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Search resuls for: "Volkswagen Commercial"


8 mentions found


☆ Volkswagen cuts 2024 outlook as car demand falters
  + stars: | 2024-09-27 | by ( ) www.cnbc.com   time to read: +2 min
A VW Golf GTI stands in a parking lot within sight of the brand tower on the grounds of the VW plant in Wolfsburg, Germany. Volkswagen cut its annual outlook for the second time in less than three months on Friday, citing a weaker-than-expected performance at its passenger car division as pressure on Europe's top automaker continues to rise. The lowered outlook is the latest from Germany's car giants, with Mercedes-Benz and BMW both downgrading their annual forecasts earlier this month as a result of weakening demand in China, the world's biggest car market. Volkswagen said it was cutting its outlook "in light of a challenging market environment and developments that have fallen short of original expectations, particularly at the brands Volkswagen Passenger Cars, Volkswagen Commercial Vehicles and Tech. Porsche, the holding company of the Porsche and Piech families that holds most of the voting rights in Volkswagen and is the carmaker's single biggest shareholder, also cut its own outlook in the wake of Volkswagen's downgrade.
Persons: IG Organizations: VW, Volkswagen, Mercedes, Benz, BMW, IG Metall, Volkswagen Commercial Vehicles, Porsche Locations: Wolfsburg, Germany, China
☆ Mobileye lowers annual operating loss outlook after quarterly revenue beat
  + stars: | 2023-07-27 | by ( ) www.reuters.com   time to read: +2 min
July 27 (Reuters) - Mobileye Global (MBLY.O) said on Thursday it expects a smaller operating loss for the full year as resilient demand for the company's driver-assistance technology helped it report a better-than-expected quarterly revenue. Mobileye now expects an annual operating loss in the range of $98 million to $129 million, compared with its previous forecast of a loss of $166 million to $195 million. The company said in May that Porsche (P911_p.DE) and Volkswagen Commercial Vehicles would partner with Mobileye to incorporate its automated driving software in future models. In the second quarter, Israel-based Mobileye reported revenue of $454.0 million, compared with analysts' estimates of $450.6 million, according to data from Refinitiv. Mobileye, in which Intel (INTC.O) retains majority ownership, listed on the Nasdaq last year after raising $861 million in an initial public offering.
Persons: Mobileye, Amnon Shashua, Samrhitha, Shounak Dasgupta Organizations: BMW, Nissan, Volkswagen, VW Group, Porsche, Volkswagen Commercial, Intel, Nasdaq, Thomson Locations: North America, Europe, China, Israel, Refinitiv, Bengaluru
☆ Volkswagen brings VW bus back to North American market after 20 years
  + stars: | 2023-06-02 | by ( ) www.reuters.com   time to read: +1 min
[1/2] The fully electric VW ID Buzz, is pictured on a production line at a Volkswagen Commercial Vehicle plant in Hanover, Germany, June 16, 2022. REUTERS/Fabian Bimmer/File PhotoFRANKFURT, June 2 (Reuters) - Volkswagen (VOWG_p.DE) will start selling battery-powered versions of its VW bus in North America from 2024 onwards, the carmaker said on Friday, in what marks the reintroduction of the iconic model after a two-decade hiatus. "With the T4 generation, the VW bus left the USA and Canada 20 years ago. But the microbus – as the VW bus is called between New York and San Francisco – has retained its cult status right up to the present day," Volkswagen said in a statement. Buzz vehicles for the North American market will be built at Volkswagen's plant in Hanover, Germany, the company said, adding batteries could be charged from 10%-80% in 25 minutes at available rapid charging stations.
Persons: Fabian Bimmer, San Francisco –, Christoph Steitz, Madeline Chambers Organizations: REUTERS, VW, USA, San, Volkswagen, North, Thomson Locations: Hanover, Germany, FRANKFURT, North America, Canada, New York, North American
☆ Porsche, VW Commercial Vehicles partner with Mobileye on automated driving software
  + stars: | 2023-05-09 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, May 9 (Reuters) - Porsche (P911_p.DE) will incorporate automated assistance and navigation functions from Mobileye's (MBLY.O) so-called "SuperVision" technology platform in future models, Mobileye said on Tuesday. The agreement is the technology provider's second large signing for the platform with a major automotive group after China's Geely (GEELY.UL). Volkswagen Commercial Vehicles, which was previously going to use technology from Pittsburgh-based self-driving startup, Argo AI for self-driving shuttles and vans, will also partner with Mobileye, a spokesperson said. Volkswagen pulled out of its planned investment in Argo AI last October and said at the time its commercial vehicles unit would seek a new partnership. Together with Mobileye, the unit will seek to implement so-called "Level 4" autonomous driving - considered fully autonomous, though humans can still request control - in its ID.
☆ 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.
☆ EU gives guarded welcome to U.S. guidance on EV tax credits
  + stars: | 2022-12-29 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Fabian Bimmer/File PhotoBRUSSELS, Dec 29 (Reuters) - The European Commission gave a guarded welcome on Thursday to guidance by the United States meaning that EU companies could partially benefit from the U.S. Inflation Reduction Act, but said further improvements were required. The Commission said the Qualified Commercial Clean Vehicle Credit would be available to EU companies without requiring changes to established or foreseen business models of EU producers. A commercial clean vehicle, the guidance says, "is made by a qualified manufacturer". However, for the New Clean Vehicle Credit for consumers, the vehicle must have final assembly in North America. The Commission said the scheme remained a concern, with provisions that discriminated against clean vehicles and inputs made in the European Union, and it violated international law.
☆ 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.
☆ Volkswagen no longer investing in self-driving startup Argo AI
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, Oct 26 (Reuters) - Volkswagen AG (VOWG_p.DE) is no longer investing in Argo AI, the company said on Wednesday, concentrating its automated driving efforts on its existing partnerships with Bosch and Horizon Robotics in China. Volkswagen disclosed a $2.6 billion investment in Argo AI, the Pittsburgh-based self-driving startup, in June 2020. The investment meant the startup was jointly controlled by the German carmaker and Ford Motor Co (F.N), which made an initial investment in Argo AI shortly after it was founded. "Volkswagen is working with Argo AI to enable further working opportunities for employees and continue developing the promising projects on autonomous driving. All further cooperations with Ford remain unchanged," Volkswagen's statement said.
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