Movies

Misleading information: Volkswagen’s share drops slightly IG Metall questions VW Chinese plant – sales decline in May | news

In May, worldwide deliveries fell 23.5 percent to 658,300 vehicles from the same month last year, the company announced Friday in Wolfsburg. In the first five months, the group delivered over 3.07 million vehicles to customers, a good quarter less than a year ago.

The lack of electronic chips is still causing problems, and in the important Chinese market, sales are picking up in many regions only after the far-reaching lockdown of the crown. According to the latest statements, VW boss Herbert Diess expects some relaxation of the chips in the second half of the year and the situation in China is expected to gradually improve again.

In Western Europe, VW delivered 22.9% lower last month and 23.8% lower in China. Among the individual brands, the major VW passenger car brand was still under pressure with a decline of 23.3 percent, but the decline was even greater for the smaller brand. Skoda with 39.3 percent. At Audi, the decline was 21.3 percent, while sales of the high-performance Porsche fell 10.4 percent.

The commercial vehicle that owns TRATON under the brands MAN, Scania, Navistar and South American VW Caminhoes and Onibus achieved a 15.8 percent increase, but VW had reported in its data the acquired US truck manufacturer Navistar 2021 only at starting from July. Without this, there would also have been a decline in the truck and bus sector over the past month.

IG Metall interrogates the VW plant in China

IG Metall is calling for Volkswagen to withdraw from the Uyghur region in China, where the automaker has an automobile factory.

“In the meantime, there is no doubt that human rights violations are taking place in Xinjiang,” union chief Jörg Hofmann, who sits on the company’s supervisory board, told the Wolfsburger Nachrichten. Therefore, the group council has to address this issue. There is currently no indication that human rights violations have occurred at VW itself. “However, the general question needs to be asked about what it means for the company’s reputation to continue investing there,” quoted the daily Hofmann, vice chairman of VW’s supervisory board. Volkswagen has been operating a plant in the city of Urumqi together with the state-owned company Saic since 2013.

The group can not only watch what is happening in their “front yard”, but also have to pay attention to which “street” they live on. “When human rights violations are visible left and right, I demand action,” the union leader said. The group must position itself visibly and unambiguously against human rights violations.

China is Volkswagen’s largest sales market. The company has long been criticized for its presence in the Uyghur region, but has repeatedly denied it, arguing that its presence there helps improve the situation of the people. In a statement on the report, the group said: “We are not aware of any cases in which employees of the Volkswagen company Saic have been or are in detention camps.” Saic is the state partner in the joint venture with the Wolfsburg car manufacturer.

The Uyghur Muslim minority, oppressed by the Chinese state, lives in the Xinjiang region of northwest China. Recently, news about the internment camps made headlines again. There was also talk of a secret order to shoot in the fields. The Federal Ministry of Economy recently turned down Volkswagen’s investment guarantees for China in connection with human rights violations.

The presidium of the supervisory board should also be addressed on the subject, which according to insiders will meet next week. The Prime Minister of Lower Saxony Stephan Weil (SDP) also sits on the committee. In October, a new state parliament will be elected in the federal state.

The Volkswagen Group realigns its structure in China

The Volkswagen Group is substantially realigning its management structure in China. This gives the region more autonomy to further expand its position in the dynamic automotive market.

Central to the realignment is a Chinese regional council led by Ralf Brandstätter, who will make all important decisions in the region through brands and in close cooperation with joint venture companies from 1 August.

In addition, the Group will combine the technical resources and capabilities of its brands to accelerate the pace of development of innovative technologies and digital services “in China, for China”.

In this regard, the company has appointed Marcus Hafkemeyer, currently Executive Strategy Advisor at Huawei Automotive in Shanghai, Chief Technology Officer of Volkswagen Group China, starting from 1 August.

The company is also holding another key position in the region: Stefan Mecha, currently CEO of Volkswagen Group Rus, will become the new CEO of the Volkswagen Passenger Cars China brand and Head of Group Sales in China on 1 August.

“We are realigning ourselves in our most important global market to adapt our products and services even faster and more consistently to the needs of our Chinese customers,” said Ralf Brandstätter, designated member of the Group Executive Board for China.

Porsche agrees to deal with US plaintiffs

Porsche agrees to compromise in legal dispute over alleged misleading fuel consumption figures for hundreds of thousands of cars in the United States. Porsche has struck a deal to settle the civil disputes, the company confirmed Thursday when asked. Class members’ allegations are about potential fuel economy and emissions discrepancies. According to court documents, Porsche will pay US car owners at least $ 80 million as part of the deal.

The sports carmaker, which belongs to the Volkswagen group, was initially targeted by US lawyers in 2020 due to media reports of irregularities in the emission values ​​of gasoline engines. A driving force was the large law firm Lieff Cabraser, which already played a major role in the VW “Dieselgate” scandal. After US class action initially focused on possible manipulation of the exhaust gases, the deal that was concluded is now mostly about allegedly misleading fuel consumption information.

In its statement, Porsche stressed that it did not take note of the allegations made by the applicants in the present proceedings. “The deal is meant to put an end to the matter,” the company said. The comparison only applies to vehicles sold in the United States. In Germany, the Federal Motor Transport Authority initiated proceedings in 2021. According to court documents, there are approximately 500,000 Porsche cars built between 2005 and 2020 in the United States. Owners are said to receive compensation of up to $ 1,110 per car.

In XETRA trading, the VW share finally dropped 0.80 percent to € 141.66.

SAN FRANCISCO / HAMBURG / WOLFSBURG / FRANKFURT (dpa-AFX / Reuters / Dow Jones Newswires)

Selected leveraged products on Volkswagen (VW) St.With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the desired lever and we will show you the suitable open range products for Volkswagen (VW) St.

The leverage must be between 2 and 20

No data

Other news about Volkswagen (VW) St.

Image sources: Bocman1973 / Shutterstock.com, pokchu / Shutterstock.com

About the author

hiyabad

Leave a Comment