Porsche IPO on track as Volkswagen maintains year outlook July 28, 2022 Porsche’s IPO remains on track, said Arno Antlitz, chief financial officer of parent company Volkswagen. According to the executive, the luxury marquee’s listing continues “with more emphasis than before” even after chief executive Herbert Diess stepped down last week. Diess, reports say, was fired over software development delays that set back the launch of new [...]
Volkswagen to overtake Tesla as main BEV maker by 2024 June 15, 2022 Volkswagen is set to overtake Tesla as the world’s largest manufacturer of battery electric vehicles (BEV) by 2024, according to a recent report by Bloomberg Intelligence. Figures showed that most automotive marquees lack profit incentives to take over Tesla, except for Volkswagen as its sales volume for battery-electric vehicles will reach to 45 per cent [...]
Volkswagen coughs up £193m in UK ‘Dieselgate’ settlement May 25, 2022 Volkswagen has agreed to pay £193m as part of an out-of-court UK settlement after 91,000 UK motorists filed a class action over the “Dieselgate” scandal. Tony Winterburn, head of consumer protection litigation at PGMBM, commented on the news and said: “This is a good day for the claimants and is the culmination of five years [...]
Volkswagen pledges to build 800,000 EVs by end of 2022 May 12, 2022 Volkswagen has announced it will build 800,000 electric vehicles (EVs) worldwide by the end of the year as of both its environmental and financial strategy. Head of sales Hildegard Wortmann said today EU electric car sales will increase from the 425,000 delivered last year despite total deliveries falling because of macroeconomic and geopolitical issues, including [...]
Volkswagen factories revert to coal following EU Russian oil ban May 4, 2022 Volkswagen is being forced to revert to coal and gas to power its plants after the EU proposed a phased ban on Russian oil. Proposed today by European Commission president Ursula von der Leyen, the ban will be gradually implemented over the course of 2022. “Understanding the situation, we just decided to upgrade our coal-fired [...]
Porsche and Audi to enter Formula 1 in 2026, confirms Volkswagen chief Diess May 2, 2022 Porsche and Audi are working on plans to enter Formula 1, says Herbert Diess, chief executive of their parent company Volkswagen. He said the decision was based on the growth in popularity of F1 in recent years, particularly in the US and among younger audiences. Confirming that Porsche and Audi would enter the series in [...]
Volkswagen reduces model range as part of electric drive April 6, 2022 Volkswagen will reduce its model range to focus on more profitable vehicles as part of its electric drive, finance chief Arno Antlitz told the Financial Times today. The group – who owns brands such as Seat, Skoda Audi and Porsche – will cut down on models, going from the current 100 diesel and fuel vehicles [...]
Volkswagen’s output into question as Ukrainian wire harnesses become biggest supply chain issue March 15, 2022 Volkswagen’s output for 2022 could be in danger as a shortage of Ukrainian wire harnesses became the group’s biggest supply chain issues, chief executive Herbert Diess said. “The war in Ukraine has put our existing outlook into question,” Diess said yesterday morning during a press conference. He added that commodity markets are expected to remain [...]
Volkswagen U-turns and predicts chip shortages to ease later this year February 16, 2022 Volkswagen made a U-turn today and predicted that chip shortages will ease in the second half of 2022. “We see opportunities for further production increases, especially in the second half of the year,” the group’s chief executive Herbert Diess said during a speech. Diess’s comments come a few days after another member of Volkswagen’s management [...]
Porsche expects record sales in 2022 despite continuation of supply chain issues February 6, 2022 Not even ongoing supply chain issues will hinder Porsche’s lucky streak, as the automotive maker expects record sales in 2022 despite semiconductor shortages. “When I look at the current orders, I’m confident for 2022. Growth in sales could reach a similarly high level this year as in 2021,” said Detlev von Platen, Porsche’s board member for [...]