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UPDATE 3-Ghosn gets $6 million bill as Nissan-Mitsubishi case backfires

Former chairman had demanded 15 mln euros in damages
Dutch case centres around payments from Amsterdam-based JV
Ghosn to file appeal (Adds announcement of appeal by Ghosn’s spokesperson)
AMSTERDAM, May 20 (Reuters) - Fugitive former car executive Carlos Ghosn suffered a setback on Thursday when a Dutch court ordered him to repay 5 million euros ($6.1 million) in wages to Nissan and Mitsubishi in a case he had brought.
The case, one of a series of legal battles involving one of the best known figures in the auto industry, centres around the Dutch-registered joint venture Nissan-Mitsubishi BV (NMBV), where Ghosn was ousted as chairman in 2019. ....

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CORRECTED-BASF plans battery joint venture with China's Shanshan

German chemicals company BASF said it is setting up a joint venture with Chinese battery materials supplier Shanshan to manufacture a key component used in the lithium ion batteries that are in high demand thanks to the burgeoning market for electric cars. ....

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Motor racing-Mercedes F1 boss warns of 'bendy wing' protests

3 Min Read
(Reuters) - Mercedes team boss Toto Wolff warned on Thursday of possible protests and court action if Formula One’s governing body did not speed up a ‘half-baked’ clampdown on flexible rear wings.
FILE PHOTO: Formula One F1 - Pre-Season Testing - Bahrain International Circuit, Sakhir, Bahrain - March 13, 2021 McLaren Team Principal Andreas Seidl arrives ahead of testing REUTERS/Hamad I Mohammed
The Austrian spoke after McLaren principal Andreas Seidl said some rivals were gaining an unacceptable advantage because the International Automobile Federation (FIA) had put off action until June 15.
“Delaying the introduction for whatever reason leaves us in a legal vacuum and leaves the door open for protests,” Wolff, whose team have won the last seven drivers’ and constructors’ titles, told reporters at the Monaco Grand Prix. ....

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CORRECTED-Taiwan's Gogoro to enter China with battery-sharing partnership

By Reuters Staff
(Corrects to ‘partnership’, not ‘joint venture’, in paragraph 2)
TAIPEI, May 18 (Reuters) - Taiwanese electric scooter vendor Gogoro said on Tuesday it has partnered with two Chinese two-wheel vehicle makers to offer its battery-sharing infrastructure, ramping up efforts to expand its overseas market.
Taipei-based Gogoro, known for its battery distribution network for riders, will build battery-swapping platforms in China in a partnership with Dachangjiang Group and Yadea Group Holdings.
In April, Gogoro announced a similar partnership with India’s Hero MotoCorp to build battery-sharing infrastructure in the world’s largest motorcycle market.
The two Chinese vendors will develop a range of two-wheel vehicles built for Gogoro’s battery-swapping platform, the Taiwanese company said. ....

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Property, energy stocks pull China shares lower; digital currency firms drop on new ban

By Reuters Staff
2 Min Read
BEIJING/SHANGHAI, May 19 (Reuters) - China shares ended lower on Wednesday after three straight sessions of gains, dragged down by property and energy firms, while digital currency-related stocks fell after Beijing banned financial and payment companies from the cryptocurrency business. At the close, the Shanghai Composite index was down 0.51% at 3,510.96, while the blue-chip CSI300 index was down 0.3%. The energy sector sub-index fell 1.61%, and the real estate index dropped 1.65%. The smaller Shenzhen index ended up 0.12% and the start-up board ChiNext Composite index was higher by 0.796%. Investors are betting on the increasing momentum of A shares and searching for opportunities in consumer blue-chips and new energy vehicles firms, said Yang Delong, an investment manager at First Seafront Fund Management Co. Trading in the mainland market is volatile, Yang said, citing relative low valuations for A-shares and Hong Kong stocks ....

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