Volkswagen AG engages in the production and sale of passenger cars and light commercial vehicles. The firm also develops vehicles and components for the brands of the group. It operates through following segments: Passenger Cars, Commercial Vehicles, Power Engineering, and Financial Services. The Passenger Cars segment covers the development of vehicles and engines; production and sale of passenger cars and light commercial vehicles; and the corresponding genuine parts business. The Commercial Vehicles segment covers the development, production, and sale of light commercial vehicles, trucks, and buses; and the corresponding genuine parts business and related services. The Power Engineering segment deals with the development and production of large-bore diesel engines, turbo compressors, industrial turbine,s and chemical reactor systems; and the production of gear units, propulsion component,s and testing systems. The Financial Services segment involves dealer and customer financing, leasing, banking, insurance, fleet management services. The company was founded on May 28, 1937 and is headquartered in Wolfsburg, Germany.
VOLKSWAGEN GROUP Common Stock ETR:VOW
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In a statement on Monday, Volkswagen Group (ETR: VOW) said that its current Chief Executive Officer (CEO) of the VW car brand, Herbert Diess, will step down on 1st July. The company also named Ralf Brandstaetter as the new CEO to replace Diess. Brandstaetter has previously been serving as the chief operating officer of the VW car brand. Among other candidates expected to replace Diess was Porsche’s CEO Oliver Blume. Volkswagen recently clos...
German car manufacturer, Volkswagen AG (ETR: VOW) said on Tuesday that it closed its investment worth £2.07 billion in Argo AI. Founded in 2016 by Peter Rander and Bryan Salesky, Argo is a Pittsburgh-based startup that focuses on self-driving technology. Volkswagen and Ford Motor (NYSE: F) took an initial interest in the startup in 2016. Expanding their investments over the years, the two companies now jointly control Argo AI. Shares of VW...
Volkswagen (ETR: VOW) is in the final phase of negotiation to close its investment deals with electric vehicle (EV) companies in China. The investments dubbed its largest are aimed at expanding VW’s footprint in the world’s largest EV market. The Chinese government eased its rules and regulations for ownership in 2018. Volkswagen posted a more than 2% intraday gain on Wednesday. At £114.56 per share, VW is over 20% down year to date in the stock...
A German federal court announced its verdict on the Volkswagen’s (ETR: VOW) landmark case on Monday. The judge made VW liable to make compensatory payments to owners seeking damages for manipulated diesel engines in the Volkswagen vehicles they purchased. The ruling came as a massive blow to the German car manufacturer that is already struggling due to the ongoing emissions scandal and the Coronavirus pandemic that temporarily closed factories an...
The Coronavirus pandemic has brought the global auto industry to a near halt. Car manufacturers from across the globe have reported COVID-19 to have weighed on performance in recent months. Despite challenges and delays in other projects due to the ongoing health crisis, however, Volkswagen (ETR: VOW) and Ford Motor (NYSE: F) announced on Friday that the companies plan on teaming up to build electric and autonomous vehicles. Volkswagen was report...
Germany has extended the shutdown to April 20, Merkel’s chief of staff Helge Braun told local newspapers. The latest numbers from Germany show an increase of nearly 6,300 infections in the last 24 hours, in addition to 55 deaths. “We are not talking about any easing before April 20,” said Braun. The shutdown, aimed at limiting the spread of the virus means that schools, shops, restaurants, playgrounds and sports facilities are all closed. “In Ger...
After two and a half months since the first coronavirus-related death was reported in Wuhan, China, the car industry is facing an unprecedented challenge. A vast majority of production facilities across the globe had been halted for weeks now as the world’s leading car manufacturers struggle to weather the financial hit. “It is clear that this is the worst crisis ever to impact the automotive industry,” stated Eric-Mark Huitema, Director General...
Herbert Diess, CEO of Volkswagen AG (ETR: VOW), has said that the German car giant is burning through 2 billion euros a week amid the halted production. Without an intervention, Volkswagen may cut jobs, warns Diess. “We need to rethink production. The discipline which we had in China we do not yet have at our German locations,” he said. “Only if we, like China, Korea or other Asian states, get the problem under control then we have a chance to co...
Today, Panasonic Corp (TYO: 6752) announced its plan to temporarily halt production at its battery joint project with U.S. electric car manufacturer Tesla Inc (NASDAQ:TSLA) in Nevada due to coronavirus. Panasonic, a battery supplier for Tesla’s vehicles, plans to reduce production at Gigafactory Nevada next week, prior to a total shutdown which is expected to last around 14 days, said the Japanese tech company. On Thursday, Tesla made an announce...
Europe’s largest car maker reiterates full-year operating profit and sales targets