“Having said that, both players are in a very aggressive capex mode to improve and increase their dark stores, in fact, double their dark stores over the next four quarters and therefore the kind of expectations that one really has from an earnings perspective and from a cash flow perspective, they are definitely going to … Read more
Representational image of a Volkswagen car | Photo Credit: Reuters Indian tax authorities have singled out Volkswagen as the only automaker to wrongly classify its car imports for 12 years to evade $1.4 billion in taxes, even as rival Kia changed its practice after being pulled up, court papers show. Volkswagen is a tiny player … Read more
The high walls of industrial buildings at Volkswagen‘s assembly plant in the heart of northwest China‘s Xinjiang region extend for hundreds of yards, once a symbol of German industrial might and now a marker of Volkswagen’s business and political quagmire in China. For four decades, Volkswagen Group was the market leader in China, where drivers … Read more
Beijing: Volkswagen is reviewing the future of its joint venture in the Xinjiang region of northwestern China and another German industrial giant is starting to sell its stakes there following new international scrutiny of forced labor by predominantly Muslim ethnic groups. Volkswagen said last week that it was in discussions with one of its main … Read more
Ex-Audi CEO Rupert Stadler pleaded guilty at his “dieselgate” fraud trial Tuesday, admitting that he allowed vehicles equipped with emissions cheating software to remain on sale even after learning of the scam. The admission at the Munich district court comes as part of a plea deal that will see Stadler, who has been on trial … Read more
President Joe Biden will on Thursday unveil a target backed by the Detroit automakers for half of all cars sold in the United States by 2030 to be zero-emission vehicles, the White House announced. The move is the latest reversal by Biden of former President Donald Trump‘s climate and environmental policies, and aims to promote … Read more
ChargePoint, one of the world’s largest electric vehicle charging networks, on Tuesday said it has agreed to acquire operating software firm has.to.be for 250 million euros ($295 million) to expand its foothold in the European market. Founded in 2013, has.to.be, in which Volkswagen is a minority shareholder, employs 125 people in Austria and Germany. Its … Read more
It’s well before midday but chemical technician trainer Ralf Scharf is already heading to the company canteen. And lunch is the last thing on his mind. He’s here to get a Covid-19 jab, as his German employer Evonik Industries joins a push to ramp up the country’s immunisation drive by including company doctors in the … Read more
Auto giant Volkswagen is seeking more than a billion euros ($1.2 billion) in damages from ex-CEO Martin Winterkorn over the “dieselgate” emissions cheating scandal, German media reported on Friday. The sum would be the highest ever claim for damages against a company executive in Germany, according to the Sueddeutsche Zeitung newspaper. Volkswagen has written to … Read more
