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Moreover, the partnership will enable Rivian to cut operating costs by leveraging volumes of supplies including chips and components, he said. It will also help Rivian, known for its flagship R1S SUVs and R1T pickups, turn cashflow positive. Volkswagen will immediately invest $1 billion in Rivian through a note that will convert to stock on Dec. 1, subject to regulatory approvals. The German automaker will also invest $2 billion in Rivian stock - $1 billion each in 2025 and 2026 - subject to the startup hitting certain milestones, and provide a $1 billion loan in 2026. Rivian stock has halved so far this year.

Persons: Stephane Mahe, RJ Scaringe, Vitaly Golomb, Herbert Diess, Diess, Rivian, Scaringe, Sam Fiorani, Mavka Capital's Golomb, VW's Cariad, Abhirup Roy, Ben Klayman, Noel Randewich, Christina Amann, Harshita Varghese, Sayantani Ghosh, Rod Nickel, Matthew Lewis, Leslie Adler Organizations: Volkswagen, REUTERS, Reuters, JV, Audi, Porsche, Lamborghini, Bentley, Volkswagen Group, Mavka, VW, AutoForecast Solutions, Traders, S3 Partners, Rivian, Thomson Locations: Reze, Nantes, France, Europe, Asia, North America, U.S, German, South Carolina, San Francisco, Detroit, Oakland , California, Berlin, Bengaluru

☆ Volkswagen plans job cuts, further launch delays at software unit -manager magazin
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 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 RightsBERLIN, Oct 27 (Reuters) - Volkswagen (VOWG_p.DE) wants to cut 2,000 jobs at its troubled software unit Cariad as part of a restructuring plan which will see its long-awaited new software architectures delayed even further, news outlet manager magazin reported on Friday. There is no concrete information on where positions should be cut in terms of structure and tasks," a Volkswagen works council spokesperson said. A Cariad spokesperson declined to comment on the article, but said Cariad CEO Peter Bosch has been working on a "comprehensive transformation plan" for "repositioning" the company since the summer. Volkswagen appointed Bosch, formerly Bentley production chief, as head of the unit earlier this year in an effort to get Cariad back on track.

Persons: Brendan McDermid, magazin, Peter Bosch, Herbert Diess, Miranda Murray, Friederike Heine, Kirsten Donovan Organizations: New York, REUTERS, Rights, Audi, Porsche, VW, Volkswagen, Bosch, Bentley, Thomson Locations: Manhattan , New York City, U.S

☆ Volkswagen Replaces Audi Chief Amid Pressure to Electrify
▼ + stars: | 2023-06-29 | by ( Melissa Eddy | ) www.nytimes.com time to read: +1 min

The NewsVolkswagen is replacing the chief executive at its luxury brand Audi, naming Gernot Döllner to take over from Markus Duesmann, as the company seeks to accelerate its transition to electric vehicles. Mr. Döllner, who has served as Volkswagen’s leading strategist, will start his new role on Sept. 1, Audi said in a statement on Thursday. Audi, although profitable, is struggling to convert to battery power and compete with the growing threat from Chinese carmakers. Herbert Diess, Volkswagen’s chief executive before Oliver Blume took over in September, brought Mr. Duesmann to Audi from BMW three years ago, with the hope that he could help the brand innovate and strengthen sales of its electric models. Audi is now working on its final generation of combustion engine models and plans to bring 10 new electric models to its lineup, ahead of plans to produce only E.V.s beginning in 2026.

Persons: Markus Duesmann, Döllner, Herbert Diess, Oliver Blume, Duesmann Organizations: Volkswagen, Audi, BMW

☆ Bentley production chief to lead Volkswagen's software overhaul - sources
▼ + stars: | 2023-05-08 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

May 8 (Reuters) - Volkswagen (VOWG_p.DE) will announce later on Monday the removal of leadership at its troubled software arm Cariad and the appointment of Bentley production chief Peter Bosch to take the unit's helm, two sources close to the company said. Volkswagen is set to dismiss all but one of the unit's current executive board members, with only human resources head Rainer Zugehoer to remain. Bosch will also take over financial management at Cariad, the sources said, confirming an earlier report by Handelsblatt. Sources said at the time that Diess' failure to put Cariad, a business he set up, on a solid footing contributed to his ousting. Reporting by Jan Schwartz, Writing by Victoria Waldersee, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ VW to fire top executives at software unit Cariad, source says
▼ + stars: | 2023-05-06 | by ( Jan Schwartz | ) www.reuters.com time to read: +1 min

The unit - set up under former VW group CEO Herbert Diess -has exceeded its budget and failed to meet goals, contributing to Diess' departure and replacement by Oliver Blume last September. A VW spokesperson said the German company was analysing Cariad and its projects. A number of decisions have been made, but no decisions on personnel, the spokesperson said, adding that Cariad and vehicle software development remained integral to Volkswagen's group strategy. The problems at Cariad have delayed work on important new vehicle models Porsche e-Macan and Audi Q6 e-tron. The planned launch of company-wide structural car software, initially designed to enable the fourth of five levels of autonomous driving from 2026, has been postponed by two years.

☆ Volkswagen invests in batteries, raw materials in race for affordable EV
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

Over two-thirds of the company's five-year investment budget announced on Tuesday is allocated to electrification and digitalisation, including up to 15 billion for batteries and raw materials. Volkswagen, Europe's top carmaker, is striving to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. Buzz EV car, on the day of the annual news conference of the Volkswagen Group at DRIVE.Volkswagen Group Forum, in Berlin, Germany March 14, 2023. Volkswagen met analysts' expectations in 2022 on revenues but missed the consensus estimate for earnings before interest and taxes by 3%. The most likely actual stock market candidate is battery unit PowerCo.

☆ Volkswagen to invest $193 billion over 5 years to hit EV target
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

[1/2] The logo of carmaker Volkswagen Commercial Vehicles is pictured at the IAA Transportation fair, which opened its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. The investments come as Volkswagen, Europe's top carmaker, tries to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. In the latest investment plan, up to 15 billion euros is ringfenced for battery plants and raw materials. VW outperforms EU rivalsThe investment decisions are targeted towards fulfilling a 10-point plan developed by Volkswagen CEO Oliver Blume after he took the helm in September. The most likely actual stock market candidate is battery unit PowerCo.

☆ Volkswagen to invest $193 billion to hit EV target, picks Canada for battery cell plant
▼ + stars: | 2023-03-14 | by ( ) edition.cnn.com time to read: +3 min

Volkswagen plans to invest 180 billion euros ($193 billion) over five years in areas including battery production and the sourcing of raw materials in a bid to cut electric vehicle costs and protect its market share, it said Tuesday. Over two-thirds of the company’s five-year investment budget is allocated to electrification and digitalization, including up to 15 billion ($16 billion) for batteries and raw materials. Volkswagen board member Thomas Schmall Ronny Hartmann/AFP/Getty Images/FileOn Monday, board member Thomas Schmall also announced that Volkswagen’s first North American battery cell factory would be in Canada, with production starting in 2027. The carmaker is still aiming to bring an affordable EV — costing around 25,000 euros ($26,795) at today’s prices — to market by 2025. The most likely actual stock market candidate is battery unit PowerCo.

☆ Volkswagen pauses on Europe battery plants, awaits EU response to IRA
▼ + stars: | 2023-03-08 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

"De facto it is the case that we are getting ahead far faster in North America," a person close to the matter said to Reuters, declining to be named. Asked about the report, a Volkswagen spokesperson said the carmaker was "still evaluating suitable locations for our next cell factories in Eastern Europe and North America. The company said in October last year it planned to firmly settle on a location for a plant in eastern Europe in the first six months of 2023. Schmall said he participated in a discussion with EU officials via the European Battery Alliance last week on what conditions were needed in Europe for battery production. These included state aid in line with China and North America, a raw materials strategy and affordable renewable energy, he said.

☆ Awaiting an IRA response, Volkswagen pauses decision on eastern Europe battery plant
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowMarch 8 (Reuters) - Volkswagen (VOWG_p.DE) is pausing plans for a battery plant in eastern Europe and prioritising building a plant in North America where it expects to reap 9-10 billion euros ($10.54 billion) in subsidies, the Financial Times reported on Wednesday. The company was waiting for a response from Europe to the U.S. $369-billion Inflation Reduction Act package before moving ahead with its plans in the region, the newspaper reported, citing sources with knowledge of the matter. Volkswagen board member Thomas Schmall posted on LinkedIn last week that Europe risked losing "the race for billions of investments that will be decided in coming months and years" to the attractive conditions offered by the IRA. The company said in October last year it planned to firmly settle on a location for the plant in the first six months of 2023. ($1 = 0.9489 euros)Reporting by Victoria Waldersee Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ VW to speed up electric shift in five-year plan
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 10 (Reuters) - Volkswagen (VOWG_p.DE) will speed up its shift to electric cars and revamp its software strategy in a five-year investment plan presented by management to the supervisory board on Friday, the automaker said in a statement. Bosses discussed how to rejig the German group's production network to accelerate the move to cleaner driving, the statement said, without elaborating. Full details of what was discussed will be presented at the company's annual media conference on March 14. A spokesperson for the works council denied the Handelsblatt report, saying jobs in Hannover were guaranteed under an agreement with the company until 2029. Reporting by Jan Schwartz; Writing by Victoria Waldersee; Editing by Jan Harvey and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk says a Chinese automaker will likely be second to Tesla: 'They work the smartest'
▼ + stars: | 2023-01-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Elon Musk said that a Chinese automaker is likely to be the closest competitor to Tesla , while stressing the company is "winning in China" right now. Tesla has a number of challengers in China in the electric vehicle space, including a slew of start-ups such as Nio , Xpeng and Li Auto . "And so, if I were to guess ... probably some company out of China is the most likely to be second to Tesla," Musk said. Musk said that the "Tesla China team is winning" in the country without clarifying further. Tesla's Model 3 was the fifth best selling new energy vehicle car in China in 2022, according to the China Passenger Car Association.

☆ VW's CARIAD software chief promises progress one jump at a time
▼ + stars: | 2023-01-09 | by ( Joseph White | ) www.reuters.com time to read: +3 min

[1/2] A technician works on the final inspection of an electric Volkswagen ID. REUTERS/Matthias Rietschel/DETROIT, Jan 9 (Reuters) - Volkswagen’s software division, CARIAD, has emerged from a review ordered by VW's new chief executive with a plan to work toward a unified software architecture for future vehicles one jump at a time, according to CARIAD chief Dirk Hilgenberg. “I call our program 'triple jump',” Hilgenberg told Reuters at the CES technology trade show in Las Vegas. “You do one jump after another.”The next key step will be the launch of the Porsche Macan SUV in 2024, which will have VW’s new premium software architecture. Volkswagen's current status is in-between: Software now deployed allows its "ID" electric vehicles to be updated remotely, with a fix for what Hilgenberg called “teething problems”.

☆ Volkswagen CEO to present software 'reality check' to board on Dec 15
▼ + stars: | 2022-12-06 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

HAMBURG, Dec 6 (Reuters) - Volkswagen's (VOWG_p.DE) CEO will outline a new software and vehicle platform strategy to the carmaker's supervisory board on Dec. 15 as he tries to turn his predecessor's vision into deliverable goals, three company sources told Reuters. But he was also criticised for sometimes erratic leadership, and in particular for delays and cost overruns at software arm Cariad. "First up is the software and the reality check in that area. Handelsblatt, which first reported the Dec. 15 board meeting, has said keeping software competitive to the end of the decade under Blume's new plans would cost 1 billion euros ($1.1 billion). ($1 = 0.9511 euros)Reporting by Jan Schwartz Writing by Victoria Waldersee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen to discuss new software roadmap on Dec. 15 -Handelsblatt
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 5 (Reuters) - Volkswagen (VOWG_p.DE) Chief Executive Oliver Blume will present a long-delayed new software strategy for the carmaker at a supervisory board meeting on Dec. 15, Handelsblatt newspaper reported on Monday, citing company sources. The Audi brand will hand over leadership on autonomous driving software to Volkswagen Commercial Vehicles, the report added. The supervisory board called in May for management to present a roadmap for the carmakers' software unit Cariad, after multiple years of delays to planned new software iterations and overspending. The board expected a new roadmap by the summer break, Reuters reported, but former Chief Executive Herbert Diess' departure from the company delayed plans. New chief Blume wants to first determine what the software will look like, and then the car models will follow, Handelsblatt reported.

FRANKFURT/HAMBURG, Nov 18 (Reuters) - German carmaker Volkswagen (VOWG_p.DE) is holding discussions with investors to join its battery division ahead of a possible partial initial public offering (IPO) of the subsidiary, two people familiar with the matter told Reuters. The idea is to bring in investors pre-IPO so Volkswagen can gauge how the division - named PowerCo - might be valued in a potential flotation, the sources said, adding that Volkswagen is working with advisers on a potential deal structure. Volkswagen has set aside 20 billion euros ($21 billion) for investment in its battery cell business, with the PowerCo unit managing its battery production and research from mining to recycling and projects including energy storage systems. Former Volkswagen CEO Herbert Diess floated the idea of a listing in May last year as a means of funding the carmaker's battery expansion plans. Volkswagen's US charging station network Electrify America, in which Siemens (SIEGn.DE) has invested a low three-digit million amount, could serve as a model for investor participation, the second source said.

☆ How one GM auto plant's UAW union workforce is learning to make EVs
▼ + stars: | 2022-10-16 | by ( Bob Woods | ) www.cnbc.com time to read: +7 min

The Orion plant, in operation since 1983, was beginning to transition from making a variety of internal combustion engine (ICE) vehicles to EVs. "We started slowly introducing the Bolt on the assembly line," he said, a process that can take up to a year while working out the bugs. There's specialized training required for all the assembly workers on how to deal with those potentially dangerous connections in a safe manner, he said. In essence, "it takes more of an electrician than it does a mechanic" to assemble an EV, Brown said.. The recently upgraded center houses manufacturing laboratory facilities that simulate steps along the assembly line, including robotics and sheet metal fabrication.

☆ Volkswagen battery IPO could be next, says CFO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

"We do not rule out an IPO of the battery unit, but the financial flexibility we won today allows us to further strengthen our work in batteries alone. Antlitz brushed aside rumours that Thursday's Porsche listing could lead to a listing of Audi, another premium brand and huge moneymaker for Volkswagen. Register now for FREE unlimited access to Reuters.com Register"The next project is strategic partnerships or a potential IPO of the battery unit - I can't say more for now," he said. Volkswagen has set aside 20 billion euros ($20.38 billion) for investment in its battery cell business, with the PowerCo unit managing its battery production and research from mining to recycling and projects including energy storage systems. It has set aside a further 10 billion euros for investment along the supply chain, such as sourcing cathode materials.

☆ Volkswagen focuses on regions to reduce supply chain vulnerability
▼ + stars: | 2022-04-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File PhotoBERLIN, April 19 (Reuters) - Volkswagen (VOWG_p.DE) said on Tuesday that a new growth plan would aim to reduce its vulnerability to the effects of global conflicts, such as supply chain disruption and rising prices, by divesting more power to its regions and brands. "The latest geopolitical changes and increased block-building have been exposing our global vulnerability, particularly with regards to the U.S.," Volkswagen Chief Executive Herbert Diess said in a LinkedIn post. read moreVolkswagen warned last week that it was feeling the impact of rising prices and supply chain bottlenecks, with deliveries in March down 37.3% from last year. read moreMercedes-Benz (MBGn.DE) Chief Technology Officer Markus Schaefer said last week that the German carmaker was also tightening its supply chains in light of global bottlenecks. Diess first announced a reshuffling of responsibilities at Volkswagen last December, after weeks of clashes between the CEO and labour unions over his leadership.

Herbert Diess susţine că la baza acestor previziuni este faptul că performanţa chip-urilor de calculator se dublează la fiecare 18 luni, iar progresele realizate în domeniul inteligenţei artificiale urgentează şi ele dezvoltarea de autovehicule autonome, potrivit Agerpres . „Ne putem aştepta ca în curând sistemele să fie capabile să gestioneze chiar şi cele mai complexe situaţii create de condusul autonom", a declarat Herbert Diess pentru săptămânalul german WirtschaftsWoche. Diess a dezvăluit că în urmă cu un an şi jumătate a călătorit el însuşi cu un automobil autonom dezvoltat de firma americană Waymo. Într-un regim de trafic lejer, cu vreme bună şi o viteză mai mică de 70 de kilometri pe oră, totul funcţionează destul de bine", a spus Herbert Diess. Acesta s-a declarat impresionat şi de performanţele producătorului american de automobile electrice Tesla.

Persons: Herbert Diess, . Diess, Tesla, Diess Organizations: Agerpres, Volkswagen, BMW Locations: american

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