Streetbeat News

VWAGY

Volkswagen AG

https://www.volkswagenag.com/

Open

11.96

Mkt cap

60B

Volume

24K

High

11.97

P/E Ratio

5.12

52-wk high

16.48

Low

11.80

Div yield

0.08

52-wk low

8.57

Mercedes-Benz Group AG (MBGYY) faces liability after a German court ruled against it in a diesel emissions case, holding the company responsible for using emissions-cheating devices in certain diesel cars. The Stuttgart Appeals Court's decision allows owners of affected Mercedes GLC and GLK models to pursue individual claims for compensation. Mercedes-Benz intends to appeal the decision. This case is similar to a previous lawsuit against Volkswagen AG (VWAGY), which settled for €830 million over a diesel emission scandal.

Portfolio Pulse from Shivani Kumaresan

March 28, 2024 | 1:42 pm

The collapse of the Francis Scott Key Bridge, impacting the Port of Baltimore, has caused Tesla, Ford, and GM to seek alternative shipping routes. Ford anticipates a significant impact, while GM expects minimal disruption. European carmakers and cruise operators also anticipate adjustments, with Carnival Corporation forecasting a $10 million negative impact. Coal exporters and rail freight services face challenges, with Consol Energy and CSX Corporation noting potential operational impacts.

Portfolio Pulse from Neil Dennis

March 27, 2024 | 3:07 pm

BYD Company Limited (OTC:BYDDY) reported its slowest quarterly profit growth in two years for Q4 2023, despite overtaking Tesla Inc (NASDAQ:TSLA) as the top EV maker in the last quarter. BYD's revenue rose 15.1% to 180.04 billion yuan, with a net income of 8.67 billion yuan. The full year saw an 80.7% increase in net profit to 30.04 billion yuan. BYD is expanding globally and into the premium market, while Tesla continues to adjust its pricing strategy and faces criticism over its electric pickups.

Portfolio Pulse from Upwallstreet

March 26, 2024 | 5:22 pm

Volkswagen AG's employees at the Chattanooga, Tennessee plant will vote on joining the United Auto Workers (UAW) from April 17 through 19. This decision comes after a 'supermajority' of the 4,000 employees signed up with UAW, potentially leading to mandatory recognition and collective bargaining. The Chattanooga plant, being Volkswagen's only U.S. assembly plant without employee representation, marks a significant target for UAW. Volkswagen has expressed support for the election, emphasizing the importance of employee voices.

Portfolio Pulse from Shivani Kumaresan

March 26, 2024 | 2:43 pm

Nissan Motor Co Ltd (OTC:NSANY) announced the launch of 30 new models over the next three years, with 16 being electrified, in response to the rapid developments in the EV industry. This move contrasts with other automakers like Tesla Inc (NASDAQ:TSLA), Ford Motor (NYSE:F), and General Motors (NYSE:GM), which are bracing for cooling EV demand. Nissan aims to sell an additional 1 million vehicles by fiscal year 2026, targeting an operating profit margin of over 6% and total shareholder returns of over 30%. The company is also exploring a strategic partnership with Honda Motor Co Ltd (NYSE:HMC) to produce key EV components and develop AI in automotive software platforms.

Portfolio Pulse from Upwallstreet

March 25, 2024 | 4:07 pm

Mobileye Global Inc (MBLY) shares surged after announcing a partnership with Volkswagen AG (VWAGY) to bring new automated driving functions to series production. The collaboration will utilize Mobileye's technologies for partially and highly automated driving in Volkswagen Group's premium brands, including Audi, Bentley, Lamborghini, and Porsche, enhancing convenience and safety in driving.

Portfolio Pulse from Shivani Kumaresan

March 20, 2024 | 1:05 pm

President Joe Biden and Sen. Bernie Sanders expressed support for Volkswagen's Chattanooga assembly plant workers' efforts to join the United Auto Workers (UAW) union. This plant, employing over 4,000 workers, is Volkswagen's only U.S. assembly facility without employee representation. The UAW has attempted to represent workers at this plant twice in the past decade. Sanders emphasized the workers' constitutional right to a union election and urged Volkswagen to respect pro-union workers as it does internationally. The support from Biden and Sanders comes amid broader efforts to unionize workers across major automakers, with the UAW seeking to expand its influence.

Portfolio Pulse from Anan Ashraf

March 19, 2024 | 3:14 am

Volkswagen AG (OTC:VWAGY) employees at the Chattanooga, Tennessee plant have filed a petition with the National Labor Relations Board to vote on joining the UAW, following a supermajority signing union cards. This plant, Volkswagen's only U.S. assembly facility, lacks employee representation, contrasting with its global counterparts. Previous unionization attempts occurred in 2014 and 2019. The move could impact union momentum across the auto industry, amid allegations of anti-union actions by automakers. VWAGY shares rose 2.65% to $14.74.

Portfolio Pulse from Shivani Kumaresan

March 18, 2024 | 5:33 pm

Volkswagen AG's finance unit has agreed to a $48.75 million settlement with the SEC to resolve allegations of defrauding investors in U.S. bond offerings, stemming from the diesel emissions scandal. This marks the final major legal action in the U.S. related to the scandal, which has cost Volkswagen over $20 billion in various fines and settlements since 2015. The settlement, awaiting approval by a U.S. judge, includes restitution and interest to be distributed to affected investors.

Portfolio Pulse from Shivani Kumaresan

March 15, 2024 | 5:17 pm

The electric vehicle (EV) market is experiencing a slowdown, leading major automakers like Ford, General Motors, Mercedes-Benz, Volkswagen, Jaguar Land Rover, and Aston Martin to adjust their strategies towards offering a mix of gas-powered, hybrid, and fully electric vehicles. Despite a record 1.2 million EV sales in the U.S. last year, the growth rate has not met expectations, prompting a more balanced approach to vehicle offerings. Fisker Inc issued a going-concern warning and announced workforce reductions due to financial struggles, while Tesla remains optimistic about its future, supported by its AI and Full Self-Driving technology.

Portfolio Pulse from Benzinga Neuro

March 14, 2024 | 8:38 am

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