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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. 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
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."
Mon, Jan. 13, 3:08 AM
- 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.
Dec. 30, 2013, 2:59 AM
- 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."
Dec. 26, 2013, 5:15 AM
- 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.
Nov. 18, 2013, 3:17 PM| Comment!
Oct. 30, 2013, 4:35 AM
- 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)
Sep. 10, 2013, 4:24 AM
- 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
Jul. 31, 2013, 3:24 AM
- 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)
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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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