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August 5, 2014
15:18 EDTVLKAY, SPWRSunPower partners with Volkswagen to provide residential solar energy solutions
As part of Volkswagen's (VLKAY) efforts to deliver an ultra-low-carbon car, the company is working with SunPower (SPWR) to provide qualified U.S. Volkswagen e-Golf customers the opportunity to install a high performance SunPower solar system. A residential SunPower system can help customers save on annual household electricity costs as well as power their electric vehicle, reducing overall cost of ownership, according to Volkswagen. Volkswagen Group of America is SunPower's first automotive partner whose customers will receive premier access to an energy storage solution from SunPower for a limited time once it becomes commercially available.
News For SPWR;VLKAY From The Last 14 Days
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September 29, 2015
10:30 EDTVLKAYVolkswagen provides action plan for improvement of diesel vehicles
In a press release issued in German, Volkswagen presented its action plan to remedy the exhaust performance of diesel vehicles, according to a translation. The action plan foresees that Volkswagen and the other concerned Group brands present the technical solutions and measures in October to the appropriate authorities. An internal evaluation showed that a total of eleven million Group vehicles worldwide, including around five million vehicles Volkswagen brand passenger cars, will require a service intervention, the translation of the press release stated. Reference Link
06:13 EDTVLKAYVolkswagen to recall up to 11M cars linked to emissions scandal, Reuters says
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05:10 EDTVLKAYContinental AG upgraded to Conviction Buy from Buy at Goldman
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05:08 EDTVLKAYAutoliv upgraded to Neutral from Sell at Goldman
Goldman Sachs upgraded Autoliv to Neutral citing valuation as well as the company's relative low exposure to Volkswagen (VLKAY) and diesel. The firm keeps a $119 price target for shares.
05:06 EDTVLKAYPeugeot downgraded to Buy from Conviction Buy at Goldman
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September 28, 2015
18:56 EDTVLKAYPrevious Volkswagen tax breaks could be grounds for prosecution, Reuters says
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13:29 EDTVLKAYVolkswagen faces rise in interest costs amid scandal, WSJ says
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08:18 EDTVLKAYVolkswagen may have to raise capital, says Bernstein
Bernstein believes that Volkswagen will not have to pay a fine of more than $7.4B to the EPA. However, the firm adds that the automaker faces other potential liabilities, including fines by European countries and U.S. states, and lawsuits by consumers. Bernstein believes that Volkswagen will raise new capital if its costs exceed about EUR10B. It notes that the company can only raise about EUR8B by issuing new preferred shares, an would have to issue new ordinary shares in order to raise more than EUR8B. However, Bernstein continues to believe that the company has "significant strengths and attraction," as well as potential growth catalysts and cost reductions. It keeps an Outperform rating.
07:34 EDTVLKAYVolkswagen's Audi says 2.1M cars affected by emissions scandal, CNBC reports
Audi, Volkswagen's luxury brand, says 2.1M of its cars globally have been affected by the emissions scandal that has rocked its parent company, CNBC reports. The automaker says 1.42M cars in Europe were affected, while nearly 13,000 Audi cars in the U.S. and 577,000 in Germany were also impacted. Reference Link
06:57 EDTVLKAYNHTSA mulls Takata air bag recall expansion, Bloomberg reports
The National Highway Traffic Safety Administration, or NHTSA, is mulling an order that would expand that recalls of Takata (TKTDY) air bags and has contacted seven manufacturers who may be affected, including Volkswagen (VLKAY) and Tesla (TSLA), Bloomberg reports. Takata had identified seven companies that it has supplied with air bag inflators that use ammonium nitrate propellant, the report says, citing NHTSA letters dated September 22. The NHTSA also contacted Mercedes-Benz (DDAIF), Jaguar Land Rover (TTM), Suzuki (SZKMF), Volvo Trucks (VOLVY), and Spartan Motors (SPAR), the report says. Reference Link
06:46 EDTVLKAYEPA to road-test all diesel fuel vehicles, WSJ reports
U.S. regulators joined with governments in Europe and South America in increasing the crackdown of diesel emissions violators in the wake of the Volkswagen emissions scandal, the Wall Street Journal reports. The EPA said in a letter to auto manufacturers that it plans to road test vehicles instead of just rely on statements from the companies, the report says. Reference Link
06:44 EDTVLKAYVolkswagen diesel car sales could be banned by Switzerland, WSJ reports
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06:37 EDTVLKAYVolkswagen software was provided for testing, warned of illegality, WSJ says
Auto parts supplier Robert Bosch provided the emissions software to Volkswagen for test purposes and told the car maker in letter in 2007 that the planned use would be illegal, the Wall Street Journal reports, citing a report from German newspaper Bild am Sonntag. Internal auditors at the company discovered the letter, the report says. Reference Link
06:31 EDTVLKAYU.K. PM decries Volkswagen over emissions scandal, Bloomberg reports
U.K. prime minister David Cameron called out Volkswagen over its emissions reporting scandal and refused to rule out whether the U.K. will ban the sale of some of the company's diesel vehicles, Bloomberg reports. The country's Department of Transport is re-doing vehicle tests and looking into the regulatory failures which allowed the company to use "defeat" devices to conceal high emissions, the report says. Reference Link
06:17 EDTVLKAYGerman regulators request clean-up plan from Volkswagen, Bloomberg reports
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06:02 EDTVLKAYVolkswagen's new CEO promises 'thorough' investigation into scandal, WSJ says
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05:59 EDTVLKAYSuzuki sells Volkswagen shares to Porsche
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September 27, 2015
20:57 EDTVLKAYVolkswagen plans to elect Potsch as chairman
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20:53 EDTVLKAYVolkswagen announces restructuring, says U.S. CEO Horn to remain
The supervisory board of Volkswagen (VLKAY) approved a new management structure for the group and its brands as well as for the North America region. Interim chairman Berthold Huber commented, "The new structure strengthens the brands and regions, gives the group board of management the necessary leeway for strategy and steering within the company, and lays a focus on the targeted development of future-oriented fields." Markets in the U.S., Mexico, and Canada will be combined and strengthened to form a new North America region. Effective November 1, the group's activities in the region will be led by Winfried Vahland, formerly chairman of the board of directors at Skoda. Michael Horn remains president and CEO of Volkswagen of America. Additionally, at group level, the management structure will be oriented even more towards modular toolkits. These toolkits feature standardized technical components for each automotive vehicle segment, including volume, premium, sport and commercial vehicles. Consequently, a Porsche (POAHY) brand group with Bentley and Bugatti will be established for the sportscar and mid-engine toolkit. The toolkit strategy will come under the guidance of the group CEO, and a separate department will be set up for this purpose. The Audi brand group with Lamborghini and Ducati will be continued as will the Truck Holding, and the Power Engineering and Financial Services business lines. The volume brands Volkswagen, SEAT, and Skoda will be represented by one member each in the board of management. Also, group functions will concentrate more closely on efficiency and future-oriented fields. Organizational units, for example for product strategy, new business fields, cooperations and holdings, connected car activities, and CO2 steering, will therefore be set up. Furthermore, a Chief Technology Officer will analyze and, if necessary, co-steer technical developments throughout the group. At the same time, existing corporate bodies, structures and processes will be streamlined at group level, in particular by strengthening the brands and regional accountability. To that end the Volkswagen brand will introduce a management structure with four regions, each led by a local CEO with a direct reporting line to the brand chairman. The production department at group level, until now led by Thomas Ulbrich in an interim capacity, will be abolished with immediate effect as a consequence of delegating responsibility to the brands and regions. Huber commented, "Going forward, the brands and regions will also have greater independence with regard to production." The new management model will be implemented at the beginning of 2016. Separately, Christian Klingler, member of the board of management of Volkswagen with responsibility for sales and marketing is leaving the company with immediate effect as part of long-term planned structural changes and as a result of differences with regard to business strategy. New CEO Matthias Muller will head the sales department at group level in an interim capacity. Reference Link
12:33 EDTVLKAYAuto suppliers look like bargains after Volkswagen scandal, Barron's says
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