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News For VLKAY;F From The Last 14 Days
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September 30, 2015
19:27 EDTVLKAYEuropean carmakers use stripped-down vehicles for certification, WSJ says
European car certification tests rely on "golden vehicles," stripped down models with oftentimes sparse resemblance to their real-world counterparts, reports the Wall Street Journal. One anonymous auto executive disclosed that automakers in the region never use random vehicles drawn from assembly lines, remarking, "It's like preparing for a major race. We tune them and pamper them like stud horses." Companies in the space include Volkswagen (VLKAY), BMW (BAMXY), Daimler (DDAIF), Peugeot (PUGOY), and Fiat Chrysler (FCAU). Reference Link
18:08 EDTVLKAYVolkswagen appoints Hans-Gerd Bode as Head of Group Communications
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18:04 EDTVLKAYPorsche appoints Blume as CEO
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11:57 EDTFFord issues 5 safety recalls and one safety compliance recall in North America
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08:57 EDTVLKAYMarathon Patent Group announces USPTO denies Volkswagen petition for IPR
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07:55 EDTVLKAYVW CEO to discuss diesel investigation with board, Bloomberg says
Volkswagen CEO Matthias Mueller will brief board leaders on the findings of its internal investigation of cheating on emissions tests, Bloomberg reports. Mueller will address the investigation at a closed-door meeting, the report says, citing people familiar with the matter. Reference Link
06:46 EDTVLKAYVolkswagen might not face criminal charges for emissions scandal, WSJ says
Volkswagen might not face environmental crime charges for admitting using test-evading software in as many as 11M cars worldwide, the Wall Street Journal reports, citing legal experts. If the Department of Justice decides to pursue a criminal case, it would be the first ever against a car maker for evading emissions standards, the report says. Car companies won a carve-out from criminal penalties in the 1970 Clean Air Act, making prosecutors consider alternative legal approaches, the report says. Reference Link
September 29, 2015
13:45 EDTVLKAYPorsche to appoint Blume as CEO, WSJ says
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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
06:17 EDTFFiat Chrysler labor deal faces resistance, NY Times reports
Fiat Chrysler's (FCAU) tentative deal with the United Auto Workers union has seen resistance in early voting, with several plants rejecting the deal outright, the New York Times says. Voting at some of the largest plants will start Tuesday, and that fate of the proposed four-year deal will be determined by the middle of the week, the report says. Opponents to the deal have said that it does not offer any clear path for lower-tier workers to reach the highest levels of hourly play and fails to limit the number of entry-level workers, the report says. Fiat Chrysler's deal with its auto workers is viewed as a template for labor talks that General Motors (GM) and Ford (F) will have with their workers, the report says. 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
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