Core Viewpoint - Ayvens has initiated a share buyback program amounting to EUR 360 million aimed at share cancellation, with significant progress reported as of late November 2025 [1][2]. Group 1: Share Buyback Program - The buyback program was officially announced on October 30, 2025, and commenced on October 31, 2025, with a maximum budget of EUR 360 million [1]. - Ayvens has received all necessary authorizations from supervisory authorities, and the buybacks are conducted in compliance with the conditions set by the General Shareholders' Meeting held on May 19, 2025 [2]. - As of November 28, 2025, Ayvens has completed 94.8% of its share buyback program, representing 3.9% of its total share capital [3]. Group 2: Buyback Details - The buyback transactions from November 24 to November 28, 2025, involved a total of 1,335,117 shares purchased at an average price of EUR 10.86 [3]. - The buyback was executed across various trading platforms, including Euronext Paris, with a temporary suspension of the liquidity contract with BNP Paribas Exane during the buyback period [2]. Group 3: Company Overview - Ayvens is a leading global player in sustainable mobility, providing full-service leasing, flexible subscription services, fleet management, and multi-mobility solutions [4]. - The company operates with over 14,000 employees across 41 countries and manages a fleet of 3.2 million vehicles, including the world's largest multi-brand electric vehicle fleet [4]. - Ayvens is listed on Compartment A of Euronext Paris, with Societe Generale Group as its majority shareholder [4].

Core Insights - Tenneco LLC has successfully listed its subsidiary, Tenneco Clean Air India Limited, on the BSE and NSE under the ticker "TENNIND" [1] - This listing is a significant milestone in Tenneco's transformation and highlights India's growing role in innovation and sustainable mobility [3] Company Overview - Tenneco India includes the Clean Air, Champion Ignition, Powertrain (Bearings and Sealings), and Monroe Ride Solutions (MRS) businesses, representing a substantial part of Tenneco's manufacturing and engineering in the region [4] - The operations serve leading OEMs in India and globally, focusing on emission reduction and improved fuel economy to meet stricter regulations, as well as enhancing ride comfort amid the trend of passenger vehicle premiumization [4] Leadership Statements - Jim Voss, CEO of Tenneco LLC, emphasized the importance of the team’s execution and its impact on Tenneco's position in a dynamic market, reinforcing the company's commitment to India [4] - Arvind Chandra, CEO of Tenneco India, noted that the public listing reflects the business's maturity and the company's dedication to innovation and performance [5] Strategic Implications - The listing aligns with Tenneco's long-term strategy to enhance agility, transparency, and sustained growth, while also investing in talent, R&D, and export capabilities from India [5]

Core Viewpoint - Alstom has signed a significant contract with Ukrainian Railways to supply 55 Traxx locomotives, marking a commitment to modernize Ukraine's rail transport and support its economic development [1][3][4]. Contract Details - The contract is valued at approximately 470 million euros and will be financed by the European Bank for Reconstruction and Development (300 million euros) and the World Bank (190 million dollars) [1][10]. - Delivery of the locomotives is set to begin in 2027, with the manufacturing taking place at Alstom's Belfort site in France [2][10]. Technical Specifications - The locomotives will feature a twin Bo-Bo configuration, dual-voltage capabilities (3kV DC and 25kV AC), and a power range of 7.2 to 9.4 MW, allowing speeds of up to 120 km/h [6]. - Designed for high performance, reliability, and energy efficiency, these locomotives will be able to haul heavier loads compared to existing solutions [6]. Strategic Importance - This agreement is seen as a crucial step in addressing the outdated traction fleet of Ukrainian Railways, which has an average age of 46 years, and signals international partners' trust in the future of the Ukrainian railway industry [4]. - Alstom's involvement in Ukraine since 2012 includes the establishment of an engineering center in Kharkiv and a commitment to support local projects and expertise [7]. Alstom's Commitment - Alstom is dedicated to contributing to Ukraine's economic development and reconstruction through initiatives that strengthen trade and investment relations [5]. - The company has a broad portfolio of locomotives, including environmentally-friendly and cost-effective options, which are designed for high availability and extended maintenance intervals [8]. Company Background - Alstom has over 175 years of experience in locomotive design and manufacturing, with more than 6,000 units sold globally since 2000 [9]. - The company generated sales of €18.5 billion for the fiscal year ending on March 31, 2025, and operates in 63 countries with a diverse talent base [12].

Core Points - Renault Group has appointed Josep Maria Recasens as Chief Strategy, Product & Program Management Officer to enhance organizational agility and speed [1][2] - Recasens will report to CEO François Provost and will also continue as CEO of the Iberian Peninsula countries and Ampere until its transformation is complete [2][4] - The restructuring aims to unify strategy and product planning to improve coherence and agility within the organization [3] - Recasens emphasizes a strong focus on product, disciplined program management, and a holistic investment view as key principles for success [3][4] - Renault Group aims for carbon neutrality in Europe by 2040 and focuses on developing new technologies and electrified vehicles [7] Company Overview - Renault Group operates in 114 countries and sold 2.265 million vehicles in 2024, employing over 98,000 people [6] - The Group consists of four brands: Renault, Dacia, Alpine, and Mobilize, offering sustainable and innovative mobility solutions [6][7] - The company is committed to a transformation that generates value through new technologies and competitive electrified vehicles [7]

Core Points - Alstom has signed a significant contract with PKP Intercity to deliver 42 Coradia Max double-deck electric multiple units (EMUs) valued at 6.9 billion złoty (approximately 1.6 billion euro) along with 30 years of full-service maintenance [1][10] - The Coradia Max fleet will be designed and assembled in Poland, enhancing local engineering capabilities and contributing to the country's low-emission mobility goals [2][4] - The new trains will improve passenger comfort and reliability on major intercity routes, with the first units expected to be operational in about three and a half years [7][10] Company Overview - Alstom is a global leader in smart and sustainable mobility, with a strong presence in Poland since 1997, employing over 4,700 people and investing nearly 600 million złoty (approximately 140 million euro) in modernization over the past decade [15] - The Chorzów site in Poland is a key manufacturing and engineering hub for Alstom, recognized for its advanced production capabilities and innovation in train manufacturing [4][5] - The Nadarzyn facility specializes in producing bogies, crucial components for train safety and performance, and is the first of its kind in Poland [6] Product Features - The Coradia Max trains will feature a six-car configuration with over 550 seats, designed for comfort and flexibility, including amenities such as air conditioning, free Wi-Fi, and accessibility features for passengers with reduced mobility [10][11][12] - The trains will be dual-voltage (3 kV/25 kV), allowing operation across Poland and the Czech Republic, with more than 500 Coradia Max trains already in service or on order across Europe [12][10] - The 30-year maintenance contract includes preventive, corrective, and overhaul services, supported by Alstom's Fleet Support Centre and HealthHub digital platform for predictive maintenance [8][9]

Core Insights - Gogoro Inc. reported a total revenue of $77.6 million for Q3 2025, a decrease of 10.6% year-over-year, with a more significant decline of 17.1% on a constant currency basis [4][9] - The company achieved a gross margin of 12.2%, up from 5.4% in the same quarter last year, driven by improved inventory management and operational efficiency [5][10] - Gogoro's adjusted EBITDA for Q3 2025 was $20.2 million, an increase from $15.5 million in the same quarter last year, reflecting disciplined operations and cost-saving initiatives [11] Financial Performance - Operating revenues for Q3 2025 were $77.6 million, down 10.6% year-over-year, with battery swapping service revenue at $38.9 million, up 11.5% year-over-year [4][9] - Gross margin improved to 12.2%, with non-IFRS gross margin reaching 22.2%, up from 16.3% year-over-year [5][10] - The net loss for Q3 2025 was $14.9 million, a reduction from a net loss of $18.2 million in the same quarter last year [10] Operational Efficiency - Inventory levels were reduced by 34% year-over-year, contributing to improved cash flow and operational efficiency [3][8] - Operating cash flow for the first nine months of 2025 rose to $25.7 million, up from $13.3 million in the same period last year [12] - The company implemented cost-saving initiatives that resulted in approximately $21 million in operating expenses saved in the first nine months of 2025 compared to the same period in 2024 [8] Market Context - Taiwan's two-wheeler market contracted to 196 thousand units, the lowest third-quarter total in a decade, influenced by macroeconomic headwinds and reduced consumer confidence [8][9] - Gogoro's product expansion included the launch of the EZZY and EZZY 500 models, which are expected to enhance sales growth and margin improvement in 2026 [8][9] - The company anticipates a challenging environment for the Taiwan two-wheeler market in 2025, adjusting its revenue guidance to between $270 million to $285 million [13] Strategic Initiatives - Gogoro is focusing on product innovation and plans to launch new vehicles in 2026, alongside developing higher density and lower-cost battery packs [3][8] - The company continues to strengthen its Powered by Gogoro Network (PBGN) ecosystem, with partners like Yamaha expanding their electric vehicle portfolios [8][9] - Gogoro's ongoing battery pack upgrades are expected to yield long-term economic benefits, despite short-term impacts on gross margin [6][8]

Core Insights - Volkswagen has secured 2.3 billion reais ($425.62 million) in financing from Brazil's National Bank for Economic and Social Development (BNDES) to enhance its hybrid vehicle development and expand export activities from Brazil [1][4] Group 1: Financing and Investment - The financing package from BNDES is aimed at accelerating Volkswagen's hybrid vehicle range, which includes mild hybrids, full hybrids, and plug-in hybrids [2] - The investment will also support engineering work on advanced driver assistance systems and connectivity technologies, enhancing customer experience and safety features [2][4] Group 2: Strategic Goals and Commitments - Volkswagen do Brasil's CEO announced that starting in 2026, all new Volkswagen models developed in South America will be electrified, showcasing the company's commitment to sustainable mobility [3] - The company aims to democratize access to electrification and advanced technologies, including safety and artificial intelligence [3] Group 3: Export Performance - Volkswagen has exported over 4.4 million units from Brazil to 147 markets since 1970, with a reported 43% increase in exports from January to September 2025 compared to the same period in 2024 [4] Group 4: Financial Performance - Volkswagen Group reported a net loss of €1.07 billion for Q3 2025, marking its first quarterly loss since Q2 2020, compared to a net income of €1.56 billion in Q3 2024 [5]

Core Insights - Kia America achieved record sales in October 2025, delivering 69,002 units, marking an 8% year-to-date increase over 2024, with a total of 705,150 units sold in 2025 [1][5][7] - The sales growth is attributed to strong retail performance at Kia dealerships, with notable increases in several models, including Niro (+75%), Carnival (+35%), K5 (+31%), Seltos (+32%), and Sportage (+17%) [2][5] - Kia is set to debut the second-generation Telluride SUV at the Los Angeles Auto Show, which is expected to further enhance the brand's growth trajectory [3][6] Sales Performance - October 2025 sales of 69,002 units represent a new monthly sales record, with an 8% increase in year-to-date sales compared to 2024 [5][7] - Specific model performances include: - EV9: 666 units sold in October 2025, down from 1,941 in 2024 - EV6: 508 units sold in October 2025, down from 1,732 in 2024 - K5: 7,631 units sold in October 2025, up from 5,818 in 2024 - Carnival: 6,605 units sold in October 2025, up from 4,909 in 2024 [4][7] Model Highlights - The brand's electrified models saw a 16% increase in sales year-over-year, while SUVs experienced a 2% increase [2] - The Telluride SUV has been pivotal in Kia's brand transformation, having won multiple prestigious awards in 2020 [6] - The discontinuation of the Kia Soul is noted, with over 1.5 million units sold in the U.S. since its launch in 2009 [6] Future Outlook - Kia's focus remains on long-term growth through a diverse model lineup that offers outstanding value [3] - Anticipation builds for the upcoming Telluride SUV, which is expected to contribute positively to sales as the holiday season approaches [3][6]

Core Insights - Tembo e-LV has entered a strategic partnership with Associated Vehicle Assemblers Ltd. (AVA) to distribute, assemble, and service electric utility vehicles across East Africa, specifically in Kenya and Tanzania, targeting a market of 500 million people [1][2][4] - The partnership aims to enhance local assembly, sales, installation, and service networks, thereby supporting the transition to sustainable mobility in the region [2][4] - Tembo will establish a local office and a mobile technical support network to improve service delivery and operational readiness, which is expected to create local jobs and facilitate knowledge transfer [4][5] Company Overview - Tembo specializes in 100% electric utility vehicles designed for rugged and customized applications across various sectors, including mining, agriculture, and government [6][7] - VivoPower International PLC, the parent company of Tembo, is focused on sustainability and has a diversified strategy that includes digital asset management [8][9] - AVA is recognized as East Africa's leading vehicle assembler, with a strong commitment to quality and sustainability, and has established partnerships with major automotive brands [10]

Core Insights - Ayvens reported a net income group share of EUR 273 million for Q3 2025, reflecting an 85.9% increase compared to Q3 2024, driven by improved margins and lower operating expenses [1][13][23] - The company announced a share buyback program of EUR 360 million and an exceptional cash dividend of EUR 0.42 per share, to be paid on December 18, 2025, as part of its commitment to shareholder value [1][5][7] - The Group's Return on Tangible Equity (ROTE) improved to 14.3% from 7.2% in Q3 2024, indicating enhanced profitability [1][23][47] Financial Performance - Gross operating income for Q3 2025 reached EUR 851 million, up 17.6% from Q3 2024, supported by increased margins [1][14][44] - Leasing and Services margins totaled EUR 776 million, a 20.1% increase year-on-year, with underlying margins at 593 basis points compared to 521 basis points in Q3 2024 [1][15][21] - Operating expenses decreased to EUR 429 million from EUR 460 million in Q3 2024, reflecting a 6.7% reduction [1][19][44] Strategic Developments - The execution of the PowerUP 26 strategic roadmap is progressing well, with profitability and cost efficiency improving as synergies increase [2] - The restructuring of the company's footprint in targeted segments is advancing, with used car lease capabilities ramping up [2] - The company is well-positioned for sustainable and profitable growth, supported by a strong executive management team [3] Shareholder Returns - The Board of Directors authorized a total distribution of EUR 700 million to shareholders, including the share buyback and exceptional interim dividend [4][7] - The share buyback program is set to commence on October 31, 2025, and will last until October 30, 2026 [5][51] Market Position - Ayvens maintains a strong financial structure with total shareholders' equity of EUR 10.7 billion as of September 30, 2025, and a Common Equity Tier 1 (CET1) ratio of 12.8% [24][28] - The company has a total balance sheet of EUR 73.1 billion, with financial debt standing at EUR 37.8 billion [25][45]