BERLIN—Volkswagen said supply chain troubles were the new norm as it reported stagnated earnings in the third quarter, but the carmaker still expects growth in the autos market next year as some bottlenecks look likely to ease. The carmaker lowered its expectations for deliveries this year to be on par with 2021, down from a…
Porsche Overtakes Volkswagen as Europe’s Most Valuable Carmaker
BERLIN—Porsche took pole position as Europe’s most valuable automaker on Thursday, overtaking former parent Volkswagen as the price of the sportscar maker’s newly-listed shares sped higher. Although Porsche shares had fallen below its listing price on Monday to 81 euros, in line with a wider fall in markets, they rose to 93 euros ($91.95) earlier…
Investors Mixed as Porsche Seeks Price Tag of Up to $75 Billion
BERLIN—Volkswagen shares hovered around breakeven on Monday, reflecting a mixed response from investors to the automaker’s listing plans for sports car brand Porsche AG in what could be Europe’s third biggest initial public offering. Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70–75 billion) for Porsche AG, slightly…
Volkswagen Says Chip Shortage Will Likely Extend to 2023
German vehicle manufacturer Volkswagen has said it does not anticipate chip shortages ending in 2023 and is instead gearing up for a “new normal” of supply-chain disruptions. Murat Aksel, head of procurement on the Volkswagen board, gave the bleak outlook in an interview with the German weekly Automobilwoche. Aksel said that while the situation has improved…
Volkswagen Targets 75 Billion Euro Valuation in Landmark Porsche IPO
HAMBURG/BERLIN—Volkswagen is targeting a valuation of up to 75 billion euros ($75.1 billion) for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany’s second-largest initial public offering (IPO) in history. Volkswagen will price preferred shares in the flotation of Porsche AG at 76.50 euros to 82.50 euros per share, the carmaker…
Volkswagen Keeps Outlook, Says Porsche IPO on Track
BERLIN—Volkswagen said it expected to hit the high end of its profit target range for 2022 as supply chain bottlenecks ease and said it was still aiming to list the Porsche brand this year despite its CEO double jobbing as boss of both companies. Volkswagen shares rose 2.4 percent on Thursday following the second quarter…
2022 Volkswagen Tiguan SE
Volkswagen’s second generation Tiguan has been through a major refresh for the 2022 model year, with added standard technological features and a sharpened exterior. Digital Cockpit instrument cluster with an 8-inch display is now standard. By reorganizing and improving standard equipment, VW hopes to increase its foothold in the compact SUV segment. The ride has…
Volkswagen to Develop New Semiconductor With STMicro Amid Chip Crunch
PARIS/BERLIN—Germany’s Volkswagen and Franco-Italian chipmaker STMicroelectronics will co-develop a new semiconductor amid a global microchip crunch that has strained the car industry’s supply chain, the companies said on Wednesday. The move illustrates how Volkswagen, Europe’s biggest carmaker, is striving to gain greater control over the supply of chips. It is Volkswagen’s first direct relationship with…
Volkswagen’s CEO Diess Ousted After Tumultuous Tenure, Porsche’s Blume to Succeed
BERLIN—Porsche Chief Executive Oliver Blume will take over from Herbert Diess as CEO of Volkswagen, the carmaker said on Friday, after a supervisory board vote forced Diess to step down from his four-year tenure following a series of missteps over strategy and communication style. Blume will take over from Sept. 1, keeping his position as…
LIVE 5 PM ET: China Catching Up on Semiconductors?; Blackstone Creating Massive Real Estate Fund | NTD Business
Real Estate Powerhouse Blackstone is putting the finishing touches on one of the biggest real estate funds ever, as some predict a drop in home prices. A Chinese microchip maker is producing semiconductors two generations ahead of its time. This could benefit China’s military. The CEO of Volkswagen is stepping down in a surprise move, years…
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