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Volkswagen

Volkswagen considers succession for board member Osterloh

Volkswagen considers succession for board member Osterloh

  • One source said that Osterloh had been offered the position of personnel director at Traton, Volkswagen's truck unit that was spun off and separately listed in 2019.
  • Osterloh, 64, has since 2005 been a member of Volkswagen's supervisory board, half of which is composed of labour representatives under Germany's system of corporate governance.
Published 22 Apr, 2021 05:38pm
Volkswagen wage deal with IG Metall union
Business & Finance

Volkswagen wage deal with IG Metall union

  • The deal with IG Metall will see salaries rise by 2.3% from January 2022. It also includes a 1,000 euro ($1,190) one-off "corona support payment" in June, the carmaker said.
  • This is indeed a deal based on moderation that will probably be reflected in other areas too. It shows that, despite rising inflation, the wage-price spiral feared by many will not rear its head in Germany.
Published 13 Apr, 2021 06:24pm
Volkswagen, IG Metall strike wage deal
Business & Finance

Volkswagen, IG Metall strike wage deal

  • Volkswagen, the world's second-largest carmaker, has seen its shares rise by more than half, shrugging off the impact from the coronavirus pandemic and a chip shortage that has hit the automotive sector.
Published 13 Apr, 2021 12:39pm
Volkswagen recalls Audi A3s in the US over air bag concerns
Business & Finance

Volkswagen recalls Audi A3s in the US over air bag concerns

  • The recall is expected to affect 153,152 Audi A3 cars built between 2015 and 2020, including the Sedan, Etron and Cabriolet models, as well as certain S3 Sedans.
  • The system which detects whether the passenger seat is occupied might malfunction and switch off the air bag even if a person is sitting there, the filing said.
Published 27 Mar, 2021 09:07pm
Volkswagen to seek dieselgate damages from former CEO, Audi boss
Business & Finance

Volkswagen to seek dieselgate damages from former CEO, Audi boss

  • "The Supervisory Board of Volkswagen AG has drawn a line under its clarification process and ended its investigation started in October 2015 into the causes of the diesel crisis and who was responsible for this," Volkswagen said.
  • Winterkorn's lawyers said in a statement the former CEO regretted the supervisory board's decision and rejected the accusations against him.
Published 26 Mar, 2021 06:12pm
European stocks rise
Markets

European stocks rise

ROTTERDAM/LONDON: European stocks rose on Tuesday as German carmaker Volkswagen and online fashion retailer Zalando...
Published 17 Mar, 2021 04:45am
Volkswagen to switch EV battery type, leaving supply deals in doubt
Business & Finance

Volkswagen to switch EV battery type, leaving supply deals in doubt

  • Volkswagen plans to use the prismatic type of battery, increasingly turning to supplies from China's Contemporary Amperex Technology Co Ltd (CATL), South Korea's Money Today online news site reported earlier on Monday, citing unnamed South Korean battery industry sources.
  • The German carmaker declined to comment. Volkswagen plans to announce its battery procurement plans at its Power Day event on Monday, Money Today reported.
Updated 15 Mar, 2021 09:28pm
Battery maker Northvolt signs $14 billion order from Volkswagen
Business & Finance

Battery maker Northvolt signs $14 billion order from Volkswagen

  • The battery maker also said it will sell its share in joint-venture Northvolt Zwei to Volkswagen, while the carmaker increases its ownership in Northvolt.
  • By consolidating cell production to the Northvolt Ett gigafactory, the partners will achieve further economies of scale, thereby securing the best possible cost and enabling the lowest environmental footprint in the world for cell production.
Published 15 Mar, 2021 05:44pm
Deutsche Bank nominates retiring VW CFO to board
Business & Finance

Deutsche Bank nominates retiring VW CFO to board

  • Frank Witter, who retires from VW in June, has banking experience as the head of the carmaker's banking unit. Shareholders will vote on the nomination in May.
  • Theodor Weimer, currently the chief executive of the stock exchange operator Deutsche Boerse, has been touted as a possible successor, people familiar with the matter have said.
Updated 11 Mar, 2021 10:04pm
Volkswagen hikes battery cell demand in EV expansion push
Business & Finance

Volkswagen hikes battery cell demand in EV expansion push

  • The supply chain update is part of the world's second-largest carmaker's strategy to raise the share of fully electric vehicles in Europe to more than 70% by 2030 at its core brand, details of which were unveiled last week.
  • So far, Volkswagen, which sources batteries from LG Chem , Samsung SDI, SK Innovation and CATL, expects annual demand in Europe to be more than 150 GWh from 2025 and to be at a similar level in Asia.
Updated 11 Mar, 2021 12:48am