VW – Page 3467 – I wish I had more to offer

German carmaker VW first-quarter profit fall beats forecasts

Quarterly income drop ‘surprisingly strong’, say analysts, while shares rise Go to Source

VW says it’s ‘optimistic but also realistic’ after US tariff threat on cars

VIDEO2:3302:33VW CFO: Special items related to diesel close to 30 billion eurosVolkswagen said Thursday it would continue to hope for the best possible outcome amid heightened fears that the U.S. could soon impose tariffs on EU cars.
But, the German automaker emphasized it plans to monitor the prospect of additional charges with a sense of realism too.
It comes after President Donald Trump said in February that he would impose tariffs on cars imported from the EU if U.S. talks with the bloc couldn't produce a new deal. The EU has since threatened to tax 20 billion euros ($22 billion) worth of U.S. goods.
Both sides have cautiously hung on to existing agreements, promising to take no action until talks are concluded.
“We certainly hope that the trade disputes can be resolved but it is no secret that 100% of the Porsche cars are being exported from Europe to the United States,” Frank Witter, chief financial officer of Volkswagen, told CNBC's “Squawk Box Europe” on Thursday.
He explained that approximately 70% of all Audi products were sold in the U.S., while for Volkswagen passenger cars it was a very small percentage being exported from Europe to the U.S. since most of their cars were built in North America.
“So, we still hope for the best, we do whatever we can but we are not party to the negotiations … We continue to be optimistic but also realistic,” Witter said.
Earlier this year, Volkswagen CEO Herbet Diess said the carmaker would need to redouble its efforts in 2019 in order to meet its ambitious annual targets.
Diess told the Financial Times in February that the biggest risk to Volkswagen's 2019 profit would be potential tariffs from Trump's administration.
At the time, he estimated the worst-case scenario regarding potential U.S. tariffs could cost around 2.5 billion euros a year — roughly 13% of expected earnings.
VIDEO1:4501:45VW CFO: China is tremendously important for usEarnings in line with expectationsOn Thursday, Volkswagen reported first-quarter earnings in line with expectations, as the company attempts to increase the pace of its transformation.
The German firm posted operating profit of 3.9 billion euros ($4.4 billion) for the first three months of the year. That compared with operating profit of 4.2 billion euros a year earlier. Analysts polled by Reuters had expected first-quarter operating profit to come in at 3.9 billion euros.
Shares rose over 2.3% during early morning deals.
Volkswagen, which is still battling to recover from a 2015 scandal over emissions test cheating, also said it had decided to take a 1 billion euro charge in the first quarter, as a result of legal risks.
“It is certainly very unfortunate that we had to book more provisions but we assess every single risk and exposure we have continuously and it was the point in time to make those provisions,” Witter said.
The company confirmed its full-year guidance and said it expected sales to increase as much as 5%. It projected an operating return on sales between 6.5% and 7%.
Revenue advanced 3.1% to 60 billion euros for the first three months of 2019, despite a drop in deliveries.
The company did not provide a net profit figure.

Nissan Bumps Up LEAF Base Price In UK

The company says it’s adjusting the price because of outside influences. Despite competing in a tough new car market, Nissan thinks it deserves to give its still-fresh Leaf a price hike in the UK. A Nissan official told Autocar this week the price change is due to, “market demands and other influences, such as inflation… Continue reading Nissan Bumps Up LEAF Base Price In UK

Porsche Reports April U.S. Retail Sales

Searching for your content…

No results found. Please change your search terms and try again.

Audi E-tron electric SUV gets discounts just as it goes on sale

2019 Audi e-tron first drive – Abu Dhabi UAE, December 2018
Just as the 2019 E-tron SUV starts arriving at dealerships, Audi is already offering big discounts on them.

The biggest incentive so far is 1.9 percent financing on the E-tron for up to 66 months, which is significantly cheaper than most other models in Audi's lineup, according to our partners at CarsDirect.com. The similar-sized, gas-powered Q5 SUV only qualifies for a 3.99 percent annual percentage rate for the same 5.5 years, which is more typical in Audi's lineup.

On top of that, current Audi owners of 2009 models or newer can already receive a $750 owner-loyalty discount.

DON'T MISS: 2019 Audi E-tron first drive: Redrawing the electric-vehicle boundaries

It is unusual for any automaker to offer big discounts on a brand new model. More often, automakers have to offer increasing discounts after a model has been on the market a few years and rival automakers have introduced newer competition.

The E-tron, which stickers for a base price of $75,795 including destination, is saddled with a 204-mile range between charges, while older and cheaper competitors such as the Jaguar I-Pace and Hyundai Kona Electric have between 230 and 260 miles of range. Tesla last week upgraded its competitive Model X SUV to include a minimum of 250 miles and up to 325 miles of range.

READ THIS: 2019 Audi E-tron EPA range revealed: Nothing to brag about, but aiming for the real world?

To offset that shortfall, Audi says the E-tron offers faster charging, up to 150 kilowatts, which can restore up to 160 miles of range in about 20 minutes. But relatively few public fast chargers are available yet that can provide that much power.

Lease rates for the E-tron are not as attractive as the sales incentives. Audi hasn't revealed complete lease terms, including monthly payments. The money factor of 0.0023, however, equates to 5.5 percent annual interest. Lower trim models, which have not yet arrived at dealerships, are likely to be significantly more attractive to lease, with higher residuals as well as lower prices.

Meanwhile, Jaguar is offering 0 percent financing on the I-Pace.

Volkswagen: Our Electric Car Batteries Last The Life Of The Car

VW To Guarantee 70% Battery Capacity For 8 Years Or 160,000 km Volkswagen‘s Center of Excellence for Battery Cells chief Frank Blome said that the goal for the upcoming MEB-based electric car is to guarantee a minimum capacity of 70% for eight years or 160,000 km (around 100,000 miles). The battery pack is expected to last… Continue reading Volkswagen: Our Electric Car Batteries Last The Life Of The Car

Oliver Hoffmann and Julius Seebach to take over the management of Audi Sport GmbH

Michael-Julius Renz, Managing Director of Audi Sport GmbH

INGOLSTADT/NECKARSULM, 30-Apr-2019 — /EuropaWire/ — Audi Sport GmbH’s Current Managing Director Michael-Julius Renz is to retire. Oliver Hoffmann (42) and Julius Seebach (35) appointed to take over the management of Audi Sport GmbH on May 1, 2019.

Oliver Hoffmann, Audi’s Head of Sport Technology, has been a member of the management since June 2018, he will also be responsible for technical development at Audi Neckarsulm as of May 1. Julius Seebach will be responsible for commercial functions within the management.

Julius Seebach was initially responsible for strategy and powertrain control in the Technical Development division at Audi since 2015. He successfully introduced model-series management at Audi Sport in 2017 and has since been in charge of the RS 4/RS 5 and RS 6/RS 7 Sportback series. Mr. Seebach was previously the industrial engineer and MBA Porsche, where he was involved in various projects of the Panamera model series and in powertrain development. Julius Seebach has been appointed to the management of Audi Sport GmbH as of May 1. Together, Oliver and Seebach will manage the business of the wholly-owned Audi subsidiary in the future.

Oliver Hoffmann will hold two management positions at the Audi group as of May 1: Head of Technical Development at the Neckarsulm site and Managing Director of Audi Sport GmbH. Hoffmann’s previous career positions include quality management at Automobili Lamborghini and at Audi’s plant in Győr, Hungary, as well as the development of the V10 high-performance engines of the Audi R8.

Hans-Joachim Rothenpieler, Member of the Audi Board of Management for Technical Development said: “Transformation means becoming even more effective and innovative. By combining both positions with Oliver Hoffmann as an experienced expert, we are strengthening Neckarsulm as a technology location and at the same time securing its future viability.”

Michael-Julius Renz, former Managing Director, is leaving the company within the framework of an age regulation. He has made a significant contribution to the growth of AUDI AG and the Audi Sport brand with his international experience. A graduate in business administration, he has held various management positions at AUDI AG over the past 25 years. Before taking over as Managing Director of Audi Sport at the beginning of 2018, he was President of the Audi Sales Division China, where he was responsible for sales and the brand’s presence in one of the most important markets. Previously, Renz had been in charge of Sales Europe and Central Marketing for the Audi brand, among other things. The company thanks Renz for his dedicated and successful work.

For media information, you can reach:
Claudia Schneider
Spokeswoman Audi Sport GmbH
Tel. +49 152 57767826

SOURCE: AUDI AG

Oliver Hoffmann, Managing Director of Audi Sport GmbH

Julius Seebach, Managing Director of Audi Sport GmbH

MORE ON AUDI SPORT GmbH, ETC.:
Oliver Hoffmann succeeds Stephan Reil as lead of the Technical Development at Audi Sport GmbHAudi Sport: R8 V10 RWS successfully brings driving concept of our R8 LMS racing car to the streetsAudi Driving Experience Redirecting Its Program to Focus on Promoting Talent With the Audi Sport Racing AcademyThe new MINI John Cooper Works GP will be taking roads in 2020The Audi E-Tron Sportback Concept Combines Classic Elements and TechnologyWorld debut of the new Audi RS 4 Avant at the IAA 2017

FCA partners with Harman, Google on connected-car platform

Original Article

Mobility for a better world: Porsche is the main partner of re:publica 2019

Digitization is setting the pace at full speed and is significantly changing our mobility in the core areas of networking, autonomous driving, electrification and with the offer of new services. It’s not just here at Porsche, but the entire automotive industry is developing. This offers established companies some great opportunities but also confronts them with… Continue reading Mobility for a better world: Porsche is the main partner of re:publica 2019

Luca de Meo: “SEAT aims to democratise sustainable mobility”

SEAT CEO Luca de Meo shared his views on the challenges facing the auto industry at an event held in Madrid, framed in the Ágora conference cycle organised by the daily elEconomista. This morning’s talk was moderated by elEconomista director Amador G. Ayora. De Meo reiterated that SEAT is in the process of going from… Continue reading Luca de Meo: “SEAT aims to democratise sustainable mobility”