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

Tesla, Inc. (NASDAQ:TSLA) has received a subpoena from the Department of Justice regarding vehicle range. This follows claims by Edmunds, an online publisher of automotive information, that no Tesla vehicle has ever hit its EPA range estimate. GLJ Research’s Gordon Johnson has compared this to the Diesel Gate scandal of 2015, where Volkswagen AG (OTC:VWAGY) was found to have manipulated its diesel engines to show emissions within agency standards during testing. A Reuters report in July suggested that Tesla has been exaggerating the ranges of its EVs for years by rigging their range-estimating software.

Portfolio Pulse from Shanthi Rexaline

October 25, 2023 | 8:36 am

Volkswagen (OTC:VWAGY) and Stellantis (OTC:STLA) have not yet committed to supporting Tesla's North American Charging Standard (NACS), despite many other automakers doing so. Both companies are evaluating the implementation of NACS for North American customers. Tesla's Supercharger network, with over 5,500 stations and more than 51,000 plugs globally, offers a significant advantage for Tesla drivers.

Portfolio Pulse from Benzinga Neuro

October 24, 2023 | 3:00 am

Tesla CEO Elon Musk predicts that all major automakers will inevitably adopt Tesla's North American charging standard (NACS). Most major automakers, except Volkswagen, have already embraced Tesla's charging standard since Ford initiated this move in May 2023. Automakers that have adopted Tesla's NACS include Ford, General Motors, Mercedes-Benz, Hyundai, Honda, Rivian, BMW, and Toyota. Stellantis NV, the parent company of Chrysler, and Volkswagen are yet to make this transition.

Portfolio Pulse from Anan Ashraf

October 20, 2023 | 11:40 am

XPeng Inc.'s CEO, He Xiaopeng, reportedly met with executives from Volkswagen AG in Germany, indicating a deepening partnership between the two companies. In July, Volkswagen announced its intention to invest $700 million in XPeng and collaboratively develop electric vehicles (EVs) in China. The partnership aims to leverage Volkswagen's scale and XPeng's technology to boost VW's status in the global automotive market and help XPeng reduce costs.

Portfolio Pulse from Nabaparna Bhattacharya

October 12, 2023 | 4:01 pm

Chinese EV maker XPeng Inc (XPEV) is under investigation for corruption involving its head of procurement, Li Feng. Despite this, XPeng expects the probe not to disrupt its business or production processes. The news comes as XPeng is fostering strategic alliances, including a $700 million investment from Volkswagen AG (VWAGY) for EV development in China. XPeng's shares are trading higher by 1.77% in premarket.

Portfolio Pulse from Shivani Kumaresan

October 11, 2023 | 1:16 pm

Tesla Inc.'s Berlin facility workers are expressing concerns about safety issues and intense working conditions, as reported by the German union, IG Metall. The employees' grievances include challenging work environments, high work demands due to understaffing, and aggressive production goals. IG Metall has seen an increase in Tesla employees joining them. The auto sector is experiencing growing demands from its workforce for better salaries and job stability, especially as the industry transitions to electric vehicles (EVs). Tesla's shares are trading lower by 2.53% at $253.88.

Portfolio Pulse from Shivani Kumaresan

October 09, 2023 | 3:35 pm

BMW CFO, Walter Mertl, has expressed concern over the European Union's investigation into subsidies for EVs manufactured in China, warning that it could trigger retaliatory actions from Beijing. This could potentially affect BMW's sales in China and its exports to Europe. Despite this, Mertl remains optimistic about BMW's Q3 results and confirmed a surge in EV sales. However, he acknowledged ongoing supply chain issues.

Portfolio Pulse from Shivani Kumaresan

October 06, 2023 | 3:33 pm

Volkswagen AG has hired former Tesla, Rivian, and Google executive, Sanjay Lal, to address software issues in its electric vehicle (EV) sector. The company's Cariad software unit has been underperforming, causing delays in the launch of Porsche and Audi electric models. Lal will head a new software design hub for future EVs under the Cariad division. The move is seen as crucial for Volkswagen's ability to compete with industry leaders like Tesla and Rivian.

Portfolio Pulse from Benzinga Neuro

October 04, 2023 | 9:57 am

President Biden's proposal to increase fuel efficiency norms by 2032 could lead to penalties of $6.5 billion for General Motors (GM), $3 billion for Stellantis (STLA), and $1 billion each for Ford (F) and Volkswagen (VWAGY). The American Automotive Policy Council, representing these companies, has expressed concerns about the Department of Energy's plans to alter the Petroleum Equivalency Factor, which could lead to higher compliance costs for U.S. carmakers.

Portfolio Pulse from Shivani Kumaresan

October 03, 2023 | 10:52 am

The week ending on Sept. 29 saw mostly positive performance for electric vehicle (EV) stocks, despite a muted broader market. Tesla is preparing for its Q3 deliveries, with estimates adjusted due to production suspensions at its Giga Shanghai and Giga Texas plants. Rivian's CEO dismissed concerns over competition with Tesla's Cybertruck. Lucid Group opened its first international manufacturing plant in Saudi Arabia. Faraday Future's stock plummeted following its proposed stock sale. Nio is rumored to be exploring a partnership with Mercedes-Benz. The KraneShares Electric Vehicles and Future Mobility Index ETF ended the week up 0.73%.

Portfolio Pulse from Shanthi Rexaline

September 30, 2023 | 2:53 pm

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