VW boss: Volkswagen supervisory board reprimands this because of “Ebit macht frei” statement

Herbert dies The VW boss visited the former concentration camp Auschwitz last year. (Photo: AP) DüsseldorfThe supervisory board of the VolkswagenCorporation reprimands its CEO Herbert dies because of whose controversial statement “Ebit makes free”, “The history of the VolkswagenGroup and the resulting responsibility is an important part of corporate identity. The statement of the chairman… Continue reading VW boss: Volkswagen supervisory board reprimands this because of “Ebit macht frei” statement

Grammer AG Supervisory Board appoints new CFO

15. März 2019
Aufsichtsrat der Grammer AG beruft neuen CFO• Aufsichtsrat beruft Frau Jurate Keblyte zum Mitglied des Vorstands und CFO
• Auswahlprozess für künftigen CEO weiter im Plan

Amberg, 15. März 2019 – Der Aufsichtsrat der Grammer AG hat nach einem gründlichen Auswahlprozess eine weitere wichtige Entscheidung für die künftige Besetzung des Vorstands getroffen. In seiner Sitzung am 15. März 2019 hat das Gremium beschlossen, Frau Jurate Keblyte zum 1. August 2019 als Mitglied des Vorstands mit den Aufgaben des Chief Financial Officer zu berufen.
Frau Keblyte hat in verschiedenen Managementpositionen im In- und Ausland Berufs- und Führungserfahrung gesammelt. Zuletzt verantwortete sie als CFO die Geschäftsentwicklung der KUKA Robotics, bei der sie von 2010 bis 2017 beschäftigt war, bevor sie sich als Interims-Managerin für die Themen Finanzen und Controlling selbständig machte. Bereits aus vorhergehenden Positionen bringt Frau Keblyte umfassende Erfahrung aus der Verantwortung für diese Themenbereiche mit.
„Mit Frau Keblyte gewinnt Grammer eine erfahrene Expertin für Finanzen und Controlling als neuen Vorstand. Zudem kann sie ihre internationale Erfahrung bei der Optimierung der globalen Aufstellung, Steigerung der Profitabilität und des Cash Flows einbringen“, erläutert der Vorsitzende des Aufsichtsrats Dr.-Ing. Klaus Probst.
„Wir freuen uns mit dieser Personalentscheidung eine Vakanz im Vorstand zu füllen und das Management-Team von Grammer zu verstärken.“
Das Vorstandsmitglied Manfred Pretscher wird dem Vorstand bis 31. August 2019 angehören. Die Position des CFO wird Herr Pretscher bis zum Amtsantritt von Frau Keblyte am 1. August 2019 weiterhin interimistisch fortführen, um Kontinuität und einen reibungslosen Übergang zu gewährleisten.
Die Suche nach einem Nachfolger für Herrn Pretscher und neuen CEO für die Grammer AG läuft weiterhin planmäßig voran. Bereits im Dezember wurde Jens Öhlenschläger zum Mitglied des Vorstands und COO ernannt.
Unternehmensprofil
Die Grammer AG mit Sitz in Amberg ist spezialisiert auf die Entwicklung und Herstellung von Komponenten und Systemen für die Pkw-Innenausstattung sowie von gefederten Fahrer- und Passagiersitzen für On- und Offroad-Fahrzeuge. Im Segment Automotive liefern wir Kopfstützen, Armlehnen, Mittelkonsolen, hochwertige Interieur-Komponenten und Bediensysteme sowie innovative thermoplastische Lösungen für die Automobil-Industrie an namhafte Pkw-Hersteller im Premiumbereich und an Systemlieferanten der Fahrzeugindustrie. Das Segment Commercial Vehicles umfasst die Geschäftsfelder Lkw- und Offroad-Sitze (Traktoren, Baumaschinen, Stapler) sowie Bahn- und Bussitze.
Mit rund 15.000 Mitarbeitern ist Grammer in 19 Ländern weltweit tätig. Die Grammer Aktie ist im Prime Standard notiert und wird an den Börsen München und Frankfurt sowie über das elektronische Handelssystem Xetra gehandelt.
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China’s car sales have fallen for 8 straight months. It may get worse before it gets better

VCG | Getty Images
New cars lined up at a parking lot on Sept. 6, 2017 in Shenyang, Liaoning Province of China.

Chinese auto sales declined almost 14 percent in February, an industry group announced Monday, marking the eighth straight month of year-on-year decline in the world's biggest vehicle market.

Auto demand in China surged for years as the country experienced decades of economic development that created rising consumer class. But annual sales fell last year for the first time in about two decades as growth in the world's second-largest economy slowed and uncertainty due to the trade war with the United States damaged sentiment.

As part of efforts to boost its slowing economy, China announced last week a set of measures to stimulate growth. Those included tax cuts that could help boost demand for autos, but the effect is likely to take time, analysts said.

Citi said in a Monday note that the timing of the planned tax cuts to boost consumer spending remains unclear and thus “will cause buyers to delay car purchases until after the tax is implemented.”

Autos sales are an important barometer of the health of Chinese consumer spending and thus the broader economy, and they're also a key factor for foreign automakers who have hoped China's demand can help support the global auto sector.

'Guide certain sectors'

The China Association of Automobile Manufacturers said in a release on its website that sales declined by 1.48 million vehicles in February from the same month in 2018, marking a drop of 13.8 percent.

“The trend experienced last year has continued into this year, and the economic situation has also been weak,” Shi Jianhua the association's deputy secretary general told reporters at a press conference in Beijing, according to Reuters.

“This has dragged down consumption,” he added. “Consumers are also waiting for more government policies.”

Sean Taylor, chief investment officer for Asia Pacific and head of emerging markets at Deutsche Bank Group's DWS asset management arm, said he expects Chinese authorities to take further steps to boost autos spending if a resolution to the trade war can be achieved.

“The government will probably use policy to guide certain sectors and the autos is the easiest area to do,” Taylor told CNBC on Tuesday. He added that he'd expect Beijing would “front load” that stimulus by quickly putting out some sort of package that could include ultra-low financing for auto loans.

“That can kick in really, really quickly,” he added, though he stressed it won't happen until the uncertainty of the tariff conflict with the U.S. is resolved.

“Sentiment is so important,” he said. “We really have had terrible sentiment, both on the government level, a corporate level and investor level in China.”

Volvo may not sell its Tesla rival electric car in the US over tariffs

Wang Zhao | AFP | Getty Images
A man uses his mobile phone to take a picture of a Polestar 1 car at the Beijing auto show on April 26, 2018. –

Volvo Cars may not sell its high-performance Polestar electric vehicles in the U.S. if Washington slaps tariffs on imports from China, the Financial Times reported Wednesday.

The automaker recently revealed its Polestar 2, which executives said is priced competitively with Tesla's Model 3 sedan.

But Volvo is owned by Chinese auto company Geely, and the group has so far intended to make the cars at a factory in China. It expects to sell more than 50,000 Polestar vehicles.

A lot of those cars won't make it to the United States if tariffs on Chinese imports are too high, Polestar CEO Thomas Ingenlath told the FT.

The Polestar 2 is one of several vehicles automakers are hoping will draw customers from Tesla.

Competition is expected to heat up around the 2021 model year, said CFRA analyst Garrett Nelson. Competitors are already on the market at a midrange price that's competitive with the Model 3 and higher prices where Tesla's more premium Model S and Model X vehicles sit.

The global automotive industry has found itself caught up in President Donald Trump's trade war with China, leading many automakers to re-evaluate where they build and sell their products.

Read the full story from the Financial Times.