VWAGY - Volkswagen AG
| Previous Close | 19.35 |
| Open | 19.53 |
| Bid | 0.00 x 0 |
| Ask | 0.00 x 0 |
| Day's Range | 19.53 - 19.69 |
| 52 Week Range | 15.30 - 20.13 |
| Volume | 54,049 |
| Avg. Volume | 88,659 |
| Market Cap | 98B |
| Beta (3Y Monthly) | N/A |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | N/A |
| Earnings Date | N/A |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 51.51 |
- Reuters
Aeva shrinks size, cost of crucial self-driving sensor; deepens VW ties
The company, founded by ex-Apple Inc engineers Soroush Salehian and Mina Rezk, on Wednesday also said it has taken investment from Porsche Automobil Holding SE , the majority-voting shareholder of Volkswagen AG . In addition to the map, Aeva's sensor detects the velocity of objects in a car's surroundings, which could help cars determine whether an object hundreds of meters down the road is a tree or a pedestrian. The investment Wednesday, whose size was not disclosed, follows a previous deal in April with the Autonomous Intelligent Driving unit of Audi - another Volkswagen marque - which plans to use the startup's lidar sensor on its so-called "e-tron" development fleet vehicles in Munich, Germany.
- Reuters
Argo takes different road to skirt self-driving challenges
The self-driving systems developer led by Bryan Salesky, who got his start developing automated vehicles for a Defense Department sponsored competition 12 years ago, is at the center of a multibillion-dollar bet by its auto giant partners that autonomous vehicle technology must be good for more than replacing taxi drivers. "I hate the word robotaxi," Salesky said in a rare interview at Argo's Pittsburgh headquarters. The Argo business plan hinges on a unique revenue-sharing deal that will pay Argo fees based on miles traveled in self-driving Ford and VW vehicles equipped with Argo's technology.
- Reuters
Porsche's electric Taycan draws interest from 30,000 buyers -Handelsblatt
Porsche has taken down payments from 30,000 customers in Europe for its Taycan, the luxury car maker's first fully electric model, CEO Oliver Blume told Germany's Handelsblatt newspaper. Porsche, which is starting shipment of the Taycan to U.S. dealerships this month and to other markets shortly thereafter, is planning to deliver 20,000 Taycans in 2020.
- Reuters
UPDATE 1-Volkswagen charged with violating vehicle emission standards in Canada
German automaker Volkswagen AG on Monday was charged with importing nearly 128,000 vehicles into Canada contravening the country's environmental legislation, a Canadian government agency said. Volkswagen was charged with 60 counts of breaching the Canadian Environmental Protection Act by importing vehicles that did not conform to prescribed emission standards, Environment and Climate Change Canada (ECCC) said.
- Autoblog
Volkswagen charged with violating vehicle emission standards in Canada
German automaker Volkswagen on Monday was charged with importing nearly 128,000 vehicles into Canada contravening the country's environmental legislation, a Canadian government agency said. Volkswagen was charged with 60 counts of breaching the Canadian Environmental Protection Act by importing vehicles that did not conform to prescribed emission standards, Environment and Climate Change Canada said. In 2015, the agency launched an investigation into the importing of certain vehicle models allegedly equipped with a prohibited "defeat device".
- Bloomberg
Germany Edges Out Norway as Europe’s Biggest Electric Car Market
(Bloomberg) -- Germany has pulled ahead of Norway for sales of all-electric cars since the start of the year, putting Europe’s biggest auto market in position to become the regional leader on an annual basis for the first time.Through November, 57,533 new electric cars were registered in Germany, compared with 56,893 for Norway, according to statistics published by transportation agencies in both countries. The Nordic country has sold the most electric cars of any in Europe each year since at least 2010, when the Nissan Leaf, the first mass-market battery-powered car, made its debut.The numbers offer fresh evidence that the technology is becoming more mainstream in Europe’s car-making heartland, where Germany’s Volkswagen AG, BMW AG and Daimler AG are preparing for a major battery-car push. While Norway emerged as an early regional hot spot thanks to generous government incentives, the country has about 6.4% of the population of Germany and so growth is limited. Across the region, governments are ramping up subsidies.“The electric model offensive of the German manufacturers is in full swing,” Bernhard Mattes, head of the country’s VDA auto lobby, said last week. German manufacturers will triple their electric car offerings to 150 models by 2023 and invest 50 billion euros by 2024, he said.Read more: Europe’s Industry Behemoths Back Green Deal Ahead of Key SummitNorway and Germany have been neck-and-neck in electric-car sales this year. Norway held the upper hand for most of 2019, with Germany gaining momentum in recent months.Statistics published Monday by the Norwegian Road Federation OFV show sales in November of new battery-powered cars fell 27% to 3,697. In Germany, the number increased 9.1% to 4,651, according to data last week from the country’s Federal Motor Transport Authority, or KBA.Even with last month’s increases, however, electric vehicles remain a small part of overall sales and the greening of Germany’s car fleet still has a long way to go. Across Europe, sales of electrically-chargeable cars made up just 3.1% of new registrations in the third quarter, according to the European Automobile Manufacturers Association.Regional PushBefore the latest numbers, Germany was already a regional leader when taking into account hybrid and battery-only cars. It’s now displaced Norway for both types of electrified vehicles. Other countries will follow as consumers in the region adopt e-cars, according to Matthias Schmidt, a Berlin-based independent automotive analyst.“The Norwegian electric passenger-car market is currently a very large fish in a tiny European electrified pond, helped by the generous comparative fiscal benefits,” he said.Consumer appetite for electric models will be further tested next year when Germany’s domestic carmakers start to roll out competing models to Tesla Inc.’s most-affordable offering, the Model 3. Volkswagen’s ID.3 will go on sale starting at just under 30,000 euros ($33,000). That compares with 20,000 euros for the cheapest combustion version of the VW Golf, and roughly 44,000 euros for a Model 3.The German government has also sweetened cash incentives for electric cars as part of a large-scale climate package. The benefits would start on cars costing less than 40,000 euros, which Schmidt said should fuel demand for more affordable models. The European Union is debating this week whether to make the bloc climate-neutral by the middle of the century.In a sign of the importance of incentives for the market, sales in China have been dropping for four straight months after the government scaled back subsidies. China accounts for about half of the world’s sales of electrified cars. The U.S. is second, and until now, Norway has been third.Read more: China Raises 2025 Electrified-Car Sales Target to About 25% (1)\--With assistance from Paul Sillitoe, Chris Reiter and Stefan Nicola.To contact the reporter on this story: Oliver Sachgau in Munich at osachgau@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Tara PatelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
UPDATE 1-Brazil auto production, sales to rise next year - Anfavea
Brazilian auto production and sales are expected to rise next year, the national automakers' association Anfavea said on Thursday, without providing more specific guidance. Brazil's economy and auto industry have yet to fully recover from the 2015-16 recession, the worst on record. Anfavea figures on Thursday showed that automobile production fell 21.2% in November from October, pulled lower by there being three fewer business days last month.
- Reuters
Russia's November car sales fall 6.4% year-on-year - AEB
Sales of new cars in Russia fell 6.4% year-on-year in November to 156,848 units, after a 5.2% decline in the previous month, the Association of European Businesses (AEB) said on Thursday. "November sales confirmed the prevailing negative trend in the Russian car market this year," Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, said in a statement. Schreiber said strong sales in the latter part of the previous year explained the decrease and meant a trend recovery is not expected in December sales.
- Autoblog
Volkswagen T-Roc Cabriolet enters production at Osnabrück
The first units of Volkswagen's T-Roc Cabriolet began rolling down the line at the automaker's Osnabrück plant today. VW has already invested a "high double-digit million euro amount" to upgrade the facilities for the convertible crossover's production. What's surprising is that company officials at the ceremonial launch pledged to invest "in the site on a similar scale... predominantly in production of the T-Roc Cabriolet" over the next five years.
- Reuters
UPDATE 2-German car industry expects more job cuts in 2020
Germany's main automobile industry body said on Wednesday it expects global car sales to fall by 5% this year, the steepest drop since the financial crisis, and warned of more job cuts in 2020 as a result. "The competition is getting tougher, the headwinds are getting stronger," Bernhard Mattes, president of industry association VDA, told reporters. The association expects global car sales to fall by 4.1 million to 80.1 million vehicles this year, driven by a slump in China, he said.
- Reuters
German new car sales to fall 6.2% in 2020 - VDIK
Sales of new cars in Germany overall are forecast to fall by 6.2% next year but electric car sales should rise sharply, German auto importers association VDIK said on Wednesday. Electric car sales are due to rise 60% to at least 160,000 in 2020 while new car sales were seen falling to 3.35 million in 2020, the association said. This year, car sales are due to rise by 4% to 3.57 million, the highest level since 2009.
- Reuters
UPDATE 1-U.S. has not ruled out imposing tariffs on imported autos - Commerce chief
U.S. Commerce Secretary Wilbur Ross said on Tuesday the Trump administration has not ruled out imposing tariffs on imported autos, after letting a review period end in November with no action. U.S. President Donald Trump did not announce any new tariffs after a six-month, self-imposed review period expired in mid-November following a Commerce Department "Section 232" investigation into whether imported autos pose a national security threat.
- Reuters
Volkswagen headquarters raided again over diesel scandal
German public prosecutors raided the Wolfsburg headquarters of Volkswagen on Tuesday in the latest investigation into the carmaker's diesel emissions scandal. Volkswagen, which admitted in 2015 to cheating U.S. emissions tests on diesel engines, said it was fully cooperating with the authorities, but viewed the investigation as unfounded. Volkswagen said the raids were linked to an investigation into diesel cars with engine type EA 288, a successor model to the EA 189 which was at the heart of the test cheating scandal.
- Reuters
UPDATE 1-Volkswagen headquarters raided again over diesel scandal
German public prosecutors raided the Wolfsburg headquarters of Volkswagen on Tuesday in the latest investigation into the carmaker's diesel emissions scandal. Prosecutors said investigators aimed to confiscate documents. Volkswagen, which admitted in 2015 to cheating U.S. emissions tests on diesel engines, said it was fully cooperating with the authorities, but viewed the investigation as unfounded.
- Reuters
PRESS DIGEST-Financial Times - Dec 3
The EU's financial services chief Valdis Dombrovskis says UK could be cut out if it diverges from Brussels standards post-Brexit, in a sign of the pressure Britain will face to stay closely aligned with European rules after it leaves the bloc. Amancio Ortega, the founder of retailer Inditex, is close to acquiring McKinsey's London headquarters for 600 million pounds, in the billionaire's latest bet on the top end of the UK property market.
- Bloomberg
VW Accused of Deceit in U.K.’s Largest Class Action Lawsuit
(Bloomberg) -- Volkswagen AG is facing one of the largest-ever U.K. class action lawsuits, with almost 100,000 vehicle owners accusing it of misleading them by installing emissions-cheating software that made it appear their diesel vehicles met environmental standards.Lawyers for the drivers opened their case Monday, and must first prove that the allegations belong in court. They need judges to follow findings by regulators that led to vehicle recalls, and to rule that the software is a so-called defeat device that’s banned under European law. Then the case would proceed to another trial to decide whether the owners lost anything from buying the vehicles.The automaker has faced numerous lawsuits after the use of the software designed to lower emissions when being tested was exposed by a U.S. probe in 2015. That led to a recall throughout Europe that cost the company 29 billion euros ($32 billion). Regulators in the Netherlands and Italy have fined VW for use of the software, while a German probe last year fined the carmaker 1 billion euros.In its court filing, VW says that the law only prohibits devices that reduce the effectiveness of pollution control systems and not those, like the software, which enhance them. According to the driver’s lawyers, that argument is an abuse of the intention of the law.“The defendants’ case results in an understanding of the defeat device that is entirely divorced from the emissions test and the emissions limits,” Tom De La Mare, an attorney for the drivers, said in court. “It’s aimed at legitimizing the total subversion of the emission regime.”In his submissions, De La Mare pointed to an diagram from an internal VW document, showing how the software made the vehicle sacrifice its fuel consumption, driveability and engine noise when under testing, in order to dip beneath the legal limit on pollutants.A spokesman for Volkswagen said that the drivers didn’t suffer any losses and that the vehicles didn’t use prohibited defeat devices. The company also disputes the number of claimants involved in the class action, saying it’s closer to 85,000.Gareth Pope, a lawyer from Slater and Gordon representing the drivers, said in a statement that VW had perpetrated an “environmental scandal” and had spent “millions of pounds denying the claims our clients bring.”Many similar cases are proceeding in German courts, including a group action that involves thousands of Volkswagen drivers. They argue that they faced their vehicles being banned from the road and suffered losses as the resale value of their cars declined. Those cases hinge on whether the fact that a software update that made the cars legal to use invalidates the claim.VW in Germany has for years argued that the software used here was legal. That argument was tossed by Germany’s top civil court in February in a rare a rebuke of VW’s position.An earlier version of this story was corrected to reference to regulator fine in third paragraph.(Updates with detail on software in seventh paragraph)\--With assistance from Karin Matussek.To contact the reporter on this story: Eddie Spence in London at espence11@bloomberg.netTo contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, Christopher Elser, Peter ChapmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
British VW drivers launch 'dieselgate' case in High Court
Tens of thousands of British drivers on Monday accused Volkswagen of fitting devices to cheat clean air laws at the start of the country's biggest class action lawsuit brought to tackle "dieselgate". Volkswagen has said about 11 million cars worldwide - and 1.2 million in Britain - were fitted with software that cheated diesel emissions tests designed to limit noxious car fumes and carbon dioxide (CO2) pollution. A hearing at the High Court is set to last for two weeks.
- Reuters
Rheinmetall re-enters race for Volkswagen's Renk unit - sources
German defence group Rheinmetall has rejoined the auction for Volkswagen's transmissions maker Renk, as a mid-December deadline for the process approaches, people close to the matter said. Rheinmetall, which was initially dropped from the race due to its unattractive offer, has been invited back to the negotiating table, the people said. Renk also makes standard gears, gears for ships and slide bearings.
- Bloomberg
Germany's Car Jobs Boom Comes to a Screeching Halt
(Bloomberg Opinion) -- After a week in which Daimler AG and Volkswagen AG’s Audi announced thousands of job cuts, it’s easy to forget that the German car industry once seemed unassailable.The 2009 recession forced a massive downsizing of America’s auto giants. General Motors Co. and Chrysler filed for Chapter 11 bankruptcy protection; Ford Motor Co. escaped a similar fate only by cutting its workforce to the bone. By contrast, Volkswagen, BMW AG and Daimler’s Mercedes-Benz overcame the crisis with barely a scratch. Afterwards they took full advantage as wealthy Chinese splurged on luxury German vehicles. Germany’s carmakers and their suppliers went on a hiring spree at home and abroad.There were early signs of hubris: Volkswagen paid its chief executive officer 17.5 million euros ($19.3 million) in 2011. But Germany’s powerful trade unions made sure workers benefited too. In recent years production line staff at BMW and VW’s Porsche subsidiary took home almost 10,000 euros as an annual bonus. BMW spends an average of more than 100,000 euros per employee on salary, pension and social security costs, according to its annual report. Now that jobs boom has come to a screeching halt, and not before time. An industry facing unprecedented upheaval can’t afford such largess.The chief reason for the belt-tightening is, of course, the vast cost of moving beyond combustion engines. Volkswagen expects to spend an astonishing 60 billion euros on hybrid, electric and digital technology in the next five years. Doing this requires the hiring of even more people, but the products they’re developing aren’t always big money spinners yet.For a time, the industry will have to provide a full range of propulsion options. For their factories this means “peak complexity” — to borrow a phrase from Mercedes’s management. Eventually, however, many of these factory workers will become unnecessary because electric motors are much simpler to build than diesel and gasoline engines. Last week's job cuts won’t be the last.The German industry has been caught out too by an unexpected slowdown in demand. Continental AG, the supplier that’s cutting 20,000 jobs, expects production to stagnate over the next five years. Daimler said last month that sales haven’t matched its production capacity. Audi’s domestic plants are reportedly particularly under-utilized, not helped by the popularity of SUVs over sedans (the former tend to be built overseas).Volkswagen, BMW and Daimler will still generate about 24 billion euros of net profit this year, according to analysts polled by Bloomberg. But the era of 10% operating profit margins — long a benchmark for German luxury carmakers — is over. Mercedes thinks 4% is more realistic next year.The automakers therefore have to tackle their bloated fixed costs. In view of its spending commitments, Volkswagen was unwise to let its workforce swell to almost 700,000. That’s about 80% more than Japan’s Toyota Motor Corp., which builds a similar number of cars (though Volkswagen has a big truck unit too).Volkswagen’s labor expenses have crept higher as a percentage of sales since the last recession. Doubtless this reflects the influence of the German unions and hence it’ll be very difficult to rectify. Like their peers, German employees at the Volkswagen brand have job guarantees until 2029.Ultimately the German car jobs boom was a bet that demand would increase, combustion engines would have a long life and global trade would remain encumbered. Instead, the electric shift is happening faster than expected and Trump’s tariff crusades have turned the German industry’s global production presence into a liability.Cars are superfluous for many young people today, and if they do buy one it will soon have a simple electric motor, not a combustion engine made of hundreds of intricate components. The hiring practices of German carmakers look like a bubble that’s burst.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.
- Financial Times
British motorists accuse VW of ‘obvious cheat’ on emissions
Volkswagen engaged in an “obvious cheat” when it allegedly fitted cars with a device that circumvented pollution emissions limits, the High Court was told on Monday, as one of the UK’s biggest consumer lawsuits got under way. Lawyers for more than 90,000 British customers are suing VW, claiming the German group made cars that failed to comply with EU legislation and artificially lowered emissions of nitrogen oxide during testing by fitting a device on its cars. Volkswagen denies wrongdoing and is defending the case.
- MarketWatch
‘I could live on my Social Security and still save money’: This 66-year-old left Chicago for ‘calming’ Costa Rica — where he now plans to live indefinitely
A school break changed 66-year-old Martin Farber’s life forever. In 2007, his daughter — who at the time was attending Illinois State University — decided she wanted to spend a college holiday volunteering in Costa Rica and staying with a local family, he explains.
- Zacks
Auto Stock Roundup: Tesla's Cybertruck Craze, GM's Lawsuit Against Fiat & More
While Tesla's (TSLA) Cybertruck is getting enough attention with more than 250,000 pre-orders till now, General Motors (GM) files a federal racketeering lawsuit against Fiat Chrysler.
