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Volkswagen to Pay $87 Million for Diesel Emissions Scandal

16Sep By AdityaNo Comments

Automobile

Volkswagen to Pay $87 Million for Diesel Emissions Scandal

Volkswagen and a law firm say the German automaker has agreed to pay up to 127 million Australian dollars ($87 million) to settle an Australian class action stemming from its 2015 diesel emissions scandal. The settlement was announced in the Federal Court in Sydney on Monday and has yet to be approved by a judge. Maurice Blackburn law firm says Volkswagen will pay between AU$87 million and AU$127 million, depending on how many owners of the affected 100,000 vehicles sold in Australia join the class action. Volkswagen said in a statement that it made no admission of liability in the settlement. Volkswagen has paid 30 billion euros ($33.5 billion) in fines and civil settlements around the world after it installed software on diesel vehicles to cheat on emissions tests. https...

Volkswagen to cut 7,000 jobs for 5.9 billion euros annual savings

13Mar By PriyankaNo Comments

Automobile

Volkswagen to cut 7,000 jobs for 5.9 billion euros annual savings

Germany based automobile brand Volkswagen said it will cut down its workforce by up to 7,000 staff, raise productivity and eke out 5.9 billion euros worth of annual savings at its core Volkswagen brand by 2023 in a bid to raise Volkswagen’s operating margin to 6 percent. The Wolfsburg, Germany-based carmaker Volkswagen has ruled out compulsory layoffs until 2025, but early retirement will help to reduce its workforce between 5,000 and 7,000 positions, the carmaker said. “The measures from the earnings improvement programme will enable our brand to achieve a competitive return level of six percent in 2022,” Arno Antlitz, Volkswagen brand’s board member for controlling, said in a statement. The cuts will be realized through voluntary staff turnover and partial retirement, while tem...

Volkswagen signs e-vehicle startup as first partner for production platform

5Mar By reutersNo Comments

Automobile

Volkswagen signs e-vehicle startup as first partner for production platform

FRANKFURT - Volkswagen has signed German start-up e.GO Mobile as the first external partner for its modular platform for electric vehicles (EV), as it seeks to simplify production across a variety of models. The partner will use VW's so-called MEB production system to "bring e-vehicles to market that complement Volkswagen's model offering," the carmaker said in a statement. A specific vehicle has yet to be decided on jointly, it added. The VW brand's strategy chief Michael Jost said in a newspaper interview in January the group was in advanced talks with competitors over opening its modular EV production platform to rivals. The platform seeks the cost advantages of large production numbers by standardizing as much as possible even across very different models. Volkswagen i...

Volkswagen to Manufacture Mobile Electric Car recharging stations

27Jan By reutersNo Comments

Automobile

Volkswagen to Manufacture Mobile Electric Car recharging stations

Volkswagen will manufacture electric car batteries and charging stations in its home region in Germany, as it prepares to mass-produce electric vehicles and overhaul its components division, which makes engines and steering parts. Volkswagen (VW) said on Friday it would invest 870 million euros ($985 million) by 2020 to developing e-vehicle components, adding the batteries business would manufacture battery cells and packs as well as overseeing recycling of old cells. The German carmaker, which is headquartered in Wolfsburg, Lower Saxony, also said it would start producing mobile electric car charging stations at its nearby plant in Hannover, which currently makes engines and castings. VW will bundle cells from electric car batteries into storage powerbanks that can be used to r...

Trump Victory, Volkswagen Stop Doing Business in IRAN

20Sep By PriyankaNo Comments

MIDDLE EAST

Trump Victory, Volkswagen Stop Doing Business in IRAN

Automobile maker Volkswagen will end almost all business in Iran. As per the report, the company is bowed under US pressure to stop all kind of business activity with IRAN but VW will still be able to do humanitarian business in Iran. The decision was made after several round of talks between the German auto giant and the administration of President Donald Trump, said Richard Grenell, the US Ambassador to Germany. In May, Trump pulled the US out of the deal it reached with Iran and five other countries in 2015. That accord lifted sanctions against Tehran in exchange for restrictions on its nuclear program. Now, the US is reimposing those sanctions. VW has scrapped plans it announced in July last year to sell cars in Iran for the first time in 17 years. займ турбозаймонлайн займ...

Skoda to Invest Around $1 Billion in India

5Jul By Gauri SinghNo Comments

BUSINESS

Skoda to Invest Around $1 Billion in India

Volkswagen Group, which is the parent company of Skoda India Auto has plans to invest an amount of $1.16 billion (Rs 79 billion) in the Indian operations of Skoda under a programme named 'India 2.0'. The basic purpose of this investment is to develop fresh products and improve localization. Along with this, it will involve the creation of an engineering centre, capacity enhancement, R&D, new technologies and increase production. According to the reports, the investment programme – ‘India 2.0’ will take place between 2019 and 2021. Skoda Auto's Chief Executive Bernhard Maier said, "Experts predict that in the next few years India is going to become the third-largest automotive market worldwide. With our 'India 2.0' project we are now creating the right conditions for sustainable gro...

Ducati Sale Rumors Reawakened, Find out the Bidders

18Apr By Lavina TolaniNo Comments

News

Ducati Sale Rumors Reawakened, Find out the Bidders

While the German automotive leader Volkswagen Group has appointed a new CEO last week, rumors catering to the sale of its motorcycle owned brand Ducati are all buzzing around in the automobile market. The Volkswagen Group which is a part of Porsche Automobil Holding SE has appointed Herbert Diess as its new CEO replacing Mathias Muller. Diess who has worked with BMW before addressed the press conference while discussing the new management structure with executives managing multiple platforms at the same time. Last year too there were rumors floating about Volkswagen selling its multiple brands, including Ducati, in order to raise capital that could cover company's Dieselgate liabilities. But, it suffered huge resistance from trade unions including Volkswagen Labour unions who were ag...