VOW.DE - Volkswagen AG

XETRA - XETRA Delayed Price. Currency in EUR
150.90
+1.15 (+0.77%)
At close: 5:35PM CEST
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Previous Close149.75
Open149.75
Bid150.95 x 22300
Ask150.95 x 61000
Day's Range149.75 - 152.75
52 Week Range129.60 - 167.40
Volume53,130
Avg. Volume75,234
Market Cap73.934B
Beta (3Y Monthly)0.91
PE Ratio (TTM)6.57
EPS (TTM)22.98
Earnings DateN/A
Forward Dividend & Yield4.80 (3.21%)
Ex-Dividend Date2019-05-15
1y Target Est195.40
  • Bloomberg9 hours ago

    GAM. Woodford. H2O. There’s Never One Cockroach

    (Bloomberg Opinion) -- There’s never just one cockroach. That market truism, noted more than a decade ago by market strategist Dennis Gartman, has been useful in divining the aftershocks of everything from the credit crunch to the European debt crisis to the Volkswagen AG emissions cheating scandal. So it shouldn’t be a surprise that it also seems to apply to fund manager Neil Woodford and his misadventures in stocking his portfolio with illiquid investments.Shares in Natixis SA dropped to their lowest in three years after the Financial Times wrote that one of its investment funds, H2O asset management, had loaded up on hard-to-trade bonds of companies related to German entrepreneur Lars Windhorst. The article prompted Morningstar to suspend its rating on one of the funds managed by H2O, which oversaw almost $33 billion at the end of last year.Shareholders of Natixis may have overreacted, given that the fund unit accounts for only about 6 percent of the French bank’s net income, according to Jefferies analyst Maxence Le Gouvello du Timat. But Morningstar isn’t likely to hang around in dropping any other funds it deems to be at risk of trapping investors due to liquidity mismatches, especially given that it’s taken GAM Holding AG a year to unwind its absolute return bond funds after freezing them. The revelations about the scale of Woodford’s escapades prior to his move earlier this month to freeze redemptions from his flagship fund suggest that investors can’t rely on the regulator to safeguard their interests.In a letter published this week, the Financial Conduct Authority revealed that its “preliminary supervisory inquiries” suggest Woodford had about 20% of his Woodford Equity Income Fund in unlisted securities in February of this year. That’s astonishing.The maximum allowed for the fund was 10%. So Woodford didn’t just edge over the limit, he blasted through it. For every 100 pounds ($127) invested, 20 pounds was in illiquid investments, double the amount that investors in his fund would have expected.Moreover, the FCA said this was the third time the fund had exceeded its illiquidity limits, following breaches in February and March of last year that “were each notified to us as resolved within a timeframe we had agreed.” And yet, on all three occasions, investors were left in the dark."At no point would it have been appropriate for the FCA to notify any platform or investors of these breaches,” a spokesman for the regulator told the Telegraph earlier this week.Really? I can just about see how last year’s transgressions could be forgiven if they were inadvertent and swiftly resolved. But having twice as much of the fund in unlisted investments in February strikes me as an entirely appropriate time for the regulator to force it to come clean with the investors it owed a duty of care to, even if the FCA itself didn’t type the email or sign the letter advising them of the infringement.It’s still not clear how long the 3.8 billion pounds will remain frozen in Woodford’s fund, or indeed how much money investors will end up getting back. But now would be a good time for the trustees of every single fund they’re responsible for that offers daily withdrawals to ask some hard questions about just how easy it would be to buy and sell the securities in the portfolios if a flood of investors demanded their money back.To contact the author of this story: Mark Gilbert at magilbert@bloomberg.netTo contact the editor responsible for this story: Jennifer Ryan at jryan13@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Bloomberg18 hours ago

    Waymo to Study Driverless Services With Renault-Nissan Alliance

    (Bloomberg) -- Waymo LLC agreed to explore driverless services with Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp., pairing a leader in self-driving technology with the world’s largest automotive alliance.The three carmakers and Alphabet Inc.’s autonomous-vehicle unit will study market opportunities and research legal and safety issues related to driverless transportation services in France and Japan, the companies said in a statement Thursday. The deal doesn’t extend to cooperation producing robo-vehicles.“We’re convinced that with this added expertise, we’ll be able to position ourselves for autonomous services that are viable for customers,” Hadi Zablit, senior vice president for business development at the Renault-Nissan-Mitsubishi alliance, told reporters in Paris. When it comes to implementation, the three automakers won’t necessarily offer services in common with Waymo, he said.The French-Japanese alliance produced more than 10 million vehicles last year — on a par with the biggest carmakers: Volkswagen AG and Toyota Motor Corp. Unlike Waymo’s previously announced deals with Fiat Chrysler Automobiles NV and Tata Motors Ltd.’s Jaguar Land Rover, the partnership with Renault-Nissan-Mitsubishi doesn’t include supplying any cars.Waymo’s parent company, Alphabet, struck a separate deal with the three-way partnership last September, giving its Google Android operating system access to their vehicle dashboards starting in 2021.The new agreement marks a first step toward developing long-term, profitable driverless-vehicle services for passengers and deliveries, the companies said. While the analysis will take place first in France and Japan, they said it may expand to other markets — excluding China — in the future.Zablit sees deployment of the new mobility services in less than 10 years.For Renault and Nissan, working with Waymo brings expertise as the race to develop autonomous vehicles heats up. It also shows the French and Japanese manufacturers continue to collaborate on key strategic matters, even after their two-decade partnership was shaken by the arrest in November of former leader Carlos Ghosn in Japan over alleged financial improprieties.Tensions escalated after Renault pursued a combination with Fiat without initially telling its Japanese partners. Those merger talks have since ended.To contact the reporter on this story: Ania Nussbaum in Paris at anussbaum5@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Frank Connelly, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Czech owners of Skoda, Volkswagen cars qualify for $23 million compensation, court says
    Reutersyesterday

    Czech owners of Skoda, Volkswagen cars qualify for $23 million compensation, court says

    A Prague district court has ruled that a number of Czech owners of Skoda and Volkswagen cars qualify for 533 million crowns ($23.30 million) in compensation linked to VW's diesel emissions scandal, the ruling seen by Reuters said. The decision, ordering Volkswagen to pay the full amount, is open to appeal but only on procedural grounds. Volkswagen said it would launch an appeal.

  • Volkswagen CEO wants new Golf out by end of the year
    Autoblog2 days ago

    Volkswagen CEO wants new Golf out by end of the year

    Reports are coming out that Volkswagen's boss wants the new, eighth generation Golf to debut before the end of the year. Company CEO Herbert Diess has expressed his desire for the Golf to be launched before 2020, including delivering the first vehicles. In addition to some engineering setbacks, including making sure the car's over-the-air update capability will not be compromised by hackers, the deadline is challenged by some Volkswagen executives who would rather see the car launched in early 2020 instead of speeding up the debut, reports Automotive News.

  • VW backs ID. electric vehicles with eight-year/99,418-mile battery warranty
    Autoblog3 days ago

    VW backs ID. electric vehicles with eight-year/99,418-mile battery warranty

    Volkswagen has kept itself in the news cycle with a steady drip of information about its upcoming electric vehicles. The massive company push, including a reflective commercial that features the VW ID. VW has to not only rebuild the public's confidence in the brand, it also has to improve the public's perception of EVs.

  • Benzinga3 days ago

    Navistar Putting More Money To Work In Alabama

    Medium- and heavy-duty truck manufacturer Navistar (NYSE: NAV) announced plans to invest $125 million in new and existing facilities in Alabama. NAV already manufactures the International brand of diesel engines at its Huntsville plant. The primary engine produced in the Huntsville facility is the A26, Navistar's 12.4 liter big-bore engine used in its LT- and RH-Series Class 8 heavy-duty trucks as well as some vocational trucks.

  • VW's $2 Billion Truck IPO Reflects Push to Trim the Empire
    Bloomberg3 days ago

    VW's $2 Billion Truck IPO Reflects Push to Trim the Empire

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Volkswagen AG’s plan to list its truck division later this month will test whether it can pull off a feat that was once unthinkable for the German automotive giant: get smaller.For decades, the world’s biggest carmaker only knew how to expand -- adding Bentley luxury cruisers, Ducati racing bikes and Scania heavy trucks while taking its network of factories well past the 100 mark and its headcount over 640,000.Even in the face of the debilitating diesel-cheating scandal in 2015, the manufacturer didn’t trim its portfolio, bolstering investment in electric cars instead and even creating a new division for mobility services.Now with the pace of change in the auto industry quickening, Volkswagen is trying its hand at trimming the empire.If the listing of a minority stake in Traton SE -- a truck and bus maker with three vehicle brands and valued at as much as 16.5 billion euros ($18.5 billion)-- goes well, it would give Chief Executive Officer Herbert Diess more sway to balance the often diverging interests of VW shareholders including the Porsche and Piech owner family, Lower Saxony and powerful labor unions.Healthy Valuation“Traton’s IPO pricing suggests a healthy valuation which puts a spotlight on VW’s significant sum-of-its-parts disconnect,” RBC Capital Markets analyst Tom Narayan said in a note. Concerns over the company’s ability to switch to electric vehicles is “unfairly” weighing on its share price, the analyst said.Volkswagen rose 0.2% to 141.42 euros at 11:46 a.m. in Frankfurt trading, taking gains this year to 1.8%.For now, Diess is seeking deeper technology partnerships and the possible sale of assets like transmission maker Renk AG and MAN Energy Solutions, which develops engines. A successful Traton listing, targeted for June 28, could even spark rival Daimler AG to follow suit with a carve-out of its own truck business.The truck group comprises three main assets, Scania, MAN and Volkswagen-branded budget trucks sold in South America and Africa, as well as a unit offering digital services to fleet operators. With 29 production and assembly sites globally, the business last year sold 223,000 vehicles. While that’s 14% more than a year earlier, it’s less than half of Daimler’s truck division, the world’s biggest.Volkswagen is offering 50 million Traton shares at 27 euros to 33 euros apiece, plus a possible over-allotment of 7.5 million shares, meaning at the top end of the price range, the sale would raise as much as 1.9 billion euros. Here are the key points in one of the biggest initial public offerings in Europe this year:Sales PitchTraton is looking to woo investors by combining the best-in-class technology and strong margins of the Scania unit with the prospect of a turnaround at MAN and growth potential in key markets, according to company presentations and research from advising banks seen by Bloomberg.The plan includes the following four pillars:StrengthsChief Executive Officer Andreas Renschler, 61, is the mastermind behind Traton. After helping to establish Daimler’s commercial vehicles business as the world’s largest, he was lured to Volkswagen in 2014. Despite the partly overlapping operations, he’s improved earnings over the past four years, mainly by enforcing closer cooperation between long-standing rivals Scania and MAN. Investor interest in Traton will largely be a bet on Renschler’s veteran skills to deliver in the cyclical truck market.The timing of the listing, which was delayed earlier this year, is complicated by global volatility. The window may be as good as it gets. Rival Volvo Group -- the main pure-play competitor -- has gained 26% this year.“It’s no secret that the market environment is very volatile,” VW Chief Financial Officer Frank Witter told reporters on Monday. “It’s not ideal, but it’s not bad either.”VW remains open to sell more Traton stock at a later stage, up to a maximum stake of 24.9%, if market conditions are supportive, he said.WeaknessesTraton has only small bridgeheads in the key North American and Chinese markets, and the prospects for expanding those positions face obstacles.In North America -- the truck industry’s largest profit pool -- Traton merely owns a 16.8% shareholding in Navistar International Corp., which doesn’t it allow it to do much. Lifting the stake will cost money and add complexity. Meanwhile, Navistar still faces fierce competition from market leaders -- Daimler’s Freightliner, Volvo’s Mack and Paccar Inc.While Daimler and Volvo have functioning production joint ventures in China, the world’s biggest truck market, Traton’s cooperation with Sinotruk Hong Kong Ltd., where its holds a 25% stake through MAN, has yet to deliver the hoped-for results.Alliances can fall short of aspirations to create economies of scale, with the recent tensions at the Renault-Nissan Alliance a fresh reminder of the difficulties in uniting separate cultures. Traton also has a cooperation with Hino Motors Ltd., a Toyota Group company, on electric technology, product development and purchasing.MAN has long attempted a turnaround, but improvements have been tepid compared to an aggressive restructuring at Volvo that doubled margins within roughly three years. MAN’s production footprint in high-cost Germany and a lineup that includes less-profitable medium-duty trucks limits the potential for improvement.(Updates with CFO comment in 14th paragraph.)To contact the reporter on this story: Christoph Rauwald in Frankfurt at crauwald@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Chris Reiter, Elisabeth BehrmannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Barrons.com4 days ago

    Beyond Meat Stock Shot Higher Because Short Sellers Lost Big Time

    The maker of plant-based burgers reported first-quarter earnings that exceeded Wall Street estimates last week, but the stock jumped because people betting against Beyond Meat went through the grinder.

  • Bologna airport has a Lamborghini Huracán taxi car
    Autoblog5 days ago

    Bologna airport has a Lamborghini Huracán taxi car

    Bologna, Italy, has the best welcome sign of all time. It's striped across a Lamborghini Huracán at Aeroporto Marconi di Bologna. Lamborghini took to social media this week to show off its newest design, a Huracán RWD airport car, and it's not just for show.

  • Reuters5 days ago

    UPDATE 2-VW's Tennessee workers vote against union representation

    Workers at Volkswagen AG's assembly plant in the state of Tennessee narrowly voted against union representation, dealing a fresh blow to the United Auto Workers' (UAW) efforts to unionize a foreign automaker's plant in the U.S. South. The German automaker and the UAW said on Friday that workers at the Chattanooga plant voted 833 to 776 against union representation, the second time in five years they have rejected collective bargaining. "Our employees have spoken," Frank Fischer, president of Volkswagen Chattanooga, said in a statement.

  • Benzinga6 days ago

    Pricing Set For Volkswagen's Truck IPO

    Volkswagen AG announced that it is offering up to 15 percent of its heavy-truck subsidiary, Traton AG, in an initial public offering (IPO). The company plans to list the shares on both the Frankfurt Stock Exchange and Nasdaq Stockholm. "I am pleased that we have reached another milestone on TRATON's route to the IPO.

  • VW to float 10% of truck unit, seeks to raise 1.9 billion euros
    Reuters6 days ago

    VW to float 10% of truck unit, seeks to raise 1.9 billion euros

    Volkswagen aims to raise up to 1.9 billion euros ($2.1 billion) by listing truck unit Traton, it said on Friday, scaling back earlier ambitions to list up to a quarter of the unit by opting to float a 10% stake. The German carmaker said in a statement that the offering would be priced at 27-33 euros per share, which Jefferies analysts said valued Traton at a slight discount to industry peers but at a premium to Swedish competitor Volvo. "We will now meet investors across the globe to convey our Traton story and the future potential of the group," Traton Chief Executive Andreas Renschler said in a statement late on Friday after the publication of Traton's IPO prospectus.

  • Bloomberg6 days ago

    Volkswagen's $17 Billion Change of Direction

    (Bloomberg Opinion) -- Friedrich Merz, the conservative politician who has a shot at becoming Germany’s next chancellor, published an article this week that urged his country to get more of its citizens to invest in the stock market.His intervention seemed a touch self-interested: Merz chairs the German arm of fund manager BlackRock Inc. He does have a point though. Only one out of six Germans owns shares. Most prefer to put their money in savings accounts, which have generated next to nothing in returns for a decade.Volkswagen AG’s initial public offering of its Traton SE trucks business won’t do much to bring about the revolution sought by Merz. Late on Thursday, Europe’s biggest auto manufacturer confirmed it will part with only a small stake in the spinoff, which will have a free float of 11.5 percent at most.While Traton will be one of Europe’s biggest listings this year, the so-called “people’s carmaker” isn’t creating another “people’s share.” (That’s the name adopted by Deutsche Telekom AG for its massive IPO 20 years ago, when huge numbers of citizens bought shares. The subsequent dotcom bust and drop in Telekom’s stock is one reason why Germans shun the market today).Nevertheless, the spinoff will be welcomed by VW’s minority shareholders, who are unhappy about the company’s hefty “conglomerate discount” (where the group is valued less than its combined assets). If Traton goes well, maybe other big VW brands could be hived off from the parent.VW isn’t being especially aggressive on pricing as it tries to make sure the IPO succeeds. The 15 billion euro ($16.9 billion) valuation – at the the midpoint of the IPO range – is well below the 25 billion euros mooted in the press earlier this year. Truck-making rival Volvo AB trades on 9.5 times last year’s earnings. Applying the same multiple, Traton would be worth about 13.5 billion but its profitability has some room to expand as it increases parts sharing between its Scania and MAN brands. The company is targeting a 9 percent operating margin over the long term, compared to 6.4 percent last year.Having already suspended the IPO process once this year, ostensibly due to poor market conditions, VW is right to be careful. While stock markets aren’t far off record highs, investors everywhere have grown more skittish. The volatility of Uber Technologies Inc.’s shares since its May stock-market debut shows it makes sense not to be greedy.With only up to 1.9 billion euros of anticipated proceeds, selling more stock or aiming for a higher valuation wouldn’t do much to boost VW’s coffers anyway. The company already has 16 billion euros of net liquidity, which seems plenty. If it needs more funds, it can always sell more shares in Traton later, while still retaining control. Siemens AG adopted a similar strategy when it sold a 15 percent stake in its healthcare business last year. Those shares have performed well.From the perspective of a VW investor, the crucial thing is that the company gets this IPO done. The German giant is rightly criticized for its byzantine governance, where family, employee and regional government interests often take priority. It’s refreshing to see it do something explicitly for its shareholders.Just as ordinary Germans still need convincing of the wonders of the capital markets, the same could be said for its biggest carmaker. Traton at least promises a change in direction.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters6 days ago

    UPDATE 2-VW to float 10% of truck unit, seeks to raise 1.9 bln euros

    Volkswagen aims to raise up to 1.9 billion euros ($2.1 billion) by listing truck unit Traton, it said on Friday, scaling back earlier ambitions to list up to a quarter of the unit by opting to float a 10% stake. The German carmaker said in a statement that the offering would be priced at 27-33 euros per share, which Jefferies analysts said valued Traton at a slight discount to industry peers but at a premium to Swedish competitor Volvo. Traton said that Swedish pension fund AMF Pensionsfoersaekring AB had agreed to become a cornerstone investor in the listing and subscribe to 200 million euros worth of Traton stock.

  • Financial Times6 days ago

    Volkswagen’s truck IPO signals bigger change at carmaker

    Volkswagen’s truck division will be valued at as much as €16.5bn in its initial public offering at the end of the month, a step that signalled to investors wider changes are afoot at the world’s largest carmaker.

  • Volkswagen's Heavy-Truck IPO Values Unit at Up to $18.6 Billion
    Bloomberg6 days ago

    Volkswagen's Heavy-Truck IPO Values Unit at Up to $18.6 Billion

    VW surprised investors last month when it revived its effort to float Traton just weeks after shelving the plan in March. The sale will mark a litmus test not only for IPO demand in a European stock market that turned in its worst month in 3 1/2 years during May, but also for the ability of VW’s management to push through deeper structural change. “We are now all set for the decisive phase,” VW Chief Financial Officer Frank Witter said in the statement.

  • In VW Chattanooga vote, UAW seeks elusive U.S. southern toehold
    Reuters7 days ago

    In VW Chattanooga vote, UAW seeks elusive U.S. southern toehold

    For the second time in five years, workers at Volkswagen AG's Chattanooga, Tennessee, assembly plant have been voting this week on whether to unionize, potentially handing the United Auto Workers its first toehold in the U.S. South. The vote by 1,700 workers at VW's Chattanooga plant, which makes the Passat sedan and the Atlas SUV, comes at a pivotal time for the UAW. Its membership fell 8% last year and the union faces contentious contract talks this summer with Detroit automakers General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV.

  • Lamborghini says it could built the Sterrato rally car at a profit
    Autoblog7 days ago

    Lamborghini says it could built the Sterrato rally car at a profit

    Automobile spent an hour working out the Lamborghini Huracán Sterrato concept at the Volkswagen Group's Nardo test track. Maurizio Reggiani, Lamborghini's chief technical officer, told the magazine a customer version would be possible, only because "the provisional business case suggests that we can build this car at a profit." And the secret to making money on the car would be 3D printing. The composition of the Sterrato is 96 percent bone-stock Huracán EVO.

  • VW and Ford close to deal on self-driving and electric cars: VW
    Reuters7 days ago

    VW and Ford close to deal on self-driving and electric cars: VW

    Volkswagen and Ford are close to reaching a deal on a partnership for developing self-driving and electric cars, the German carmaker's chief executive said on Thursday. Volkswagen and the No. 2 U.S. automaker signed a deal in March to develop a pickup truck, and have been in talks about extending the alliance to include autonomous driving and mobility services, as well as Ford's use of VW's MEB electric-vehicle platform.