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July 7, 2014
06:56 EDTVLKAYVolkswagen granted NDRC approval for two new facilities, Reuters says
Volkswagen was granted approval from China's National Development and Reform Commission to add two more factories in the country, according to Reuters, citing two people close to the matter. The car maker also plans to broaden production capacity at its facility in Chengdu to 600K cars per year. Reference Link
News For VLKAY From The Last 14 Days
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October 2, 2015
06:48 EDTVLKAYVolkswagen: Emissions scandal probe to take 'several months,' Reuters says
Volkswagen said it will take longer than expected to look over its rigging of vehicle emissions tests, meaning months of uncertainty for customers, shareholders, and staff, Reuters reports. After a seven-hour meeting, the company's board said it would take "at least several months" to finalize the probe, including an external inquiry by law firm Jones Day, the report says. The company proposed a cancellation of its November 9 shareholder meeting as a result, the report says. Reference Link
06:26 EDTVLKAYEPA stretches VW diesel probe to other U.S. companies, FT reports
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October 1, 2015
19:32 EDTVLKAYVolkswagen Canada offering 'unprecedented' incentives, Globe and Mail says
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11:17 EDTVLKAYVolkswagen reports September U.S. sales up 0.56% to 26,141 units
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10:43 EDTVLKAYVolkswagen executive committee recommends that EGM be postponed
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10:36 EDTVLKAYFord says Volkswagen scandal 'a non-issue' for its dealers
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06:49 EDTVLKAYVolkswagen eyes cost cuts, cash flow boost amid scandal, Reuters says
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05:56 EDTVLKAYTrueCar boosts 2015 U.S. sales forecast to 17.4M from 17.2M
TrueCar (TRUE) raised its 2015 annual forecast by 200,000 units to 17.4 million as sales growth in the remaining months of 2015 is poised to remain vigorous. New auto sales in September, aided by a later-than-usual Labor Day, should expand by 12.6 percent from a year ago, while the Seasonally Adjusted Annual Rate should reach 17.7 million units. That strength underpins TrueCar's revised full-year industry forecast of 17.4 million units, the highest volume since 2000. Retail share of the total industry likely expanded a full point in September versus last year, indicating busier-than-average showrooms. Confident consumers are expected to push new vehicle revenue to a record $45 billion for the month, up 13.2 percent versus the same period last year. Publicly traded companies in the space include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM), Daimler (DDAIF) and Volkswagen (VLKAY). TrueCar EVP Larry Dominique commented, "Volkswagen's stop sell of diesel vehicles in the U.S. causes a noticeable hit to its September revenue, with a 7.7 percent decline. We expect sales to dip by at least by 5 percent and incentives to increase by $235 per unit, which will be essential to push non-impacted models off the lots."
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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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
06:13 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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