Porsche shares climb following €75bn IPO FLOATING Posche’s stocks made a strong start on Thursday, climbing as high as 5 per cent following the luxury car maker’s €75bn (£67bn) Frankfurt IPO. Shares increased from an issue price of €82.50 to €86.78 by mid-morning before closing at €82.74. Chief executive Oliver Blume said the company was “very positive about the first price.” “Of [...]
Volkswagen joins materials firm Umicore in £2.6bn battery venture EV BATTERIES Volkswagen has teamed up with Belgian materials firm Umicore and announced a €3bn (£2.6bn) battery parts joint venture. The German powerhouse is the latest automotive maker aiming to bring battery production in-house to protect it from geopolitical tensions as it also reduces logistics costs. While raw materials will be sourced from around the world, the [...]
Porsche: Listing going ahead unless ‘severe geopolitical problems’ arise LISTING Porsche’s listing will go ahead unless “severe geopolitical problems” arise, according to chief financial officer Lutz Meschke. “You never know what will happen regarding geopolitical issues, but if a potential IPO would be stopped now, we are talking about severe problems,” Meschke said on Tuesday during a media call. “By then, a potential IPO would [...]
Porsche: IPO key to Volkswagen’s electrification strategy September 5, 2022 Porsche’s IPO is key to funding Volkswagen’s €52bn electrification strategy, Volkswagen executives said ahead of today’s board meeting. In an internal interview published on Monday, the group’s chief operating officer Arno Antlitz said the proceedings “would give us [Volkswagen] more flexibility to further accelerate the transformation,” as the German car maker aims to overtake Tesla [...]
Volkswagen plans board revamp, cutting down seats from 12 to nine August 31, 2022 Volkswagen is reportedly planning a revamp of its executive board, trimming the total seats from 12 to nine. People close to the matter told Reuters the move was brought up last night during a board meeting but it is yet to be finalised. According to sources, procurement and sales will be the positions removed during [...]
Porsche IPO on track as Volkswagen maintains year outlook July 28, 2022 Porsche’s IPO remains on track, said Arno Antlitz, chief financial officer of parent company Volkswagen. According to the executive, the luxury marquee’s listing continues “with more emphasis than before” even after chief executive Herbert Diess stepped down last week. Diess, reports say, was fired over software development delays that set back the launch of new [...]
Volkswagen to overtake Tesla as main BEV maker by 2024 June 15, 2022 Volkswagen is set to overtake Tesla as the world’s largest manufacturer of battery electric vehicles (BEV) by 2024, according to a recent report by Bloomberg Intelligence. Figures showed that most automotive marquees lack profit incentives to take over Tesla, except for Volkswagen as its sales volume for battery-electric vehicles will reach to 45 per cent [...]
Volkswagen coughs up £193m in UK ‘Dieselgate’ settlement May 25, 2022 Volkswagen has agreed to pay £193m as part of an out-of-court UK settlement after 91,000 UK motorists filed a class action over the “Dieselgate” scandal. Tony Winterburn, head of consumer protection litigation at PGMBM, commented on the news and said: “This is a good day for the claimants and is the culmination of five years [...]
Volkswagen pledges to build 800,000 EVs by end of 2022 May 12, 2022 Volkswagen has announced it will build 800,000 electric vehicles (EVs) worldwide by the end of the year as of both its environmental and financial strategy. Head of sales Hildegard Wortmann said today EU electric car sales will increase from the 425,000 delivered last year despite total deliveries falling because of macroeconomic and geopolitical issues, including [...]
Volkswagen factories revert to coal following EU Russian oil ban May 4, 2022 Volkswagen is being forced to revert to coal and gas to power its plants after the EU proposed a phased ban on Russian oil. Proposed today by European Commission president Ursula von der Leyen, the ban will be gradually implemented over the course of 2022. “Understanding the situation, we just decided to upgrade our coal-fired [...]