Volkswagen to deepen alliances with battery suppliers

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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, […]

Judge questions SEC on delay in filing Volkswagen civil suit

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A federal judge on Friday asked the U.S. Securities and Exchange Commission on the timing of its civil suit submitted in March alleging Volkswagen AG of defrauding investors and demanded the agency describe its rationale. Volkswagen was caught using illegal software to evade U.S. pollution tests in 2015, causing a global backlash against diesel vehicles […]

VW wins worker support for restructuring with $1.1 billion battery plan

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Volkswagen workers supported a restructuring of Volkswagen on Tuesday after CEO Herbert Diess vowed to spend 1 billion euros ($1.1 billion) on a new battery cell production plant close to its headquarters in Lower Saxony. Diess requires the support of Volkswagen’s powerful unions as he tries to slim down and simplify the German company, that […]

Volkswagen brushes 1 billion euro legal hit aside with higher SUV sales

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Sales of higher-margin sports utility vehicles and cost cuts assisted Volkswagen to brush a 1 billion euro legal charge aside to meet first-quarter operating profit forecasts on Thursday, sending its shares 4.7 percent higher. Revenues prior interest and taxes (EBIT) dropped to 3.9 billion euros ($4.4 billion) from 4.2 billion a year ago but were […]

Volkswagen sets aside 5.5 billion euros to deal with diesel scandal

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Volkswagen stated it has set aside 5.5 billion euros ($6.16 billion) in contingent liabilities to cover possible dangers emerging from a diesel cheating scandal, chief financial officer Frank Witter stated on Thursday. With the release of quarterly revenues on Thursday Volkswagen revealed it had set aside 1 billion euros in risk provisions to assist in […]

Volkswagen plans electric auto plant with JAC in China

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Volkswagen’s joint venture with China’s Anhui Jianghuai (JAC) prepares to spend 5.06 billion yuan ($750.8 million) in a new electric car factory located in eastern Hefei city, according to local officials. A document published online by the Hefei Economic and Technological Development Area on Monday revealed that Volkswagen and JAC had obtained approval from environmental […]

German prosecutors investigate bonus payments to former VW manager

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German prosecutors are probing a possible breach of fiduciary duty by Volkswagen regarding bonus payments made to an executive who was suspended following automaker’s emissions cheating scandal. German automaker was caught using software made for evading emissions tests on diesel engines. Volkswagen has argued the software was the work of a handful of engineers who […]