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☆ Goldman Sachs slashes European growth forecasts on Trump win
▼ + stars: | 2024-11-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —President-elect Donald Trump’s proposed protectionist policies, including hefty tariffs, will hurt Europe’s economic standing — leaving crisis-hit Germany particularly vulnerable, Goldman Sachs predicts. Goldman Sachs expects gross domestic product across the 20 countries that use the euro to expand 0.8% next year, down from the 1.1% it forecast previously. Goldman Sachs’ central expectation is for “a more limited set of tariffs on European economies,” targeting primarily their auto exports. Goldman Sachs now expects the German economy to grow only 0.5% next year because of trade tensions, just over half the 0.9% growth it forecast previously. “For European businesses, Trump’s return to the White House implies considerable trade policy risks and geopolitical uncertainty,” Berenberg chief economist Holger Schmieding wrote in a note Thursday.

Persons: Donald Trump’s, Goldman Sachs, Trump’s, Trump, ”, Holger Schmieding, “ Organizations: London CNN —, NATO, Republican, European Union, Volkswagen, VW Locations: Germany, United States, Europe, Ukraine, China

☆ Rivian and VW join up to design vehicle software
▼ + stars: | 2024-06-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Rivian and Volkswagen Group are forming a joint venture to create vehicle software, the two companies announced Tuesday. The two automakers did not provide a name for the new joint venture company or name its leadership team. Rivian’s fundamental vehicle software design is expected to provide the basis for the new company’s software. The technologies designed by the company will include both the user-interface software that runs things like the entertainment system and gauges and deeper vehicle software that interacts with things like the vehicle’s motors. VW already has its own vehicle software subsidiary, Cariad, and that company will continue with its work, VW chief executive Oliver Blume said on a conference call.

Persons: CNN —, RJ Scaringe, that’s, ”, Scaringe, it’s, Oliver Blume, what’s, Blume, ” Scaringe Organizations: CNN, Volkswagen Group, VW, Volkswagen, Porsche’s, Porsche Locations: Georgia, Atlanta

☆ Volkswagen is recalling 260,000 small cars for fire risk
▼ + stars: | 2024-02-23 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +1 min

CNN —Volkswagen is recalling more than 260,000 compact cars in the United States because a pump located inside the gas tank could leak fuel, possibly leading to a fire. The cars involved are various Volkswagen Golf, Golf GTI, Golf Sportwagen, Jetta and Audi A3s from the 2015 through 2020 model years. Not every model year is involved for every one of those models and only front-wheel-drive, not all-wheel-drive, versions are included. Vehicle owners can check the National Highway Traffic Safety Administration’s Safecar.gov website to see if their specific car is involved. Owners can also call Volkswagen customer service at 800-893-5298 or Audi customer service at 800-253-2834.

Organizations: CNN, Volkswagen, Audi A3s, Audi, VW, National, Traffic Safety Administration, Vehicle Locations: United States

☆ In America, Headlights are blinding but not in other countries, this tech is why
▼ + stars: | 2024-02-15 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +8 min

In Europe and Asia, many cars offer adaptive driving beam headlights that can do this. But that still means driving much – or most – of the time using only low beam headlights that don’t reach very far. That means it will probably be years before ADB headlights are widely available in the US. But, while driving, the lights work just like standard high beam, low beam headlights. It will be years before they can offer new, redesigned ADB headlights that meet the standards, auto industry sources say.

Persons: ”, “, Michael Larsen, Larsen, Matt Brumbelow Organizations: CNN, ADB, Traffic Safety Administration, NHTSA, Ford, Volkswagen, Insurance Institute for Highway, Society of Automotive Engineers, ” Audi, “, General Motors, Society of Automotive, EU, Audi, Mercedes, Insurance Institute for Highway Safety Locations: Europe, Asia, China, Canada, United States, America, American

☆ Xpeng’s Didi deal is smart shortcut to growth
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

An Xpeng P5 electric vehicle (EV) is seen displayed during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. It’s buying compatriot Didi’s smart EV unit and paying $744 million, or 3.25% of its own stock. For its part, Didi seems to have given up its ambition to break into capital-intensive EV manufacturing, and that’s probably a smart move for a company stuck in listing limbo. It’s unclear if the deal with Didi will dilute VW’s shareholding but Xpeng’s worth is at least rising. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aly, Didi, that’s, Li Auto, BYD, Una Galani, Thomas Shum Organizations: Auto Shanghai, REUTERS, Rights, Reuters, HK, Volkswagen, EV maker’s, X, Thomson Locations: Shanghai, China

HONG KONG, Aug 23 (Reuters Breakingviews) - Volkswagen’s (VOWG_p.DE) China shortcut sets a tricky roadmap for its western rivals. An increasingly competitive Chinese market means others may also need to plot a new route. VW’s western peers may feel they do not need to follow in its tracks. Second, VW’s Xpeng deal highlights how companies need to adapt quickly to stay relevant in China. Both partnerships will see the companies jointly develop intelligent, connected electric vehicles for the Chinese market.

Persons: China’s, that’s, Bernstein, Alix, Elon Musk’s, VW’s, Auto, Neil Unmack, Pranav Kiran, Thomas Shum Organizations: Reuters, HK, FAW, SAIC, VW, BMW, upstarts, Alix Partners, Elon, Mercedes, Benz, Nissan, General Motors, Honda, Toyota, Volkswagen, Volkswagen’s Audi, Zhejiang Leapmotor Technology, Jetta, Thomson Locations: HONG KONG, China, Xpeng, Kingdom, Shanghai, Hong Kong, Zhejiang

☆ VW to test self-driving in retro-styled electric Microbuses
▼ + stars: | 2023-07-06 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Ten self-driving electric Volkswagen buses will soon cruise the streets of Austin, Texas, testing autonomous driving technology. Buzz electric vans will test technology VW is working on with Mobileye, an Israeli company once owned by Intel that also works with BMW, General Motors and Ford. VW won’t operate it’s own taxi service, though, as some other autonomous driving companies have planned, the company said in its announcement. VW joins joins companies such General Motors’ Cruise, which is also operating self-driving vehicles in Austin, and Waymo, the autonomous driving subsidiary of Google’s parent company Alphabet. Both automakers said at the time they would hire Argo AI staffers to support their own autonomous driving efforts.

Persons: Ford, Vokswagen, Motors ’, Mobileye, van Organizations: CNN, Argo, VW, Intel, BMW, General Motors, Ford, Volkswagen, Motors, Austin, Miami, automaker’s, Vehicles Locations: Austin , Texas, Austin, United States, Germany, California, Arizona, New York City, Washington , DC, Pittsburgh

☆ VW’s New CEO to Replace Management of Ailing Software Unit
▼ + stars: | 2023-05-07 | by ( William Boston | ) www.wsj.com time to read: 1 min

People look at the cars in the Cariad booth at this year’s Consumer Electronics Show in Las Vegas. Photo: Jacob Kepler for The Wall Street JournalBERLIN— Volkswagen Chief Executive Officer Oliver Blume , in his first major restructuring move since becoming chief last year, will replace the management of the company’s struggling software unit after it caused delays to new model launches, according to a person familiar with the matter. Dirk Hilgenberg , head of the unit called Cariad, finance chief Thomas Sedran , and Lynn Longo, a Michigan native who serves as Cariad’s chief technology officer, could be ousted as early as this week, possibly after VW’s planned shareholder meeting on Wednesday, the person said.

☆ VW’s New CEO Expected to Replace Management of Ailing Software Unit
▼ + stars: | 2023-05-07 | by ( William Boston | ) www.wsj.com time to read: 1 min

Cariad, which had a booth at this year’s Consumer Electronics Show, held the company’s brands back from moving faster. Photo: Jacob Kepler for The Wall Street JournalBERLIN— Volkswagen Chief Executive Officer Oliver Blume , in his first major restructuring move since becoming chief last year, is expected to replace the management of the company’s struggling software unit after it caused delays to new model launches, according to people familiar with the matter. The decision to remove Dirk Hilgenberg , head of the unit called Cariad, finance chief Thomas Sedran , and Lynn Longo , a Michigan native who serves as Cariad’s chief technology officer, could be announced as early as this week, possibly before VW’s planned shareholder meeting on Wednesday, the people said.

☆ Volkswagen Pivots to North America as Europe Loses Its Shine
▼ + stars: | 2023-04-21 | by ( William Boston | ) www.wsj.com time to read: +1 min

Volkswagen is expanding its battery manufacturing as it adds models such as the ID.7 to its EV lineup. Photo: Sean Gallup/Getty ImagesVolkswagen AG, Europe’s largest car maker, said Friday that it would invest more than $5 billion in its planned battery-cell factory in Canada, making it the company’s largest in the world and creating thousands of jobs. The plant will be built and operated by VW’s battery unit, PowerCo, and will supply VW’s U.S. factories with battery cells. Construction of the factory is slated to begin next year and production of battery cells projected to start in 2027. When operating at full capacity, the Canadian facility is expected to churn out battery cells with an annual capacity of 90 gigawatt-hours, twice the size of its European plants under construction in Germany and Spain, and create 3,000 jobs directly at the plant.

☆ VW recalling 140,000 SUVs, owners advised to keep
▼ + stars: | 2023-04-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Volkswagen is recalling 143,000 of its big Atlas SUVs in the US because a faulty sensor on the front passenger side can switch the airbag system off under certain conditions. Until the issue can be corrected, VW is advising owners to avoid letting people ride in that seat. While it’s still unclear what’s causing the problem, VW investigators were able to determine that it was happening in Atlases built during two specific time periods. Volkswagen is unaware of any injuries that might have resulted from the problem, VW spokesman Mark GIllies said. Owners of recalled Atlas SUVs will be notified by mail.

☆ Consumer Reports calls Ford’s automated driving tech much better than Tesla’s
▼ + stars: | 2023-01-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

And in a recent ranking by Consumer Reports, which tested ADAS from 12 different carmakers, Tesla’s ranked seventh. GM’s Super Cruise, which ranked second, is the only other system tested by Consumer Reports that works this way. Ford’s driver monitoring technology is one of the major reasons that BlueCruise ranked so highly in Consumer Reports’ testing. Kia and Genesis did not immediately respond to requests from CNN Business for comments on Consumer Reports’ assessments. For the most part, vehicle owner’s manuals were of little use in learning how to use the systems, Consumer Reports said.

☆ Carl Hahn Boldly Advanced Volkswagen’s Global Reach
▼ + stars: | 2023-01-22 | by ( James R. Hagerty | William Boston | ) www.wsj.com time to read: 1 min

Carl Hahn used his morning commute to test drive VW cars rather than relying on a chauffeur. Carl Hahn helped sell Americans on the Volkswagen Beetle in the 1960s and later, as head of the German auto maker, expanded boldly into manufacturing in China, Spain and Eastern Europe. After earning a doctorate in economics in Switzerland, the German-born Mr. Hahn worked in Italy and France. He joined VW in 1954 as an assistant to the chief executive officer, Heinrich Nordhoff. He was sent to head VW’s U.S. unit in 1959 and used clever marketing to expand sales of the Beetle, soon embraced by the peace-and-love generation.

☆ 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”.

☆ A tweet launched an investigation into Tesla’s Autopilot software
▼ + stars: | 2022-10-12 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +4 min

Green tweeted that Tesla recently added the name of an Australian and Asian vehicle testing ground to its software. There are other vehicle testing grounds also listed in the code, he said, located in Europe, China and Korea. Important tests that benchmark vehicle safety happen at these sites, which have government and industry support. The organization has examined Tesla’s software updates to test vehicles and not found any fault, Williams said. Though there is no indication that Tesla software is interfering with any testing, It’s not unheard of for an automaker to use software to manipulate a test.

☆ Tesla's autopilot software is under investigation in Europe following a tweet
▼ + stars: | 2022-10-12 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +4 min

Green tweeted that Tesla recently added the name of an Australian and Asian vehicle testing ground to its software. There are other vehicle testing grounds also listed in the code, he said, located in Europe, China and Korea. Important tests that benchmark vehicle safety happen at these sites, which have government and industry support. Now Euro NCAP, Europe’s government-backed organization that evaluates vehicle safety, is investigating Tesla following this suggestion. The organization has examined Tesla’s software updates to test vehicles and not found any fault, Williams said.

☆ VW Sets Price Range for Porsche IPO
▼ + stars: | 2022-09-20 | by ( William Boston | ) www.wsj.com time to read: 1 min

BERLIN— Porsche AG shares are set to begin trading Sept. 29 in one of the largest European public listings in years, raising up to $9.4 billion and valuing the sports car maker at as much as $78 billion. Porsche’s parent, German car giant Volkswagen AG priced the public offering of preferred stock in line with average analyst expectations. Combined with a private sale of Porsche ordinary stock to VW’s largest investor, Porsche Automobil Holding SE, the sale of 25% of Porsche could raise €19.5 billion for VW, equivalent to $19.5 billion.

☆ VW Sets Price Range for Porsche IPO, Valuing Car Maker at Up to $78 Billion
▼ + stars: | 2022-09-19 | by ( William Boston | ) www.wsj.com time to read: 1 min

BERLIN— Porsche shares are set to begin trading Sept. 29 in one of the largest European public listings in years, raising up to $9.4 billion and valuing the sports car maker at as much as $78 billion. Porsche’s parent, German car giant Volkswagen priced the public offering of preferred stock in line with average analyst expectations. Combined with a private sale of Porsche ordinary stock to VW’s largest investor, Porsche Automobil Holding SE, the sale of 25% of Porsche could raise €19.5 billion for VW, the equivalent of $19.5 billion.

☆ VW Prices Porsche IPO, Valuing Car Maker at Up to $78 Billion
▼ + stars: | 2022-09-19 | by ( William Boston | ) www.wsj.com time to read: 1 min

BERLIN— Porsche shares will begin trading on Sept. 29 in one of the largest European public listings in years, raising up to $9.4 billion and valuing the sports car maker at as much as $78 billion. Porsche’s parent, German car giant Volkswagen priced the public offering of preferred stock in line with average analyst expectations. Combined with a private sale of Porsche ordinary stock to VW’s largest investor, Porsche Automobil Holding SE, the sale of 25% of Porsche could raise €19.5 billion for VW, the equivalent of $19.5 billion.

☆ Porsche IPO has two investor roadblocks to clear
▼ + stars: | 2022-09-16 | by ( Neil Unmack | ) www.reuters.com time to read: +5 min

The 2020 Porsche 911 Carrera 4S is introduced during a Porsche press conference at the Los Angeles Auto Show in Los Angeles, California, U.S., November 28, 2018. Porsche’s valuation rests on how closely it can mimic peer Ferrari (RACE.MI), and what discount should be applied to its complex governance. VW’s influence in Porsche will be diluted by Porsche SE’s stake. Volkswagen will divide Porsche’s shares into voting ordinary and preferred shares, which carry no voting rights. Porsche’s valuation is likely to be between 70 billion euros and 80 billion euros, Reuters reported, citing a source close to the matter.

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