Volkswagen and Mobiliye intensify their partnership to bring new automated driving technologies to upcoming Audi, Bentley, Lamborghini and Porsche models.
These technologies include automated overtaking on multilanes in permitted areas, automatic stopping at red lights and stop signs and support in roundabouts and intersections.
Volkswagen Commercial Vehicles will also be supplied with additional technology components for automated driving.
However, in the long-term, Volkswagen wants to rely on its own complete in-house system developed by Carriad.
Volkswagen said it doesnât expect its port operations to be affected by a local bridge collapse.
âWe do not anticipate any impact on vessel operations but there may be trucking delays as traffic will be rerouted in the area,â Volkswagen said in an e-mailed statement.
Maryland Port Administration data indicates that Baltimore handle more than 750,000 vehicles in 2023 belonging to Nissan , Toyota, General Motors, and Volkswagen.
Volkswagen is considering selling up to 1 billion euros of Traton stock to institutional investors to capitalize on the truck-makerâs surging stock price, Bloomberg reported citing people familiar with the matter.
The sale could be between 500 million to 1 billion euros depending on the market conditions and could happen as early as the next few weeks.
A VW spokesperson referred to its CFOâs comments in the latest earnings call that said they were prepared to take steps to boost Tratonâs free float and declined to comment further.
At its annual general meeting, Volkswagen confirmed plans to increase Traton free float.
âHowever, the low free float remains an obstacle for many investors. That is why we are prepared to gradually increase the free float in order to make the share more investable for investors. This would also increase TRATONâs chances of being included in leading indices such as the MDax,â CEO Oliver Blume said.
âAs communicated at the time of the IPO, we plan to continue to hold a 75 percent stake and one share in the medium term. We want to remain a committed and responsible shareholder.â
Investors criticized Volkswagenâs lack of success in the EV space which could lead to billions of fines from Brussels, human rights concerns in Xinjiang, complexity of the business and Blumeâs dual roles.
âThere is no âpeopleâs carâ in the electric sector. This is worrying not only for sales figures,â said Janne Werning of Union Investment.
Volkswagen is preparing Elli, its energy and charging division for outside investors.
âWe always prepare in such a way that we also have equity stories ⊠so that we can also focus on external capital inflows,â Thomas Schmall, head of technology said.
At its annual general meeting, Porsche said it got off to a strong start in Q2 but China is still muted.
âPorsche got off to a robust start in the second quarter and is pleased with how demand continues to develop in almost all regions. Only in China has the current demand for exclusive products remained subdued across all markets, both for consumer goods and for cars,â it said.
Porsche reiterated its 2024 revenue guidance of around 40-42 billion euros and return on sales of between 15% to 17%.
I=4
Moodyâs affirms its long-term A3 stable rating on Volkswagen
Moodyâs affirmed Volkswagenâs long-term issuer rating of A3 with a stable outlook.
The ratings are expected to remain weakly positioned for the next 12-18 months.
Moody expects Volkswagenâs revenue to grow by 1-2% in 2024 since key models from Porsche and Audi have been delayed towards the end of the year.
It projects proportionate share of operating result from equity-accounted investments in China to come in at 1.5 billion euros in 2024 and 2025 down from 2.6 billion euros in 2023.
It forecasts EBITA margin of 6.5% and 7.0% in 2024 and 2025, respectively.
Porsche lowers its 2024 outlook due to supply shortage of special aluminum alloys
Porsche has lowered its operating return on sales outlook for 2024 to a range of 14% to 15% (previously: 15% to 17%) due to a supply crunch affecting special aluminium alloys used in all Porsche vehicles.
Additionally, Porsche now expects revenue of between 39 and 40 billion euros (previously: ⏠40 to 42 billion).
Porsche said the supply shortage could last several weeks and may lead to stoppage of production of one or two vehicle series.
I=6 Weak European sales leaves two plants empty, CFO says
CFO Arno Antlitz told employees that he expect vehicle sales in the European market to decline by 2 million every year compared to the pre-pandemic period.
He estimates that Volkswagen holds a quarter of the European market share, meaning it has lost 500,000 yearly sales, equivalent of two plants.
I=7 Concerns that braking problem at BMW could affect other car makers causes Volkswagen shares to decline 4%
BMW lowered its 2024 EBIT margin to a range of 6%-7% from 8%-10% originally, saying that they have had to recall 1.5 million vehicles due to a faulty braking system from the supplier.
Volkswagen shares slipped 4% over concerns that the supplier problem could affect other automakers.
BMW also cited muted demand in China as one of the other reasons behind reduced guidance.
@Aron What is your take on the pricing situation overall? Have there been first price discounts as reported here
and now increases for listing prices? Which countries are effected? How should we think about price developments globally and the impact they have on our projections in the valuation model?
