Volkswagen slashed its forecasts for operating profit and sales expansion on Monday because of a slump in demand for passenger cars, while keeping profit margin targets. “It is fair to say that the very best of the party is over,” Chief Financial Officer Frank Witter informed analysts in a call to talk about the company’s […]
Volkswagen
ID.3 car 40% cheaper to build than electric Golf, says Volkswagen
Volkswagen’s new ID.3 electric vehicle are going to be 40% cheaper to construct than the electric version of its Golf model, Chief Executive Herbert Diess informed investors on Monday. The battery in the recent ID.3 can be used to bring structural rigidity to the body and the modular layout of the battery permits for advantages […]
Volkswagen to spend 60 billion euro in e-mobility, digital tech by 2024
Volkswagen plans to invest 60 billion euros ($66.12 billion) by 2024 to develop electric and hybrid cars along with digital technologies, the automaker stated on Friday. Volkswagen prepares to build 75 variants of electric cars and around 60 hybrid vehicle models, it stated. By 2029 around 26 million electric cars will be constructed, of which […]
Prosecutors seek charges against Volkswagen managers due to labor bonuses
German prosecutors sought charges against a present Volkswagen manager along with a former manager and two former board members, alleging of them awarding works council members inflated incomes. The Braunschweig prosecutor stated that managers accountable for personnel issues stand alleged of a breach of fiduciary trust for awarding salary and bonus awards that caused damages […]
Volkswagen has no plans to cooperate with Tesla
Volkswagen CEO Herbert Diess on Friday stated the German automaker has no strategy to cooperate with American electric automaker Tesla. During the interview in Wolfsburg, Germany, Diess stated that Tesla should be admired for how swiftly they innovate and sets the benchmark in some areas of technology.
Volkswagen starts factory production of electric car which is ‘accessible to millions’
The Volkswagen Group formally started series production of its ID.3 electric car this week, with the automaker aiming to become a world leader in the developing field of e-mobility. A ceremony, held at Volkswagen’s Zwickau plant, was visited by CEO Herbert Diess and German Chancellor Angela Merkel, as well as others. In a speech, excerpts […]
Volkswagen accelerates production of next generation Golf
Volkswagen is going to start deliveries of its new Golf hatchback in December after shaving an hour off the time needed to construct its flagship model, the board member responsible for production at the VW brand stated on Tuesday. Volkswagen’s main factory located in Wolfsburg, Germany is planning to make 450,000 Golf cars annually with […]
Volkswagen gets extension from U.S., auditor to comply with diesel settlement terms
Volkswagen stated on Thursday it has been granted 90 more days to test its compliance programs needed under a criminal plea agreement with the U.S. government after its emissions cheating scandal. The extension indicates that an independent compliance auditor, Larry Thompson, will monitor the automaker until September 2020. Thompson, a former deputy U.S. attorney general, […]
Ford partners with Volkswagen, Amazon to build charging network for cars
Ford Motor stated on Thursday it was collaborating with Volkswagen AG and Amazon.com to give its future electric car consumers a range of charging options from highways to homes. The network of charging stations are going to be the largest in North America with 12,000 locations and over 35,000 charge plugs, Ford stated. The No. […]
Court strikes down ruling forcing Volkswagen to pay Czech consumers damages
The Prague City Court ruled on Thursday to strike down an order for Volkswagen to pay Czech consumers over 500 million crowns ($21.27 million) in damages for the Dieselgate affair, news website www.idnes.cz reported. It stated the court invalidated a lower court decision on procedural grounds and sent the case back to the lower court […]
Volkswagen registers unit in Turkey prior production decision
Volkswagen has a subsidiary now in Turkey’s western Manisa province, the country’s Trade Registry Gazette revealed on Wednesday, as the company gets close to a final decision on the location for its new production plant. The Turkey unit is going to have 943.5 million lira ($164.21 million) capital and the parent company had paid a […]
Volkswagen turns down judge’s call to settle German class action on emissions
Volkswagen this week rejected a German judge’s call to settle a customer class action lawsuit that concerns its rigging of diesel emissions tests, stating there was no case to answer. VW admitted utilizing illegal software to cheat U.S. diesel engine tests in 2015, a scandal which has cost it over $30 billion in vehicle refits, […]
Volkswagen CEO, chairman to stay in office regardless of charges
Volkswagen’s CEO and chairman will continue to stay in office, the company’s supervisory board stated on Wednesday, a day after German prosecutors brought charges against them for their role in a diesel emissions scandal. The automaker’s supervisory board has not found any evidence that CEO Herbert Diess and Chairman Hans Dieter Poetsch were really late […]
Volkswagen considers bringing ride-hailing services to African roadblocks
Volkswagen’s Africa boss Thomas Schaefer is placing a $50 million bet on a new business built around ride-hailing and car-sharing in Africa. VW is using Rwanda as its laboratory. “It was almost an industrial experiment,” Schaefer informed Reuters. The German automaker’s project was released with some fanfare last December in Kigali – the capital and […]
Volkswagen to deepen alliances with battery suppliers
Volkswagen is going to create joint ventures and help finance battery production to persuade skeptical cell providers to back its aggressive push for mass-producing electric vehicles, board member Stefan Sommer informed Reuters. VW has stated it will purchase 50 billion euros ($56.57 billion) worth of battery cells and has identified Sweden’s Northvolt, South Korea’s SKI, […]
