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Tag: Volkswagen

Volkswagen resumes production after IT outage
Technology

Four Ex-VW managers convicted in Germany diesel scandal

A German court delivered a landmark verdict on Monday, convicting four former Volkswagen executives on fraud charges related to the “Dieselgate” emissions scandal, bringing a nearly four-year trial to a close. The ruling marks a significant chapter in the global controversy that rocked the automotive industry and cost Volkswagen over €30 billion ($34 billion) in […]

Volkswagen to establish e-tractor manufacturing plant in Nigeria
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Volkswagen to establish e-tractor manufacturing plant in Nigeria

Volkswagen has announced plans to set up an e-tractor manufacturing plant in Nigeria, marking a significant step towards boosting agricultural mechanization in the country. The initiative, supported by the German government, aims to enhance Nigeria’s agricultural sector by introducing electric tractors, which are expected to revolutionize farming practices and increase productivity. Nigeria’s Minister of Foreign […]

News

Volkswagen buys stake in Patriot Battery Metals for $48.1m

Volkswagen Group is investing C$69 million ($48.1 million) to acquire a 9.9% stake in Patriot Battery Metals Inc., marking its first venture into the mining industry. This investment ensures a supply of 100,000 metric tons of lithium over 10 years, which constitutes a quarter of the initial phase of Patriot’s Canadian lithium project, crucial for […]

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Volkswagen faces largest German worker strike since 2018

Tens of thousands of Volkswagen workers in Germany are set to embark on strike on Monday in what will be the largest walkouts at the company’s domestic plants since 2018. Organized by the IG Metall labour union, the strikes will last several hours and follow weeks of stalled negotiations, according to CNN. The dispute stems […]

News

Volkswagen labour union offers €1.5bn in cost cut

Volkswagen AG’s labour leaders in a bid to steady the beleaguered carmaker, have proposed €1.5 billion ($1.6 billion) in cost cuts, as management seeks broad savings to address slumping demand, high operational costs, and intensifying competition from Chinese manufacturers. The VW’s works council chief, Daniela Cavallo, unveiled the plan on Wednesday, suggesting suspension of portions […]

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Volkswagen operating profit drops by 42% in 2024 Q3

German automaker, Volkswagen announced a significant 42% drop in operating profit for the third quarter of 2024. The company’s operating profit fell to 2.86 billion euros ($3.1 billion), as third-quarter sales revenues decreased by 0.5% year-on-year to approximately 78.5 billion euros, according to CNBC. Volkswagen attributed the decline to an 8.3% drop in vehicle sales […]

News

Volkswagen plans layoffs, 10% pay cuts

Volkswagen is exploring substantial cost-cutting measures, including widespread pay cuts and layoffs, as well as potential reductions or closures of its plants in Germany, according to a statement from the company’s works council on Monday. The management recently outlined plans that propose a 10% pay reduction for all employees, along with wage freezes planned for […]

Volkswagen resumes production after IT outage
News Tech

Volkswagen resumes production after IT outage

Volkswagen announced on Thursday that a significant IT disruption that had forced the shutdown of most of its German plants had been fixed overnight and that its global production network was once again operational. The event, which VW claimed started on Wednesday at 10:30 GMT and was made public late that day, had an effect […]

Volkswagen, Canada to invest $15bn in battery gigafactory
News

Volkswagen, Canada to invest $15bn in battery gigafactory

Volkswagen and the Canadian government are teaming up to invest over C$20 billion ($14.8 billion) in a battery gigafactory located in St. Thomas, Ontario, marking the biggest-ever single investment in Canada’s electric-vehicle supply chain. The German carmaker is committing up to C$7 billion to the project, while Canada’s federal government will provide C$13.2 billion in […]

Car sales slump 14% in six months - Report
Business

Volkswagen partners Ford, others to build EV ecosystem in Indonesia

The Indonesian investment minister, Bahlil Lahadalia has announced that Volkswagen plans to create an electric vehicle battery ecosystem in Indonesia, and has partnered with miner Vale, Ford, and Chinese battery minerals producer Zhejiang Huayou Cobalt. According to Reuters, the move comes as automakers are looking to reduce the cost of producing EV batteries, which make […]

Car sales slump 14% in six months - Report
Business

Volkswagen to increase number of EV stations in China

A senior executive at Volkswagen AG in China has restated the company’s commitment to speeding up the process of vehicle electrification in China, by increasing charging posts. This is  despite facing challenges such as increasing competition and weak demand. Reuters reported that Volkswagen has plans to increase the number of charging stations for electric vehicles […]

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