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TOKYO (AP) — Japanese transport officials raided a Toyota-affiliated plant Tuesday after the company admitted to cheating on engine testing, as Toyota Motor Corp. reported it sold over 11 million vehicles in 2023 to retain its status as the world’s top car manufacturer. In April, a whistleblower exposed that Daihatsu Motor Corp., which makes small cars and is 100% owned by Toyota, had been cheating on its testing for decades. In 2022, Hino Motors, a truck maker that’s also part of the Toyota group, said it had systematically falsified emissions data dating back as far as 2003. But production has been halted on some of the models, including the 10 models affected by the latest cheating. Sato has acknowledged Toyota group companies need better communication and education about the importance of complying with rules.

Persons: Akio Toyoda, ” Toyoda, Toyoda, Sakichi Toyoda, Kiichiro Toyoda, Akio’s, Koji Sato, that’s, Sato, Daisuke Uchida, ” Uchida, “, ” ___ Yuri Kageyama Organizations: TOKYO, Toyota, Toyota Motor Corp, Toyota Industries Corp, Lexus, Volkswagen AG, Reporters, Daihatsu Motor Corp, Hino Motors, Nikkei, Toyota Industries, Cruiser, General Motors Co, Pontiac, Keio University Locations: Hekinan, Aichi Prefecture, Japan, Nagoya, Tokyo, Europe, East, Africa, Asia, North America, United States, California

☆ Volkswagen to reduce headcount at 'no longer competitive' VW brand
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. "With many of our pre-existing structures, processes and high costs, we are no longer competitive as the Volkswagen brand," Schaefer told a staff meeting at the carmaker's headquarters in Wolfsburg, according to a post on the company's intranet site and seen by Reuters. The company had previously said it planned to take advantage of the "demographic curve" to reduce its workforce, having pledged that it would not carry out dismissals until 2029. In Monday's meeting, human resources board member Gunnar Kilian said this would be achieved through agreements on partial or early retirement. ($1 = 0.9168 euros)Reporting by Victoria Waldersee Writing by Matthias Williams Editing by Miranda Murray and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Thomas Schaefer, Schaefer, Gunnar Kilian, Kilian, Victoria Waldersee, Matthias Williams, Miranda Murray, David Goodman Organizations: New York, REUTERS, BERLIN, VW, Volkswagen, Reuters, Victoria, Thomson Locations: Manhattan , New York City, U.S, Wolfsburg

☆ Vatican in deal with Volkswagen for all-electric car fleet by 2030
▼ + stars: | 2023-11-15 | by ( Philip Pullella | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowVATICAN CITY, Nov 15 (Reuters) - The Vatican on Wednesday signed an agreement with German carmaker Volkswagen to replace the city-state's entire car fleet with electric vehicles by 2030. The Vatican's fleet of cars includes dozens of vehicles, most of them dark blue. A pool of drivers take senior Vatican officials to events in Rome and beyond. Many lower-ranking Vatican officials and employees own and drive their own cars into the city-state from Rome. The statement said the Vatican would build a network of electric charging stations inside its walls and at its properties in Rome.

Persons: Pope Francis, Benoit Tessier, Mercedes, Francis, Philip Pullella, Cynthia Osterman Organizations: Prado, REUTERS, AG, VATICAN, German, Volkswagen, Skoda, Volkswagen Group, Vatican, Fiat, Thomson Locations: Marseille, France, Rome, St

☆ Volkswagen says commodity markets still uncertain after Q3 hedge hit
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowBERLIN, Oct 26 (Reuters) - Europe's largest automaker Volkswagen (VOWG_p.DE) on Thursday warned the outlook for commodity markets remained uncertain after confirming it took a major hit to its third-quarter profit from raw materials hedges. Like many other industrial firms, automakers hedge against commodity price swings, potentially leading to non-cash gains or losses, usually at the end of each quarter. This led to a 2.5 billion euro ($2.64 billion) non-cash loss in the third quarter that it will be unable to offset by the end of the year. "The further development of the commodity markets remains unpredictable," Volkswagen said. Volkswagen on Thursday confirmed it posted 78.8 billion euros in third-quarter sales and a 14% rise in operating profit to 4.9 billion euros.

Persons: Angelika Warmuth, Arno Antlitz, Victoria Waldersee, Nick Carey, Rachel More, Jamie Freed Organizations: Volkswagen, REUTERS, BERLIN, Thomson Locations: Munich, Germany

☆ Volkswagen cuts profit outlook on raw material hedges hit
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: 1 min

Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowFRANKFURT, Oct 20 (Reuters) - Volkswagen (VOWG_p.DE) on Friday cut its profit outlook for the current year due to negative effects from raw materials hedges at the end of the third quarter, Europe's largest carmaker said. The company said it no longer expected an operating return on sales between 7.5%-8.5%, and that its operating result before special items was now seen at the prior year level of 22.5 billion euros ($23.8 billion). ($1 = 0.9446 euros)Reporting by Christoph Steitz; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Christoph Steitz, Jan Harvey Organizations: New York, REUTERS, FRANKFURT, Thomson Locations: Manhattan , New York City, U.S

☆ Umicore cuts investment target after expanding EV battery materials production
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Companies Umicore SA FollowVolkswagen AG FollowOct 17 (Reuters) - Belgium's Umicore (UMI.BR) said on Tuesday it had lowered its net capital expenditure target for 2026 after expanding its battery materials production facilities to North America, with plans to build a new plant in Canada. Umicore expects total net capital expenditure between 2022 and 2026 to reach 3.8 billion euros ($4.01 billion). The group had previously said it planned to carry out phased investments of around 5 billion euros between 2022-2026. Analysts at brokerage Jefferies said that the difference between both figures does not necessarily mean a drop in overall gross capex spending. Umicore also announced a new target for earnings before interest, taxes, depreciation and amortisation (EBITDA) margins, which they expect to be above 25% from 2026.

Persons: Umicore, Jefferies, Victor Goury, Louise Heavens Organizations: Volkswagen, Thomson Locations: North America, Canada

Volkswagen has said that cost-cutting plans would include focusing on fewer high-volume models as well as streamlining production of VW passenger cars, SEAT/CUPRA and Skoda. The Volkswagen brand has the company's highest sales volume by far, but margins traditionally lag behind luxury Audi and Porsche vehicles. A Volkswagen brand spokesperson confirmed that talks began with workers in early October and that it would not comment further on the timeline or content of discussions. Labour representatives, including the head of Volkswagen works council Daniela Cavallo, make up half of the company's supervisory board per German corporate governance law for large firms. A works council spokesperson confirmed a first meeting had taken place but declined to comment further on the timeline.

Persons: Matthias Rietschel, carmaker, Arno Antlitz, Brand, Thomas Schaefer, Daniela Cavallo, Cavallo, Victoria Waldersee, Christoph Steitz, Rod Nickel Organizations: Volkswagen Group, REUTERS, BERLIN, Volkswagen, VW, SEAT, Skoda, Porsche, Labour, Thomson Locations: Zwickau, Germany

☆ Volkswagen's Trinity model to be built in Zwickau, Handelsblatt reports
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Buzz, a fresh take on the iconic vehicle of the Volkswagen brand, during its world premiere in Paris, France, March 9, 2022. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowSept 29 (Reuters) - Volkswagen (VOWG_p.DE) plans to build its Trinity electric vehicles (EV) at its factory in Zwickau, the German daily Handelsblatt reported on Friday, citing several company sources. The decision on the location for the prestige EV will be discussed at the Volkswagen supervisory board meeting on Friday, Handelsblatt reported. A spokesperson for the German carmaker declined to comment on the report. The Trinity electric car, which is to be based on the new SSP platform, was supposed to be launched in 2026.

Persons: Benoit Tessier, Handelsblatt, Oliver Blume, Christina Amann, Amir Orusov, Miranda Murray, Rachel More Organizations: VW, Volkswagen, REUTERS, Trinity, Thomson Locations: Paris, France, Zwickau, Wolfsburg

☆ Volkswagen to temporarily pause production of two EV car models due to drop in demand -spokesperson
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: 1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowFRANKFURT, Sept 26 (Reuters) - Volkswagen (VOWG_p.DE) will suspend production of ID.3 and Cupra Born electric cars at its Zwickau and Dresden plants in Germany in the first two weeks of October due to weaker demand, a spokesperson for the carmaker said on Tuesday. Reporting by Ilona Wissenbach, writing by Emma-Victoria Farr, editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Ilona Wissenbach, Emma, Victoria Farr, Susan Fenton Organizations: New York, REUTERS, FRANKFURT, Thomson Locations: Manhattan , New York City, U.S, Zwickau, Dresden, Germany

☆ US Republicans push for security review of China-linked battery company
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Amanda Andrade Rhoades/File Photo Acquire Licensing RightsWASHINGTON, Sept 20 (Reuters) - Republican lawmakers on Wednesday urged the U.S. Treasury Department to conduct a security review over China-linked ownership of Gotion Inc, which plans to build electric vehicle battery plants in Michigan and Illinois, arguing its management is under Beijing's sway. The move is the latest push by Republicans to question Chinese-linked EV battery producers looking to set up shop in the U.S., possibly with access to taxpayer funding. The governors of Michigan and Illinois have announced plans for Gotion to open EV plants in their states, facilities expected to create thousands of jobs. Those include the company's founder Li Zhen and his son whom, they said, were members of CCP organizations. The Treasury Department, Gotion and Gotion High-Tech did not respond immediately to requests for comment.

Persons: Marco Rubio, Amanda Andrade Rhoades, Janet Yellen, Li Zhen, Joe Biden, Tesla, Ford, Michael Martina, Timothy Gardner Organizations: Capitol, REUTERS, Rights, Republican, Wednesday, U.S . Treasury Department, Gotion Inc, Foreign Investment, China's Communist Party, Germany's Volkswagen AG, Gotion, Tech, CCP, Treasury Department, Republicans, CATL, Thomson Locations: Ukraine, Washington , U.S, China, Michigan, Illinois, U.S, United States

☆ Volkswagen is ready for Europe's 2035 fossil-fuel car ban - CEO
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowMUNICH, Sept 4 (Reuters) - Volkswagen (VOWG_p.DE) is ready for Europe's planned 2035 ban on new sales of fossil-fuel cars as it ramps up its electric vehicle lineup, Chief Executive Oliver Blume said at Munich's IAA mobility show. "We are prepared for the 2035 combustion ban in Europe," Blume told reporters at the car show. 2 carmaker will be able to lower its battery costs via a 50% reduction in cost at the cell level. Reporting by Jan Schwartz; Writing by Nick Carey; Editing by Louise Heavens and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Oliver Blume, Blume, Jan Schwartz, Nick Carey, Louise Heavens, Mike Harrison Organizations: New York, REUTERS, EV, Thomson Locations: Manhattan , New York City, U.S, Europe, China

☆ European shares flat as Volkswagen, Aurubis offset energy boost
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured as the German index celebrates its 35th birthday at the stock exchange in Frankfurt, Germany, August 15, 2023. By 0711 GMT, the pan-European STOXX 600 (.STOXX) was flat at 457.9 points, but on track for its second weekly gain, if trend holds. Germany's DAX (.GDAXI) fell 0.2% as Aurubis (NAFG.DE) slumped 18% after Europe's largest copper producer said it would not reach its full-year profit outlook after identifying "considerable discrepancies" in target inventories. The broader mining sector (.SXPP), however, gained 0.7% after tracking a rally in most base metal prices. Shares of Volkswagen AG (VOWG.DE) slipped 2.5% after UBS downgraded the German automaker to "sell" from "neutral".

Persons: Germany's DAX, Shashwat Chauhan, Sherry Jacob, Phillips Organizations: REUTERS, Staff, Volkswagen, Volkswagen AG, UBS, Thomson Locations: Frankfurt, Germany, OPEC, Bengaluru

☆ Chinese EV maker Xpeng expects cost cuts, Volkswagen deal to narrow losses
▼ + stars: | 2023-08-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

In this article 9868-HK Follow your favorite stocks CREATE FREE ACCOUNTA XPeng Inc. G6 electric sport utility vehicle (SUV). Qilai Shen | Bloomberg | Getty ImagesXpeng expects cost cuts and its Volkswagen partnership to narrow the firm's losses, the Chinese EV maker told CNBC in an exclusive interview on Monday. watch nowXpeng is attempting to revive its business this year, after its share price sank by more than 80% in 2022. BofA upgraded Xpeng from "neutral" to "buy" at $22 per share, up from its previous price target of $16.30 per share. BofA Securities in a May report said it expects China to hold 40%-45% market share in 2025.

Persons: Qilai Shen, Xiaopeng, Brian Gu, Xpeng, CNBC's, Gu, that's Organizations: HK, Inc, Bloomberg, Getty, Volkswagen, CNBC, U.S, Tesla, BofA Securities, Germany's Volkswagen, Global Locations: Hong Kong, China, Xpeng

☆ Volkswagen ready to act amid China metal export curbs
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowJuly 6 (Reuters) - Volkswagen (VOWG_p.DE) on Thursday said it was monitoring the situation on the raw materials markets after China announced it would control exports of some metals, adding that it was "ready to take measures together with its partners if necessary". China's commerce ministry said earlier this month it would require export permits for eight gallium products and six germanium products from August 1 to protect national security. A Volkswagen spokesperson told Reuters that gallium and germanium were important resources for automotive products and played a role in future autonomous driving functions. Reporting by Jan Schwartz, Writing by Anna Mackenzie, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Jan Schwartz, Anna Mackenzie, Friederike Heine Our Organizations: Volkswagen, China, Thomson

July 5 (Reuters) - Stellantis-LG Energy Solution (LGES) (STLAM.MI) will resume construction of an electric-vehicle battery plant in Canada after the federal government and province of Ontario increased subsidies for the C$5 billion ($3.7 billion) project. The companies said on Wednesday battery production at the plant in the city of Windsor in Ontario was now set to begin in 2024, creating some 2,500 new jobs and targeting annual production capacity over 45 gigawatt hours. Stellantis and LGES first announced their battery plant investment in March last year, but tensions emerged a few months later in August when the U.S. passed the IRA, which includes a massive package of clean-tech incentives for companies. In April, Canada agreed to provide up to C$13 billion in manufacturing tax credits and a C$700 million grant to lure German automaker Volkswagen AG to build its North American battery plant in the country. It was the biggest single investment ever in Canada's EV supply chain.

Persons: Stellantis, LGES, North America Mark Stewart, Francois, Philippe Champagne, Chrystia Freeland, Steve Scherer, Ismail Shakil, Costas Pitas, Caitlin Webber, Eric Beech, Sonali Paul Organizations: LG Energy, Canada, IRA, Federal, Provincial, North America, Industry, Volkswagen AG, Thomson Locations: Canada, Ontario, Windsor, Detroit, United States, U.S, Ottawa

☆ Lamborghini sells out combustion engine models - WELT
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowJuly 5 (Reuters) - Lamborghini's combustion engine models are sold out until the end of production, its chief executive was quoted as saying in the WELT newspaper on Wednesday, as the luxury carmaker transitions towards a pure hybrid lineup. Order books for its Hurucan and Urus models are full, marking the end of combustion engine vehicle production for the company, Stephan Winkelmann, head of the Volkswagen (VOWG_p.DE) subsidiary, said. Winkelmann told WELT the combustion engine models would be replaced by plug-in hybrids in 2024 and 2025, adding he expected the hybrid Revuelto model to be sold out by the end of 2025. The carmaker saw record sales last year and was aiming for a "very good result" this year again, he added. ($1 = 0.9175 euros)Reporting by Victoria Waldersee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephan Winkelmann, Lamborghini, Winkelmann, Victoria Waldersee, Mark Potter Organizations: Volkswagen, WELT, Victoria, Thomson

☆ Volkswagen's Audi to replace CEO Duesmann with Gernot Doellner
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowFRANKFURT, June 29 (Reuters) - Volkswagen's (VOWG_p.DE) Audi division will replace current CEO Markus Duesmann on Sept. 1, with Volkswagen strategy chief Gernot Doellner to take over, the carmaker said on Thursday. Reporting by Christina Amann; Writing by Christoph Steitz; Editing by Tom SimsOur Standards: The Thomson Reuters Trust Principles.

Persons: Markus Duesmann, Gernot Doellner, Christina Amann, Christoph Steitz, Tom Sims Organizations: Volkswagen, FRANKFURT, Audi, Thomson

☆ Audi names Volkswagen strategy chief Doellner as new CEO
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 29 (Reuters) - Volkswagen's (VOWG_p.DE) Audi named the German group's strategy chief as its new CEO on Thursday, as the luxury carmaker seeks to catch up with rivals in the dash towards electrification, including in China, the world's top car market. Gernot Doellner, who replaces Markus Duesmann, will become CEO with effect from September, Audi said, after the luxury automaker's supervisory board passed a resolution on Thursday. Doellner is a Volkswagen Group veteran who joined the company as a doctoral student in 1993 and rose through the ranks to become head of product development at Porsche. He headed up the Panamera series from 2011 to 2018 and became head of product strategy at Volkswagen AG in 2021. "Audi is a fantastic company with a rich history," Doellner said, adding: "I look forward to shaping the company's future together with the entire team at Audi."

Persons: Gernot Doellner, Markus Duesmann, Doellner, Oliver Blume's, Bentley, Peter Bosch, Christina Amann, Jan Schwartz, Ilona Wissenbach, Christoph Steitz, Victoria Waldersee, Tom Sims, Emma Rumney, Hans Seidenstuecker Organizations: Audi, Volkswagen Group, Porsche, Volkswagen AG, Volkswagen, BMW, Mercedes, Benz, Thomson Locations: FRANKFURT, China

☆ Zoox headcount grows as Amazon's self-driving unit expands testing in Vegas
▼ + stars: | 2023-06-27 | by ( Abhirup Roy | Akash Sriram | ) www.reuters.com time to read: +1 min

FILE PHOTO: The assembly line for Zoox, a self-driving vehicle owned by Amazon, is seen at the company's factory in Fremont, California, U.S. July 19, 2022. REUTERS/Carlos Barria(Reuters) - Amazon.com Inc’s self-driving vehicle unit, Zoox, is hiring more employees to expand its testing in Las Vegas at a time when the regulatory implications have taken a front seat in the development of autonomous vehicle technology. Levinson said that Zoox autonomous vehicle will not be driving on the Vegas strip yet but is being tested for handling traffic lights, intersections and drive at speeds of up to 35 miles per hour. Ford Motor Co and Volkswagen AG last fall announced that they would shut down their Argo AI self-driving unit and focus on driver-assistance technology that provided more immediate returns. Alphabet’s self-driving technology project Waymo laid off 137 employees in a second round of job cuts this year.

Persons: Carlos Barria, Zoox, Zoox’s headcount, Jesse Levinson, Levinson, ” Levinson Organizations: Amazon, REUTERS, Reuters, Ford Motor Co, Volkswagen AG, Argo Locations: Fremont , California, U.S, Las Vegas, California

☆ Volkswagen to hold series of capital market days for brands, software and battery units
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, June 16 (Reuters) - Volkswagen (VOWG_p.DE) will hold a series of capital markets days to present the results of mock listing exercises at each of its brand groups and its software and battery units, according to two sources familiar with the matter. At its capital markets day next Wednesday, the company will present an overview of the group's targets in the next 3-4 years, the sources said on Friday, declining to be named. But the sources said the results will instead be staggered over a series of events focused on the brand groups, software unit and battery unit held over a longer period of time. Executives have repeatedly emphasised that the mock exercises will not necessarily lead to actual listings, though the carmaker is speaking to outside investors about its battery unit PowerCo and has said a listing is a possibility. Reporting by Victoria Waldersee and Jan Schwartz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Victoria Waldersee, Jan Schwartz, Miranda Murray Organizations: Volkswagen, BERLIN, Shareholders, Thomson

The deal, announced last month, would open more than 12,000 Tesla Superchargers to drivers of Ford vehicles in North America starting in 2024. SS&C has invested in such charging companies as ChargePoint Holdings Inc (CHPT.N), EVgo Inc (EVGO.O) and Blink Charging Co (BLNK.O). The Ford deal was a boost to Tesla's more widespread, reliable North American Charging Standard (NACS) and dented the value of smaller players offering the rival Combined Charging System (CCS). Complaints about other charging companies' software bugs or broken charging hardware only opens the door to greater access for Tesla's standard, however, industry officials said. Under its new deal, Ford will distribute Tesla adapters to customers and starting in 2025 will equip future EVs with NACS.

Persons: Joe Biden, Paul Baiocchi, Ford, Elon Musk, Tesla's, Biden, Pete Buttigieg, Tesla, Lazard, Mohit Kohli, Chris Harto, Arcady Sosinov, Chris Anthony, Sosinov, Abhirup Roy, Hyunjoo Jin, David Shepardson, Jarrett Renshaw, Ben Klayman, Matthew Lewis Organizations: FRANCISCO, Ford, North America, U.S, SS, C ALPS Advisors, ChargePoint Holdings, EVgo Inc, CNBC, CCS, EVs, Volta, Volkswagen AG, General Motors Co, BMW, Consumer, Aptera, Thomson Locations: U.S, North, Europe, San Francisco, Washington

☆ GM CEO stands by her bet on autonomous vehicles
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

Companies General Motors Co FollowDETROIT, June 2 (Reuters) - General Motors Co(GM.N) Chief Executive Mary Barra had a message on Friday for investors and rivals who see no profitable future in autonomous vehicles: You're wrong. Barra told attendees at a Sanford Bernstein conference that she sees a "giant growth opportunity" in GM's Cruise autonomous vehicle unit, and predicted personal self-driving cars would be on the market before the end of the decade. Barra reiterated a forecast that Cruise could generate $50 billion a year in annual revenue by 2030. GM currently is losing money on Cruise at the rate of $2 billion a year. Rivals, including Ford Motor Co and Volkswagen AG, have pulled the plug on autonomous vehicle efforts as losses mounted.

Persons: Mary Barra, Barra, Sanford Bernstein, Joe White Organizations: General Motors, General Motors Co, GM, Cruise, Rivals, Ford Motor Co, Volkswagen AG, Thomson Locations: DETROIT, GM's

DETROIT, June 2 (Reuters) - General Motors Co (GM.N) Chief Executive Mary Barra had a message on Friday for investors and rivals who see no profitable future in autonomous vehicles: You're wrong. That target assumes deployment of Cruise technology and services outside the United States - Dubai and Japan are among the future markets - as well as expansion into goods delivery and personal autonomous vehicles, Barra said. Rivals, including Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE), have pulled the plug on autonomous vehicle efforts as losses mounted. Barra said those states have a more welcoming regulatory environment for self-driving vehicles. GM has petitioned U.S. vehicle safety regulators to deploy up to 2,500 of its Origin vehicles, which have subway-like doors and no steering wheel.

Persons: Mary Barra, Barra, Sanford Bernstein, Cruise, Joe White, Tiwary, David Shepardson, David Holmes Organizations: DETROIT, General Motors Co, Cruise, GM, Rivals, Ford Motor, Volkswagen AG, Traffic Safety Administration, NHTSA, Chevrolet, Cadillac, Tesla Inc, EV, Thomson Locations: GM's, United States, Dubai, Japan, San Francisco, Arizona and Texas, Washington, U.S, China

☆ Volkswagen won't participate in China discount battle "at any price" - COO
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowBERLIN, May 31 (Reuters) - Volkswagen (VOWG_p.DE) will not participate in a discount battle in China "at any price", Chief Operating Officer Ralf Brandstaetter said in an interview released on Wednesday. "Volkswagen is focusing on a sustainable business model. In concrete terms, this means that we will not participate in the discount battle at any price," Brandstaetter said in an interview for the company's intranet. For us, the focus is on profitability, not sales volume or market share," he added. Writing by Friederike Heine, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

Persons: Ralf Brandstaetter, Brandstaetter, Friederike Heine, Kirsti Organizations: Volkswagen, BERLIN, Thomson Locations: China

☆ Volkswagen won't join China discount battle "at any price" - COO
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, May 31 (Reuters) - Volkswagen (VOWG_p.DE) will not participate in a discount battle in China "at any price", Chief Operating Officer Ralf Brandstaetter said in an interview released on Wednesday. In concrete terms, this means that we will not participate in the discount battle at any price," Brandstaetter said in an interview for the company's intranet. "Our market position is strong enough. Volkswagen aspires to be the biggest international carmaker in China, he said, adding that it's irrelevant if another national manufacturer sells more than it does. Chinese manufacturer BYD 002594.SZ outsold Volkswagen, which has led the market there for decades, as the top passenger car brand earlier this year.

Persons: Ralf Brandstaetter, Brandstaetter, Jan C, Schwartz, Friederike Heine, Miranda Murray, Kirsti Knolle, Madeline Chambers Organizations: Volkswagen, BERLIN, SZ, Thomson Locations: China

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