OLIVER BLUME
Explainer: What's behind Volkswagen's USD 5 billion EV software bet on Rivian?
The tie-up is the latest in a string of deals by Volkswagen Chief Executive Oliver Blume, who took over in September 2022 after the ousting of Herbert Diess. Shifting from combustion engine to electric cars requires expertise in areas where historically Volkswagen has little experience, from charging to batteries to software.
Volkswagen's $5 billion investment in Rivian boosts EV maker's shares
Rivian secures vital funding through Volkswagen's investment, enabling the launch of new EV models. The partnership signifies a significant step towards technological advancement and financial sustainability in the competitive electric vehicle market.
Volkswagen plans cheaper battery model 'from Europe for Europe'
Volkswagen has announced plans for a cheaper electric model, priced around 20,000 euros ($21,800), to be introduced in 2027. The model will offer entry-level electric mobility from Europe for Europe. Volkswagen also plans to unveil a range of battery-powered cars for under 25,000 euros by the end of 2025, including two compact cars from its VW and Cupra brands, as well as two small SUVs from VW and Skoda.
Porsche AG Q1 Results: Operating profit drops 30% to $1.37 billion on ramp-up costs
Porsche finance chief Lutz Meschke said that while demand in China remained challenged the company would not compromise on margins by steering clear of a price war that has gripped the local market.
What happened when a German car factory went all electric
Zwickau, Germany, adapting to the electric vehicle revolution with Volkswagen's factory conversion, navigating through challenges while facing competition from Chinese electric carmakers, emphasizing the need for innovation and adjustments in the auto industry.
Volkswagen plans to launch entry-level electric vehicle by 2027
Volkswagen plans to launch the ID.1 electric vehicle by 2027, led by Schaefer with four project teams. The company aims for efficiency through cost-cutting, collaboration with Xpeng, and improved supply chains to enhance innovation and competitiveness.
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Why Volkswagen is building a team of 3,000 engineers in China
Volkswagen is revamping its strategy in China, creating a "China for China" initiative due to the country's dominance in the electric car market. The move includes hiring Chinese engineers, setting up an electric car plant in Hefei, and replacing European suppliers with Chinese ones. This shift, driven by China's EV growth and cost-effective production, impacts job cuts in Germany and shapes a competitive landscape challenging traditional carmakers.
VW weighs staff reductions as electric shift stalls
"The situation is critical. Many markets are under pressure. Our orders, particularly for electric vehicles, have been lower than expected," Thomas Schaefer, head of the Volkswagen brand, told a staff meeting at the carmaker's headquarters in Wolfsburg.
'Volkswagen Group to start localisation of EVs in India in phases'
German automaker Volkswagen (VW) Group plans to adopt a phased approach to localizing its battery electric vehicles (BEVs) in India. The company will wait for a strong business case before offering affordable, 'Made in India' EVs. VW is confident in the Indian market, which has experienced rapid growth and is now the third largest car market globally.
Emmy nominations 2023: 'Succession' bags 27 nods; check full list of nominees
The nominations for the 2023 Primetime Emmy Awards were announced live on July 12, 2023.
As US tries to isolate China, German companies move closer
The Biden administration is working to make the US more competitive with China by expanding its infrastructure and manufacturing over negotiating new trade deals.
Volkswagen recalls 1,43,000 Atlas SUVs in US over defective airbag sensor; Here's what happened
Volkswagen has announced a recall of its large Atlas SUVs in the United States. The recall is due to a faulty sensor located on the front passenger side that can cause the airbag system to deactivate in certain situations. Approximately 143,000 Atlas SUVs are affected by the recall.
Volkswagen to invest $193 bn over 5 years to help meet EV target
Over two-thirds of the five-year investment budget is allocated towards electrification and digitalisation, up from 56% in the previous five-year plan, with 15 billion euros of that ringfenced for battery plants and raw materials.
Porsche in talks with Google about integrating software: CEO Oliver Blume
Talks about Google Automotive Services are underway, Blume said, adding the carmaker was also in talks with technology firms in China about catering to that market.
From Emilia Clarke's sci-fi rom-com 'Pod Generation' to Anne Hathaway's psychological drama 'Eileen', the Sundance Film Festival's line-up is nothing short of spectacular
The Sundance Film Festival runs from Jan. 19 through the 29.
Volkswagen says supply jams here to stay as earnings stagnate
Volkswagen said supply bottlenecks were the new norm as its third quarter earnings stagnated below pre-pandemic levels, under the burden of its Porsche listing and the write-off of a self-driving startup, as well as issues securing parts.
Investors switch to Porsche AG shares from Volkswagen on debut day
A Swiss-based equity fund manager said some investors that bought Volkswagen and Porsche Holding to play a potential IPO boom might be unwinding their positions and switching into Porsche AG, which was trading fairly closely to its IPO price.
Porsche shares flat at close after landmark $72 bln listing
The share performance puts Porsche AG's valuation at about 75.43 billion euros, only slightly below former parent Volkswagen, which is worth around 80.1 billion euros, and ahead of rivals such as Ferrari. It is Germany's biggest listing since Deutsche Telekom in 1996.
Porsche ignites blockbuster IPO, defying market turmoil
Even as markets worldwide suffer from surging inflation and mounting recession fears, the maker of the 911 sports car has pushed ahead with the bold flotation that gives Porsche a valuation of more than 76 billion euros.
Investors mixed as Porsche seeks price tag of up to $75 billion
Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW and Mercedes-Benz's 61 billion euros.
Porsche listing sees huge interest, only some investors question dual role - Blume
Attracting interest from a broad range of investors was important, Blume said, declining to comment on what proportion of Porsche shares Volkswagen plans to offer to retail investors as part of the planned flotation.
Porsche IPO only off the table if severe geopolitical problems arise, CFO says
Volkswagen triggered a listing of sportscar brand Porsche late on Monday after months of deliberation, but cautioned the move was still subject to developments in capital markets.Some investors criticised the timing for a stock market debut, with European shares on a downward spiral, inflation at record highs and Russia halting gas supply to Europe through the main Nord Stream 1 pipeline.
Volkswagen to speed up electric vehicle transition, says new CEO Oliver Blume
At a gathering of global top managers in Lisbon, new Chief Executive Oliver Blume said he had developed a ten-point plan focusing on topics including financial robustness, sustainability, the capital market, and development in China and North America.
Volkswagen Ousts CEO Herbert Diess
Porsche boss Oliver Blume will succeed Diess within weeks, ending a four-year tenure in which his hard-nosed leadership style caused constant friction and undermined his effectiveness.
Volkswagen CEO will step down by September 1
Oliver Blume, who is now CEO of Porsche, will succeed Diess. Volkswagen also said the company's chief financial officer, Arno Antlitz, will become the new chief operating officer.
Volkswagen's Herbert Diess to step down as CEO, Oliver Blume to succeed
Herbert Diess's departure comes as the company is pushing to beat Tesla at becoming the world's top electric vehicle maker, catch up on software and execute an IPO for its Porsche sports car brand. The move is effective September 1, and he will be succeeded by Oliver Blume.
Audi supervisory board to discuss McLaren partnership on Wednesday: Sources
The board of Volkswagen, which owns Audi, discussed the matter of getting a foot into the Formula One market at a meeting last week, said two sources who declined to be named.
What's driving the latest Volkswagen power struggle?
Volkswagen's four-member mediation committee is planning to discuss Diess' future soon, sources have said, creating uncertainty around the carmaker's leadership less than four months after the CEO's contract was extended.
Porsche to compete with Tesla, picks Taycan as name for its first electric vehicle
It will arguably be the German manufacturer's most ambitious and potentially risky vehicle project ever.
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