German automaker Volkswagen prepares to take a stake in Sixt, a rental firm that has branched out into mobility services such as car-sharing and ride-hailing, Manager Magazine reported on Wednesday. Sixt is a German multinational car rental company with about 2,100 operations in more than 105 countries. The automaker could take a stake of up […]
Volkswagen
Navistar declines Traton’s buyout offer, calls it a starting point
Navistar International on Monday turned down Volkswagen truck unit Traton‘s buyout offer of $43 per share, but said it was a starting point for finding out a possible transaction. The German automaker has raised its $35 per share January offer as it looks to boost its 16.6% stake in the U.S. truck maker Navistar acquired in […]
Volkswagen’s trucks subsidiary Traton hikes Navistar offer
Volkswagen‘s trucks subsidiary Traton on Thursday hiked its buyout offer for U.S. peer Navistar by over a fifth to $43 per share. The German automaker made a $35 per share offer in January when it was attempting to boost its stake in Navistar beyond the 16.6% it purchased in 2016 but failed to secure a majority […]
Volkswagen drops Mexico City dealership after it displayed Nazi poster
German automaker Volkswagen said Monday it had a severed relationship with a distributor in Mexico City after a Twitter user published photographs taken at the business showing a wall decorated with an image of a Nazi celebration of the Beetle car. In a statement, Volkswagen’s Mexico unit condemned the photos from the salesroom in the […]
Volkswagen not seeking a deal with Tesla, says CEO Herbert Diess
Volkswagen’s CEO Herbert Diess on Monday sought to quell speculation that the world’s largest automaker, which is on its way to push for mass production of electric cars, has plans to develop deeper ties with start-up rival Tesla Inc. Diess met with Tesla’s CEO Elon Musk in Braunschweig, Germany, last week, and during his visit […]
Labor chief of Volkswagen sees no need for four-day week to save jobs
Volkswagen sees no need for a four-day week at its factories to secure jobs despite an increasing shift to electric cars that are easier to build and require fewer employees, the company’s head of labour relations said on Sunday. Germany’s largest trade union IG Metall on August 15 proposed negotiating for a transition to a […]
Volkswagen backed QuantumScape to go public at $3.3 billion valuation
QuantumScape said on Thursday it prepares to go public through a reverse merger with Kensington Capital Acquisition Corp KCAC.N with an enterprise value of $3.3 billion. QuantumScape is the 10-year-old Silicon Valley battery startup backed by Volkswagen AG, It is a San Jose-based company is a 2010 spinout from Stanford University. The company said it […]
Volkswagen to test autonomous vehicles in Hefei, China
Volkswagen AG stated on Wednesday it will begin testing autonomous vehicles in China’s eastern city of Hefei, its first in the world’s biggest auto market. China has become a major attraction for trying out autonomous driving vehicles. Toyota-backed Pony.ai, Baidu Inc, Nissan-backed WeRide and Didi Chuxing are all testing autonomous vehicles in different cities as […]
U.S. judge narrows SEC emissions lawsuit against Volkswagen
A U.S. judge on Thursday turned down portions of a U.S. Securities and Exchange Commission (SEC) lawsuit alleging Volkswagen AG of defrauding American investors in association with the automaker’s diesel emissions scandal. U.S. District Judge Charles Breyer in San Francisco granted VW’s motion to reject claims it misled investors when releasing more than $13 billion […]
Volkswagen in Mexico agrees 5.5 percent increase in worker pay and benefits
Volkswagen’s Mexico unit has agreed to boost the worker pay and benefits of 5.46%, the regional union for the German automaker said on Tuesday after the company froze salaries of employees in Germany this year because of the coronavirus crisis. Manuel Aburto, the spokesman for the Independent Union of Automotive Industry Workers (SITIAVW), said the […]
Volkswagen to make electric car cells and battery packs in the US
German automaker Volkswagen stated it was expanding its Chattanooga factory in Tennessee to make electric vehicle cells and battery packs in the United States, together with assembling electric vehicles. The company said it prepares to break ground for a laboratory located in Chattanooga to develop and test cells and battery packs for its upcoming car […]
Volkswagen South Africa boss Schaefer named chairman of Skoda
Volkswagen’s Czech automaker Skoda Auto named VW’s South Africa boss Thomas Schaefer as its new chairman on Monday as part of a broader shake-up at the automaker. Schaefer is taking the position of Bernhard Maier, who left the Czech automaker last month after almost five years during which he led the 125-year-old Skoda to record […]
Volkswagen asks U.S. appeals court to reconsider ruling on emissions updates
German automaker Volkswagen owned U.S. subsidiary on Thursday asked the Ninth Circuit U.S. Court of Appeals to reconsider a ruling which stated that two counties could seek financial penalties for excess diesel emissions that might cost the automaker billions of dollars. The 3-0 ruling in June said Utah’s Salt Lake County and Florida’s Hillsborough County […]
Volkswagen cuts dividend following low profits due to coronavirus
Volkswagen reported a second-quarter operating loss on Thursday as vehicle deliveries declined by nearly a third because of the coronavirus crisis, forcing the German automaker to slash its dividend despite a gradual rebound in demand. The multi-brand car and truck maker predicted a major drop in full-year sales, even though it stated that it was […]
CEO Diess enjoys full support from supervisory board, says Volkswagen
Volkswagen on Thursday moved to turn down rumours that CEO Herbert Diess had been sidelined by issuing an unsolicited declaration of support, after clashes with the company’s labor leaders who resisted plans for deeper cuts. “The most important message is that the supervisory board and executive committee … are in complete agreement that our CEO […]
