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Wednesday, March 6, 2:11 PM Ballard Power Systems (BLDP +71.3%) signs a four-year engineering services contract with Volkswagen (VLKAY.PK, VLKAF.PK) to develop fuel cells for use in powering demonstration cars in VW's fuel cell automotive research program. BLDP says the expected contract value is C$60M-C$100M. 3 Comments [Energy, Consumer, On the Move]
Thursday, February 14, 3:48 AM Toyota (TM) sweeps J.D. Power's 2013 vehicle dependability study, with its Lexus brand snagging top spot, followed by GM (GM), Honda (HMC), Mazda (MZDAY.PK, MZDAF.PK) and Ford (F). Volkswagen (VLKAY.PK, VLKAF.PK) did not fare well, with 174 reported problems per 100 vehicles. 5 Comments
Monday, February 11, 6:18 AM Volkswagen (VLKAF.PK) is leaving its rivals in the dust in what's seen as the Holy Grail of the auto industry: the "global car." VW is investing $70B in its MQB "mega-platform" whereby it is taking a fundamental concept and implementing it across vehicles ranging from Skoda to Audi, Porsche and Lamborghini. One drawback, though, is that because VW vehicles share multiple parts, one recall could affect millions of cars. Comment! [Consumer]
Wednesday, January 16, 5:06 AM European new-car registrations slumped 16.3% Y/Y to 799,407 vehicles in December, the sharpest decline since October 2010, as high unemployment and an unwillingness by banks to finance consumer purchases took their toll. For 2012, EU sales -8.2% to 12.05M, the steepest annual drop since 1993. GM (GM) and Ford (F) sales in Europe cratered 27% each in December, although Korean brands Hyundai and Kia, with their affordable cars and long warranties, climbed 10.5% and 6.8% respectively. 6 Comments [Global & FX, Top Stories, Consumer]
Friday, November 23, 2012, 6:38 AM Volkswagen (VLKAF.PK) plans to invest €50.2B ($64.7B) in its automotive business from 2013-2015 despite the difficult economic conditions around the world. VW will spend €39.2B on property, plant and equipment, of which 60% will be in Germany, where GM is slashing production and costs. Aside from the €50.2B, VW's Chinese joint ventures will invest €9.8B in new production facilities and products. (PR) Comment! [Top Stories, Breaking News, Consumer]
Friday, November 23, 2012, 5:59 AM Japanese car makers intend to continue expanding in China as sales appear to recover from a sharp slump this autumn due to the islands dispute between Japan and China. Toyota (TM), for example, intends to introduce 20 new models in China in the next three years. Meanwhile, Volkswagen (VLKAF.PK) plans to invest €14B in the country over the next four years. Comment! [Tech]
Tuesday, October 16, 2012, 4:45 AM RBS (RBS) will be given permission this week to leave the Asset Protection Scheme, a state-backed insurance program covering the bank's old "toxic assets," the FT reports. Exiting the scheme, which has cost RBS £2.5B in premiums, is seen as a first step towards the government selling its 82% stake in the bank. Meanwhile, RBS has suspended Jezri Mohideen, its head of rates trading in Europe and Asia Pacific, over the Libor scandal. Mohideen is the most senior employee to be put on leave so far. Comment! [Consumer]
Tuesday, October 16, 2012, 4:32 AM EU new-car registrations for September highlight the the sector's troubles in the region, slumping 10.8% to 1.1M, the fastest drop in a year. VW -13.8%, Ford (F) -15%, Opel (GM) -16%, Renault -33% but BMW +11%. In Jan-Sep, sales -7.6% to 9.15M. (PR) 2 Comments [Consumer]
Thursday, August 30, 2012, 4:33 AM Angela Merkel's visit to China heralds the announcement of a number of major deals. In on of the largest, the air leasing arm of the Industrial & Commercial Bank of China orders 50 Airbus (EADSF.PK) A320 jets valued at $3.5B. Airbus will also build a plant in the Chinese city of Tianjin under an agreement valued at $1.6B. Volkwagen (VLKAF.PK) will invest $290M on an autoparts factory in the city.
1 Comment [Global & FX, Top Stories]
Wednesday, August 29, 2012, 11:56 AM TrueCar.com predicts sales of new cars in the U.S. will rise 17% in August Y/Y, which translates into an annualized rate of 14.2M, up from 12.1M a year earlier and 14.1M in July. GM and Ford (F) will continue to lose market share as Japan's economy recovers, the report says, adding "Volkswagen is quietly becoming a serious player whose growth can’t be ignored.” 2 Comments [Consumer, U.S. Economy]
Thursday, July 5, 2012, 2:53 AM Volkswagen agrees to buy the 50.1% stake in Porsche it doesn't already own for €4.46B ($5.6B), ending a seven-year takeover saga. Comment! [M&A, Consumer]
Monday, June 11, 2012, 3:18 AM Volkswagen is reportedly in the early stages of considering taking a stake in troubled U.S. truckmaker Navistar International (NAV) in a move that could help VW close the gap with rival Daimler. Shares of Navistar fell 14% on Thursday after the company reported a FQ2 loss. Comment! [Consumer]
Tuesday, May 22, 2012, 6:20 PM A Booz survey of ~200 auto industry executives finds bullish views abound, as 94% of automaker execs and 92% of auto supplier execs say the sector is somewhat or much better off Y/Y. Profitable growth is seen, with 52% projecting revenue will rise 11% or more, and strong majorities expect Detroit's big three to hold or gain market share next year. 4 Comments [Consumer]
Wednesday, April 11, 2012, 7:50 AM Chinese vehicle sales fell 3.4% Y/Y in Q1, with passenger car sales off 1.3%. One strong spot was the luxury market where Volkswagon (VLKAY.PK) and BMW sales hit new records. GM also hit a new quarterly record, moving 745K vehicles in Q1. 1 Comment [Global & FX]
Friday, February 17, 2012, 3:42 AM Volkswagen and PSA Peugeot Citroen are both considering tapping an ECB loan program aimed at eurozone banks. The LTRO isn't open to companies but the two firms could access it via their banking arms, helping to ease funding costs. Comment! [Global & FX, Consumer]
Wednesday, June 1, 2011, 2:07 PM The Russian Ministry of Economy says foreign automakers plan to invest $6.2B in Russia over the next 3-4 years. Automakers had to present building or expansion plans by today to meet a deadline to receive reduced import duties on components. 2 Comments [U.S. Economy]

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