American automaker Tesla Inc has overtaken Germany’s Volkswagen AG as the world’s second most valuable automaker behind Japan’s Toyota Motor, as the meteoric increase in the U.S. electric vehicle maker’s shares reshuffles the international market. Tesla’s stock has more than doubled in value in these three months, with its market capitalization reaching $100 billion on […]
Volkswagen
Canadian judge approves $149 million fine against Volkswagen over diesel emissions
A judge in Canada has approved a C$196.5 million ($149.7 million) fine against Volkswagen AG on Wednesday once the company pleaded guilty to dozens of counts of diesel emissions infractions. Volkswagen was charged in December with importing almost 128,000 vehicles into Canada breaching emissions standards. VW pleaded guilty after being charged with 60 counts of […]
Volkswagen settlement in North Dakota also funds charging stations
Ten North Dakota communities will use part of a settlement with German automaker Volkswagen for constructing electric vehicle charging stations. The North Dakota Department of Environmental Quality will send $2.7 million to the regional governments and businesses for clean vehicle projects, consisting of 17 charging stations throughout the state. All but one are fast chargers […]
Volkswagen to create its first innovation hub in North America
To create the first innovation hub of the company, Volkswagen is partnering with the University of Tennessee and the Oak Ridge National Laboratory for developing new technology in North America, officials stated on Friday. Initial work at the hub in Knoxville will consist of research opportunities for UT doctoral students and will concentrate on electric […]
Guoxuan says in talks with Volkswagen for cooperation in technology
Guoxuan High-Tech Co Ltd says it is is in talks with Volkswagen AG for possible strategic cooperation in technology, product, and capital, the China-based battery maker wrote in a company filing on Monday. Guoxuan has also said that it has not reached a legally binding agreement with the automaker as of now regarding the terms […]
Volkswagen faces same fate as Nokia without urgent reforms, says CEO
Volkswagen needs to accelerate the reformation of its business to prevent itself from becoming another Nokia, which lost its market dominance in the handset to Apple, the German automaker’s CEO Herbert Diess said. The multi-brand automaker aims to raise its market value to 200 billion euros ($223.10 billion), from around 91 billion currently, by revamping […]
Polish watchdog UOKiK fines Volkswagen over emissions scandal
Poland’s consumer watchdog UOKiK stated on Wednesday that it was fining Volkswagen over 120 million zlotys ($31.6 million) for misleading consumers about the emissions of its vehicles. The fine, the biggest ever given by the regulator for breach of consumer rights, is the newest chapter in the emissions cheating scandal that has cost the German […]
Seat brand chief steps down as Renault continues to search for CEO
Volkswagen on Tuesday stated that Luca de Meo has stepped down from his present role as head of its Spanish Seat brand just as competitor Renault intensifies efforts to discover a new CEO. “Luca de Meo, Chief Executive of Seat S.A. has had his duties as chief executive of Seat revoked at his own request […]
Volkswagen seeks damages from supplier Prevent in ongoing legal dispute
Volkswagen is seeking over 100 million euros ($112 million) in damages from their former supplier Prevent, it stated on Tuesday, adding it had submitted the first claim for one of its subsidiaries. The row dates back to 2016 when providers ES Guss and Car Trim stopped supplies shortly after being acquired by Prevent in a […]
Volkswagen to reach the production of their electric car target earlier
Volkswagen stated on Friday that it would reach a major target in the production of electric autos earlier than previously expected. The automaker will have produced one million electric automobiles by the end of 2023, two years ahead of schedule. It now anticipates to have produced 1.5 million electric automobiles by 2025, it stated. This […]
Volkswagen to launch 34 new models in 2020
The Volkswagen brand is going to launch 34 new models globally next year, consisting of twelve SUVs and eight electric or hybrid vehicles. Volkswagen COO Ralf Brandstätter commented: “We are at the beginning of a new era. We mean business with e-mobility. The brand will be spending €19 billion in future technologies through 2024, €11 billion […]
Volkswagen sees bids for MAN Energy Solutions unit
Volkswagen has seen bids from Europe’s Innio, Japan’s Mitsubishi Heavy and U.S.-based Cummins for its MAN Energy Solutions, which makes diesel engines for ships and power generators, people knowledgeable with the matter stated. Innio, previously known as Jenbacher and owned by buyout group Advent, along with the two other bidders last week made bids for […]
Australia fines Volkswagen $86 million for emissions violation
Australia’s competition regulator stated the federal court has penalized Volkswagen AG a record A$125 million ($86 million) for supposedly making false representations regarding compliance with the nation’s diesel emission standards. This penalty amount is the highest ever ordered by the court for contraventions of the Australian Consumer Law, the Australian Competition and Consumer Commission (ACCC) […]
Volkswagen brand to post profit on SUVs, cost cuts
Volkswagen’s namesake core brand is on its way to post a record operating profit this year due to cost savings and its boosted sales of sports utility vehicles (SUV’s), a senior manager of the unit stated. The Wolfsburg-based group deals with heavy investments into cleaner and self-driving technologies and is has boosted sales share of […]
Volkswagen charged with violating vehicle emission standards in Canada
Volkswagen AG on Monday was charged with importing almost 128,000 vehicles into Canada by contradicting the country’s environmental legislation, a Canadian government agency stated. The German automaker was charged with 60 counts for the violation of the Canadian Environmental Protection Act by importing vehicles that did not conform to prescribed emission standards, Environment and Climate […]
