Streetbeat News

VWAGY

Volkswagen AG

https://www.volkswagenag.com/

Open

9.14

Mkt cap

45B

Volume

40K

High

9.14

P/E Ratio

3.53

52-wk high

16.48

Low

9.08

Div yield

0.12

52-wk low

8.83

UAW President Shawn Fain announced the continuation of a $40M campaign to unionize autoworkers at 35 non-union U.S. plants of major automakers including Volkswagen, Mercedes-Benz, Tesla, BMW, Toyota, Nissan, and Hyundai, following a significant union victory at a Volkswagen plant in Tennessee. This win represents the union's first success in a Southern car facility owned by a foreign auto manufacturer, with a scheduled election at two Mercedes-Benz plants in Alabama next.

Portfolio Pulse from Anthony Noto

April 22, 2024 | 6:31 pm

European passenger-car sales fell 2.8% in March, with BEV sales down 11.3%. Volkswagen and Stellantis NV reported significant drops in EV registrations, attributing the decline to reduced subsidies and high interest rates. Volkswagen's EV sales in Europe fell 24.3%, while Stellantis experienced a 12.6% decrease in registrations. Both companies anticipate a challenging 2024, with Volkswagen partnering with XPeng Inc to boost EV sales. The trend suggests European automakers need a new strategy to compete, especially against Chinese firms expanding in Europe.

Portfolio Pulse from Upwallstreet

April 18, 2024 | 1:52 pm

Volkswagen AG, in partnership with XPeng Inc, has developed a new EV architecture aimed at reducing manufacturing costs and competing with Tesla Inc. This China Electrical Architecture (CEA) will reduce control units by 40%, targeting a launch in 2026 for Volkswagen-branded EVs in China. This development is part of Volkswagen's strategy to regain its market position in China against local EV makers like BYD Company Limited, which recently expanded its vehicle offerings.

Portfolio Pulse from Upwallstreet

April 17, 2024 | 3:37 pm

XPeng Inc. (NYSE:XPEV) shares rose in premarket trading after announcing a framework agreement with Volkswagen AG (OTC:VWAGY) (OTC:VLKAF) for technical collaboration on Volkswagen's EV platform in China. The collaboration focuses on integrating XPeng's E/E Architecture for central computing and domain controller-based architecture in Volkswagen's electric vehicles, expected to be produced in China from 2026.

Portfolio Pulse from Nabaparna Bhattacharya

April 17, 2024 | 11:28 am

Electric vehicle stocks had a mixed week, with Tesla, Inc. (TSLA) ending higher despite volatility. Tesla slashed its FSD subscription price by 50% to $99/month to boost adoption. Elon Musk confirmed a visit to India to discuss Tesla's plans, potentially impacting the company's strategy in the region. Nikola Corporation (NKLA) faced a setback with shares dropping due to a boardroom battle and a proxy filing by founder Trevor Milton. Ford Motor Co. (F) reduced prices for its F-150 Lightning EV, and Volkswagen AG (VWAGY) reported diverging EV sales in Europe and China. Canoo, Inc. (GOEV) announced a pilot program with Red Sea Global in Saudi Arabia. The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) saw a weekly decline.

Portfolio Pulse from Shanthi Rexaline

April 13, 2024 | 1:39 pm

Volkswagen AG and BMW reported significant progress in their electric vehicle (EV) sales, providing optimism in the EV market. Volkswagen saw a 91% increase in EV deliveries in China, contributing to an 8% rise in overall vehicle deliveries in the country for Q1. Despite challenges, Volkswagen's global deliveries rose by 3%. BMW achieved a milestone by selling its one-millionth EV, with a 40.6% increase in EV sales during the first quarter. These developments come amidst Tesla's first delivery drop in four years, highlighting competitive dynamics in the EV market.

Portfolio Pulse from Upwallstreet

April 11, 2024 | 10:14 am

Volkswagen AG (OTC:VWAGY) reported a 3% increase in Q1 FY24 deliveries, totaling 2.10 million vehicles, driven by growth in China, South America, and North America. Despite a 4% increase in combustion engine vehicle deliveries, all-electric vehicle (BEV) deliveries fell by over 3%, with a significant drop in Europe but a surge in China. The BEV order bank grew by 154% year-over-year. Audi and Porsche deliveries also declined. VWAGY shares dropped by 0.44% to close at $15.98.

Portfolio Pulse from Shivani Kumaresan

April 10, 2024 | 11:58 am

Workers at Mercedes Benz Group AG's Alabama factory petitioned for a UAW union election, aiming to file with the NLRB. The UAW claims over 5,000 workers support joining, with a vote expected by early May. Mercedes denies violating Germany's global supply chain law. The UAW's efforts extend to other non-union automakers like Hyundai, Toyota, Tesla, and Rivian, with UAW President Shawn Fain seeking to expand union representation. President Biden supports UAW's efforts. Volkswagen workers in Tennessee also seek a UAW vote.

Portfolio Pulse from Shivani Kumaresan

April 05, 2024 | 4:39 pm

XPeng (NYSE:XPEV), a Chinese electric vehicle manufacturer, has announced its entry into the German market, challenging Volkswagen (OTC:VWAGY) and other automakers. The launch is part of XPeng's European expansion, with vehicle sales in Germany starting in May. XPeng plans to showcase its G9 SUV and P7 sports sedan at 24 retail locations across Germany, aiming for a 3% market share in the new energy vehicle segment by year-end. This move comes as BEV sales in Germany saw a 15.4% decline, despite a modest 9% growth in the EU. Volkswagen leads EU auto sales, with an 11.5% increase in registrations year-on-year.

Portfolio Pulse from Anan Ashraf

April 01, 2024 | 9:21 am

SAIC Motor plans to lay off thousands of employees at its joint ventures with General Motors (GM) and Volkswagen (VWAGY), and at its Rising Auto EV brand. The layoffs aim to cut 30% of staff at SAIC-GM, 10% at SAIC-Volkswagen, and over half at Rising Auto, mainly through stricter performance standards and payouts for low-rated employees. This move comes amid intensifying competition in the Chinese EV market, dominated by BYD Co Ltd and Tesla Inc. SAIC, a Fortune Global 500 company, sold over 5 million vehicles in 2023, including 1.1 million NEVs.

Portfolio Pulse from Anan Ashraf

April 01, 2024 | 6:31 am

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.