|Bid||156.60 x 22300|
|Ask||156.90 x 61000|
|Day's Range||153.70 - 158.10|
|52 Week Range||99.16 - 185.00|
|Beta (5Y Monthly)||1.54|
|PE Ratio (TTM)||5.87|
|Earnings Date||Jul 30, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||May 15, 2019|
|1y Target Est||195.40|
Volkswagen <VOWG_p.DE> on Friday said it had resumed deliveries of its newest Golf model after voluntarily halting sales in mid-May. Volkswagen stopped sales after the carmaker discovered that data transfer problems in an online connectivity unit could interfere with an emergency assist functionality.
Volkswagen <VOWG_p.DE> has completed an internal report into how it came to publish a racist advert, the German carmaker said on Friday, adding that its findings will be released once its management board has reviewed the matter. Petit Colon is a real cafe in Buenos Aires, Argentina, located near the Teatro Colon. Criticism of the advert went viral last month and the company apologised and pulled the clip, prompting VW's labour leaders to accuse Volkswagen's management of damaging the company.
Lamborghini sales stay nicely in motion despite the global economic downturn. Yahoo Finance chats with Lamborghini Chairman and CEO Stefano Domenicali.
Good day,OPEC and non-OPEC countries are looking to convene and decide the extension of their oil output cuts, which will help strengthen oil prices that have been climbing steadily since their April lows. Major oil powers Saudi Arabia and Russia are reportedly supporting a one-month extension of the current level of output cuts. Oil prices have shown a sustained recovery over the last few weeks, after the industry saw WTI oil futures crash below zero, and Brent crude futures nearly touch their 20-year low. Global oil demand has picked up as China's oil demand rebounded, with its demand expected to have reached 92% of its pre-COVID levels in May. Did you know?The air cargo volumes recorded by the top 25 airfreight players in the world saw demand declining by 7.8% year-on-year to 15.4 million metric tonnes. The top air freight forwarder, DHL Global Forwarding, saw its volumes decline by 4.6% year-on-year to just over 2 million metric tonnes.Quotable"All indications are that we're starting to bottom out and from there we'll see an upward growth pattern. The challenge is now with the unrest we have in the last week, that's put a damper on things."– Anthony Nieves, chair of the Institute for Supply Management's services survey committee, while commenting on a slight uptick in business activity in May. In other newsAir freight rates start their descent as more capacity arrives amid demand slumpThe air freight market is starting to see rates fall as capacity comes in – and demand subsides. (The Loadstar)China cancels some U.S. farm shipments, maritime executives sayOrders, among them 23 cargoes of soybeans, are canceled as tensions rise between Washington and Beijing. (WSJ)Weak demand pushing oil, gas toward ‘terminal decline': reportFalling fossil fuel demand coupled with mounting risk for investors could slash the value of oil, gas and coal reserves by two-thirds, sending shock waves through the global economy. (Yahoo!)Tesla going into software subscription service could become big businessTesla Inc. (NASDAQ: TSLA) has started to indicate that it is going to expand its software offering, including a subscription to its full self-driving package. (Electrek)The Coca-Cola Company (NYSE: KO), Mondelez International, Inc. (NASDAQ: MDLZ) trim SKUs as CPGs tackle pandemic stressesSupply chains are reducing complexity to better operate in volatile market conditions. (Supply Chain Dive)Final ThoughtsGerman automaker Volkswagen AG (OTC: VWAGY) has invested $1 billion in self-driving technology startup Argo AI. The deal will also see Argo AI taking over Volkswagen's autonomous vehicle unit – valued at $1.6 billion – along with over 200 employees who worked in the unit. The deal, which was signed last July, has finally been realized this week. Ford Motor Company (NYSE: F) has a majority stake in Argo AI. Apart from the direct deal with Argo AI, Volkswagen will also buy $500 million in shares of Argo AI from Ford over three years. Volkswagen's move is concurrent with the broader industry trend in which automakers are betting on self-driving and connected technology – increasingly considered the future of mobility.Noticeably, the Volkswagen deal's completion comes after Ford announced the postponement of its autonomous vehicle commercial services with Argo AI to 2022 due to the pandemic. Hammer down everyone!Image: ShutterstockSee more from Benzinga * ArcBest Sees Trends Rebound During May * FedEx Puts Surcharges On Several Types Of Packages * Freightonomics: Are production Numbers Lagging Or Leading The Freight Market's Recovery?(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
General Motors will "work very closely" with Chinese electric vehicle battery maker Contemporary Amperex Technology Ltd (CATL) as it ramps up electric production in the world's biggest auto market, a senior executive said. The Detroit automaker said in March it would invest $20 billion by 2025 in electric and automated vehicles as it races to catch up with Elon Musk's Tesla Inc in the sector. "We have already established a good working relationship and supply agreement with CATL," said Julian Blissett, GM's China president.
U.K. car sales fell 89% in May compared to the prior year period, according to the Society of Motor Manufacturers & Traders. According to the SMMT, 20,247 cars were registered in the month, as "click and collect" services, allowed from mid-month, saw some movement in the market. Car dealerships were permitted to reopen on June 1. The Tesla Model 3 was the top selling vehicle with 852 sales, the second month in a row Tesla came on top. For the year, the Ford Fiesta is the top selling vehicle.
Germany unveiled sweeping incentives for cheap electric cars and for hybrid vehicles, providing a boost to Volkswagen's electric push while staggered taxes for polluting combustion-engined cars will penalise sports utility vehicles. Buyer incentives for passenger cars, including a lowering of value added tax to 16% from 19% were included as part of a 130 billion euro ($145.74 billion) stimulus package to speed up Germany's recovery from the coronavirus. In addition to a staggered tax on vehicles emitting large amounts of carbon dioxide (CO2), hitting sports utility vehicles, Germany included a 6,000 euro incentive for battery electric cars costing below 40,000 euros.
A European stock market rally paused on Thursday, with investors focussing on a European Central Bank meeting where policymakers are expected to provide more aid for the battered euro zone economy. The pan-European STOXX 600 index slipped 0.5% by 0708 GMT, but held near its early March highs, while eurozone stocks were down 0.6%. Equity markets have bounced strongly this week, with Wall Street's tech-heavy Nasdaq nearing record levels as signs of recovery from a coronavirus-forced recession, optimism over a COVID-19 vaccine and hopes of more stimulus boosted risk appetite.
Most of Brazil's small businesses, which account for more than half of its jobs and 30% of gross domestic product, are not getting the cash President Jair Bolsonaro pledged to help them through the coronavirus crisis, putting recovery at risk. Despite a $7 billion program to help small and medium-sized businesses pay their workers as lockdowns tipped Brazil into its steepest annual downturn since records began, banks have so far only 5% distributed of the funds, Economy Ministry data shows. Jose Eutimio Brandao Jr, who fired 50 of the 170 people he employed at a bar, restaurant, bakery and nightclub in the northeastern state of Alagoas, is one of those affected.
German carmakers became more optimistic about their prospects for production and exports in May, a survey by the Ifo economic institute showed on Wednesday, a ray of hope for the sector that has been hit hard by the coronavirus pandemic.
Asian stocks were poised to follow the global rally on Wednesday as hopes of more government stimulus bolstered riskier assets and overshadowed a host of other worries from the coronavirus to Hong Kong and growing U.S. civil unrest. Gold is still up more than 18% from a low of $1,450.98 in March because of the economic damage from the pandemic and the massive amounts of money coming from central banks.
Facebook staff protests the social network's stance on Trump posts, Volkswagen finalizes its $2.6 billion investment in Argo AI and we examine complaints about the layoff process at events and travel startup Pollen. Facebook has since acknowledged the walkout and said it will not require employees to use their paid time off. Also, CEO Mark Zuckerberg wrote in a Sunday night post that he will donate $10 million to "groups working on racial justice."
Moody's Investors Service, ("Moody's") confirmed the A3 long term issuer rating of Volkswagen Aktiengesellschaft (VW), the group's P-2 short term rating and the Baa2 rating on the group's hybrid instruments. The outlook on all ratings changed to negative from ratings under review. A full list of affected ratings can be found at the end of this press release.
Volkswagen Chief Executive (CEO) Herbert Diess will promote Porsche CEO Oliver Blume to become head of the VW brand as part of a broader management reshuffle, Auto Motor und Sport said on Tuesday citing company sources. Blume will be moved to the VW brand to help the company get a grip on production issues with the VW ID3 electric car and the Golf 8, the auto industry publication said on Tuesday. Bernhard Maier, currently head of VW's Skoda brand, will become head of Porsche, Auto Motor und Sport said.
Volkswagen, the world's second-biggest carmaker, has pumped $2.6 billion into Argo AI, a self-driving vehicle company it jointly owns with Ford.
U.S. President Donald Trump's vow to use force to end violent protests and reports that China had ordered U.S. soybean purchases to be halted had caused a brief wobble in Wall Street futures, but Europe got shares back on track. The euro hit a two-and-a-half-month high too as the dollar struggled with its home-grown strains, and Italian and Spanish bonds were still being helped by a proposed 750 billion-euro EU stimulus plan and European Central Bank buying. "Even with these rising protests in the U.S. and the situation in Hong Kong at the moment, the market is pushing on and seeing room for optimism."
Germany's Social Democrats expect difficult talks with their coalition partners, Chancellor Angela Merkel's conservatives, on a stimulus package as they want cash incentives to buy a new car to exclude combustion engine vehicles, the SPD's co-leader said. "It will take a long time and probably will not end today," Norbert Walter-Borjans said after an SPD spokeswoman said that a final decision on the stimulus package would be postponed from Tuesday to Wednesday.
U.S. President Donald Trump's vow to use force to end violent protests in American cities and reports that China had ordered U.S. soybean purchases to be halted had caused a brief wobble in Wall Street futures, but Europe got shares back on track. The euro hit a two-and-a-half-month high too as the dollar struggled with its home-grown strains, and Italian and Spanish bonds were still being helped by a proposed 750 billion-euro EU stimulus plan and European Central Bank buying. "Even with these rising protests in the U.S. and the situation in Hong Kong at the moment, the market is pushing on and seeing room for optimism."
European shares inched closer to a three-month high on Tuesday on optimism around a post-coronavirus economic recovery, with German stocks buoyed by a jump for Lufthansa. The pan-European STOXX 600 rose 1% in early deals to hit its highest level since March 9. Lufthansa surged 7.5% as its supervisory board approved a 9 billion euro ($10 billion) government bailout for the airline, driving Frankfurt-listed shares up 2.6% to its peak since March 5.
Volkswagen Group finalized Tuesday its $2.6 billion investment into Argo AI, the Pittsburgh-based self-driving car startup that came out of stealth in 2017 with $1 billion in backing from Ford. The deal turns Argo into a global company with two customers — VW and Ford — as well as operations in the U.S. and Europe, and provides an instant jump in its workforce. Autonomous Intelligent Driving (AID), the self-driving subsidiary that was launched in 2017 to develop autonomous vehicle technology for the VW Group, will be absorbed into Argo AI.
Argo, founded in 2016 by Bryan Salesky and Peter Rander, is now jointly controlled by VW and Ford Motor Co, which made an initial investment in Argo shortly after it was founded. Details of the VW investment, which does not include an agreement to purchase $500 million worth of Argo stock from Ford, was announced last July.
German automaker Volkswagen AG has closed its $2.6 billion investment in Argo AI, the Pittsburgh-based self-driving startup disclosed in a blog post on Tuesday. Argo, founded in 2016 by Bryan Salesky and Peter Rander, is now jointly controlled by VW and Ford Motor Co, which made an initial investment in Argo shortly after it was founded.
The unanimous ruling by a three-judge panel of the 9th U.S. Circuit Court of Appeals, sitting in Anchorage, Alaska, was a victory for Utah's Salt Lake County and Florida's Hillsborough County. The counties sued Volkswagen for causing excess diesel emissions harmful to the environment and could in theory seek billions of dollars in damages. Volkswagen settled U.S. criminal and civil actions prompted by the cheating scandal for more than $20 billion, but that did not shield it from liability from local and state governments, the 9th Circuit noted.
The unanimous ruling by a three-judge panel of the 9th U.S. Circuit Court of Appeals, sitting in Anchorage, Alaska, was a victory for Utah's Salt Lake County and Florida's Hillsborough County. The counties sued VW for causing excess diesel emissions harmful to the environment and could in theory seek billions of dollars in damages. Volkswagen settled U.S. criminal and civil actions prompted by the cheating scandal for more than $20 billion, but that did not shield it from liability from local and state governments, the 9th Circuit noted.