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News Breaks
July 23, 2014
07:25 EDTVLKAYVW head addresses German employees regarding cost reductions, Reuters says
Volkswagen CEO Martin Winterkorn is planning to address workers at the car maker's largest facility in Germany as he aims to win their support for cost reductions at the firm's core VW brand, according to Reuters, citing two company sources. Winterkorn is aiming to reduce costs by $6.74B each year to streamline work processes at all levels of the brand. Reference Link
News For VLKAY From The Last 14 Days
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April 23, 2015
19:49 EDTVLKAYAudi plans five additional models for India, Economic Times says
In an interview with the Economic Times, Volkswagen's (VLKAY) Audi India brand director Joe King said the company plans to launch five new models in India within the next five months. "We see huge potential to grow in the Indian market... The GDP is likely to improve as the fundamentals of the Indian economy are strong and softening interest rate will propel demand for the luxury cars," said King. The Economic Times notes that Daimler's (DDAIF) Mercedes-Benz also aims to ramp up efforts in the region. Reference Link
14:41 EDTVLKAYVolkswagen chairman not pushing for CEO removal, Reuters says
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07:42 EDTVLKAYVolkswagen chairman wants to oust CEO ahead of annual meeting, Reuters says
Ferdinand Piech, the chairman of Volkswagen, will seek to oust the company's CEO, Martin Winterkorn, ahead of the annual shareholder meeting on May 5, Reuters reports, citing German broadcasting network NDR. According to the report, Piech is seeking the support within the Porsche and Piech families in his efforts to replace Winterkorn, and "doesn't feel tied" by the April 17 decision of supervisory board members to back Winterkorn. Reference Link
06:58 EDTVLKAYVolkswagen to get $407M in financing from Canada, Reuters says
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April 20, 2015
08:12 EDTVLKAYMarathon Patent Group announces results of Signal IP Markman ruling
Marathon Patent Group (MARA) announced that on April 17, the United States District Court Central District of California issued the claim construction order in the litigation involving its wholly-owned subsidiary Signal IP and American Honda Motor Co. (HMC), Nissan North America (NSANY), Porsche Cars of North America, Mazda Motor of America, Mercedes-Benz USA (DDAIF), BMW of North America, Subaru of America, Kia Motors America, Mitsubishi Motors North America, Volkswagen (VLKAY), and Jaguar Land Rover North America. A total of 36 claim terms from a total of seven patents were disputed between Signal IP and the defendants.
06:36 EDTVLKAYVolkswagen chairman severely weakened after confrontation, Reuters says
Volkswagen Chairman Ferdinand Piech had a "full-blown confrontation" with the other five members of the company's board over whether to retain the company's CEO, Martin Winterkorn, whose performance the chairman had criticized over the previous five months, according to Reuters. Piech backed down and agreed to back Winterkorn, but his efforts to oust the CEO has produced resentment against the chairman and severely weakened Piech's influence over the company, the news service stated. Reference Link
April 19, 2015
18:45 EDTVLKAYVolkswagen plans to develop budget SUVs for China, Reuters says
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13:06 EDTVLKAYVolkswagen shareholders look to calm leadership turmoil, WSJ says
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April 17, 2015
06:53 EDTVLKAYVolkswagen CEO to stay in position despite fallout with chairman, Reuters says
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April 16, 2015
06:02 EDTVLKAYVolkswagen's supervisory board to meet to resolve leadership dispute, WSJ says
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April 12, 2015
19:15 EDTVLKAYVolkswagen chairman has 'distanced' himself from CEO, Reuters says
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