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☆ Mahindra CEO sees U.S. entry for new electric vehicles at least five years away
▼ + stars: | 2022-12-14 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

“I don’t see us launching in the U.S. in the next five years,” Anish Shah, Mahindra’s CEO and managing director, said Tuesday in an interview. A U.S. market entry “could likely be longer than five years because we have to win in some of our key markets first,” including Europe, he added. “We are in the process of doubling our capacity” in part to fulfill demand in the Indian market, Shah said. Much of the new capacity is earmarked for electric vehicles, he said. Mahindra in August unveiled a portfolio of five future electric SUVs, the first of which is slated to go into production in January.

☆ 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.

☆ The wild history of Volkswagen: From Nazi Germany to hippie vans to one of Elon Musk's top electric vehicle rivals
▼ + stars: | 2022-11-29 | by ( Hannah Towey | ) www.businessinsider.com time to read: 1 min

Following Tesla CEO Elon Musk's acquisition of Twitter, actress Alyssa Milano said she traded in her Tesla for an all-electric Volkswagen due to the rise in hate speech on the social media platform, renewing discussion on VW's third reich past. Alyssa Milano says she has traded in her Tesla for a Volkswagen, while challenging advertisers to address "hate and white supremacy" on Twitter. Phillip Faraone//Taylor Hill/Getty Images

☆ Goldman Sachs names the global automakers exposed to a China slowdown
▼ + stars: | 2022-11-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Many global companies are heavily exposed to China, including some of the world's biggest automakers, which generate between 20% and 40% of their worldwide sales in the country, according to Goldman Sachs. Goldman Sachs has a $305 price target on Tesla, giving it potential upside of around 66% from its current share price of around $182. Mercedes-Benz Goldman Sachs estimates that Mercedes will sell 734,000 cars this year in China. Meanwhile, Volkswagen's joint-venture partner SAIC is sell-rated by Goldman Sachs, which gives it downside potential of 9%. General Motors Goldman Sachs estimates that nearly half of all cars GM sells worldwide will be in China between 2022 and 2024.

☆ Volkswagen-FAW plant in Chengdu halts production amid COVID wave
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 28 (Reuters) - Volkswagen's (VOWG_p.DE) and FAW's (SASACJ.UL) plant in Chengdu, China has halted production due to the rise in coronavirus cases in the country and two production lines at its Changchun plant are also on hold, a VW spokesperson said on Monday. Other plants are all stable but the situation is volatile, the spokesperson added. Protests erupted in cities across China over the weekend, including in Chengdu, Shanghai, Beijing and Lanzhou, as frustrations mount over the government's zero-COVID policy. While low by global standards, China's case numbers have hit record highs for days, with Chengdu residents subjected to mass testing from Nov. 23 to Nov. 27. Reporting by Victoria Waldersee, Jan Schwartz, Christina Amann Editing by Paul Carrel and Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk points to Volkswagen's Nazi links after Alyssa Milano swaps her Tesla for a VW over 'hate and white supremacy' on Twitter
▼ + stars: | 2022-11-27 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Alyssa Milano tweeted that she had traded in her Tesla for a Volkswagen and "loved it." Elon Musk liked a response pointing out that VW was founded by Adolf Hitler's government. Publicly traded company's products being pushed in alignment with hate and white supremacy doesn't seem to be a winning business model." Milano is one of many celebrities to voice their opposition to Musk's Twitter, which saw a spike in hate speech following his takeover. A study by Bloomberg Intelligence predicted the German automaker would dethrone Tesla as the world's biggest EV maker by 2024.

☆ VW Faces New Problem in China: Homegrown Competitors
▼ + stars: | 2022-11-24 | by ( William Boston | ) www.wsj.com time to read: 1 min

Volkswagen has struggled to win over younger Chinese consumers, who are attracted to the gadget-heavy electric cars offered by local competitors. BERLIN— Volkswagen AG is losing market share to domestic auto makers in China, its single biggest market, confronting the German car company’s new chief executive with one of his most difficult challenges. Despite some sales gains in recent months, VW said it expects its market share in China to be around 16% this year. That is down almost a fifth since 2019, when it stood at about 20%, according to data provided by Jato Dynamics, a consumer research group. VW, which has the biggest market share of any foreign car maker in the country, owns brands that are popular there such as VW, Skoda, Porsche, Audi and Bentley.

FRANKFURT, Nov 23 (Reuters) - German metalworking union IG Metall said on Wednesday it agreed a wage deal with Volkswagen (VOWG_p.DE) for the carmaker's western German factories. The trade union said a news conference on the agreement would be held at 0800 GMT in the northern city of Hanover. IG Metall, which is Germany's largest trade union, in July demanded an 8% wage increase for around 125,000 workers at six German VW plants as well as at subsidiaries including Financial Services. In a separate deal that set the benchmark for 3.9 million metal and electrical sector workers across Germany, IG Metall, this month agreed a below-inflation pay hike in a deal that pointed to containable wage pressures in the broader euro zone. Under the agreement with employers at the time, workers' pay will increase by 5.2% from June 2023 and 3.3% from May 2024.

☆ Volkswagen says all brands have halted paid activities on Twitter
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Volkswagen logo is pictured in a production line at the Volkswagen plant in Wolfsburg, Germany March 1, 2019. REUTERS/Fabian BimmerBERLIN, Nov 23 (Reuters) - Volkswagen's (VOWG_p.DE) brands have halted all paid activities on Twitter until further notice, a spokesperson for the company said on Wednesday. A spokesperson for Volkswagen said all the brands had followed the advice, while Audi had opted to halt organic activities, such as direct posts, and only respond to questions from clients on the website. WirtschaftsWoche had previously reported that Audi had halted all activities on the social media platform, citing company sources. "We are monitoring the situation closely and will decide on the next steps depending on developments," an Audi spokesperson added in an emailed statement to Reuters.

☆ Volkswagen sees China sales on par with 2021 as lockdown impact lingers - Handelsblatt
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 22 (Reuters) - Volkswagen (VOWG_p.DE) expects sales in China to stagnate at about 3.3 million vehicles in 2022, its China chief told Handelsblatt on Tuesday, as it struggles to make up the impact of coronavirus lockdowns and chip shortages in the first half. The carmaker had previously forecast sales of 3.85 million vehicles this year, on par with 2020, but adjusted its expectations in the middle of the year, Ralf Brandstaetter told the German daily. VW still expects to double its sales of ID electric vehicles in the country from last year's level as planned, he added. New coronavirus restrictions in recent weeks have not impacted Volkswagen's own plants, though some dealers have had to close, the China chief said. That was not possible until now because of coronavirus restrictions," he said.

☆ Chinese carmakers target more European sales with five-star EVs
▼ + stars: | 2022-11-21 | by ( Nick Carey | ) www.reuters.com time to read: +7 min

"All Chinese EV makers want to achieve Euro NCAP five-star ratings in order to be more competitive in the European market," said Brian Gu, president of Chinese EV maker Xpeng (9868.HK). Perhaps more importantly for sales, high safety ratings also open up the potentially huge corporate car fleet market for Chinese EV makers. European carmakers are also pursuing five-star ratings for their EVs and hybrids, from BMW's (BMWG.DE) iX to Volkswagen's (VOWG_p.DE) ID.4 and ID.5. But almost half the Chinese cars sold were EVs, according to Inovev, giving them a 5.8% share of Europe's fully-electric vehicle market. Inovev vice-president Jamel Taganza said all Chinese cars sold in Europe would be EVs within a few years, with more lower-cost models on the way.

Three quarters of cars produced by South Africa's auto industry, which accounts for 5% of gross domestic product and over 100,000 jobs, are exported, mostly to European countries. Martina Biene, Volkswagen South Africa's new managing director, told Reuters the company's manufacturing facilities in the country do not plan an immediate pivot to producing electric vehicles. "I think by 2035 there will be production of electric vehicles in Africa ... but in the meantime we will export probably less to Europe than other countries." Volkswagen South Africa produced over 129,000 vehicles last year along with more than 58,000 engines, mostly destined for exports. That would focus on selling South African-manufactured petrol and diesel vehicles in most markets and imported EVs in countries like Mauritius, Cape Verde and South Africa as demand for more environmentally friendly cars picks up there.

☆ SEAT-VW says to go ahead with Spanish e-car, battery project
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 9 (Reuters) - Volkswagen's (VOWG_p.DE) Spanish unit SEAT will go ahead with a mega project to make electric vehicles and batteries after overcoming initial reservations about government subsidies, it said on Wednesday. The SEAT-led project, in which 60 other Volkswagen-linked companies will also take part, foresees an investment of 10 billion euros ($10.06 billion) to electrify Spain's auto industry and turn the country into a European hub for e-vehicle and battery production. The government said last month VW-SEAT would receive 397.4 million euros of the 877 million total in the first phase of the electric vehicle financing programme using EU pandemic recovery funds. Although it was the carmaker that received the largest allocation, SEAT initially said the funding was not sufficient. ($1 = 0.9939 euros)Reporting by Andrei Khalip and Jessica JonesOur Standards: The Thomson Reuters Trust Principles.

The settlement, first reported by Reuters in June, covers 2005 through 2020 model year Porsche vehicles. Owners accused the automaker of physically altering test vehicles that affected emissions and fuel economy results. "We are committed to providing our customers with transparent fuel economy and emissions data, and the agreement ensures that customers are fairly reimbursed for any fuel economy changes," it added. Under the settlement, owners of Porsche vehicles with "Sport+" driving mode that exceeded emissions limits when driven in that mode will get an additional $250 when they complete emissions repair software updates that will reduce vehicle emissions. The total U.S. settlement could be worth $85 million depending on how many vehicle claims are submitted.

☆ Euro zone downturn deepens, points to winter recession
▼ + stars: | 2022-11-04 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

A closely-watched survey showed euro zone October business activity contracted at the fastest pace since late 2020. "The final euro zone PMIs for October paint a clear picture of falling activity and sky-high inflation," said Jack Allen-Reynolds at Capital Economics. Asked what type of recession the euro zone would endure, 22 of 46 respondents in an October Reuters poll said it would be short and shallow while 15 said it would be long and shallow. In the euro zone, high operating expenses due to energy, wage and transport costs pushed services firms to raise charges sharply again. With no end in sight to the Russia-Ukraine conflict, nearly 65% of 34 respondents in the October Reuters poll said the cost of living in the euro zone would worsen or worsen significantly.

☆ Volkswagen tells brands to pause paid advertising on Twitter
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

[1/2] A Volkswagen logo is seen on one of the German automaker's cars in a street in Sydney, Australia, October 8, 2015. REUTERS/David GrayHAMBURG, Nov 4 (Reuters) - Volkswagen (VOWG_p.DE) on Friday said it has recommended to its brands to pause paid advertising on Twitter until further notice in the wake of Elon Musk's takeover of the social media platform. "We are closely monitoring the situation and will decide about next steps depending on its evolvement," Europe's top carmaker said in a statement. The comments by Volkswagen group, which covers the VW, Seat, Cupra, Audi, Lamborghini, Bentley, Ducati and Porsche (P911_p.DE) brands, echoes similar remarks from other firms, including GM (GM.N) and General Mills Inc (GIS.N). Reporting by Jan Schwartz; Writing by Christoph SteitzOur Standards: The Thomson Reuters Trust Principles.

☆ VW's SEAT says Spain's subsidy for battery plant, EV production 'not sufficient'
▼ + stars: | 2022-11-03 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

MADRID, Nov 3 (Reuters) - The chief of Volkswagen's (VOWG_p.DE) Spanish unit SEAT said on Thursday the subsidies offered by Spanish authorities for a battery factory construction and electric vehicle production "is not sufficient", but voiced optimism about finding a solution. Speaking at a panel in Madrid, SEAT Chairman Wayne Griffiths said the solution, which he did not specify, has to be found within 10 days. "Spain is capable of making one of the best cars in the world," Griffiths said, highlighting the country's renewable energy capacity. However, he lamented the fact that the country had also one of the lowest shares of electric vehicles in Europe. Reporting by Corina Pons, writing by Joan Faus, editing by David Latona and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen sells WeShare to Berlin-based carsharing service
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 1 (Reuters) - Volkswagen (VOWG_p.DE) said on Tuesday it would sell its carsharing service WeShare to Miles Mobility, under a deal that sees the Berlin-based competitor order more than 10,000 electric cars from the Audi, Seat/Cupra and VW brands. Volkswagen said it would not disclose the selling price as per the agreement. Reporting by Jan Schwarz, Writing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Self-driving cars were supposed to take over the road. What happened?
▼ + stars: | 2022-11-01 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +8 min

Caitlin O'Hara/Bloomberg/Getty ImagesGeneral Motors bought a self-driving company in 2016. Big talk, smaller resultsUrmson, while leading Google’s self-driving car project before founding Aurora, talked of his preteen son never needing to get a driver’s license. A self-driving car, without a steering wheel or pedals, would have to be able to drive itself in literally every situation possible. “It’s really, really hard,” Waymo’s then-CEO John Krafcik said in 2018 of self-driving technology. Companies developing lidar, widely seen as a key component for self-driving vehicles, as well as self-driving companies, have seen their stocks plummet recently.

☆ VW unveiled a fully autonomous EV concept that lets passengers sleep horizontally — take a look at its sharpest features
▼ + stars: | 2022-10-31 | by ( Stephen Jones | ) www.businessinsider.com time to read: 1 min

"It's not only the advantage of creating more room around you and offering the ability to sleep. It's also the idea of having the advantage of not having to take care of the car," Zyciora said. The car has been designed from the "inside out" based on what passengers could want, he added. Volkswagen Group

☆ Porsche’s IPO Hasn’t Helped Volkswagen Much
▼ + stars: | 2022-10-28 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Volkswagen risks learning the wrong lessons from taking Porsche public. In his first quarterly-results call with investors since taking the top job at VW, Chief Executive Officer Oliver Blume on Friday said the “big success” of last month’s Porsche initial public offering would be a “role model” for all of the group’s brands, which include the likes of Audi as well as VW itself. The company has no immediate plans for any more IPOs, but it will host a capital-markets day next spring to lay out “virtual equity stories” for its other badges. Mr. Blume hopes this will “lead to a complete equity story for the Volkswagen group.”

☆ Volkswagen to work with Mobileye on automated driving after Argo exit - sources
▼ + stars: | 2022-10-27 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

REUTERS/Shannon StapletonBERLIN, Oct 27 (Reuters) - Volkswagen (VOWG_p.DE) plans to expand its cooperation with Intel's Mobileye (MBLY.O) to include its automated driving program after Wednesday's decision to no longer invest in self-driving startup Argo AI, two sources familiar with the plan told Reuters on Thursday. Mobileye, which develops autonomous driving technologies, already cooperates with VW's software unit Cariad. Volkswagen's and Ford Motor's F.N exit from Argo came after three years of joint efforts on the development of automated driving systems and investments of more than $3 billion, highlighting the cost pressure automakers face in that field. Israel-based Mobileye went public this week, being valued at more than $20 billion. Chief Communications Officer Dan Galves said earlier this week that based on its design wins with automakers, the company's assisted driving systems would be deployed in 270 million cars by 2030.

☆ Ford CEO puts the brakes on the company's plan for fully autonomous cars, saying there's a long way to go before it can develop them at scale
▼ + stars: | 2022-10-27 | by ( Stephen Jones | ) www.businessinsider.com time to read: +3 min

Ford is shifting its priorities away from developing fully autonomous cars. CEO Jim Farley said development of the vehicles at scale was "a long way off." The shift means that Ford is closing down Argo AI, a robo-taxi startup it jointly backed with VW. "Profitable, fully autonomous vehicles at scale are a long way off," CEO Jim Farley said, in a statement published alongside the automaker's third-quarter earnings, Wednesday. A vehicle with Level 4 ADAS capability is considered to be fully autonomous and can navigate most road situations without the need for human assistance.

☆ Analysis: Ford, VW pop the automated-vehicle bubble with Argo AI exit
▼ + stars: | 2022-10-26 | by ( Paul Lienert | ) www.reuters.com time to read: +4 min

DETROIT, Oct 26 (Reuters) - The road map to fully self-driving vehicles is being rewritten once again, this time by Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE). VW also bought Argo shares from Ford for $500 million. Ford previously injected $1 billion into Argo when it bought control of the company in 2017. Before it acquired the stake in Argo, VW flirted with at least two other U.S.-based self-driving startups: Alphabet Inc's (GOOGL.O) Waymo and Aurora Innovation (AUR.O). VW reportedly considered a $13.7 billion investment in 2018 in Waymo for a 10% stake that would have valued Waymo at $137 billion.

DETROIT, Oct 26 (Reuters) - Ford Motor Co (F.N) on Wednesday reported a third-quarter net loss driven by its decision to shift spending from the Argo AI self-driving business. Ford posted a net loss in the quarter of $827 million, after taking a $2.7 billion noncash pretax impairment on its investment in Argo AI. The automaker said Argo will be "wound down" and that "talented engineers" will be offered positions with Ford. Chief Executive Jim Farley on Wednesday said Ford will shift its development focus away from fully self-driving systems developed by Argo to advanced driver assistance systems (ADAS) created internally at Ford. GM on Tuesday reported a net profit of $3.3 billion on record third-quarter revenue of $41.9 billion.

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