|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||16.82 - 17.15|
|52 Week Range||10.60 - 20.35|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||16.65|
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.
Volkswagen (VWAGY) is set to invest $2.3 billion in two China-based EV players. Further, it revs up AV drive by closing $2.6-billion investment in Argo AI.
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."
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."
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.
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."
SAN DIEGO, CA / ACCESSWIRE / June 2, 2020 / The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in Volkswagen AG shares. Investors, who purchased shares of Volkswagen ...
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.
The Mexican unit of Germany's Volkswagen AG said on Monday the automaker was ready to restart operations in the states of Puebla and Guanajuato on June 15 after activity was idled in late March due to the coronavirus pandemic. Volkswagen has had to wait to restart the plant in Puebla, one of its biggest worldwide, due to a decree from the state government, which said conditions were not yet right for a restart because of the pandemic's ongoing spread.
New car registrations in Italy fell for the fifth straight month in May, down 49.61% from the previous year, the transport ministry said on Monday. The Italian government imposed a nationwide lockdown in early March to contain the spread of the new coronavirus and started to gradually ease the restrictions on movement and business only in mid-May.
Nissan (NSANY) incurs fiscal 2019 loss of 671.2 billion yen, which marks the worst in two decades. Meanwhile, AutoZone (AZO) tops fiscal Q3 earnings estimates despite coronavirus woes.
Volkswagen has struck a deal to invest $2.3 billion in two separate Chinese electric vehicle businesses.