VOW3.DE - Volkswagen AG

XETRA - XETRA Delayed Price. Currency in EUR
157.00
-9.02 (-5.43%)
At close: 5:35PM CET
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Previous Close166.02
Open160.50
Bid156.56 x 207000
Ask156.68 x 63200
Day's Range156.32 - 160.86
52 Week Range136.94 - 187.74
Volume2,141,019
Avg. Volume834,669
Market Cap79.298B
Beta (5Y Monthly)1.58
PE Ratio (TTM)5.89
EPS (TTM)26.68
Earnings DateOct 30, 2018
Forward Dividend & Yield4.86 (2.93%)
Ex-Dividend DateMay 15, 2019
1y Target Est198.76
  • VW planning ID electric cars with R performance designation, new battery tech
    Autoblog

    VW planning ID electric cars with R performance designation, new battery tech

    In December, Autocar reported that Volkswagen planned to use the GTX moniker on hot versions of the ID range, the same way GTI indicates spicier takes on the internal combustion range. The report indicated that there could be room above the GTX for even gutsier electric products analogous to R versions of ICE products. Autocar writes that VW's working on an electric sports car halo model to lead "a limited range of performance-based ID R road cars." An internal strategy paper suggested production at VW's Karmann plant, the car could come in a trim designed to challenge the forthcoming second-gen Telsa Roadster, and design studies have already been built at company headquarters.

  • Reuters

    LG Chem to exclusively supply EV batteries to U.S. EV maker Lucid Motors

    South Korea's LG Chem Ltd said on Tuesday it will exclusively supply electric vehicle (EV) batteries to U.S. electric carmaker Lucid Motors. The South Korean EV battery maker, which counts General Motors and Volkswagen among its customers, will supply cylindrical batteries for the standard version of the U.S. EV maker's standard Lucid Air models starting in the second half of this year to 2023, the company said in a statement.

  • Bloomberg

    Tesla to Face Fresh Autopilot Scrutiny After Company Snubs NTSB

    (Bloomberg) -- The National Transportation Safety Board on Tuesday will convene its second hearing on a fatal crash involving Tesla Inc.’s automated driver-assist technology even though the pioneering automaker hasn’t filed formal responses to recommendations stemming from the first one more than two years ago.The NTSB in 2017 recommended that automakers including Tesla make their driver-assist systems more resilient to misuse by inattentive drivers, and limit the operation of those systems to only the driving for which they were designed.Automakers -- including Volkswagen AG, Nissan Motor Corp., BMW AG -- have told NTSB how their systems ensured driver engagement, which agency deemed acceptable responses. Tesla has had no formal correspondence with NTSB officials responsible for monitoring how safety recommendations are implemented, NTSB spokesman Chris O’Neil said.“It’s not the norm,” O’Neil said. “Most recommendation recipients respond in the prescribed 90-day window.”Tesla didn’t respond to a request for comment but has said it updated Autopilot in part to issue more frequent warnings to inattentive drivers.The role of Tesla’s automated driver-assist features known as Autopilot along with other factors including driver distraction and highway infrastructure will be examined at an NTSB meeting on Tuesday examining a March 2018 crash in Mountain View, California, that killed 38-year-old Apple Inc. engineer Walter Huang after his Tesla SUV slammed into a highway barrier while using Autopilot.The probe was marked by an unusually public display of tensions between the agency and Tesla Chief Executive Officer Elon Musk that peaked when the agency kicked Tesla off the probe after he released information about the crash despite prohibitions against such disclosures during an investigation.The hearing could hold lessons for the auto industry as automated driving features are becoming increasingly common on new vehicles. Several other automakers have also equipped their vehicles with technologies that can provide automated steering, accelerating and braking, and some have installed systems to ensure drivers pay attention. General Motors Co. and Subaru Corp. use infrared cameras to track head and eye movement, and Nissan last year said it would include a similar driver monitor in a system designed to offer hands-free driving on the highway.Tesla has said Autopilot makes drivers safer, pointing to internal data it releases quarterly that it says demonstrates that drivers crash less frequently while using it than while driving manually. The company stresses that drivers must remain attentive with their hands on the wheel while using Autopilot, which monitors by sensing steering wheel inputs by the driver.The company has said it has adjusted the the warnings drivers receive if their hands are off the wheel for too long, which federal investigators have faulted for being easy to sidestep.In 2017, the NTSB closed its first probe of a fatal crash linked to Autopilot by calling on companies to develop ways to better ensure drivers pay attention while using automated driving features that require human supervision. It also called on automakers to take steps to limit the use of automated driver-assist features to only the driving scenarios for which they’re designed.The recommendations stemmed from the agency’s probe of a 2016 crash in which former Navy SEAL Joshua Brown died after his Tesla Model S crashed into a commercial truck crossing the road in front of him on a Florida highway while using Autopilot. The agency cited an over-reliance on the car’s automation by Brown and a lack of built-in safeguards to prevent inattention as key factors that contributed crash.Last fall, the NTSB again cited inattention and Autopilot’s design in a January 2018 crash in which a Tesla driver rear-ended a parked fire truck on a freeway near Los Angeles. The agency said Autopilot’s design allowed the driver, who was uninjured in the crash, to stop paying attention to the road.After that crash, Tesla said it has updated Autopilot in part to issue more frequent warnings to inattentive drivers. The company has also been in regular contact with NTSB investigators and provided information about its systems to the agency, O’Neil said.“That doesn’t replace the need for formal responses to safety recommendations,” he said. “It’s a process designed to help us understand what they’re doing to implement those safety recommendations and what their progress toward them are, which may inform whether we feel other recommendations are necessary.”Records from the Mountain View investigation hint at several factors the NTSB could highlight during the meeting Tuesday. With Autopilot engaged and set to cruise at 75 miles per hour, Huang’s 2017 Tesla Model X sped up and slammed into a concrete barrier. Vehicle data showed neither the driver nor the vehicle’s automatic systems applied the brakes prior to impact, the NTSB has said.Huang had complained that Autopilot had repeatedly veered his vehicle toward the same spot during earlier trips on that same stretch of highway, according to the agency. Data taken from his Tesla’s computer confirmed that the situation had occurred at the same location four days before the fatal crash and once more several weeks earlier, records released by the NTSB show.The tip of the concrete lane divider struck by Huang’s Tesla was supposed to have been protected by a crash attenuator, a device attached to highway infrastructure to absorb impact forces like a car’s crumple zone. It was damaged 11 days earlier and hadn’t been repaired by the California Department of Transportation before Huang’s crash.Records reviewed by NTSB found Huang was playing a game on his Apple-provided mobile device before the collision, the agency said, citing data transmission records. However, the data couldn’t show how engaged he was with the game or whether he was holding the device with both hands at the time of the crash, the NTSB said.Crash investigators at the National Highway Traffic Safety Administration have opened 14 inquiries into Tesla crashes believed to involve Autopilot, plus 11 more involving other manufacturers with partial-automation systems.\--With assistance from Alan Levin.To contact the reporter on this story: Ryan Beene in Washington at rbeene@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Elizabeth WassermanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Stock-Market Bubble Fears Are Greatly Overblown
    Bloomberg

    Stock-Market Bubble Fears Are Greatly Overblown

    (Bloomberg Opinion) -- Anyone paying attention to finance, markets and the economy doesn't have to look very hard to find complaints that we are on the cusp of a bubble of one type or another.Perhaps the area most often targeted by the bubble believers is tech. I was curious about just how widespread this belief is: “Tech bubble” has doubled on Google Trends this year alone; Google News generates more than 3.6 million hits for the phrase.(1)Defining a bubble isn't too hard and one will do as good as another. “A market phenomenon characterized by surges in asset prices to levels significantly above the fundamental value of that asset. Bubbles are often hard to detect in real time because there is disagreement over the fundamental value of the asset,” Nasdaq says.  So let's turn to the pro-bubble argument: It has been a decade since the financial crisis and two decades since the dot-com implosion. That's enough time for people to have forgotten the trauma of that disaster. Since the Great Recession ended, there has been too much capital sloshing around, leading to excessive tech valuations. And not just in public equities, but in private markets, too. Unicorns and other SoftBank Vision Fund debacles have imploded, an early warning sign for publicly traded companies, the argument goes.Central banks have made the bubble worse, providing cheap capital that has artificially inflated profits. The bubble advocates also urge us not to overlook the impact of these low borrowing costs on the surge in share buybacks; reducing the total amount of a public company’s shares outstanding has the effect of making earnings per share look better.Then there are the anecdotes: Tesla’s stock has more than doubled in the past three months, and the company now has a market value of more than $165 billion -- higher than Volkswagen, General Motors and Ford combined. This is to say nothing of the companies valued at more than $1 trillion, such as Apple, Microsoft, Amazon and Google parent Alphabet. But let's also be generous and acknowledge that some things do look overvalued, whether it's Bitcoin (maybe), WeWork (obviously) or Tesla (I'm not getting in the middle of that one).But here's the thing: None of that is proof of a stock-market bubble. Let's look at some themes and issues to demonstrate why this is so:Business models: In the 1990s, the internet captivated the collective imagination of investors, too many of whom indiscriminately threw cash at anything with dot-com attached to it. The 2000 collapse taught investors that it took more than a high-concept idea to make a stock worth buying: growth and future cash flow matter a lot, too. The collapse of WeWork’s initial public offering last year brought this home once again. Investors realized that renting out office space short term while locking the company into long-term, expensive real-estate leases was a terrible business model. Public investors grasped this flaw -- something private investors seemingly failed to understand -- and the market worked the way it's supposed to. Revenue and earnings: Unlike the dot-coms of the '90, today's tech businesses are gigantic cash machines. Apple posted fourth-quarter revenue of $91.8 billion and net income of $22.2 billion. Without much fanfare, Microsoft's revenue grew 14% in the latest quarter, to $36.9 billion, while net income surged 38% to $11.6 billion. Alphabet, Amazon, Facebook all continue to mint revenues and profits. These companies also have accumulated hundreds of billions of dollars in cash. This is not the profitless tech boom of the 1990s.Sentiment: Maybe there is some excessive optimism. But that isn't the same as the full-blown delusion that bubbles produce. Talk of bubbles is offset by chatter about recession: Remember that less a year ago investors were anticipating a downturn and in the fourth quarter of 2018 major market indexes fell 20%, meeting the normal definition of a bear market, however brief. Meanwhile, the American Association of Individual Investors Bullish Readings index is 40.6, which is just a hair above the average reading of 39.5 for the past 25 years.Performance: Broad market performance is robust, but not crazy. Last’s year's 31% gain in the S&P 500 is misleading: most of that simply reflected the rebound from the 2018 fourth-quarter tumble cited above.So let's take a step back and consider the S&P 500 since 2015: It has had annual gains of 11.8%, for a total cumulative five-year return of 75%. Before fintwits howl “Now do the Nasdaq,” here it is: 17.6% annually and cumulative total returns of 125%. Fine, good, but not bubble material.Now compare those figures with the five years before the market peaked in March 2000: The Nasdaq generated annual returns of 60% and a five-year total return of 946% during that period, while the S&P 500 gained 25% annually and 211% for the five years. This is obvious, right?Sure, there are pockets of excessive optimism and foolishness in markets. There always are. But there also are lots of companies that are not participating in this bull-market rally. Those who were around in the 1990s know what a real bubble looks like: This isn't it.(1) Some recent examples:Barron’s:"Tesla’s Manic Rally Isn’t the Only Sign of a Market Bubble. What You Need to Know"CCN:"An Epic Stock Market Crash Is Looming, Analysts Warn"Yahoo:"The stock market is on steroids and it could end up like the dot com bubble"Barron’s (again): "Is the Fed Building Another Stock Bubble?"Bloomberg: “Mom and Pop Are On Epic Stock Buying Spree Fueled by Free Trades”To contact the author of this story: Barry Ritholtz at britholtz3@bloomberg.netTo contact the editor responsible for this story: James Greiff at jgreiff@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Volkswagen previews 2021 GTI ahead of Geneva introduction
    Autoblog

    Volkswagen previews 2021 GTI ahead of Geneva introduction

    The eighth-generation Volkswagen GTI will be one of the stars of the upcoming Geneva auto show. To whet our appetite, the German company released a preview image that hints at what the new Golf looks like in GTI form. The red accents present on every previous version of the Golf GTI make an unsurprising return.

  • Financial Times

    Luca de Meo: ‘Cultural sponge’ takes ‘job from hell’ at Renault

    When Luca de Meo was offered a job at Volkswagen, the Italian executive spoke almost no German. After studying at night, he was able to address the carmaker’s main board in their mother tongue within months of taking the post.

  • Reuters

    Mexico ratifies rule requiring trucks, buses to run on cleaner diesel

    The Mexican government on Thursday ratified an environmental rule that requires truck and bus makers to manufacture and sell only vehicles running on clean diesel starting in January 2021, despite criticism from the industry. The Ministry of Environment said in the statement that it recognized the need to develop a plan to distribute ULSD more strategically and was participating in a working group with Pemex to modify another standard issued by energy regulator CRE, which also calls for clean diesel.

  • This battery-powered 1972 Volkswagen Bus is the grandfather to the ID Buzz
    Autoblog

    This battery-powered 1972 Volkswagen Bus is the grandfather to the ID Buzz

    The retro-styled ID Buzz EV Microbus concept that Volkswagen unveiled in 2017 is well on its way to production. While the model that inspired it happily slurped gasoline, the idea of making a zero-emissions people-mover isn't new, and the German firm experimented with several primitive electric prototypes during the 1970s. It discovered one of the few remaining prototypes it built 48 years ago, and VW will highlight this obscure part of its past in March 2020.

  • VW to resume talks over German class action on emissions
    Autoblog

    VW to resume talks over German class action on emissions

    Volkswagen and the German consumer protection organization have agreed to resume talks aimed at reaching a deal in a class action lawsuit over the carmaker's rigging of diesel emissions tests. VW admitted using illegal software to cheat U.S. diesel engine tests in 2015, a scandal which has cost it more than $30 billion in vehicle refits, fines and provisions. Nearly all U.S. owners of affected cars agreed to take part in a $25 billion settlement in 2016 in the United States, but VW has said there was no legal basis for consumers in Germany to seek compensation due to differences in law.

  • Volkswagen CFO set to leave in June 2021 - source
    Reuters

    Volkswagen CFO set to leave in June 2021 - source

    Volkswagen Group's finance chief Frank Witter will leave the German car group in June 2021, a person familiar with the matter said on Thursday, confirming a report in business publication Manager Magazin. Volkswagen declined to comment.

  • Reuters

    Mexican truck and bus output backfires on doubts over diesel rule

    Mexican truck and bus output fell sharply at the end of last year due in large part to doubts over the future of a new diesel rule that would require that only vehicles using cleaner-burning fuel are made and sold, according to a local trade group. The assembly of trucks and buses fell nearly 38% in December, data from trade association Anpact showed, in line with falling production of heavy vehicles since August. The trade group attributed the production decline to companies' hesitation to update their fleets amid uncertainty about a rule that would mandate the use of clean diesel starting in 2021.

  • China’s tourism, automotive industries sink amid COVID-19 outbreak
    MarketWatch

    China’s tourism, automotive industries sink amid COVID-19 outbreak

    China’s extraordinary economic growth over the past four decades transformed the country into the world’s second-biggest economy. The key to this growth is global trade. China is not only the largest trading partner in the world, but it is also central to a myriad of supply chains.

  • Reuters

    China's virus-hit industrial cities start to ease transport curbs, restore production

    Beijing is conscious of striking a balance between stamping out the epidemic which has infected more than 70,000 people and killed over 2,000 people, and shielding the already weakened economy from more damage. The city of Foshan, a large manufacturer of electronics and household appliances in southern Guangdong province, said late on Tuesday that businesses no longer need to seek prior approval before resuming operations and they need not require returning workers to show proof of their health. In eastern Zhejiang province over the weekend, the cities of Hangzhou and Ningbo also pared back the approval process for companies looking to restart.

  • Shares of European automakers slide after new-car sales slump in January
    MarketWatch

    Shares of European automakers slide after new-car sales slump in January

    European auto stocks suffered on Tuesday after new car sales fell 7.5% in January as the sector’s woes continued.

  • VW Ruggdzz EV crossover could revive the Thing
    Autoblog

    VW Ruggdzz EV crossover could revive the Thing

    Autocar said it got intel on a new electric crossover from Volkswagen that, in conceptual form, is called the Ruggdzz. The name is not the only baffling detail in the report, even after acknowledging VW likes to slap its EVs with double-Zs — note exhibits ID Buzz, ID Crozz, and ID Vizzion. The Ruggdzz, which, yes, is meant to suggest something rugged, would be another entry in the automaker's Icon project alongside the ID Buzz Microbus and ID Buggy concepts.

  • Cathie Wood, the Best Investor You’ve Never Heard Of
    Bloomberg

    Cathie Wood, the Best Investor You’ve Never Heard Of

    (Bloomberg Opinion) -- Who is Cathie Wood?She’s already in the pantheon of top money handlers over any period in the past five years, and has been the most persuasive — and so far prescient — champion of Tesla Inc.Her actively managed Ark Innovation ETF is the best performer among 584 funds with at least $1 billion of assets in the global equity market, crushing the likes of BlackRock with a return of 165% (income plus appreciation) the past three years, and she beat 99% of them since Ark Investment Management LLC became a registered investment adviser in January 2014, according to data compiled by Bloomberg.For all of her success picking winners, the 64-year-old Wood has received relatively little notice during the past three years, aside from being an occasional outlier among investors on CNBC. You won’t find her at the Barron’s Roundtable, which “gathers some of Wall Street’s best minds.” She was included in the Bloomberg 50: The People Who Defined Global Business in 2018. Her focus on innovation, “centered around genome sequencing, robotics, artificial intelligence, energy storage and blockchain technology,” enabled Ark Innovation ETF to increase 127 times, to $2.4 billion from its $15 million grubstake in 2017. In the process, the Ark ETF rewarded its shareholders with more than three times the return of the S&P 500 Index and more than twice the Nasdaq’s bounty. Since its inception, Ark has earned almost 2.4 times more than the S&P 500 and 1.7 times the Nasdaq, according to data compiled by Bloomberg.At a point when money management mostly is a passive, index-driven business, Wood is a discerning stock picker with about $11 billion of assets. Her selection of health-care juggernauts Juno Therapeutics Inc., based in Seattle, and Invitae Corp., in San Francisco, returned 286% and 173%, respectively, in the past three years. Choosing Palo Alto-based Tesla and Buenos Aires-based MercadoLibre Inc. among consumer discretionary companies netted 185% and 269% in her fund, according to data compiled by Bloomberg.“We’re all about finding the next big thing,” said Wood during an initial interview with David Westin on Bloomberg Wall Street Week earlier this month. “Anyone hewing to the benchmarks, which are backwards looking, they’re not about the future. They are about what has worked. We’re all about what is going to work.”Since she graduated summa cum laude in finance and economics from the University of Southern California in 1981, Wood has been assistant economist at the Capital Group; chief economist, analyst, portfolio manager and director at Jennison Associates; co-founder of the hedge fund Tupelo Capital Management, and chief investment officer of global thematic strategies at AllianceBernstein, where she managed more than $5 billion. Her favorite innovator is Copernicus, the Renaissance man who located the sun rather than the Earth at the center of the universe.Soon after launching Ark in 2014, Wood made Tesla her fifth-largest holding. In 2018, she increased it to No. 1, or 10% of the fund, as most analysts soured on the maker of zero-emission, battery-electric vehicles.In 2016, when Tesla plummeted 11%, and 75% of the analyst recommendations opposed any purchases, Wood almost tripled her Tesla position to 5,072 shares. The following year, after Tesla appreciated 46%, and 68% of the analysts remained bearish, she enlarged her stake more than 13 times to 67,653 shares, according to data compiled by Bloomberg. When Tesla rallied 26% last year amid tepid recommendations from 70% of the analysts, she almost doubled her stake to 471,594 shares.Tesla continued climbing this year — 91%, the best performer in the Nasdaq 100 index and No. 1 among the 500 most highly capitalized U.S. companies. Wood was a consistent seller during the rally — reducing her holding to 292,000 shares — solely to keep her Tesla stake at the designated maximum 10% of her fund.“If we hadn’t sold, Tesla would probably be well north of 20% in the portfolio,” she said during a phone interview last week. “Last year, we were buying aggressively when analysts were saying Tesla was going to run out of cash and go bankrupt.” Tesla still is “incredibly undervalued,” she said.That’s an opinion considered absurd by most analysts, who insist nothing justifies Tesla’s valuation at almost $150 billion, or 58% more than the market capitalization of global sales leader Volkswagen AG.On the contrary, says Wood, Tesla’s share of EV sales increased a percentage point to 18% when the so-called Tesla killers — from BYD Co. Ltd and BAIC Motor Corp. in China to Nissan Motor Co. in Japan and Volkswagen, Bayerische Motoren Werke AG and Daimler AG in Germany and General Motors Co. and Ford Motor Co. in the U.S — started selling their own battery-electric vehicles. Wood believes the legacy automakers will lose money on their EVs, while Tesla becomes increasingly profitable and remains years ahead of its rivals in battery and chip technology.The company also has 14 billion miles of real-world driving data. Its closest competitor, Waymo, has data on 20 million miles.The investors who have been Tesla naysayers have gotten far more attention than Wood. News articles about Tesla short sellers, including David Einhorn’s Greenlight Capital LLC and Jim Chanos of Kynikos Associates Ltd., are far more numerous on the Bloomberg system. More than 100 stories showcased Einhorn’s disdain for Tesla, and more than 40 similarly featured Chanos, while there were around 20 for Wood during the same period.Investors were similarly dubious about Amazon.com, which appreciated 1,029% during its first five years after the initial public offering in 1997 and 228% during its second five-year period. Tesla has gained 1,018% during the five years after its 2010 IPO and appreciated 206% since 2015, according to data compiled by Bloomberg. “It’s the same idea that analysts hated Amazon during that entire period – not on the bubble but after the tech and telecom bust,” Wood said.In her latest assessment last month, she wrote: “Based on our updated expectations for electric vehicle (EV) cost declines and demand, as well as our estimates for the potential profitability of robotaxis, our 2024 expected value per share for TSLA is $7,000.”That’s a far cry from the $340 in August 2018, when Chief Executive Officer Elon Musk tweeted: “Am considering taking Tesla private at $420. Funding secured.”Musk subsequently received a letter from Wood urging him not to take the company private because she saw Tesla rallying to $4,000 in five years. Before the month ended, he said his plan to take Tesla private wasn’t “the better path.” Even Musk seemed impressed by Wood’s judgment. “The letter was to him and the board, and he did say that he and the board took the letter into consideration and it did influence them,” she said.Tesla said last week that it will sell about $2 billion of new shares and that Musk would purchase as much as $10 million of the offering.“I’m not going to tell you we were the reason,” Wood said. “We were a little peapod back then, and we’re still a little peapod in the scheme of the asset management world.” But, she said, “I think our research is the best in the world on Tesla.”So far at least, she’s been right on the money.\-- With assistance from Shin PeiTo contact the author of this story: Matthew A. Winkler at mwinkler@bloomberg.netTo contact the editor responsible for this story: Katy Roberts at kroberts29@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Matthew A. Winkler is Co-founder of Bloomberg News (1990) and Editor-in-Chief Emeritus; Bloomberg Opinion Columnist since 2015; Co-founder of Bloomberg Business Journalism Diversity Program in 2017. During his 25 years as Editor-in-Chief, Bloomberg News was a three-time finalist and winner of the Pulitzer Prize for Explanatory Reporting and received numerous George Polk, Gerald Loeb, Overseas Press Club and Society of Professional Journalists and Editors (Sabew) awards.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    INSIGHT-Shades of Detroit? Germany's auto heartlands in peril as 'golden age' fades

    Two months later, they learned that the tire factory where both work would be shut down early next year. A malaise in Germany's mighty automobile industry, caused by weaker demand from abroad, stricter emission rules and electrification, is starting to leave a wider mark on Europe's largest economy by pushing up unemployment, eroding job security and hitting pay. The German auto sector is expected to cut nearly a tenth of its 830,000 jobs in the next decade, according to the VDA industry association.

  • Discover the two coupes Bugatti wanted to sell alongside the Chiron
    Autoblog

    Discover the two coupes Bugatti wanted to sell alongside the Chiron

    Bugatti has released two cars since it joined the Volkswagen Group in 1998: the Veyron and the Chiron. Autoblog went right to the source to discover a pair of coupes — one below the Chiron and one well above — that were cancelled and have never been seen before. While this added significant costs and complexity, the success of Lamborghini's few-off models (like the Reventón) proved collectors were ravenous for exclusivity and more than willing to pay a lot for it.

  • Reuters

    RPT-China's auto sales may fall 10% in H1 due to coronavirus - industry association

    China's auto market, the world's largest, is likely to see sales slide more than 10% in the first half of the year due to the coronavirus epidemic, the country's top auto industry body told Reuters on Friday. "We predict auto sales will drop by more than 10% in the first half of this year, and around 5% for the whole year if the epidemic is effectively contained before April," Fu Bingfeng, executive vice chairman of the China Association of Automobile Manufacturers (CAAM), told Reuters in a written interview. Auto executives say the coronavirus, which has killed more than 1,380 people and infected nearly 64,000 in mainland China, is taking a severe toll on the industry, sapping buyer demand and disrupting supply chains for car makers globally.

  • Volkswagen to shut coal-fired power stations at Wolfsburg factory to cut CO2
    Autoblog

    Volkswagen to shut coal-fired power stations at Wolfsburg factory to cut CO2

    Volkswagen is shutting down two coal-fired power stations at its main plant in Wolfsburg, Germany and has declined offers to sell them to cut down the company’s carbon dioxide emissions, Chief Executive Herbert Diess said on Friday. "I have already declined offers from several interested parties who wanted to buy our old Wolfsburg coal plants and rebuild them elsewhere in the world," Diess said in a post on LinkedIn. Volkswagen said it is replacing the coal-fired power stations with gas turbine plants, a step which will help cut VW factory’s carbon dioxide emissions by 60%, equivalent to the emissions of 870,000 cars.

  • Reuters

    LG Chem says U.S. panel's interim ruling favours it in SK trade secrets case

    A U.S. trade panel ruled on an interim basis in favour of South Korean electric vehicle (EV) battery maker LG Chem which had accused crosstown rival SK Innovation of misappropriating trade secrets, LG Chem said on Sunday. LG Chem and SK Innovation have hit each other with U.S. lawsuits for thefts of trade secrets and patent infringements in a bitter row that threatens to disrupt the launches of EVs by some of the world's biggest car makers. The so-called default judgment by the U.S. International Trade Commission (ITC) could potentially mean SK Innovation, as sought by LG Chem, cannot import some battery products, components and materials it may need to supply its U.S. factories for Volkswagen and Ford Motors.

  • Volkswagen offers 830 million euros to compensate German buyers
    Autoblog

    Volkswagen offers 830 million euros to compensate German buyers

    Volkswagen said it will compensate owners of its heavily polluting diesel vehicles in Germany in a settlement that will cost the German carmaker $899 million (830 million euros). In 2015 VW was caught by regulators using manipulated engine management software to mask excessive pollution levels in its diesel cars, sparking a raft of prosecutions and lawsuits. The offer comes despite a breakdown in talks with German consumer association VZBV, which had been in negotiations with VW about reaching a settlement deal.

  • 2021 Volkswagen GTI teased in diesel GTD form
    Autoblog

    2021 Volkswagen GTI teased in diesel GTD form

    Volkswagen released a teaser image of the new GTD, the diesel version of the 2021 VW GTI, ahead of the hot hatchbacks' Geneva Motor Show reveals. In typical VW fashion, the styling changes are subtle. This trim remains chrome on the GTD, but we expect the GTI will have red trim instead.