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 […]

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 […]

Volkswagen pushes battery partners to construct Gigafactories

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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 […]

U.S. tariffs could cost up to 2.5 billion euros, says Volkswagen CEO

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The biggest threat to Volkswagen’s 2019 profit is possible tariffs from the United States, Chief Executive Herbert Diess informed the Financial Times. “It’s becoming tense once again,” Diess informed the Financial Times. “You know it’s a pity because we can’t solve it from the auto industry [alone]. It’s more of a tariffs negotiation between Europe […]

White House presses German automakers to boost U.S. investments

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President Donald Trump pressed senior executives of top German automakers to boost their investments in the United States as the White House thinks about imposing new tariffs on European-made vehicles. German automakers stated after the meeting they informed Trump they planned to increase U.S. investments, but cautioned they would not be able to do so […]

Volkswagen expects to be the most profitable electric automaker

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Volkswagen CEO Herbert Diess on Friday stated he expected the multi-brand automaking group to be the most profitable manufacturer of electric cars due to economies of scale. Even first generation vehicles, which start presenting production lines next year, are expected to make a positive impact to Volkswagen Group’s automotive margin, Diess stated. Diess further said […]

Volkswagen plans to sell electric Tesla rival for less than $23,000

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Volkswagen intends to sell electric vehicles for less than 20,000 euros ($22,836) and safeguard German jobs by converting three factories to make Tesla competitors, a source familiar with the plans stated. Volkswagen and other automakers are having hard time to adapt quickly enough to strict rules introduced after the automaker was discovered to have cheated […]