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

Despite a week-long sell-off in Hong Kong, six companies, including Tencent-backed Tuhu Car Inc. and AI firm Beijing Fourth Paradigm Technology Co., Ltd., listed on the Hang Seng Index, marking a rare moment of new listings activity. Mobile game operator ZX Inc. was 103 times oversubscribed, representing Hong Kong’s largest oversubscription this year. Tuhu Car, the fourth-largest IPO this year, plans to expand its business in China's growing EV market. Alibaba Group also announced it is spinning off its Cainiao Smart Logistics Network Limited subsidiary in a $1 billion IPO later this year.

Portfolio Pulse from Daniel Harrison

September 29, 2023 | 4:32 pm

Nio Inc and Mercedes-Benz have reportedly been in preliminary discussions about a potential collaboration, which could involve investment and technology exchange. However, both companies have denied any such talks. The news highlights a growing trend of collaborations between traditional automakers and new entrants in the automobile industry.

Portfolio Pulse from Shivani Kumaresan

September 28, 2023 | 2:35 pm

Volkswagen AG (OTCPK: VWAGY) is temporarily suspending production of its ID.3 and Cupra Born electric vehicle models due to weak demand. The suspension will affect its Zwickau and Dresden plants for the first two weeks of October. The company has not disclosed how many employees will be impacted by the slowdown. This comes after Volkswagen invested over a billion dollars in 2018 to upgrade the plant for EV production.

Portfolio Pulse from Anan Ashraf

September 27, 2023 | 8:05 am

Volkswagen AG is reducing the production of several electric vehicle models at two German plants due to a decrease in European demand. The production of Volkswagen's ID.3 and Cupra's Born electric models will be reduced at the main EV plant in Zwickau until Oct. 16, and assembly of the ID.3 will stop in Dresden for the first two weeks of October.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 3:55 pm

The ongoing strikes by the United Auto Workers union against the Detroit Big Three automakers (General Motors, Ford, and Stellantis) could benefit Tesla and non-union foreign automakers, according to Wedbush analyst Daniel Ives. Ives suggests that the longer the strike continues, the more Tesla could benefit, especially if the new contract includes higher wages for workers. He also sees non-union foreign automakers like Toyota and Volkswagen as potential winners, as they could take market share away from the three Detroit automakers.

Portfolio Pulse from Chris Katje

September 21, 2023 | 4:02 pm

Battery electric vehicles (BEVs) have reached a 20% market share in Europe for the first time, according to data from the European Automobile Manufacturers’ Association. In August, 165,165 BEVs were registered, marking the thirteenth consecutive month of growth in the European Union’s auto industry. Tesla Inc (NASDAQ:TSLA) saw the most significant surge in new registrations, while Ford Motor Co (NYSE:F) experienced a 9.8% dip. Volkswagen AG (OTC:VWAGY) remains the most popular choice.

Portfolio Pulse from Anan Ashraf

September 21, 2023 | 8:08 am

Electric vehicle (EV) stocks saw gains this week, with Tesla (TSLA) benefiting from an upgrade by Morgan Stanley and the potential of its Dojo supercomputer. Tesla's Giga Mexico construction could start soon, and the company is planning to raise $1.8 billion through securitization of its electric car leases. Nikola (NKLA) CEO Steve Girsky addressed concerns over a recall of its battery-electric trucks, stating it does not affect production or deliveries of the fuel-cell electric vehicle. Rivian (RIVN) held its own in the EV market, with registrations for its vehicles increasing in July. Faraday Future (FFIE) saw a jump in shares after a video of a reality TV personality taking delivery of his FF 91 2.0 Futurist Alliance. Volkswagen (VWAGY) plans to cut staff due to low demand for electric cars.

Portfolio Pulse from Shanthi Rexaline

September 16, 2023 | 1:05 pm

Tesla CEO Elon Musk has referred to the speed rivalry between Porsche's Taycan and Tesla's Model S Plaid as 'fun competition'. This comes after a revamped Taycan was spotted testing at Nürburgring, potentially targeting the Plaid's record. The updated vehicle might have over 1000 hp power, similar to the Plaid. Porsche is owned by Volkswagen AG. Tesla fans are anticipating the new Tesla Roadster, expected to reach production by the end of next year.

Portfolio Pulse from Anan Ashraf

September 15, 2023 | 2:56 am

Volkswagen's largest electric vehicle (EV) production facility in Europe, located in Zwickau, Germany, is potentially facing job cuts due to decreased demand. The plant, which produces MEB-based EVs, may have to let go of a few hundred of its 11,000 employees by the end of October. The decreased demand is attributed to increased competition, inflation, and reduced subsidies.

Portfolio Pulse from Benzinga Neuro

September 14, 2023 | 9:09 am

Tesla Inc (TSLA) shares soared 10% after Morgan Stanley analysts compared the potential of Tesla's Dojo to Amazon Web Services. The analysts believe that Tesla should be viewed as a tech company as much as an EV maker, and that the Dojo supercomputer could boost Tesla's market value by $500 billion. Tesla is also expanding its global footprint with a new gigafactory in Mexico, where it and its suppliers will invest $15 billion over the next two years. Meanwhile, Chinese EV maker Nio Inc (NIO) is set to launch a refreshed EC6 SUV.

Portfolio Pulse from Upwallstreet

September 12, 2023 | 3:28 pm

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