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☆ Russian carmaker files third lawsuit against Volkswagen
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowGaz PAO FollowMay 6 (Reuters) - Russian carmaker GAZ (GAZA.MM) has filed a lawsuit worth 15.6 billion roubles ($200.5 million) against Volkswagen (VOWG_p.DE), court records show, adding to two others filed earlier this year. The lawsuit, details of which have not been published, was filed with the Nizhny Novgorod Regional Arbitration Court on Friday. Earlier this year, GAZ filed two lawsuits against the German carmaker seeking a total of around $545 million in losses and damages, saying VW's moves to exit the Russian market had put its interests at risk. It initially persuaded a court to freeze Volkswagen's assets in Russia pending court proceedings - a decision the court reversed in April. Volkswagen is preparing to sell its Russian assets, including its flagship plant in the city of Kaluga that has annual production capacity of 225,000 vehicles, but no decision has been made and Russian government approval is pending.

☆ 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.

☆ VW's Skoda aims for six electric vehicle models by 2026
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

PRAGUE, April 26 (Reuters) - Czech carmaker Skoda Auto, part of German group Volkswagen (VOWG_p.DE), wants to expand its electric vehicle range to six models by 2026, the company said, further boosting its ambitions in the shift to e-mobility. The company had previously aimed to launch three new electric models but said in a Tuesday evening release it will launch four new e-vehicles and two updated models in the coming years. The launches fall under Skoda's 5.6 billion euro ($6.16 billion) investment plan into e-mobility by 2027. ($1 = 0.9086 euros)Reporting by Jason Hovet, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Canada offering more than C$13 bln for VW battery plant - govt source
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

Companies Volkswagen AG FollowOTTAWA, April 20 (Reuters) - Canada has agreed to provide up to C$13 billion ($9.7 billion) in subsidies and a C$700 million grant to lure Volkswagen AG (VOWG_p.DE) into building its North American battery plant in the country, a government source said on Thursday. The carmaker declined to comment on the subsidies, which the source said would be disbursed over a decade. The plant will cost about C$7 billion to build, the source told Reuters, confirming an earlier report by Bloomberg News. The new Volkswagen battery plant in Canada will have a maximum capacity of 90 gigawatt hours, enough to provide batteries for more than a million cars annually, Handelsblatt reported, citing a company source familiar with the matter. PowerCo, set up last year, is targeting more than 20 billion euros ($21.94 billion) in annual sales by 2030.

☆ Volkswagen: US-made ID.4 models eligible for full tax credit
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

BERLIN, April 20 (Reuters) - Volkswagen's (VOWG_p.DE) U.S.-assembled ID.4 models will be eligible for a $7,500 tax credit this year, according to the German carmaker, after new U.S. Treasury requirements on battery sourcing came into effect this week. Volkswagen added that it was the only international carmaker to have a full battery-electric vehicle eligible for the full credit. The US Treasury said on Monday that numerous automakers including VW did not qualify for the credit, but the German carmaker said at the time it was optimistic the documentation it had submitted to prove the ID.4's eligibility would be approved. Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

[1/3] BMW's concept model i Vision Dee is unveiled during an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. While the battery-electric vehicle market share of German automakers in China is rising, it is still miniscule. The EV sales of all four German brands added up to only a quarter of BYD's in 2022. "The Chinese market is no longer as stable for German carmakers as it was," Thomas Luk, partner at management consultancy Kearney, said on the sidelines of the Shanghai show. Many are also adopting direct sales, an approach German automakers like BMW and Mercedes-Benz have also said in recent months they are moving towards.

☆ VW, Rivian, Nissan, BMW lose access to US EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said on Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new rules for battery sourcing. VW said it was "fairly optimistic" the ID.4 SUV will qualify for the tax credit. Treasury also disclosed General Motors Co (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVs would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

☆ VW, Rivian, Nissan, BMW lose access to U.S. EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. Treasury also disclosed General Motors (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVS would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Earlier, Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) said most of their electric and PHEV models would see tax credits halved to $3,750 on April 18. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

☆ Volkswagen reveals the ID.7, new flagship EV with more than 300 miles of range
▼ + stars: | 2023-04-17 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Volkswagen's new ID.7 electric sedan will go on sale in the U.S. next year. Volkswagen on Monday unveiled a new large electric sedan that it says will have well over 300 miles of range in its top-level trim when it arrives in the U.S. market next year. (The U.S. Environmental Protection Agency's EV range ratings are often 10% to 20% lower than WLTP ratings.) Base models will come with a 77 kWh battery that will provide an estimated 382 miles of range on the WLTP cycle, the company said. Both batteries will accept DC fast charging: The standard 77 kWh battery can recharge at up to 170 kilowatts; the optional 86 kWh battery at up to 200 kWs.

☆ Volkswagen just unveiled its long-range, Tesla-fighting ID.7. See the electric sedan.
▼ + stars: | 2023-04-17 | by ( Nora Naughton | ) www.businessinsider.com time to read: 1 min

We still don't know how much the ID.7 will cost. VW is positioning the ID.7 to take on Tesla's popular Model 3, but without pricing it's hard to know how the cars will stack up against each other with shoppers. The new VW ID.7 sedan is on stage at the Motorenwerk for the model's world premiere. The car, which is just under five meters long, is expected to achieve ranges of up to 700 kilometers in its higher equipment variant and will be offered with modern networking and display technology. Monika Skolimowska/picture alliance via Getty Images

[1/3] U.S. President Joe Biden attends the groundbreaking of the new Intel semiconductor manufacturing facility in New Albany, Ohio, U.S., September 9, 2022. But all that new construction has a real estate problem. That would be a problem for the Biden administration, which has pushed through legislation to fuel the developments. A White House official said it was a "high-class problem" to have, adding: "Folks are finding places to build. The governors of South Carolina, Virginia and North Carolina have each proposed to spend hundreds of millions of dollars on readying industrial sites in the coming years.

☆ Amid risk of stalling in EV race, Spain's rebooted aid scheme gets warm reception
▼ + stars: | 2023-04-11 | by ( Joan Faus | ) www.reuters.com time to read: +6 min

Madrid will launch a new, more flexible version of the PERTE scheme around July, worth 2 billion euros ($2.2 billion) after last year's initial funding round flopped, with only 27% of an earmarked 2.9 billion euros allocated. Stellantis already manufactures EVs in Spain and received 67 million euros from the first PERTE, but could request more funds to boost production. Griffiths said using the EU funds is "essential" for Spain's future as some investments would otherwise be non-viable. Unlike Germany, Europe's leading car producer, Spain lacks a domestic manufacturer to champion the EV cause. In last year's PERTE round, VW-SEAT received the highest payout, of 357 million euros, but had hoped for more.

☆ U.S. warns 143,000 VW SUVs owners to keep front passenger seats empty pending fix
▼ + stars: | 2023-04-04 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The recall covers 2018-2021 model year Atlas and 2020 model year Atlas Cross Sport vehicles, and relates to potential faulty occupant-detection systems in front passenger seats. The passenger occupant-detection system may experience a fault in the wiring, which could deactivate the front passenger air bag even when the seat is occupied. A deactivated air bag will not deploy in the event of a crash, increasing the risk of injury to the front seat passenger, NHTSA said. In February, the auto safety agency requested a meeting to discuss the field performance of the Atlas Passenger Occupant Protection System, VW said. The automaker held a meeting with NHTSA on March 23 to discuss its recall decision.

☆ 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.

☆ VW pledges to double down on EVs in China, urges extension of NEV tax breaks
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: +1 min

"The market is flush with new, highly competitive players but strong competition simply motivates us to constantly innovate and improve," Mecha said. He added that despite softer short term demand in China, the company is confident that there would be a recovery. In February, Chinese electrified vehicle maker BYD outsold the Volkswagen-branded cars to be the best-selling passenger car brand in the world's largest auto market for the second month in four. In September, China extended the tax exemption on such vehicles by a year to the end of 2023. ($1 = 0.9226 euros)Reporting by Zhang Yan, Hongwei Li, Brenda Goh; Editing by William Mallard and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Inside a shake-up at the world's 'most feared law firm'
▼ + stars: | 2023-03-30 | by ( Casey Sullivan | ) www.businessinsider.com time to read: +30 min

It's been a tumultuous period for Quinn and the storied law firm he built over the past 37 years — now the world's largest litigation firm with hourly rates that can be north of $2,000. But behind the scenes, a shift at QE has been the talk of elite law firm circles. Indeed, the firm – known as a singular, even freewheeling, institution that brands itself as the "#1 Most Feared Law Firm in the World" — may appear to be less in the image of its founder as a generational shift brings changes. "We all thought it was important that the world understands this is not a one generation law firm." One former firm partner in California says he believes Quinn's inner circle generally got better deals.

☆ Rwanda is releasing dissident Paul Rusesabagina from prison, the government says. The hero whose story inspired 'Hotel Rwanda' saved over 1,000 people from being massacred in the 1990s.
▼ + stars: | 2023-03-24 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +4 min

Rwanda announced Friday that it is commuting the 25-year sentence of dissident Paul Rusesabagina. Rusesabagina, whose story inspired the Hollywood movie "Hotel Rwanda," saved over 1,000 people from being killed during the Rwandan genocide in the 1990s. Paul Rusesabagina and his wife Tatiana at an event in West Hollywood in 2005. The Hotel des Mille Collines, known as "Hotel Rwanda," where Rusesabagina sheltered Tutsis. Paul Rusesabagina (left) and actor Don Cheadle (right) at a 2005 press conference for "Hotel Rwanda."

☆ VW aims to produce 3 mln small EV cars in 2025-2030 in Spain, SEAT chief says
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Imelda MedinaBARCELONA, March 22 (Reuters) - German carmaker Volkswagen (VOWG_p.DE) plans to produce 3 million small electric vehicles at its two plants in Spain between 2025 and 2030, Wayne Griffiths, the chairman of VW's Spanish unit SEAT, said on Wednesday. The German car maker is pushing the electrification of its production and plans to build a battery plant in Spain. Griffiths said SEAT aims to assemble 500,000 electric cars a year in the medium-term at SEAT’s plant in Martorell, outside Barcelona. Not cutting jobs at the plant is SEAT's priority, he added. Reporting by Joan Faus and Inti Landauro; editing by Emma Pinedo and Jason Neely, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ How Ford and VW's multibillion-dollar self-driving car project failed
▼ + stars: | 2023-03-22 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

Ford Motor bet a billion dollars on a startup called Argo AI to catch up to flashy tech companies like Google , Uber and Tesla . Volkswagen , the second-largest automaker in the world, signed on as a backer in 2019, investing $2.6 billion Argo AI at a valuation of more than $7 billion. By 2021, Argo AI was valued at $12.4 billion and counted 2,000 employees, with offices on two continents and self-driving tests underway in seven cities. There were plans to bring a self-driving taxi service to market by 2021, rivaling those by Waymo and Ford's larger Detroit rival, General Motors . But in October 2022, Argo AI shut down.

☆ Why Ford and VW shut down their multi-billion dollar self-driving project
▼ + stars: | 2023-03-22 | by ( Robert Ferris | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Ford and VW shut down their multi-billion dollar self-driving projectFord invested $1 billion in self-driving startup Argo AI in 2017, and Volkswagen later joined with a $2.6 billion investment. At its height, Argo AI was reportedly valued at $12.4 billion. But in 2022 it shut down. Ford said it didn't attract new investors, and that profitability was "a long way off". VW still pursued autonomous driving projects for commercial uses, and Ford focused on more modest L2 and L3 driver assistance tech.

☆ Volkswagen's Scout unit wins $1.3 bln in incentives for South Carolina factory
▼ + stars: | 2023-03-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The project could also receive up to $180 million in job development tax credits based on hiring, said South Carolina Commerce Secretary Harry Lightsey. In May, VW said it would reintroduce the Scout off-road brand in the United States, offering new electric pickup and sport-utility vehicles. Scout said it hopes to eventually create 4,000 jobs and produce 200,000 Scout vehicles annually. Volkswagen has moved away from cars in the United States. Monday's event was the latest major auto announcement for South Carolina, home to BMW's (BMWG.DE) U.S. operations and its largest plant by volume.

☆ The inside story of hot startup Deel's grow-at-all-costs culture
▼ + stars: | 2023-03-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Deel employees told Insider how the startup exploded. In just three years, the HR services startup grew from under 30 employees to over 2,000. My colleague Rob Price talked with more than 30 current/former Deel employees about its astronomical rise. Get a front row seat to Deel's grow-at-all-costs approach — intense, even for Silicon Valley. Loyalty, loyalty, loyalty: Why people are sticking with Silicon Valley Bank.

☆ VW's Skoda would cut 3,000 jobs if 'Euro 7' implemented in current form
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

PRAGUE, March 19 (Reuters) - Czech carmaker Skoda would have to cut 3,000 jobs and axe some models if the European Union's "Euro 7" emissions scheme is implemented in its current form, a Skoda board member warned in a TV debate on Sunday. Daimler Trucks (DTGGe.DE) chief Martin Daum for instance said on March 10 it would cost the industry "billions". Overall, more than 10,000 jobs would be at risk in the Czech Republic, including at Skoda's suppliers, Jahn said. The three smaller models represented nearly a third of Skoda's deliveries to customers in 2022. Transport ministers from the Czech Republic, Germany, Italy, Poland, Portugal, Romania, Hungary and Slovakia met on Monday to discuss their efforts to change the Euro 7 proposal.

☆ Meet some of the 'hot rodders' making classic gas-powered cars run on electric motors and batteries — see their coolest conversions
▼ + stars: | 2023-03-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

"We're seeing that more and more, as the next generation of hot rodders come up, that they do want to do an EV conversion. 1974 BMW 2002 5-Speed electric conversion Bring a TrailerThe proof? Gadget, who was featured in the "Revenge of the Electric Car" documentary, starts by taking batteries out of crashed Teslas. "You'll see electric cars actually beat gasoline cars with the same horsepower out of the gate, but when they're absolutely quiet, you'll lose some people," Drewry said. 1966 VW Bus 21 Window with a Netgain Hyper 9 motor and EV West’s bolt-in “6 pack” Tesla battery EV WestFor Bream, it's actually about prolonging legacy.

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