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 […]
Volkswagen
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 […]
Volkswagen’s Slovak unit pledges to boost efficiency
Volkswagen’s Slovak unit vowed on Wednesday to boost efficiency by 30 percent by 2020 to get ahead of the company-wide savings drive as it looks forward to raise its competitiveness within the group. The country’s biggest auto plant and largest private sector employer has experienced investment of 2.8 billion euros ($3.16 billion) since 2010 however […]
UAW gives up smaller Volkswagen unit in order to unionize Tennessee plant
The United Auto Workers (UAW) union is giving up its bid to force Volkswagen of America Inc to bargain with a group of skilled trade employees at its Chattanooga, Tennessee vehicle plant as it looks forward to unionize all the employees at the factory. The UAW on Monday moved to withdraw a case that has […]
Volkswagen CEO says he is “not among the accused” probed for fraud
Volkswagen’s CEO Herbert Diess stated he was not one of the Volkswagen executives being investigated for fraud and breach of fiduciary trust after German prosecutors on Monday sought to push criminal charges against his predecessor. “I am not among the accused. I do not expect to be charged,” Diess stated on the sidelines of a […]
Volkswagen pushes battery partners to construct Gigafactories
Volkswagen is pushing its joint venture partners consisting of SK Innovation (SKI) to construct electric car battery plants which have at least one Gigawatt manufacturing capacity, CEO Herbert Diess informed Reuters. “Anything below that amount would make little sense,” Diess stated on the sidelines of the Shanghai Auto Show on Sunday. Volkswagen will purchase 50 […]
Volkswagen expects core brand’s worldwide 2019 sales to be same as last year
Volkswagen expects worldwide sales of its core brand this year to be matched with the 6.24 million mark that it gained in 2018 even though China sales dropped in the first quarter, the company stated on Monday. “We expect sales in the Chinese market to be on the same level as last year. Worldwide we […]
