CEO Diess enjoys full support from supervisory board, says Volkswagen

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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 […]

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

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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 […]

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

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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 […]