Key Developments: Volkswagen AG (VOWG.DE)

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30 Jan 2015
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Latest Key Developments (Source: Significant Developments)

Volkswagen AG, Audi, Porsche recall cars, SUVs to fix problems with fuel leaks - AP
Monday, 26 Jan 2015 07:00pm EST 

Volkswagen AG:Says Audi, Volkswagen (VW) and Porsche are recalling more than 93,500 cars and SUVs worldwide to fix fuel leak problems - The Associated Press.Recalls cover the Audi A6 and Volkswagen Touareg hybrid from the 2012 model year, the Audi A7 from 2012 and 2013, and the Audi Q7, S4 and S5 from 2011 through 2012.All the vehicles have 3-litre V-6 engines, according to documents posted by U.S. National Highway Traffic Safety Administration.Also, the documents show a separate but similar recall from Porsche covering the Cayenne and Panamera S hybrids from 2011 to 2012.Says vibration during driving, and production issues can cause small leaks in rare cases.VW and Audi said they were not aware of any fires or injuries caused by the problem.About 27,000 VW, Audi and Porsche vehicles are being recalled in the U.S., according to the documents.The problem was discovered in March of 2013 when customers complained of fuel odour, according to the NHTSA documents.VW investigated and decided Jan. 12 to do a recall.  Full Article

Volkswagen AG reconfirms FY 2014 outlook
Wednesday, 29 Oct 2014 08:00pm EDT 

Volkswagen AG:Says outlook for FY 2014 confirmed.Expects FY 2014 sales revenue for group and its business areas to move within range of 3 pct around prior-year figure.  Full Article

Volkswagen AG's joint venture to recall cars in China-Business Standard
Saturday, 18 Oct 2014 08:16am EDT 

Volkswagen AG:Volkswagen's Chinese joint venture will recall more cars in China due to a defect in the rear axles, state media said-Business Standard.The German automaker will recall a total of 581,090 cars, the official Xinhua news agency said.  Full Article

China price regulator fines Volkswagen AG's JV and China unit of Fiat SpA's Chrysler for price monopoly-Reuters
Thursday, 11 Sep 2014 03:36am EDT 

Volkswagen AG:China's price regulator said on Sep. 11 it would fine a China joint venture of Volkswagen AG 249 million yuan ($40.61 million) and the China unit of Fiat's Chrysler 32 million yuan for price monopoly-Reuters.The Shanghai branch of the National Development and Reform Commission announced the punishment on Chrysler in a statement posted on its website while the price regulator in Hubei province announced the fine on Faw-Volkswagen Sales Co Ltd.  Full Article

Volkswagen AG confirms FY 2014 revenue forecast-Reuters
Thursday, 31 Jul 2014 05:34am EDT 

Volkswagen AG:Still expects FY 2014 sales revenue for group and its business areas to move within range of 3 pct around prior-year figure-Reuters.FY 2013 sales revenue of 197.01 billion euros.FY 2014 revenue estimate 200.02 billion euros - Thomson Reuters I/B/E/S.  Full Article

Volkswagen AG plans investment in India-Business Standard
Tuesday, 15 Jul 2014 04:02am EDT 

Volkswagen AG:Plans to spend 15.00 bln Indian Rupees ($250 million) in India over the next five to six years, a senior company executive told reporters-Business Standard.The president and managing director of Volkswagen India Pvt Ltd, also said the company could increase its India plant capacity to 200,000 cars a year from 130,000.Volkswagen is evaluating manufacturing engines in India, Kodumudi said.  Full Article

Volkswagen AG to build two new plants in China-Business Standard
Tuesday, 8 Jul 2014 03:48am EDT 

Volkswagen AG:Will build two new vehicle plants in China as it invests $2.7 billion along with its partner - FAW-Business Standard.The two firms will together spend around two billion euros to expand production capacity, VW said.  Full Article

Volkswagen AG reiterates FY 2014 revenue outlook
Monday, 28 Apr 2014 08:00pm EDT 

Volkswagen AG:Expects FY 2014 sales revenue for group and its business areas to move within range of 3 pct around prior-year figure.FY 2013 sales revenue of 197.0 billion euros.FY 2014 revenue estimate 200.86 billion euros - Thomson Reuters I/B/E/S.  Full Article

Volkswagen AG to lay off 900 autoworkers in two Brazilian states - Reuters
Friday, 25 Apr 2014 06:48am EDT 

Volkswagen AG:To lay off about 900 autoworkers at two Brazilian plants - Reuters.Layoffs at Volkswagen plants in Sao Bernardo do Campo outside of Sao Paulo, and in Sao Jose dos Pinhais in Brazil's southern state of Parana to begin May 5, according to Brazil's Metalworkers' Union.Despite layoffs, Volkswagen said it has made no changes to its plan to invest $10 billion (5 billion pounds) in Brazil by end of 2018.  Full Article

Alecta and several minority owners reject Volkswagen offer for Scania AB-Reuters
Wednesday, 23 Apr 2014 02:09am EDT 

Scania AB:Alecta has chosen not to accept the 200 per share offer for the outstanding stock in Scania made by Volkswagen-Reuters.In Alecta opinion the price does not reflect the fundamental value of the truck maker.As per March 31 Alecta's holding in Scania was about 2 percent.The decision by Alecta and several other minority owners to reject the offer leaves in doubt whether VW will secure the 90 percent acceptance it has set to complete the bid.  Full Article

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Cost-cutting VW bets big to revamp loss-making luxury Phaeton

BERLIN - With Volkswagen having embarked on a big cost-cutting drive, industry experts are baffled why the "people's car" maker plans to spend millions of euros upgrading a money-losing luxury sedan.

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