volkswagen
German carmaker Volkswagen has made a weaker start to the new year due to problems in China and the launch of new models. Sales in the first quarter fell by 1% compared to the same period last year to just under €75.5 billion ($80.8 billion), the company announced on Tuesday. The operating result fell by a fifth to €4.59 billion. The corresponding operating margin fell by 1.4 percentage points to 6.1% and was therefore below the targets for the year as a whole, as already announced by management. Group earnings after tax fell by almost 22% to €3.71 billion. The management led by chief executiv...
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Leaders of German automotive giant Volkswagen (VW) are expecting the next two years in the highly competitive Chinese car market to be difficult, but don't fear challenges from rival Chinese carmakers in the European market. Chinese carmakers will eventually need to invest in European production plants to build vehicles locally instead of shipping huge numbers of finished vehicles by ocean, Ralf Brandstätter, head of VW's China business, said on Wednesday in Beijing ahead of a major auto show in the Chinese capital. That would also put Chinese competitors on more equal footing with European ri...
DPA Breaking News
German automotive giant Volkswagen (VW) is expecting the next two years in the highly competitive Chinese car market to be difficult. "In April, we saw another round of price reductions coming, so this fierce competition will hold on for the next few years," VW board member Ralf Brandstätter said in Beijing ahead of a major upcoming motor show due to open next week. Many manufacturers of purely electric cars have significantly damaged their profit margins in recent years, he said, "so this leads to a consolidation of the market." He suggested that companies with lower sales volumes, below 100,...
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German carmaker Volkswagen is to expand its part-time working scheme for older employees and offer severance packages as part of its cost-cutting programme, according to an internal communication seen by dpa on Monday. In addition to employees born in 1967, for whom the part-time scheme was recently made available, the deadline to join the scheme will be extended for those born in 1965 and 1966, for whom similar programmes were already in force, with severance packages also offered to younger workers. A Volkswagen spokeswoman confirmed the information to dpa. In the internal document, human re...
DPA Breaking News
German automaker Volkswagen on Thursday announced its plan to invest €2.5 billion ($2.68 billion) to enhance production and innovation in China's Hefei city, located in Anhui Province. With this investment, the company aims to bolster its presence in the region as well as to boost the electric vehicle (EV) output by commencing production of two brand models with the help of Chinese partner XPeng in 2026. Ralf Brandstaetter, Volkswagen Group's management board member for China, emphasized that advancements in Hefei region would accelerate the deployment of technologies by 30%.
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German auto giant Volkswagen saw total sales across its brands fall in March compared to the same month last year, with the drop particularly pronounced in electric vehicles. Total worldwide sales in March across Volkswagen's brands fell by 1.4% to 800,600, the company announced on Wednesday. Sales declined in the key markets of Europe and China, among others. Sales rose, however, in North America, and sales for the core Volkswagen and SEAT brands grew. Sales for higher-priced luxury carmakers Audi and Porsche declined, however. In the first quarter as a whole, the Volkswagen Group delivered 2...
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Volkswagen Commercial Vehicles (VWN) is to test its self-driving ID Buzz AD electric van for the first time under realistic conditions and with passengers on board. "We want to offer test drives for customers in Hamburg this year - under real conditions," announced Volkswagen Commercial Vehicles chief executive Carsten Intra at VWN's annual press conference in Hanover on Thursday. The company plans to start the tests in the second half of the year. Initially, however, it will only be a trial run with selected users. The service will eventually go into full operation through the Group subsidiar...
DPA Breaking News
Volkswagen Commercial Vehicles (VWN) is to test its self-driving ID Buzz AD electric van for the first time under realistic conditions and with passengers on board. "We want to offer test drives for customers in Hamburg this year - under real conditions," announced Volkswagen Commercial Vehicles chief executive Carsten Intra at VWN's annual press conference in Hanover on Thursday. The company plans to start the tests in the second half of the year. Initially, however, it will only be a trial run with selected users. The service will eventually go into full operation through the Group subsidiar...
DPA Breaking News
German auto giant Volkswagen will expand its partnership with the Israel-based Intel subsidiary Mobileye to bring new automatic driving assistance functions, the companies announced on Wednesday. The technology, which will be installed in Volkswagen's high-end luxury and sports brands, will allow vehicles to overtake autonomously on the motorway and stop automatically at traffic lights, according to the companies. Vehicles receiving the Mobileye autonomous driving technology will be from Volkswagen's Audi, Bentley, Lamborghini and Porsche brands. Volkswagen did not give a date for the roll-out...
DPA Breaking News
German auto giant Volkswagen will expand its partnership with the Israel-based Intel subsidiary Mobileye to bring new automatic driving assistance functions, the companies announced on Wednesday. The technology, which will be installed in Volkswagen's high-end luxury and sports brands, will allow vehicles to overtake autonomously on the motorway and stop automatically at traffic lights, according to the companies. Vehicles receiving the Mobileye autonomous driving technology will be from Volkswagen's Audi, Bentley, Lamborghini and Porsche brands. Volkswagen did not give a date for the roll-out...
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