The Volkswagen Group with its headquarters in Wolfsburg (Germany) is one of the world's leading automobile manufacturers and the largest carmaker in Europe. In 2012, the Group increased the number of vehicles delivered to customers to 9.276 million (2011: 8.265 million), corresponding to a 12.8... More
Friday, Feb 215:02 PM
Friday, Feb 215:02 PM| 7 Comments
- 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.
Saturday, Feb 1512:05 AM
Saturday, Feb 1512:05 AM| 83 Comments
- 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."
Wednesday, Feb 125:06 AM
Wednesday, Feb 125:06 AM| 8 Comments
- 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."
Wednesday, Feb 124:31 AM
Wednesday, Feb 124:31 AM| 1 Comment
- The major auto makers have found themselves in a bit of a dilemma.
- They've been offering discounts in order to clear an increasing amount of unsold inventory in the U.S., which in January reached the highest level since August 2009.
- However, the industry wants to avoid getting sucked into the kind of price wars that have caused so much trouble in the past.
- Production cuts are not on the agenda at the moment.
- Relevant tickers: TM, RNSDF, VLKAF, GM, DDAIF, BAMXF, FIATY, HMC, PEUGF, F
Thursday, Jan 163:48 AM
Thursday, Jan 163:48 AM| 2 Comments
- European car sales dropped for the sixth year in a row in 2013, slipping 1.7% to 11.9M vehicles, the European Automobile Manufacturers' Association says. That's the worst performance since ACEA began tracking the data in 2003.
- However, the moderate recovery in sales that began in H2 accelerated in December, with new-car registrations climbing 13% to 906,294 vehicles.
- Despite the pick-up, industry executives remain cautious. "The European car market is starting the year in its best condition for two or three years," said Yann Delabrière, the CEO of components supplier Faurecia. "But it is too early to say we have a clear vision of the turnaround." (PR)
- Relevant tickers: TM, RNSDF, VLKAF, GM, DDAIF, BAMXF, FIATY, HMC, PEUGF, F
Monday, Jan 133:08 AM
Monday, Jan 133:08 AM| 1 Comment
- Volkswagen (VLKAF) intends to invest $7B over five years in North America, including using the money to build a new factory, although it hasn't yet decided on a location.
- VW also intends to design a seven-seater sport utility vehicle specifically for the region as it looks to increase overall U.S. sales to 1M units from 600,000 in 2013.
- The VW brand has enjoyed fast growth in the U.S. in recent years, although sales fell last year despite an increase in the overall sector.
Monday, Dec 302013, 2:59 AM
Monday, Dec 302013, 2:59 AM| 8 Comments
- Google (GOOG) and Audi (VLKAF) are reportedly developing an in-car entertainment and information systems that are based on Android software and which will provide consumers with music, navigation, apps and other services.
- The companies plan to unveil their partnership at next week's Consumer Electronics Show in Las Vegas, where they also intend to disclose that they're working with other automotive and tech firms, including Nvidia (NVDA).
- The upcoming announcements follow Apple's initiative with Honda and other carmakers to integrate iOS devices such as iPhones with car dashboards
- "The car is becoming the ultimate mobile device," says Gartner analyst Thilo Koslowski. "Apple and Google see that and are trying to line up allies to bring their technology into the vehicle."
Thursday, Dec 262013, 5:15 AM
Thursday, Dec 262013, 5:15 AM| 5 Comments
- Car makers in Japan are preparing for a backlash in China after Japanese Prime Minister Shinzo Abe made a pilgrimage to a shrine for his country's war-dead on Mao Zedong’s birthday.
- Abe's visit to the memorial, which, among others, honors war criminals from World War II - when Japan invaded China - drew a sharp rebuke from the latter and comes amid rising tensions over sovereignty of islands in the East China Sea. A flare-up in that dispute last year led to a sharp fall in sales of Japanese cars in the Middle Kingdom.
- Rivals such as Volkswagen (VLKAF) and GM (GM) could benefit from any drop in sales of Japanese vehicles, with the German company set to regain its crown as the largest foreign carmaker in China. VW and GM have sold over 3M cars each in the country.
- Japanese car makers: TM, HMC, NSANY, MZDAY, SZKMY.
Tuesday, Nov 192013, 2:49 AM
Tuesday, Nov 192013, 2:49 AM| 1 Comment
- European car sales rose for a second month in a row in October, climbing 4.6% on year to 1.04M registrations after a 5.5% gain in September.
- However, registrations fell 3.1% in January-October, strengthening the likelihood that the market will fall for a sixth consecutive year in 2013.
- The Spanish car market jumped 34.4%, while most other markets grew moderately, although Italy fell 5.6%.
- Toyota (TM) +16.5%, Renault (RNSDF) +14%, Volkswagen (VLKAF) +5.7%, General Motors (GM) +6.2%, Daimler's (DDAIF) Mercedes-Benz +8.5%, and BMW (BAMXF) +0.3%.
- However, Fiat (FIATY) -7.3%, Honda (HMC) -6.4%, Peugeot (PEUGF) -0.7% and Ford (F) -0.2%. (PR)
Monday, Nov 182013, 3:17 PM|Monday, Nov 182013, 3:17 PM| Comment!
Wednesday, Oct 302013, 4:35 AM
Wednesday, Oct 302013, 4:35 AM| Comment!
- Volkswagen's (VLKAF) Q3 operating profit rose to an in-line €2.78B ($3.83B) from $2.32B a year earlier, with record sales of premium brands Audi and Porsche helping to outweigh the costs of an engineering restructuring.
- Revenues slipped to €47B from €48.8B.
- Reiterates FY forecasts that it expects to match 2012's operating profit of €11.5B, and to generate record sales and volumes. (PR)
Wednesday, Oct 162013, 3:50 AM
Wednesday, Oct 162013, 3:50 AM| 1 Comment
- European new-car sales increased at the fastest rate in over two years in September, climbing 5.5% on year to 1.19M vehicles after dropping 4.9% in August.
- In January-September, sales fell 3.9% to 9.34M cars.
- Last month's figures were boosted by the end of the eurozone recession, price cutting, and a Spanish government-incentive scheme that helped demand jump 29%.
- "Car sales in the EU are showing signs of improvement, indicating that the worst is behind us," says Ernst & Young's Peter Fuss. "The sales, however, continue to be artificially boosted by huge discounts and self-registrations by dealers.
- Registrations in the U.K. rose 12% and 3.4% in France, but dropped 1.2% in Germany and 2.9% in Italy.
- GM's (GM) sales +5.4%, Ford (F) +5%. (PR)
- Related tickers: PEUGF.PK, HMC, FIATY.PK, TM, VLKAF.PK, BAMXF.PK, DDAIF.PK, RNSDF.PK.
Tuesday, Sep 172013, 4:30 AM
Tuesday, Sep 172013, 4:30 AM| 1 Comment
- European car sales dropped 4.9% on year in August to 686,957 units after rising 4.9% in July as new registrations fell in France, Italy and Germany last month. However, the U.K. again continued to enjoy growth, with volumes increasing 10%.
- In January-August, European sales dropped 5.2%.
- Peugeot (PEUGF.PK) had a particularly bad August as sales slumped 18%, with Honda (HMC) -19.6%, Fiat (FIATY.PK) -4.9%, Toyota (TM) -4%, Volkswagen (VLKAF.PK) -11%, Audi -6.4% and Ford (F) -0.9%,
- BMW (BAMXF.PK) +9.9%, Daimler (DDAIF.PK) +5.5%, Renault (RNSDF.PK) +5.8% and GM (GM) +0.7%.
- The data comes after car executives had expressed hope at the Frankfurt Motor Show that the European car market was stabilizing. (PR)
Tuesday, Sep 102013, 4:24 AM
Tuesday, Sep 102013, 4:24 AM| 6 Comments
- The auto market in Europe is stabilizing after five years of steep declines, car executives have said, but they expect the recovery to be long and slow due to high unemployment and soft bank lending in the region.
- Europe should "see the end of the tunnel next year," said Renault (RNSDF.PK) chief Carlos Ghosn, who was speaking at the Frankfurt Motor Show.
- Meanwhile, Volkswagen (VLKAF.PK) aims to increase car sales to 9.5M this year from 9.3M in 2012, helping to boost shares 2.1% in Frankfurt. Brand sales dropped 1% in August to 461,600 cars, giving a year-to-date figure of 3.84M. That up 3.1% from last year.
- Auto Tickers: F, GM, TM, HMC, CARZ, FIATY.PK, PEUGF.PK, BAMXF.PK, DDAIF.PK HYMLF.PK, NSANF.PK
Wednesday, Jul 312013, 3:24 AM
Wednesday, Jul 312013, 3:24 AM| Comment!
- Volkswagen (VLKAF.PK): H1 pretax profit €6.6B vs €10.1B a year earlier.
- Operating profit €5.8B vs €6.5B.
- Revenues +3.5% to €98.7B.
- Deliveries +5.4% to 4.8M vehicles, continued strong growth in China.
- Reaffirms guidance for flat FY operating profit of €11.5B. (PR)
Tuesday, Jun 182013, 3:06 AMThe EU new-car market showed no signs of bottoming out in May as registrations dropped 5.9% to 1.04M units, the lowest level for the month since 1993. The fall followed a 1.7% gain in April. In January-May, registrations slid 6.8% to 5.07M vehicles. GM (GM) was among those to suffer the most in May with an 11.3% decline. Toyota registrations dropped 4.9% but those of Ford fell just 0.3%. (PR) |Tuesday, Jun 182013, 3:06 AM| 1 Comment
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1980XLS:: Unions trying to ruin it today.