Volkswagen is open to purchasing a majority stake in U.S. truckmaker Navistar it stated on Monday, as the German automaker plans its trucks business for a possible stock market listing that could help raise funds to broaden. In 2016, Volkswagen Truck & Bus acquired a 16.9 percent stake in Navistar International and last week joined
Volkswagen stated it could list its trucks business as part of expansion strategies for the division, Andreas Renschler, head of the trucks business stated on Monday. “We want to achieve capital market readiness in one year. An IPO is just one of the options,” Renschler informed journalists in Munich. “You can also go to the
Volkswagen is worried that a row between the United States and Russia concerning new sanctions imposed by the United States could hit collaboration with its Russian partner GAZ Group, Chief Executive Herbert Diess stated on Friday. “Possible sanctions are naturally a concern,” Diess stated. “We are looking into the matter very closely. If it really
Fiat Chrysler is working with its Chief Executive Sergio Marchionne to find his successor next year, the car group’s chairman John Elkann stated on Friday. Marchionne has said before he will step down as CEO in early next year. He has frequently said his successor will be selected from within the company.
Volkswagen’s new CEO Herbert Diess on Friday stated he will consider asset sales and seeks to turn the multi-brand conglomerate into a slimmed down company with strong brands. Speaking during his first news conference as chief executive at automaker’s headquarters in Wolfsburg, Diess stated he would look at the different assets in VW’s portfolio, which
Britain’s biggest automaker Jaguar Land Rover will slash around 1,000 jobs and production at two of its factories in the region because of fall in sales caused by uncertainty around Brexit and doubts over diesel policy, a source informed Reuters. Output will be slashed at its central English Solihull and Castle Bromwich plants, affecting an
Volkswagen’s new CEO Herbert Diess on Friday stated the car and truck maker is open to alliances in areas like autonomous driving vehicles. Discussing in Wolfsburg, Germany, at his first news conference following his appointment as CEO on Thursday, Herbert Diess stated: “I would not rule out further partnerships. Autonomous driving requires immense investments.”
Opel’s new CEO, Michael Lohscheller, has demanded concessions from labor unions to make the loss-making automaker more competitive, before what he said would be a decisive round of pay talks with labor leaders. “After making losses for almost 20 years in a row, the status quo is clearly no longer an option,” CEO Michael Lohscheller
Volkswagen brand chief Herbert Diess is going to head up a volume brands division which consists of responsibility for Skoda and Seat, two sources knowledgeable about the matter stated on Thursday. The recently created volume brand group will also consist VW’s commercial-vehicle division, one of the sources informed. “Diess will get immense power,” he stated.
The truck units of Toyota and Volkswagen are forming an alliance to boost their market positions as commercial automakers face increasing costs to develop lower-emission automobiles and automated driving capabilities. The strategic tie-up of Toyota subsidiary Hino Motors and Volkswagen Truck & Bus GmbH is the recent in the international vehicle industry, where automakers look
Volkswagen is going to hold a meeting of its supervisory board on Thursday to make decision on a new chief executive, bringing forward the meeting that was earlier planned for Friday, a source with information of the matter said. The board is set to elect the head of the company’s core VW brand, Herbert Diess,
The replacement of Volkswagen CEO Matthias Mueller has been planned for months and board members Francisco Garcia Sanz and Karlheinz Blessing are also going to be ousted, Germany’s Bild newspaper reported. The small circle of executives preparing Mueller’s ouster included Chairman Hans Dieter Poetsch, labor chief Bernd Osterloh, and two member’s of Volkswagen’s controlling family:
Admired by investors and ready to take on trade unions, Volkswagen brand boss Herbert Diess is probably going to get his chance to lead Germany’s biggest automaker which is expected to transform faster under his cost-cutting style. Diess is noted for squeezing more savings out of suppliers compared to fellow managers and does not shy
Klaus Froehlich, the BMW board member in charge of development, is scheduled to join energy group E.ON’s supervisory board, the recent sign of convergence between both sectors in the area of electric mobility. E.ON will propose Froehlich as a candidate at its yearly general meeting set for May 9, as per the event’s official invitation
Union representatives at Volkswagen-owned Skoda Auto stated on Friday they had accepted management’s offer to increase wages by 12 percent, averting a strike at one of the largest manufacturing plants situated in the Czech Republic. The leadership of the Kovo union, which represent industrial employees, prepares to vote on the proposal next Wednesday, which would