DJ DIE AUTO-WOCHE – these were the most important topics
VW CEO wants to trim group brands for profitability
The new Volkswagen boss Oliver Blume wants to make the group with its twelve brands more profitable. “Financial robustness is the top priority,” said the manager at the extraordinary general meeting in Berlin, according to the text of the speech. The aim is a more efficient use of capital, the focus on returns and net cash flow should be sharpened. “It’s also about making the individual brands more resilient and further lowering the threshold from which they make a profit – the so-called breakeven point.”
VW boss Blume wants to lead Porsche permanently in a double function
Before the extraordinary general meeting of Volkswagen, CEO Oliver Blume makes it clear that he wants to lead Porsche permanently in a personal union. For the crisis-ridden software division Cariad, he announced further interventions to the Frankfurter Allgemeine Zeitung (FAZ). “For me, continuing to lead Porsche was a basic requirement when deciding to take over as CEO of the Volkswagen Group,” he told the FAZ.
Volkswagen is reorganizing the Quality and Design departments in the Group
The Volkswagen Group is repositioning itself in the cross-brand areas of quality management and design in order to better integrate the Volkswagen Passenger Cars, Audi and Porsche brands and make better use of synergies. Among other things, the car manufacturer promises “clearer prioritization and faster implementation” in view of the “rapid change in the industry”, which is increasingly characterized by electromobility and digitization.
Mercedes-Benz builds electric vehicle plant in Poland without Rivian
Mercedes-Benz will build the planned plant for the construction of electric vans without its US competitor Rivian. Rivian announced that the joint venture negotiations with Mercedes had been broken off after a reassessment of growth opportunities. At the DAX group, the development of electric van production in Poland is not affected by the Rivian cancellation.
Mercedes-Benz plans battery assembly at the Thuringian plant
Mercedes-Benz is converting more and more plants worldwide to the production of batteries in addition to the production of electric cars. The construction of a battery assembly facility is planned at the Kölleda site in Thuringia, subject to the support of the Thuringian state government. The battery factories in Kamenz, Brühl and Beijing will produce batteries for the new EQ electric models. The company is investing a mid-single-digit billion euro amount in its European drive production sites.
European car market grows by a good 17 percent in November
The European car market continued its recovery in November. According to the manufacturers’ association Acea, new car registrations in the EU, the EFTA free trade zone and Great Britain increased by 17.4 percent compared to the previous year to almost 1.02 million vehicles. For the year as a whole, however, the previous year’s level was not reached: In the first eleven months, a minus of 5.8 percent to 10.2 million cars was recorded.
Ford and CATL are considering building a battery factory in the USA – Agency
According to an agency report, Ford and China’s Contemporary Amperex Technology Co Ltd (CATL) are considering building a car battery factory in the United States. The US states of Michigan and Virginia are potential locations, writes the Bloomberg news agency, citing unspecified sources. The two companies would consider a new ownership structure in which Ford would own 100 percent of the manufacturing facility while CATL would have operating rights and technology ownership.
ANALYSIS/Tesla Investors Express Concerns About Musk’s Twitter Adventure
The chorus of Musk critics is growing louder. Individual investors in Tesla are increasingly raising concerns that CEO Elon Musk’s involvement in Twitter is working to the detriment of the electric carmaker. Anger is also centered on the fact that the automaker’s stock is on track for its worst year-to-date performance. “There is no TSLA CEO today,” tweeted Monday’s Future Fund’s Gary Black, who owns about $50 million in Tesla stock.
ANALYSIS/Tesla shares at half price still aren’t a bargain
Electric vehicles are often described as iPhones on wheels. After a dreadful few months for Tesla shareholders, the question is whether that comparison is faltering. Tesla shares have roughly halved this year. They underperformed most of their major peers in the auto and technology sectors. Much of the price drop has occurred in the past three months, owing to two common concerns. One concern is that demand for Tesla products can no longer keep up with increasing supply, particularly in China. And the other concern relates to the risks associated with the purchase of Twitter that CEO Elon Musk completed in October.
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(END) Dow Jones Newswires
December 16, 2022 10:00 AM ET (15:00 GMT)
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