Volkswagen

Volkswagen plans to invest $193 bn in batteries in race for affordable EV

Volkswagen is striving to close a gap with electric vehicle (EV) pioneer Tesla by expanding its slice of the growing market for battery-powered cars

Volkswagen sets 180 bn euro spending plan to further new technology

Nearly 70% of the spending in the next half decade will go to electric vehicles and software, up from 56% during the previous rolling plan, VW said Tuesday.

Volkswagen to build major plant for electric vehicle batteries in Canada

Volkswagen announced Monday it plans to build a major plant for electric vehicle batteries in Canada. The European automaker said the Volkswagen Group and its battery company PowerCo will establish its first overseas ''gigafactory? for battery cell manufacturing in St. Thomas, in southwestern Ontario. The start of production is planned for 2027. The company signed an agreement last year with the Canadian government to work to identify suitable sites for such a facility in Canada. It also had committed to investigate ways for Canada to contribute to Volkswagen's battery supply chains, including raw materials and assembly. The province of Ontario set the stage last month for the announcement, introducing and quickly passing a law adjusting the municipal boundaries for a 1,500-acre ''mega site? in southwestern Ontario. The province's Economic Development Minister Vic Fedeli said at the time that the piece of land had straddled two municipalities, but that it was being fit into one to

We hope to capture 5% of the market by 2025: Skoda's Piyush Arora

We project an automotive growth of 6-7 per cent a year in the next decade and electrification growing between 15 and 25 per cent in that time

Volkswagen to reconsider India amid China geopolitical uncertainty

The carmaker's earlier efforts to boost its presence in India have often been bruising experiences

Hyundai becomes 3rd largest carmaker, set to overtake Toyota, Volkswagen

While Toyota Motor Corp. and Volkswagen AG vie each year for pole position atop the global automobile industry, Hyundai has quietly slipped in behind them, surpassing General Motors Co., Nissan Motor

China's Covid zero strategy: Xi holds few cards to end historic protests

Beijing says it won't set up gates to block access to Covid-hit compounds anymore

Balenciaga joins other brands in quitting Twitter after Musk's takeover

Other companies have paused advertising on the platform, including General Motors, Volkswagen, Pfizer and General Mills.

Porsche overtakes Volkswagen as Europe's most valuable carmaker

Volkswagen is valued at 77.7 billion euros with Mercedes-Benz third among European carmakers with a 57.2 billion euro valuation

Volkswagen readies Porsche IPO in one of Europe's largest listings

Volkswagen was nearing the finish line Wednesday as it readied the sale of shares in luxury carmaker Porsche ahead of an expected market listing that will rank among the largest such offerings in European history. The German automaker estimates the deal could reap as much as 9.5 billion euros ($9.08 billion) that it can use for its push into software, services and electric and autonomous vehicles in line with the shifting focus of the global auto industry. Volkswagen was finishing the process of lining up investors and determining the final share price, which requires a decision of its board of directors, before the listing Thursday. The deal enables Volkswagen to tap into investor interest in Porsche, whose fat profit margins of 15% to 20% on vehicles like the 911 sports car and Cayenne SUV are far above the single-digit profits common to mass-market automobiles. The proceeds will help pay for Volkswagen's massive investments in revamping factories and research and development, sa

Porsche IPO poised to price at top end of range, say bookrunners

Volkswagen, Europe's largest carmaker and Porsche's owner, said earlier this month it would price preferred shares at 76.50-82.50 euros, giving a valuation of up to 75 bn euros

Boost for Europe market as Porsche IPO to raise up to $9.4 bn for parent VW

Porsche isn't alone in scaling back valuation targets, with Intel Corp. lowering expectations for its Mobileye IPO

German court keeps hearing farmer's climate case against Volkswagen

Environmentalists claimed a small legal victory Friday after a court in Germany said it would continue hearing a case brought by a local farmer seeking to force automaker Volkswagen to end the sale of combustion engine vehicles. Ulf Allhoff-Cramer says drier soil and heavier rains due to climate change are harming his fields, cattle and commercial forests. He argues that Volkswagen is partly to blame for this, as the mass production of vehicles running on gasoline contributes significantly to greenhouse gas emissions in the atmosphere. During a first hearing in May, a regional court in the western German town of Detmold appeared to cast doubt on those claims, with judges asking the plaintiff and his lawyers to provide further details to back up their legal arguments. On Friday, the court again asked for further details and set a new hearing for February 3. Environmental group Greenpeace, which supports the case, said it is the first time that a court will consider whether a car ..

Volkswagen to list Porsche in one of biggest IPOs in years: Report

The offering could value Porsche at between 60 billion euros and €85 billion, equivalent to between $59.8 and $84.6 billion, according to analyst estimates

Volkswagen testing electric vehicles under Skoda brand for India

The all-electric Porsche Taycan has a starting price of Rs 1.5 crore, while the Audi e-tron price ranges from Rs 99.99 lakh to Rs 1.18 crore

Volkswagen group testing electric vehicles under Skoda brand for India

Volkswagen group has started testing some electric vehicles from the KODA brand in India as it evaluates the products to be brought to the country for electromobility targetting mass segment

Want to be profitable irrespective of the numbers: Skoda Auto Volkswagen MD

In an exclusive interview with Business Standard, Skoda Auto Volkswagen India MD discusses the company's export and EV plans

Volkswagen's billionaire clan plotted CEO ouster when he was on US trip

Decision blindsided jet-lagged CEO under contract until 2025; software missteps were last straw after labour clashes

Volkswagen ropes in Porsche CEO Oliver Blume to lead as Diess steps down

Volkswagen Group chairman and CEO Herbert Diess is stepping down from his position at the company and will be replaced by Porsche CEO Oliver Blume

Volkswagen CEO Herbert Diess to step down by Sept with Board consent

Herbert Diess, the CEO of the German automaker Volkswagen, is stepping down, the company announced Friday. The Wolfsburg, Germany-based company said Diess, who took over as CEO in 2018, will depart September 1 by mutual consent with the board. His contract was set to expire in 2025. Diess presided over the automaker at a time of significant change in the industry, including a shift toward producing more electric vehicles. Hans Dieter Ptsch, chairman of Volkswagen's supervisory board, thanked Diess in a statement and praised his role in advancing the transformation of the company. Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy, Ptsch said. Oliver Blume, who is now CEO of Porsche, will succeed Diess. Volkswagen also said the company's chief financial officer, Arno Antlitz, will become the new chief operating officer.