Wed, Apr. 29, 3:49 AM
- Despite a power struggle at the automaker, Volkswagen's (OTCQX:VLKAY) operating profit jumped 17% to €3.3B ($3.6B) in the first-quarter, beating analysts' predictions.
- "The key focus for the entire workforce is on ensuring that 2015 will be another successful year," CEO Martin Winterkorn said in the statement.
- The German group also came close to shutting a gap with rival Toyota for worldwide deliveries. Volkswagen's Q1 sales rose 1.8% to 2.49M vehicles, compared to the 2.52M of its Japanese competitor.
Mon, Apr. 20, 3:54 AM
- Amid a leadership crisis at the automaker, Volkswagen's (OTCQX:VLKAY) supervisory board plans to meet ahead of its annual shareholder meeting on May 5 to smooth out an effective working relationship between Chairman Ferdinand Piech and Chief Executive Martin Winterkorn, Germany's Handelsblatt newspaper reports.
- The executive board at Volkswagen backed CEO Martin Winterkorn last week, saying they planned to extend his contract next year, but tension seems to remain at the company.
- Previously: Volkswagen board backs CEO (Apr. 17 2015)
Fri, Apr. 17, 4:57 AM
- Volkswagen (OTCQX:VLKAY) is expected to issue a statement today following a meeting of top executives on Thursday afternoon to discuss the leadership rift at the German automaker, a source told Reuters.
- Chairman Ferdinand Piech, who has spent almost 22 years leading VW including nine as CEO, said last week he had "distanced" himself from CEO Martin Winterkorn, prompting a full-blown crisis in the company's top management.
- Previously: Volkswagen withholds comment on meeting between feuding chairman, CEO (Apr. 16 2015)
Thu, Apr. 16, 4:58 PM
- Volkswagen (OTCQX:VLKAY, OTCPK:VLKAF) declines to comment on any decisions reached at a meeting of top directors today in attempting to resolve a spat between Chairman Ferdinand Piech and CEO Martin Winterkorn.
- Piech, who has spent almost 22 years at leading VW including nine as CEO, said last week he has "distanced" himself from Winterkorn, which prompted a sudden crisis in the company's top management.
- Piech's comments are seen as damaging to Winterkorn, but the CEO has vowed to serve out his term to the end of next year, signaling he would not be pushed out.
- Whatever resolution emerges from today's meeting, the current crisis could be the start of Piech’s effort to choose his successor as chairman; the powerful chairman turns 78 on Friday and is expected to step down at the annual shareholders meeting in 2017.
- Earlier: Volkswagen looks to calm CEO flap
Wed, Jan. 21, 2:57 AM
- Toyota (NYSE:TM) stayed at the top in global vehicle sales in 2014, taking the auto industry crown for the third year straight, but expects vehicle production and sales to fall by 1% this year as demand stalls in emerging markets.
- Toyota sold 10.23M vehicles in 2014, but with its less upbeat forecast, the Japanese automaker may hand over the crown this year.
- Volkswagen (OTCQX:VLKAY) sold 10.14M vehicles in 2014, up 4% from the previous year.
- TM -0.2% AH
Fri, Jan. 9, 4:38 AM
- German automakers had a great year in 2014 despite stiff competition in the growing market for luxury cars and SUVs.
- BMW's (OTCPK:BAMXY) vehicle sales soared past the 2M mark for the first time last year, as deliveries of its BMW, Mini and Rolls-Royce brands rose 7.9% to 2.12M cars.
- Volkswagen’s (OTCQX:VLKAY) Porsche brand also sold more cars than ever in 2014, delivering 190K vehicles to customers, and reporting a 17% rise in annual sales.
Nov. 22, 2014, 1:51 PM
- SGL Group (OTCPK:SGLFF), who supplies carbon fibre reinforced parts for BMW's (OTCPK:BAMXY) electric cars, is in talks with several other carmakers to supply carbon fibre, CEO Juergen Koehler tells Wirtschaftswoche.
- "VW (OTCPK:VLKAF), in particular through Audi (OTCPK:AUDVF) and Lamborghini are also banking on high-volume use of carbon components. General Motors (NYSE:GM) has also hinted recently that they want to use more carbon. Porsche (OTCPK:POAHF) is also very active," he said, adding that new contracts would not be as big as the BMW venture.
- BMW's i-series, which cost it billions to develop, has had weak sales. BMW had sold less than 11,000 i3s by the end of September.
- SGL's main business is making graphite electrodes used to recycle scrap metal into steel. Its carbon fibre business accounted for just 2% of sales last year.
- SGL has already cut 1,400 of its 6,000 workforce.
Oct. 12, 2014, 6:03 AM
- Volkswagen (OTCPK:VLKAF, OTCQX:VLKAY, OTC:VLKPF, OTCQX:VLKPY) will likely cut temp workers as part of its €5B cost-efficiency program, but not full-timers, CEO Martin Winterkorn tells Der Spiegel.
- Winterkorn also wants to reduce the number of models VW produces, to reduce complexity. For example, the Eos Convertible may not get a successor.
- VW will also produce fewer parts in house, and will cease offering extras that are included in less than 5% of its cars.
Aug. 18, 2014, 2:47 AM
- Russia may impose restrictions or a ban on vehicle imports from Western countries, if the U.S. and EU impose additional sanctions on Moscow, Reuters reports quoting the Vedomosti.
- The paper says that the proposals have already been sent to Putin for consideration but no decision has been made yet.
- The new ban, however, would not apply to foreign automakers' production inside Russia. Ford (NYSE:F), Volkswagen (OTCQX:VLKAY), Renault (OTC:RNSDF), Toyota (NYSE:TM) and Hyundai (OTC:HYMLF) all have production facilities inside the country.
- Related stocks: AN, KMX, CRMT, GM, OTCPK:FIATY, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTCPK:BAMXY, OTCPK:MMTOF, OTC:PEUGF, TTM, OTCPK:FUJHY.
Aug. 12, 2014, 6:09 AM| Comment!
Aug. 10, 2014, 6:15 AM
- Volkswagen (OTCQX:VLKAY) is recalling 189.5K Tiguan small SUV's in North America for potential stalling issues.
- Gas bubbles may form in the fuel system when winterized fuel with high vapor pressures is used in warmer areas or during months with higher temperatures. This could lead to reduced fuel pump performance and pressure, causing the vehicle to stall.
- No accident or injuries related to the issue have yet been reported.
Jul. 30, 2014, 2:34 AM
- Volkswagen (OTCQX:VLKAY) will likely overtake Toyota (NYSE:TM) this year as the global leader in vehicle sales, as it ramps up its expansion into China, while Toyota cuts back on growth to focus on quality.
- IHS Automotive forecast Volkswagen's total first-half sales at 5.1M vehicles and Toyota's at 4.8M, but noted that Toyota could end up outperforming its projections in the Middle East and Africa. For the full year, IHS expects Volkswagen to sell 9.9M vehicles vs. Toyota's 9.5M.
Jul. 29, 2014, 6:34 PM
- PACCAR (NASDAQ:PCAR) CEO Ron Armstrong is denying that the company is engaged in merger talks with Volkswagen (OTCQX:VLKAY, OTCPK:VLKAF), refuting takeover speculation sparked by comments from a top Daimler exec.
- While PCAR has long been viewed as an attractive company for a big global truck maker without a presence in North America, most industry analysts consider VW an unlikely suitor since European antitrust regulators probably would not sign off on a merger.
Jul. 23, 2014, 9:58 AM
- Fiat Chrysler (OTCPK:FIATY, OTCPK:FIADF) CEO Sergio Marchionne quashes speculation of a possible tie-up with Volkswagen (OTCQX:VLKAY, OTCPK:VLKAF), saying the idea had never been on the agenda.
- A German magazine earlier this month reported VW Chairman Ferdinand Piech had held talks with Fiat owners about buying all or part of the group.
- The CEO also says he still expects to list the merged Fiat Chrysler in the U.S. in the first two weeks of October, and says Q2 results, which will be released next week, were in line with expectations.
Jul. 16, 2014, 6:38 AM
- Volkswagen’s (OTCQX:VLKAY) chief exec has demanded senior managers generate €5B in annual savings by 2017 as the company faces falling sales, weak growth and high development costs.
- “This is urgent because today the profitability of our brand is still too low,” warns CEO Martin Winterkorn. “That is why we must now take action that is clear, effective and sometimes painful.”
- Sales have been declining for the automaker in major markets such as the U.S., Brazil, Russia and India, and have been simultaneously hit by the impact of the strong euro.
Jul. 15, 2014, 4:06 AM
- Volkswagen (OTCMKTS:VLKAY) is investing $900M in its manufacturing plant in Tennessee to start production for a mid-sized SUV.
- U.S. VW sales have dropped 7% in 2013 and fell another 13% in the first half of 2014 despite growing overall market sales.The company is now trying to retrieve its U.S. market share.
- "I admit that we may have dedicated too much time to China, Brazil and other states because the U.S. appeared to be working extremely well," says CEO Martin Winterkorn. "That's why we want to adjust things now."
VLKAF vs. ETF Alternatives
The Volkswagen Group with its headquarters in Wolfsburg is one of the world's leading automobile manufacturers and the largest carmaker in Europe. In 2013, the Group increased the number of vehicles delivered to customers to 9.731 million (2012: 9.276 million), corresponding to a 12.8 percent... More
Other News & PR