Tag: $Volkswagen

Volkswagen workers across Germany stopped work on Monday as the conflict between the German automotive giant and its employees over changes to labor agreements and potential factory closures escalated.

Volkswagen has sold its plant in Xinjiang, a region in northwestern China beset by accusations of human rights abuses, citing “economic reasons.”

Volkswagen and electric-vehicle startup Rivian Automotive are partnering to create a joint venture with the aim of making electric cars more accessible. The German automaker plans to invest up to $5.8 billion in Rivian and the joint venture by 2027, the companies said on Tuesday. 

German automaker Volkswagen on Wednesday reported a 42% drop in operating profit in the third quarter.

Volkswagen is considering widespread pay cuts and layoffs as well as the closure or size reduction of its plants in Germany, the company’s works council said Monday.

Union leaders threatened strikes and warned Volkswagen on Wednesday against an “historic mistake” as the two sides started pay talks that will likely determine how aggressively Europe’s biggest automaker pursues layoffs and plant closures in Germany.

German Economy Minister Robert Habeck said on Friday that he wants to help Volkswagen (VOWG_p.DE), opens new tab get through a period of cost-cutting without having to resort to site closures, reflecting concerns about the country’s biggest carmaker.

Volkswagen may book up to 4 billion euros ($4.4 billion) in provisions for planned capacity cuts as early as the fourth quarter, analysts at brokerage Jefferies said in a note after travelling with company executives in North America.

German automotive giant Volkswagen is bracing for a showdown with trade unions shortly after it said it cannot rule out shutting factories in its home country for the first time in its nearly 90-year history.

Volkswagen shares dipped Wednesday after the company issued an overnight profit warning and announced it was considering the potential closure of an Audi plant in Brussels.

Rivian (RIVN) shares surged in premarket trading Wednesday after the EV maker announced a joint venture deal with Volkswagen (VWAGY), crucially bringing fresh capital into Rivian’s coffers.

Volkswagen will bring new automated driving technologies to series production as it deepens its partnership with Mobileye in automotive driving technologies, Europe’s biggest carmaker said on Wednesday.

Volkswagen group deliveries fell by 1.1% in February to 605,500 vehicles, hit by a sharp decrease in China, the German carmaker said on Friday.

BERLIN, Nov 27 (Reuters) – Volkswagen’s 10 billion euro ($10.9 billion) savings programme will include staff reductions, managers told staff on Monday as brand chief Thomas Schaefer warned that high costs and low productivity were making its cars uncompetitive.

Oct 23 (Reuters) – Volkswagen shares fell more than 3% to their lowest since April 2020 on Monday after the German carmaker cut its profit margin outlook for the current year, disappointing some investors.

BERLIN, July 27 (Reuters) – Volkswagen (VOWG_p.DE) on Thursday cut its full year sales target and pledged to improve its cash position in the second half by hiking prices and cutting costs as the German carmaker seeks to fend off tough competition in China, its top market.

Volkswagen plans to use silicon carbide (SiC) chips in electric cars for the first time this year, German media outlet The Pioneer reported on Thursday.

Global miner Glencore, Chrysler parent Stellantis and Volkswagen’s battery unit PowerCo have agreed to back a $1 billion deal by blank-cheque fund ACG Acquisition Company to buy two mines in Brazil, ACG said on Monday.