Streetbeat News

VWAGY

Volkswagen AG

https://www.volkswagenag.com/

Open

9.33

Mkt cap

44B

Volume

39K

High

9.33

P/E Ratio

3.34

52-wk high

16.48

Low

9.25

Div yield

0.12

52-wk low

9.10

Audi AG's CEO Gernot Döllner announced a delay in EV launches to avoid production and sales bottlenecks. Despite slow growth in sales and issues with the Q6 e-tron model, Audi aims to introduce 20 new models by 2026, with half being fully electric. The Q6 e-tron is expected to launch in Q2, followed by more models in the next year. Audi, part of Volkswagen AG, faces competition from Mercedes-Benz and BMW, and broader industry challenges in marketing EVs. Döllner is confident in Audi's diversified portfolio of EVs, plug-in hybrids, and combustion engines.

Portfolio Pulse from Benzinga Neuro

December 19, 2023 | 11:04 am

Alibaba Group Holding Limited (NYSE:BABA) has reduced its stake in XPeng Inc. (NYSE:XPEV) from 10.2% to 7.5%, selling about 25 million American depositary receipts for approximately $391 million. This decision is part of Alibaba's strategy to reshape its investment strategy and manage capital. Despite the reduction, XPeng assures that Alibaba remains its second-largest shareholder and their strategic relationship continues, with ongoing collaborations in autonomous driving and in-car payment systems. Meanwhile, Volkswagen AG (OTC:VWAGY) has invested $700 million in XPeng for a 4.99% stake, aiming to co-develop EVs in China. Following the news, XPEV shares dropped by 7.54%, while BABA shares rose by 2.76%.

Portfolio Pulse from Nabaparna Bhattacharya

December 16, 2023 | 8:41 pm

The United Auto Workers (UAW) union has filed legal charges against Honda Motor Co Ltd (NYSE:HMC), Hyundai Motor Company (OTC:HYMTF), and Volkswagen AG (OTC:VWAGY) for alleged anti-union activities in their U.S. plants. The UAW accuses these automakers of union-busting tactics such as instructing workers to remove union stickers, polling employees on union support, and coercing workers. UAW President Shawn Fain has called out these companies for breaking the law. The UAW is seeking to organize the nonunion auto sector and claims substantial support at Volkswagen's Chattanooga plant. Honda and Hyundai have stated their commitment to employee rights, while Volkswagen has pledged to investigate the claims. HMC shares closed higher by 1.21% at $30.85 on Monday.

Portfolio Pulse from Shivani Kumaresan

December 12, 2023 | 1:31 pm

Renault SA is in talks with potential partners, including Volkswagen AG, to develop the new Twingo electric vehicle (EV), aiming to finalize a partner by early 2024. Renault's finance chief highlighted the goal of democratizing the EV market with the Twingo EV 'Legend', priced under €20,000. The average retail price of an EV in Europe is significantly higher than in China, as reported by JATO Dynamics. Renault's shares (RNLSY) saw a slight decline of 0.45% to $8.11.

Portfolio Pulse from Shivani Kumaresan

December 11, 2023 | 5:01 pm

Huawei is reportedly in talks with Audi and Mercedes-Benz about potential investments in its smart car business, according to sources cited by Reuters. The discussions are part of Huawei's efforts to diversify its business amid US sanctions that have impacted its core telecom equipment and smartphone operations. The move into the smart car industry represents a strategic pivot for Huawei, leveraging its technological capabilities in a new sector.

Portfolio Pulse from Charles Gross

December 11, 2023 | 10:51 am

Volkswagen AG (OTC:VWAGY) is in preliminary talks with Renault SA (OTC:RNSDF, OTC:RNLSY) to develop an affordable electric vehicle (EV) priced around €20,000. The discussions are at an early stage and may not result in a partnership. The goal is to produce 200,000-250,000 vehicles annually. Renault confirms ongoing talks for cooperation in the small-entry EV segment. European automakers are competing with lower-priced Chinese models, with the average EV price in Europe at over €65,000, compared to €31,000 in China. Renault launched a new electric Twingo model, and Volkswagen plans to launch an EV for about €25,000 by 2025. VWAGY shares are up 0.19% at $13.35.

Portfolio Pulse from Shivani Kumaresan

December 08, 2023 | 5:59 pm

Over 1,000 employees at the Volkswagen (OTC:VWAGY) plant in Chattanooga, Tennessee, have signed union authorization cards, indicating a push towards unionization led by the United Auto Workers (UAW). This move is part of a larger UAW campaign to unionize the nonunion auto sector in the U.S., which includes major automakers like Tesla (NASDAQ:TSLA), Toyota (NYSE:TM), and others. The UAW's strategy involves publicizing the effort once 30% of workers sign cards, rallying at 50%, and demanding a vote or recognition at 70% support.

Portfolio Pulse from Benzinga Neuro

December 08, 2023 | 11:21 am

Chinese EV manufacturer BYD Co. (OTC:BYDDF) faces a $12 billion selloff due to concerns over its sales targets and smart-car capabilities. The company's shares dropped 12% in November, with doubts cast by competition from Huawei and a volatile market. Despite record sales, BYD's growth is questioned, and Warren Buffett's Berkshire Hathaway (NYSE:BRK) has reduced its stake. The EU's probe into Chinese EV subsidies and a surge in short interest in BYD shares add to the challenges. BYD's market cap gap with Tesla (NASDAQ:TSLA) despite similar revenues and sales also raises analyst concerns.

Portfolio Pulse from Benzinga Neuro

December 05, 2023 | 4:47 am

Volkswagen AG (OTC:VWAGY) is implementing a €10 billion cost-saving plan, which includes staff reductions, to improve efficiency during its transition to electric vehicle production. The company is negotiating with its works council on this cost-cutting initiative. Volkswagen aims to become more competitive by addressing high costs and redundant structures. The workforce reduction will primarily be through partial or early retirement, but the majority of savings will come from other areas. VWAGY shares dropped by 0.77% to $12.85.

Portfolio Pulse from Shivani Kumaresan

November 27, 2023 | 6:07 pm

Volkswagen (OTC:VWAGY) is developing a new entry-level electric vehicle platform, the A-Main Platform, targeting the Chinese market. The platform, an evolution of the MEB, will be ready by 2026 and will heavily involve Chinese suppliers. This move comes after Volkswagen lost its top position in China to BYD and faces competition from local EV makers. Volkswagen Group China Technology Company (VCTC) is developing the platform with a 1 billion euro investment and plans to hire over 2,000 people. Additionally, Volkswagen is collaborating with Xpeng Inc on two new EV models for launch by 2026.

Portfolio Pulse from Benzinga Neuro

November 24, 2023 | 9:37 am

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