October 21, 2020

    Daily Auto News, Luxury Cars, Photos, Prices, Spy Shots, Videos, Incidents and more
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    Volkswagen CEO will announce strategic steps over electric cars this year

    Volkswagen needs to modify to stay relevant in the electric and digital vehicle era and will announce “important steps” to that end before the end of the year, CEO Herbert Diess said on Wednesday. “Volkswagen needs to change: From a collection of valuable brands and fascinating combustion-engine products that thrill customers with superb engineering – […]

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    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 […]

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    Volkswagen expects unfavorable second-quarter, but sees hope for later period

    Volkswagen expects a very unfavorable second quarter, but also sees a positive adjusted operating profit before special items for this year, Chief Financial Officer Frank Witter stated in an internal newsletter. The coronavirus crisis had caused results to deteriorate in the second quarter, the automaker said. “Nonetheless there is hope for the second half of […]

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    Volkswagen CFO Frank Witter to leave next year

    Volkswagen finance chief Frank Witter will quit the German automaker in the summer of 2021, German business publication Manager Magazin reported on Thursday. Witter has refused to extend his contract by five years due to personal reasons and is instead going for a nine-month extension this autumn, the magazine added. Volkswagen was not available for […]

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    Volkswagen cuts profit, sales forecasts as autos slump bites

    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 […]

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    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 […]

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    Volkswagen revisiting autonomous car alliances, Waymo seen as a leader

    Volkswagen Chief Financial Officer Frank Witter on Tuesday stated the automaker was open to deeper alliances with outside companies, generally in the area of autonomous driving, where Google’s Waymo is viewed to be an industry leader. “It is yet to be seen whether every automaker develops their own system, or whether you bundle your efforts,” […]

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    Volkswagen second-quarter profit to at least match 2017’s result

    Volkswagen group’s second-quarter operating profit should compare with 2017’s level of 4.55 billion euros ($5.54 billion) at least, finance chief Frank Witter stated. Underlying profit in the April-to-June period should “at the very minimum” match 2017 amount, Witter stated on Thursday during an earnings call, after the automaker published a 3.6 percent fall in first-quarter […]

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    Volkswagen sees 4-5 billion euros in outflows in 2018

    Volkswagen anticipates money outflows of 4-5 billion euros ($4.7-5.9 billion) next year in relation to the dieselgate emissions cheating scandal, the automaker’s Chief Financial Officer Frank Witter told reporters on Monday. “I am not relaxed with regard to the diesel problem,” Witter stated. The figure is below the up to 17 billion euros in outflows […]

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