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, […]
Volkswagen
German appeals court rules in favor of Volkswagen diesel owners
A local appeals court in Karlsruhe on Friday ruled that German Volkswagen dealers should take back cars fitted with illegal software devices or provide their customers new vehicles. The case was brought by owners of VW and Audi cars constructed in 2009, 2011 and 2013. It is the first time that a local appeals court […]
Volkswagen truck brand to invest $344 million in Brazil after Ford departs
Volkswagen AG truck brand Scania stated on Tuesday it is going to invest 1.4 billion reais ($344.14 million) to modernize its Brazilian factory located in Sao Bernardo do Campo, an industrial city close to Sao Paulo. The investment in the historic center of Brazil’s auto industry comes after Ford Motor’s decision to depart the heavy […]
American senators urge Volkswagen to end delay in Tennessee union vote
Three Democratic U.S. senators on Tuesday debated a decision by Volkswagen AG’s U.S. unit to postpone a union election for employees at its Tennessee assembly plant. Previously this month, the largest German automaker won its bid to put off a union vote for 1,700 employees at the Chattanooga plant until its challenge to a smaller […]
VW to use Traton proceeds to internationalize truck business, says CEO
German automaker Volkswagen will use proceeds of an initial public offering of its Traton trucks unit to spend in the “internationalization” of the division, CEO Herbert Diess stated on Tuesday. Volkswagen on Monday stated it would press ahead with a listing of Traton prior to the 2019 summer break and would spend nearly 1 billion […]
Judge questions SEC on delay in filing Volkswagen civil suit
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
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 to invest in batteries in Germany
Volkswagen is set to invest almost 1 billion euros ($1.1 billion) in battery cell production at a facility located in western Germany and is looking forward to simplify the group by spinning off or selling units, the automaker stated on Monday. Volkswagen stated after a supervisory board meeting it is going to invest in the […]
Volkswagen to collaborate with China’s NIU to make e-scooters
German automaker Volkswagen will join forces with China’s NIU to collaborate in production of battery-powered kick scooters, German newspaper Die Welt reported without mentioning sources. The companies are going to jointly build the Streetmate model, that has a top speed of 45 kilometers (28 miles) an hour and a range of 60 kilometres, the report […]
Volkswagen sounds out customers for MAN Energy Solutions
Volkswagen has approached several companies to measure their appetite for purchasing MAN Energy Solutions, that makes large diesel engines for ships and power generators, people close to the issue said. The informal sales pitch is part of Volkswagen Chief Executive Herbert Diess’s attempts to slim down and simplify the group that has 12 brands, trucks, […]
Volkswagen brushes 1 billion euro legal hit aside with higher SUV sales
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
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
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
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 […]
Volkswagen China chief in talks with five potential battery cell providers
Volkswagen wants to expand its base of battery cell providers in China beyond CATL and is in talks with five companies to see if they can meet quality and volume requirements for the multi-brand group. “We are collaborating with five battery cell suppliers qualifying them to group level. With one or two of them it […]
