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a>-backed security.
<h3>What&rsquo;s the difference between a mortgage- and art-backed security in terms of yield?</h3>
You&rsquo;re going to have a shorter and higher yield in an art-backed security. It helps you lift the balance sheet pressure you otherwise would have when giving the art loans.
<h3>You just launched a massive arbitrage platform, right?</h3>
Yes. It gets a bounty for the insurance, a fee for the loan, and a piece of the trade. However, it doesn&rsquo;t carry any assets. This platform will be a big channel partner for Axa&rsquo;s core business.
<h3>What makes NAX so unique?</h3>
We can commercialize ESG and allow you to make money from it. This art platform I just described to you is democratizing art. It&#39;s increasing participation in art. We have other products that we&#39;re building around the environment and climate where you can actually get returns versus just paying a tax, as you do with carbon credits.
<h3>What kind of impact can you make by commercializing ESG?</h3>
We&rsquo;re working on things around carbon removal functions on the planet. For instance, we have this concept around funding methane capture. So, you buy the methane credit and that money goes to fund the leaks in pipes and pumps around the world. Through that, you can pull out about 10% of the world&rsquo;s global carbon. There&rsquo;s another one where we can limit deforestation, as well as recapturing batteries out of cars to use that as power generation. We can also create derivatives of those products and ways for companies to make money from them.
<h3>Can you talk about some of the mechanics going on behind the scenes?</h3>
We first engaged in the development side of our business. Then we built the software side of our business. Now, we&#39;re building the exchange side of the business, and we have made a consumer finance platform. We also have an aftermarket warranty platform we&#39;re putting on the market this year. We put the art product on the market this year. We&#39;re putting in a supply chain product. We&#39;ll have about 10 products out this year, and we&#39;ll probably have three or four exchange products by end of the year.
<h3>Talk a little bit about your roadmap.</h3>
We spent a long time in our first year identifying the corporate members and exchange partners. In our second and third years, we developed a proprietary method to work with them, and we developed the software. In our fourth year, we&#39;ve got the exchange partnerships, we&#39;ve got the software, we&#39;ve got the development method. Now we&#39;re commercializing and, around late 2024, we&#39;ll probably merge or go public.
<h3>What gives NAX its principle?</h3>
What gives NAX principle is its capability of commercializing ESG. And, if you look at the planet and what you&#39;re hearing here at Davos today, this is a big deal. We create proprietary products. Exchanges really like that. That&#39;s where they make all their money. You don&#39;t make money on commoditized products. You make money on proprietary products. So, once you have that software development capability, and the ability to produce those products, you become very interesting to a lot of exchanges. And that&#39;s why if you listen to me list all the cities we&rsquo;re in, it&#39;s by no accident that many of the big exchanges are there. We work with a lot of them.
<h3>How are you able to break into these new assets and markets with such ease?</h3>
If you look at our leadership team, most of them have worked together for 20 years. We have a very unique capability of working in corporate environments. If you look at how NAX works, it goes to its corporate member, sets up a platform there and that incubator goes and looks at their corporate data sets and creates new products. Over a five-year time, there should be a portfolio of 10 to 15 products coming from that.
<h3>What are some of the results you&rsquo;re seeing?</h3>
Look at one of our partners who are in manufacturing. I think we have five products under development and two products that are launched. Those two products, with them as a customer, were valued at $400 and $600 million. That&#39;s a 409A valuation.
<h3>Where do you think you need to be directed to make good on some of these things that we&rsquo;re talking about here at Davos?</h3>
The goal for NAX is to help our corporate members commercialize ESG. If we&#39;re successful in doing that, and some of these platforms can remove significant amounts of carbon, we&#39;ll be on the main stage talking about these products at the WEF. If I&#39;m really right, we won the Nobel Prize. Without NAX, the planet may have no hope of hitting the 1.5 degrees Celsius reduction required by 2030. We&#39;re going to get into a biotic negative feedback loop or the point of no return, and it&#39;s just going to accelerate.
<h3>If we remove Europe, are we only doing little to impact climate change?</h3>
Europe&#39;s only responsible for 10%. You have to go find the other 90%. If you look at deforestation, can we fund markets to stop it? We lose 80,000 acres a day in deforestation. If you stopped it, and you can fund these markets to actually pay people not to develop the land, you remove 15% of the global carbon, or seven times what the United States emits. We&#39;re looking at tectonic moves. We&#39;re looking at how to create a market that people can make money from today, and then you&#39;ll change behavior.
<h3>So the private <a href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/">sector</a> has the answer?</h3>
If you can find ways to make money, you&#39;ll move the market. California, for example, mandated 10% of electric cars forever many times over. They kept pushing the dates. Then Tesla comes along with a car people actually want, and, now, it outsells BMW (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>), Porsche Automobile Holdings SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahy#OTC">POAHY</a>), and Mercedes Benz Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgyy#OTC">MBGYY</a>) combined in California. The point is to build something that has equitable value.
<h3>What has to happen to get in the way of some of the goals you have?</h3>
The ability to acquire talent is one of the hardest things. You actually have to find talent that has an investor&#39;s mindset, an operator&#39;s mindset, and an entrepreneur&rsquo;s mindset. Then, you got to know something about the industry, or you can&#39;t feel your way through the dark. If we&#39;re in health care, you better know what you&#39;re doing because you got a whole bunch of regulations. If you&#39;re in financial services, you better know what you&#39;re doing there.
<h3>Why are you so passionate about this?</h3>
Adjacent growth. Nobody does what we do. Imagine if the Nasdaq Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ndaq#NASDAQ">NDAQ</a>) owned a piece of every company that is traded on its exchange. That&rsquo;s us. We own a piece of every product we create. That incentivizes us to push it to others. We&#39;re not chasing a market, we&#39;re making one.
<h3>At what point does it become attractive for a competitor to enter?</h3>
Now. Because we&#39;ve been so stealthy, it&#39;s very hard to figure out what we&#39;re doing. It will be very easy now because we&#39;re getting to be very open about what we&#39;re doing, but we spent four and a half years. Have fun trying to catch up.
<h3>Any concerns regarding regulation?</h3>
The regulation we&#39;re not worried about because we operate within the environment. To note, if the market wants it, the regulation will adjust. Think of Uber Technologies Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uber#NYSE">UBER</a>). They created something that went against the regulation, but the regulation was adjusted because the consumer wanted it. We&#39;re not worried about regulation because the products we do come out at scale, and people can see they work. We&#39;re launching the aftermarket platform, and it starts day one with 10 million customers. Imagine you&#39;re an entrepreneur and you launch a product, and you get 10 million customers on day one. You just win. You&#39;re at scale.
<h3>What makes a product less likely to fail?</h3>
Our products fail for three reasons. First is product market fit. Next is talent. Put the wrong team in, and you&#39;re going to drive it right off the cliff. Another big reason is capital. That&#39;s why most of our things failed. We did not have sufficient capital for growth. You&#39;re spending for marketing or whatever else, and you just starve the thing and it dies. A big thing, when we started NAX, was to start with an asset. So, we don&rsquo;t start without a corporate asset or data set that comes out at scale. This gives us unfair advantages in the marketplace because you have an opportunity to make the market. I don&rsquo;t have to acquire 10 million customers. I got them on day one and my customer acquisition cost or CAC is zero.
<h3>What&rsquo;s one easy way to pitch NAX to a potential customer?</h3>
Traditional exchanges give you liquidity either by issuing shares, which are dilutive to your ownership or issuing bonds, which are debt. We don&#39;t create dilution or debt. We just create adjacent growth. We&#39;re like an exchange that gives liquidity without creating dilution or debt.
<h3>Thoughts on the crypto market, broadly speaking?</h3>
Currencies are based on monetary policy. Monetary policies are based on governments. Governments are backed by militaries. Unless you&rsquo;re going to build that infrastructure, you are going to have a tough time competing. Though I&rsquo;m starting to see many people pivot away, there are going to be a few Web 3.0 companies that come out of this.
Courtesy Photo

AXAHY

COST

DBOEY

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

NDAQ

UBER

Davos 2023: NAX Is Boosting Carbon Removal Functions, Shaking Up The Art Industry

Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/01/30385845/faa-system-outage-causes-second-day-of-flight-delays" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">FAA System Outage Causes Second Day of Flight Delays</a>
<ul>
<li>Wednesday morning Federal Aviation Administration (FAA) witnessed an outage of the system that sends messages to pilots.</li>
<li>The delays persisted into a second day, Thursday. However, airlines moved to resume normal operations after the FAA temporarily paused domestic departures, which led to a backlog of flights and congestion.</li>
<li>Around 460 flights were shown as delayed, and 61 were on Thursday morning.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/01/30383944/google-restructures-healthcare-unit-reduces-staff-by-200" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Google Restructures Healthcare Unit, Reduces Staff by 200</a>
<ul>
<li>Alphabet Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) healthcare division&nbsp;Verily Life Sciences&nbsp;let go of more than 200 employees under a broader restructuring drive.</li>
<li>The downsizing will likely affect 15% of roles at Verily. The division will shut operations on a medical software program called Verily Value Suite and several early-stage products.</li>
<li>Verily has over 1,600 employees.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/23/01/30385270/subways-potential-sale-eat-fresh-for-10-billion-or-more" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Subway&#39;s Potential Sale: Eat Fresh for $10 Billion or More</a>
<ul>
<li>Subway is exploring a potential sale that could value the sandwich chain at more than $10 billion and has retained advisers.</li>
<li>&quot;As a privately held company, we don&#39;t comment on ownership structure and business plans,&quot; Subway said. &quot;We continue to be focused on moving the brand forward with our transformational journey to help our franchisees be successful and profitable.&quot;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/entertainment/23/01/30383116/disney-ceo-bog-iger-faces-challenge-as-nelson-peltz-plans-proxy-fight-for-board-seat" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Disney CEO Bog Iger Faces Challenge As Nelson Peltz Plans Proxy Fight For Board Seat</a>
<ul>
<li>Walt Disney Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dis#NYSE">DIS</a>) CEO&nbsp;Robert Iger&nbsp;faces a new challenge as activist investor&nbsp;Nelson Peltz&nbsp;is planning to fight for a seat on the company&#39;s board.</li>
<li>Peltz&#39;s&nbsp;Trian Fund Management&nbsp;executives met with Disney&#39;s top leaders, such as Iger and CFO&nbsp;Christine McCarthy&nbsp;on Tuesday in attempts to forge a deal and avoid a proxy battle, but the talks did not yield results.</li>
<li>Disney&#39;s outgoing Chair&nbsp;Susan Arnold&nbsp;reportedly called Peltz on Wednesday morning to offer him a role as a board observer and ask him to sign a standstill agreement, but he declined.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/01/30386011/staten-island-unionization-effort-remains-intact-as-amazon-fails-to-provide-proof" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Staten Island Unionization Effort Remains Intact as Amazon Fails to Provide Proof</a>
<ul>
<li>Cornele Overstreet, a regional director with the&nbsp;National Labor Relations Board, supported the unionization of&nbsp;Amazon.Com, Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) workers in Staten Island, N.Y.</li>
<li>Overstreet rejected Amazon&#39;s appeal as the latter failed to provide sufficient evidence to overturn the election results.</li>
<li>In November, a federal judge ordered Amazon to stop avenging workers organizing at the Staten Island facility that unionized.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/23/01/30386747/starbucks-ceo-issues-return-to-office-guidelines-for-corporate-employees-three-days-a-week" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Starbucks CEO Issues Return to Office Guidelines for Corporate Employees: Three Days a Week</a>
<ul>
<li>Starbucks Corporation&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sbux#NASDAQ">SBUX</a>) has asked its corporate employees to be in the office at least three days a week.&nbsp;</li>
<li>&quot;Effective Jan. 30, Starbucks employees within commuting distance would be required to come in to work on Tuesdays, Wednesdays, and a third day of the week that the immediate leader and team would mutually decide. They would be free to work from anywhere the remaining two days.&quot;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/01/30385078/top-asset-manager-blackrock-bows-down-to-macro-uncertainties-lets-go-of-500-employees" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Top Asset Manager BlackRock Bows Down To Macro Uncertainties; Lets Go Of 500 Employees</a>
<ul>
<li>Leading asset manager&nbsp;BlackRock, Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) downsized its workforce affecting 500 employees or less than 3% of its employee strength.</li>
<li>Goldman Sachs Group, Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>) took a similar step in a sweeping cost-cutting drive.</li>
<li>BlackRock CFO Gary Shedlin had shared its plans of freezing most hiring and reducing expenses due to short-term performance challenges.</li>
<li>BlackRock will likely post a 22.4% drop in fourth-quarter profit to $8.09 per share when it reports results on Friday.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/01/30385455/home-depot-plans-to-change-hourly-wage-policy-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Home Depot Plans To Change Hourly Wage Policy</a>
<ul>
<li>Home Depot Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hd#NYSE">HD</a>) is about to change its pay policy for hourly workers, starting January 15.</li>
<li>The company will pay associates based on their exact time punches.</li>
<li>The move comes after many employees filed lawsuits and accused Home Depot of lowering their salaries.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/01/30384527/google-porsche-trying-to-seal-deal-for-app-access-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Google, Porsche Trying To Seal Deal For App Access</a>
<ul>
<li>Luxury car maker&nbsp;Porsche Automobile Holding SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahy#OTC">POAHY</a>) plans to fully integrate&nbsp;Alphabet Inc&nbsp;&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/goog#OTC">GOOG</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/googl#OTC">GOOGL</a>)&nbsp;Google&nbsp;software in Porsche cockpits.</li>
<li>The deal would enable Porsche customers to access Google applications like Google Maps and Google Assistant without needing to connect the car to an Android phone.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/23/01/30385294/deadpools-ryan-reynolds-mint-mobile-in-t-mobiles-acquisition-crosshairs" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Deadpool&#39;s Ryan Reynolds&#39; Mint Mobile in T-Mobile&#39;s Acquisition Crosshairs</a>
<ul>
<li>T-Mobile US, Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tmus#NASDAQ">TMUS</a>) weighed acquiring &quot;Deadpool&quot;&nbsp;star&nbsp;Ryan Reynolds-backed budget wireless provider&nbsp;Mint Mobile.</li>
<li>Reynolds owns about 25% of the company.</li>
<li>Mint Mobile offers budget cell phone plans on the T-Mobile network starting at a monthly plan of $15.</li>
<li>Reynolds became a part-owner of Mint Mobile in 2019.</li>
</ul>
&nbsp;
CNBC
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/01/30376431/binance-ceo-sets-sights-on-industrys-next-bull-run-plans-to-expand-workforce" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Binance CEO Sets Sights On Industry&#39;s Next Bull Run, Plans To Expand Workforce</a>
<ul>
<li>Cryptocurrency exchange&nbsp;Binance&nbsp;(BNB/USD) plans to increase its workforce by 15%-30% in 2023, according to its CEO,&nbsp;Changpeng &quot;CZ&quot; Zhao.</li>
<li>He announced at the&nbsp;Crypto Finance Conference&nbsp;in St. Moritz, Switzerland, highlighting the company&#39;s aim to be well-organized ahead of the next crypto bull run.</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/01/30384455/crypto-analyst-shuts-down-rumors-says-gemini-losers-not-shady-dealers" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Crypto Analyst Shuts Down Rumors, Says Gemini &#39;Losers,&#39; Not &#39;Shady&#39; Dealers</a>
<ul>
<li>A popular crypto analyst recently declared that&nbsp;Gemini&nbsp;(GUSD/USD) is not involved in any shady dealings &mdash; they&#39;re simply &quot;losers.&quot;</li>
<li>Ki Young Ju,&nbsp;the co-founder of&nbsp;CryptoQuant, a crypto analysis platform, revealed that only $9 million Gemini is sitting on exchanges today.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/01/30383768/tsmc-guides-to-below-consensus-q1-amid-continued-end-market-weakness-inventory-corrections" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TSMC Guides To Below-Consensus Q1 Amid Continued End Market Weakness, Inventory Corrections</a>
<ul>
<li>Taiwan Semiconductor Manufacturing Company Limited&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tsm#NYSE">TSM</a>) reported fourth-quarter revenue that came in below the consensus estimate, but earnings beat expectations, helped by margin expansion achieved on the back of increased sales of advanced chips and cost controls. The company expects the soft patch to continue into the first quarter.</li>
<li>TSMC reported fourth-quarter net revenue of NT $625.53 billion, up 42.8% year-over-year. Sequentially, the revenue growth was a more modest 2%.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/01/30384107/gm-ford-ev-vehicles-called-out-by-us-transport-safety-watchdog-for-road-safety-issues" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GM, Ford EV Vehicles Called Out by US Transport Safety Watchdog for Road Safety Issues</a>
<ul>
<li>National Transportation Safety Board&nbsp;Chairwoman Jennifer Homendy flagged concerns about the higher risk of severe injury and death for all road users from heavier curb weights and increasing size, power, and performance of vehicles on roads, including electric vehicles.</li>
<li>Homendy called out the&nbsp;General Motors Co&nbsp;GM&nbsp;GMC Hummer EV&nbsp;weighing over 9,000 pounds with a gross vehicle weight rating of 10,550 pounds.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/01/30386965/fashion-retailer-asos-hopes-cost-savings-will-help-profits-in-fy23" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Fashion Retailer ASOS Hopes Cost Savings Will Help Profits In FY23</a>
<ul>
<li>Online fashion retailer&nbsp;ASOS Plc&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/asomf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ASOMF</a>) said cost-saving measures amounting to more than &pound;300 million would help drive profits in FY23.</li>
<li>The cost mitigation measures are already in the delivery phase, and their benefits are expected to be strongly H2-weighted.&nbsp;</li>
<li>The company said that these are expected to more than offset headwinds from inflation and return rates annualization throughout the year to generate a modest improvement in full-year profitability from an expected H1 FY23 loss.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/01/30387189/europe-approves-xofluza-roches-revolutionary-influenza-antiviral-with-new-mechanism" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Europe Approves Xofluza, Roche&#39;s Revolutionary Influenza Antiviral with New Mechanism</a>
<ul>
<li>The European Commission has approved&nbsp;Roche Holdings AG&#39;s&nbsp;RHHBY Xofluza (baloxavir marboxil) in children aged one year and above for uncomplicated influenza and post-exposure prophylaxis of influenza.&nbsp;</li>
<li>Xofluza is the first innovation in the mechanism of action for influenza antiviral approved by the European Commission in almost 20 years.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/01/30388122/why-american-airlines-shares-are-flying-higher-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Why American Airlines Shares Are Flying Higher Today</a>
<ul>
<li>American Airlines Group, Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aal#NYSE">AAL</a>) said it expects fourth-quarter revenue to be better than expected on robust demand for air travel through the holiday season.</li>
<li>American Airlines expects revenue to rise between 16% - 17% from Q4 of 2019, above the consensus of $12.70 billion. The earlier growth guidance was 11% - 13%.</li>
</ul>
Photo via Wikimedia Commons

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<ul>
<li>Luxury car maker&nbsp;Porsche Automobile Holding SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahy#OTC">POAHY</a>) plans to fully integrate&nbsp;Alphabet Inc&nbsp;&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>)&nbsp;Google&nbsp;software in Porsche cockpits.</li>
<li>The deal would enable Porsche customers to access Google applications like Google Maps and Google Assistant without needing to connect the car to an Android phone,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/technology/google-porsche-talks-over-google-apps-access-manager-magazin-2023-01-12/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Reuters&nbsp;</a>reported.</li>
<li>Porsche was in close contact with several companies following the end of its cooperation with&nbsp;Volkswagen AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) Cariad unit on software research and development.</li>
<li>The plan is only being considered for the Porsche brand and not the Volkswagen Group more widely, the report added.</li>
<li>Porsche has been reportedly hesitating to join hands with Google for some time as the latter asked for too much data share.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/29969475/porsche-to-join-germanys-blue-chip-index-whats-on-the-cards" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Porsche To Join Germany&#39;s Blue-Chip Index - What&#39;s On The Cards?</a></li>
<li>Price Action:&nbsp;POAHY shares closed lower by 0.89% at $6.03 on Wednesday.</li>
<li>Photo Via Company</li>
</ul>

Google, Porsche Trying To Seal Deal For App Access: Report

<ul>
<li>Group14 Technologies, a global manufacturer and supplier of advanced silicon battery technology, raised $214 million in additional financing from a consortium including&nbsp;Microsoft Corp&rsquo;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>)&nbsp;Climate Innovation Fund,&nbsp;Lightrock Climate Impact Fund,&nbsp;Moore Strategic Ventures,&nbsp;Oman Investment Authority, and Molicel.&nbsp;</li>
<li>The latest financing brings Group14&rsquo;s Series C round to $614&nbsp;<a class="editor-rtfLink" href="https://group14.technology/en/news/group14-closes-214m-from-microsoft-to-complete-614m-series-c-funding-round" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">million</a>.</li>
<li>&ldquo;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29474976/tesla-explored-procuring-stake-in-this-swiss-mining-company-to-secure-ev-battery-supply" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Batteries are becoming</a>&nbsp;the backbone of the clean energy transition,&rdquo; said Brandon Middaugh, Director of Microsoft&rsquo;s Climate Innovation Fund.&nbsp;</li>
<li>The&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29197903/stellantis-inks-deal-for-ev-battery-production" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">battery startup</a>, valued at over $3 billion, won a $100 million grant from the U.S. Energy Department through the 2021 infrastructure bill, the Wall Street Journal&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/articles/microsoft-invests-in-silicon-battery-material-upstart-11670968175?mod=tech_lead_pos6" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reports</a>.</li>
<li>It raised $400 million earlier this year from investors including&nbsp;Porsche Automobile Holding SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahy#OTC">POAHY</a>),&nbsp;Riverstone Holdings Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/revsf#OTC">REVSF</a>), and a joint venture between&nbsp;BlackRock, Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) and Singapore state-owned investor&nbsp;Temasek Holdings Ltd.</li>
<li>Group 14 says its silicon anode material is more efficient than existing graphite technology, potentially fueling more powerful batteries for automakers like Porsche.</li>
<li>Group14 says its existing commercial factory in Washington led ahead of&nbsp;Sila Nanotechnologies Inc,&nbsp;Enovix Corp&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/envx#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ENVX</a>), and&nbsp;Amprius Technologies, Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ampx#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AMPX</a>).</li>
<li>Group14 plans to use the new funding to accelerate the development of a larger manufacturing facility in central Washington that will produce material for batteries capable of powering at least 100,000 electric cars.&nbsp;</li>
<li>Group14&rsquo;s material can easily replace or work alongside graphite, allowing it to be integrated into the existing battery supply chain, which should help the company grow more quickly, Middaugh said.</li>
</ul>

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Microsoft Bets On This EV Battery Startup As Backbone Of Energy Transition

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<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/22/12/30070533/binances-ongoing-stress-test-sees-3b-outflow-in-7-days-heres-everything-that-happened-so-f" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Binance&#39;s Ongoing&#39; Stress Test&#39; Sees $3B Outflow in 7 Days: Here&#39;s Everything That Happened So Far</a>
<ul>
<li>Users have been withdrawing massive amounts of funds from Binance, including USD coin (USDC/USD) and other stablecoins. Binance has already seen a net outflow of over $3 billion in crypto assets, in the last seven days, as per Nansen.</li>
<li>Binance experienced unprecedented withdrawals due to concerns over its proof of reserve report. </li>
<li>According to blockchain intelligence platform Nansen, net outflows amounted to an eye-watering $902 million in just one day.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30070564/jack-dorsey-not-exactly-impressed-with-elon-musks-twitter-biggest-mistake-i-made-was" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Jack Dorsey Not Exactly Impressed With Elon Musk&#39;s Twitter: &#39;Biggest Mistake I Made Was...&#39;</a>
<ul>
<li>Block Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sq#NYSE">SQ</a>) CEO and Twitter co-founder Jack Dorsey addressed Elon Musk&#39;s release of &quot;Twitter Files&quot; in a blog post.</li>
<li>Dorsey named &quot;three principles&quot; that he said he&#39;d come to believe based on his past actions as Twitter CEO and co-founder.</li>
<li>&quot;The Twitter when I led it and the Twitter of today do not meet any of these principles,&quot; said Dorsey in the post without naming the current owner and CEO Musk.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30070475/tesla-finally-brings-apple-music-on-board-but-theres-a-small-catch" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tesla Finally Brings Apple Music On Board &mdash; But There&#39;s A Small Catch</a>
<ul>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>), at long last, seems to have added Apple Inc.&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) Music support to its in-car system. </li>
<li>Tesla&#39;s annual holiday software update has finally filled the absence of Apple Music from the Tesla experience.</li>
<li>The update is available for all users, but Apple Music subscribers must have a premium connectivity subscription for it to work over a cellular connection. </li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/gaming/22/12/30071589/nintendo-lets-gamers-review-everything-theyve-played-in-2022-and-for-how-long-just-like-spotify-wr" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nintendo Lets Gamers Review Everything They&#39;ve Played In 2022 And For How Long </a>
<ul>
<li>Taking a leaf out of Spotify&#39;s Playbook, Nintendo Co (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ntdoy#OTC">NTDOY</a>) Switch now allows users to access their &quot;Nintendo Year in Review 2022.&quot;</li>
<li>Indulging in a popular end-of-year ritual &mdash; similar to Spotify Wrapped &mdash; Nintendo Switch has enabled players to access a detailed breakdown of what games they played on Switch and for how long.</li>
<li>Users need to log on to their accounts, and they&#39;ll see a report full of metrics.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/12/30071981/fda-adcomm-gives-thumbs-down-to-cytokinetics-heart-failure-candidate" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">FDA Adcomm Gives Thumbs Down To Cytokinetics&#39; Heart Failure Candidate</a>
<ul>
<li>The FDA&#39;s Cardiovascular and Renal Drugs Advisory Committee voted 8-3 against the approval of Cytokinetics Incorporated&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cytk#NASDAQ">CYTK</a>) heart failure drug, omecamtiv mecarbil.</li>
<li>Adcomm members said the drug&#39;s potential benefits did not seem to outweigh its risks, with panel members raising concerns about its safety and limited efficacy.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30072877/volkswagen-fetches-chief-designer-from-porsche" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Volkswagen Fetches Chief Designer From Porsche</a>
<ul>
<li>Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) has appointed Michael Mauer to assume the Head of Group Design role while also retaining his position at Porsche (OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahy#OTC">POAHY</a>) brand.</li>
<li>Effective January 1, 2023, Mauer will replace Klaus Zyciora, who is leaving the company to pursue tasks outside the Group.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30073809/stellantis-recalls-over-1m-trucks-on-faulty-tailgate-issue" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Stellantis Recalls Over 1M Trucks On Faulty Tailgate Issue</a>
<ul>
<li>Stellantis NV (NYSE: STLA) is recalling 1.23 million pickup trucks due to faulty tailgates.</li>
<li>Stellantis&#39; investigation discovered that tailgate striker plates on certain pickup trucks might not be sufficiently aligned to accommodate complete closure.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30073114/barclays-announces-significant-increase-in-sustainable-finance-to-500m" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Barclays Announces Significant Increase In Sustainable Finance To &pound;500M</a>
<ul>
<li>Barclays Plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>) has increased its equity capital investment into global climate tech startups from &pound;175 million by 2025 to &pound;500 million by 2027.</li>
<li>The bank said that the increase in its Sustainable Impact Capital investment mandate reflects the funding needed to continue existing efforts and support new investments. </li>
<li>The push will focus on carbon capture and hydrogen technologies.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/12/30072715/us-government-orders-additional-doses-of-pfizers-covid-19-treatment-for-2b" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">US Government Order Additional Doses Of Pfizer&#39;s COVID-19 Treatment For $2B</a>
<ul>
<li>The U.S. government announced a new purchase agreement for Pfizer Inc&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) COVID-19 antiviral treatment Paxlovid.</li>
<li>This purchase supplements the 20 million treatment courses previously contracted by and already delivered to the U.S. Government. </li>
<li>The additional 3.7 million treatment courses are planned for delivery by early 2023. </li>
</ul>

Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30071080/us-reportedly-adding-30-chinese-chip-companies-to-trade-blacklist-as-dispute-with-xi-jinpings-govern" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">US Reportedly Adding 30 Chinese Chip Companies To Trade Blacklist As Dispute With Xi Jinping&#39;s Government Escalates</a>
<ul>
<li>As the U.S.-China chip dispute escalates, Washington is reportedly planning to place chip maker Yangtze Memory Technologies and 35 other Chinese companies on its trade blacklist. </li>
<li>The Joe Biden administration&#39;s decision would prevent these Chinese companies from buying certain American components.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30070952/facebook-accused-of-inflaming-ethiopias-civil-war-by-promoting-hateful-content-petitioners-demand-2b" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Facebook Accused Of Inflaming Ethiopia&#39;s Civil War By Promoting Hateful Content; Petitioners Demand $2B Fund For Victims</a>
<ul>
<li>A new lawsuit accused Meta Platforms Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) of inflaming Ethiopia&#39;s civil war by enabling violent and hateful posts to flourish on Facebook. </li>
<li>The lawsuit &mdash; filed by two Ethiopian researchers and the Kenyan rights group Katiba Institute &mdash; alleged that Facebook&#39;s recommendations systems amplified violent posts in Ethiopia.</li>
</ul>

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/12/30071547/ftc-dumps-microsofts-attempt-to-clear-antitrust-concerns-over-call-of-duty" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">FTC Dumps Microsoft&#39;s Attempt To Clear Antitrust Concerns Over &quot;Call of Duty&quot;</a>
<ul>
<li>Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) President Brad Smith had offered to sign a legally-binding consent decree with the U.S. Federal Trade Commission to provide &quot;Call of Duty&quot; games to rivals, including Sony Group Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sony#NYSE">SONY</a>) for a decade.</li>
<li>The rejected offer came just before the FTC prosecuted Microsoft for blocking the $69-billion takeover bid for video game publisher Activision Blizzard Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/atvi#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ATVI</a>).</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/12/30072406/boeing-continues-to-convince-congress-for-737-max-10-deadline-extension" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Boeing Continues To Convince Congress For 737 MAX 10 Deadline Extension</a>
<ul>
<li>Boeing Co&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) Commercial planes CEO said the company would continue to convince Congress to pass legislation for its 737 MAX 7 and MAX 10 regulatory certification even after the deadline.</li>
<li>The FAA said that after December 27, &quot;the FAA will cease work on reviews related to the crew alerting system for the 737 MAX-7 and -10 in accordance with our congressional mandate,&quot; but did not elaborate.</li>
</ul>

Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30072112/instagram-launches-fresh-updates-to-win-back-users-from-bereal-tiktok" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Instagram Launches Fresh Updates To Win Back Users From BeReal, TikTok</a>
<ul>
<li>Meta Platforms Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) Instagram doled out new ways to share and connect with friends, including one feature resembling the social media app BeReal following young people&#39;s exodus to newer apps like BeReal and TikTok. </li>
<li>They also addressed some recent criticism of overly curated or inauthentic Instagram posts.</li>
<li>Another Instagram feature, Notes or friend-focused status updates that appeared at the top of the inbox, launched on Tuesday.</li>
</ul>
Photo via Wikimedia Commons

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Volkswagen Fetches Chief Designer From Porsche

<ul>
<li>Porsche Automobile Holdings&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahy#OTC">POAHY</a>) is slated to&nbsp;<a class="editor-rtfLink" href="https://newsroom.porsche.com/en/2022/company/porsche-ag-initial-public-offering-inclusion-german-share-index-dax-30570.html" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">enter&nbsp;</a>into Germany&rsquo;s blue-chip index over three months&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/09/29068906/porsche-ag-lists-on-frankfurt-exchange-shares-rise" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">after its market debut.</a></li>
<li>The index lists the 40 largest German stocks in terms of market capitalisation and revenue on the Regulated Market of the Frankfurt Stock Exchange.</li>
<li>The decisive criterion for the fast entry is the market capitalisation of the free float.</li>
<li>&quot;First: our business model is robust and attractive to investors, even in a challenging environment. Second: our definition of modern luxury is convincing, in focusing on sustainability and in assuming social responsibility,&quot; said Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT.</li>
<li>The sportscar maker,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/porsche-will-join-germanys-blue-chip-index-deutsche-boerse-2022-12-05/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Reuters&nbsp;</a>reported, will replace sportswear maker&nbsp;Puma SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pumsy#OTC">PUMSY</a>) on the DAX stock index on December 19.</li>
<li>Puma on the other hand will be moved down to the MDAX index.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29270278/volkswagen-plans-special-dividend-from-porsche-ipo-in-january" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Volkswagen Plans Special Dividend From Porsche IPO In January</a></li>
<li>Porsche shares have gained over 30% since their September market debut in Germany.</li>
<li>Price Action:&nbsp;POAHY shares closed higher by 0.16% at $6.12 on Monday.</li>
<li>Photo Via Company</li>
</ul>

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