Sun, Oct. 12, 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.
Mon, Aug. 18, 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.
Tue, Aug. 12, 6:09 AM| Comment!
Sun, Aug. 10, 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.
Wed, Jul. 30, 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.
Tue, Jul. 29, 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.
Wed, Jul. 23, 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.
Wed, Jul. 16, 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.
Tue, Jul. 15, 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."
Mon, Jul. 7, 6:34 AM
- Volkswagen (VLKAY) has announced its plan to build two new manufacturing facilities in China. VW will partner with the state-run FAW Group to spend a combined $2.7B on constructing the plants.
- "With these investments, Volkswagen is clearly expressing its commitment to the Chinese market," says VW President Jochem Heizmann.
- The company reported an 18% increase in Chinese car sales between January and May, totaling 1.5M vehicle sales. With an additional €18.2B investment, VW intends to increase its annual production capacity in China to more than 4M cars by 2018.
Fri, Jul. 4, 4:58 AM
Mon, May. 26, 9:52 AM
- Ford (F) CEO Alan Mulally has warned about overproduction in Europe, saying that factory closures over the past year have not lowered capacity enough.
- "European carmakers need to cut back further...as excess capacity on the continent remains at dangerous levels," Mulally says.
- His warning comes despite sales on the continent starting to recover this year after falling by about 4M cars from 2007-2013.
- Relevant tickers: TM, RNSDF, VLKAF, GM, DDAIF, BAMXF, FIATY, HMC, PEUGF, F
Fri, Apr. 18, 6:03 AM
- Car makers have been gearing up for two major shows this weekend: the New York International Auto Show, which starts today, and the Beijing International Automotive Exhibition, or Auto China 2014, which starts on Sunday.
- Ford's (F) Lincoln, which plans to formally enter China’s luxury market later this year, will unveil a new model in Beijing, the first time it has introduced a car outside of the U.S.
- New York show preview
- Tickers: F, GM, TM, HMC, CARZ, FIATY, PEUGF, BAMXF, DDAIF, HYMLF, NSANF, VLKAF, RNSDF, FIATY
Fri, Feb. 21, 5:02 PM
- The United Auto Workers union is asking the NLRB to consider a re-vote of last week's election at a Tennessee Volkswagen (VLKAY, VLKAF) plant in which workers rejected the union's representation, citing interference from Republican lawmakers and outside special interest groups.
- The NLRB says it will review the UAW's objections, but labor lawyers and academics have said it would be difficult to make a case for setting aside the election since labor law does not limit what can be said in a union election campaign by politicians, as long as they are not doing management's bidding.
Sat, Feb. 15, 12:05 AM
- In one of the most closely watched union votes in the U.S. in decades, workers at the Volkswagen (VLKAY, VLKAF) plant in Chattanooga, Tenn., voted against joining the United Auto Workers union.
- A win would have marked the first time the UAW had been able to organize a foreign-owned auto plant in the U.S., as well as a turnaround in sentiment in the traditionally anti-union South.
- The UAW’s loss likely will hurt plans to organize other auto plants in the South; two other German-owned plants, Mercedes-Benz (DDAIF) in Alabama and BMW (BAMXY, BAMXF) in South Carolina, as well as a Nissan (NSANY, NSANF) plant in Mississippi, have been among its top targets.
- The UAW enjoyed some unusual help - the cooperation of Volkswagen management and the aid of Germany's IG Metall union - yet it still lost; "If the union can't win [in Chattanooga], it can't win anywhere."
Wed, Feb. 12, 5:06 AM
- Workers at Volkswagen's (VLKAF) three-year-old plant in Chattanooga in Tennessee are due to start voting today on a proposal to allow the United Auto Workers to represent them.
- The ballot, which appears to be too close to call and lasts till Friday, is seen as having a major influence on the future of the union.
- If the UAW wins, it could target other foreign-owned plants in the South.
- However, if it loses, says Clark University professor Gary Chaison, "it will look like a union of yesterday: a once-powerful organization that has outlived its usefulness and no longer (has) appeal to the new workforce."
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
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