Volkswagen made $12 billion in 2020 despite the pandemic
3 years, 11 months ago

Volkswagen made $12 billion in 2020 despite the pandemic

CNN  

London CNN Business — Volkswagen is walking away from 2020 with a profit of more than $12 billion despite the coronavirus pandemic that torpedoed car sales and snarled manufacturing supply chains. After losing €1.4 billion in the first six months of 2020, Volkswagen “proved to be quite robust in the second half,” it added. It appears that traditional carmakers “can manage the transition to electric mobility much better than feared,” Bernstein senior analyst Arndt Ellinghorst said in a note to clients on Friday. Despite making just 500,000 vehicles in 2020, electric car leader Tesla is worth $800 billion, eight times Volkswagen’s market capitalization.

Billion 2020 Volkswagen Electric Car  market  pandemic  billion  volkswagen  electric  car  despite  12  2020  vehicles  profit  deliveries  sales

History of this topic

Not only Volkswagen and Nissan, automakers world over are struggling after a rewarding pandemic
1 week, 1 day ago

Not only Volkswagen and Nissan, automakers world over are struggling after a rewarding pandemic

Firstpost  

A few years ago, automakers were celebrating record profits as the pandemic caused new car shortages, allowing them to raise prices. Now, the industry is facing a harsh reality, according to a report A few years ago, automakers were celebrating record profits as the pandemic caused new car shortages, allowing them to raise prices. Competition from China is “starting to …

Elon Musk's Tesla hits $1 trillion market value after Trump win
1 month, 2 weeks ago

Elon Musk's Tesla hits $1 trillion market value after Trump win

India Today  

Tesla's market value closed above the $1 trillion mark in a sharp rally on Friday, on expectations that CEO Elon Musk's companies will get favourable treatment under President-elect Donald Trump for his extensive support during the poll campaign. "Tesla and CEO Elon Musk are perhaps the biggest winners from the election result, and we believe Trump's victory will help expedite …

Volkswagen says cost cuts are urgently needed as its earnings decline sharply
1 month, 3 weeks ago

Volkswagen says cost cuts are urgently needed as its earnings decline sharply

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Volkswagen to close at least three factories amid electric car struggles
1 month, 3 weeks ago

Volkswagen to close at least three factories amid electric car struggles

The Telegraph  

Volkswagen bosses are preparing to shut three German factories and sack “tens of thousands” of workers, the car giant’s top employee representative has claimed. The German car giant is also planning to cut pay by 10pc as part of a far-ranging shake-up, according to the VW works council, which represents rank-and-file employees. “This is the plan of Germany’s largest industrial …

Tesla's Q3 Results: A Strong Comeback for the EV Giant
Trending News
2 months ago

Tesla's Q3 Results: A Strong Comeback for the EV Giant

ABP News  

Tesla's Q3 net income rises 17% on strong sales, marking a turnaround for the company. The strong performance is attributed to robust electric vehicle (EV) sales, with the company projecting a 20-30% increase in sales for 2025. Tesla's cost-saving efforts have also contributed to the improved financial performance, with the gross profit margin reaching its highest level in a year.

Tesla suffers first drop in UK sales since 2013
2 months, 1 week ago

Tesla suffers first drop in UK sales since 2013

The Telegraph  

Tesla’s UK revenues have fallen for the first time in more than a decade as Elon Musk’s electric car company grapples with a slowdown in demand. The drop in sales brings the company’s recent momentum to a halt in the UK, where it has enjoyed constant sales growth since 2013. Mr Musk’s business is also facing questions about its ageing …

Volkswagen says weak Europe car sales leave two VW factories empty
3 months, 2 weeks ago

Volkswagen says weak Europe car sales leave two VW factories empty

Hindustan Times  

Volkswagen AG defended plans to consider unprecedented factory closures in Germany, saying flagging car sales have left the company with about two plants too many. Demand in Europe hasn’t recovered since the pandemic Demand in Europe hasn’t recovered since the pandemic, with industrywide auto deliveries in the region around 2 million short of its peak, Chief Financial Officer Arno Antlitz …

For Volkswagen, the bumpy road to electric vehicles starts to hit home
3 months, 2 weeks ago

For Volkswagen, the bumpy road to electric vehicles starts to hit home

Live Mint  

Volkswagen’s suggestion that it might have to close a plant in Germany for the first time ever sets up a battle with its powerful union and highlights the mounting pressures on its namesake brand. The company said a “performance program" at its core Volkswagen brand that was agreed upon with union leaders last December would no longer be sufficient to …

Volkswagen has ‘one year’ to adapt as European sales collapse
3 months, 2 weeks ago

Volkswagen has ‘one year’ to adapt as European sales collapse

The Telegraph  

Volkswagen has as little as a year to adapt to plunging sales in Germany, its finance boss has said, as it considers closing a factory in its home market for the first time in 87 years. Arno Antlitz, Volkswagen’s chief financial officer, told staff at the company’s Wolfsburg headquarters they had “a year, maybe two” to transform the business. Daniela …

Tesla faces 45 per cent profit drop in Q2, Musk teases Robotaxi announcement in October
5 months ago

Tesla faces 45 per cent profit drop in Q2, Musk teases Robotaxi announcement in October

India TV News  

Tesla, Elon Musk's electric automobile company has reported being in profit for the April-June period this year by USD 1.5 billion- which was down by 45 per cent from the same period in 2023. Total revenue was up 2 per cent at USD 25.5 billion, but automotive revenues were down 7 per cent to USD 19.9 billion, according to the …

Tesla’s 2Q profit falls 45% to $1.48 billion as sales drop despite price cuts and low-interest loans
5 months ago

Tesla’s 2Q profit falls 45% to $1.48 billion as sales drop despite price cuts and low-interest loans

Associated Press  

DETROIT — Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing. Tesla said it posted record quarterly revenue “despite a difficult operating environment.” The company’s energy-storage business took in just over $3 billion in revenue, double the amount in the same period last year. …

Musk wins pay approval but still faces Tesla's floundering stock and rich valuation
6 months, 1 week ago

Musk wins pay approval but still faces Tesla's floundering stock and rich valuation

Hindustan Times  

* Musk wins pay approval but still faces Tesla's floundering stock and rich valuation Shareholders re-approve controversial pay package * Tesla's stock rises nearly 3% on Thursday, remains down 27% in 2024 * Market cap remains by far the highest among automakers By Noel Randewich June 14 - Tesla shareholders approved CEO Elon Musk's $56 billion pay package in a …

BMW sold 594,533 cars in the first quarter of 2024, still low on profits: Know-why?
7 months, 2 weeks ago

BMW sold 594,533 cars in the first quarter of 2024, still low on profits: Know-why?

India TV News  

BMW, a German car manufacturing brand has reportedly made less profit in the first quarter of 2024. The model changeover of BMW's important 5 Series vehicle hurt the figures, as did the higher proportion of fully electric cars, which are less profitable to sell for the company. Some call this transformation -- for us, it is continuous progress.” The company's …

Tesla Quarter 1 profit falls 55%, company plans move to cheaper vehicles
8 months ago

Tesla Quarter 1 profit falls 55%, company plans move to cheaper vehicles

Hindustan Times  

Tesla’s first-quarter net income plummeted 55%, but its stock price surged in after-hours trading Tuesday as the company said it would accelerate production of new, more affordable vehicles. On a conference call with analysts, CEO Elon Musk said he expects production to start in the second half of next year “if not late this year.” New factories or massive new …

VW to grow China sales to 4 million units in 2030
8 months ago

VW to grow China sales to 4 million units in 2030

China Daily  

A Volkswagen charging station is displayed at the Shanghai auto show on April 18, 2023. Volkswagen AG expects to scale up its sales to 4 million units in 2030 in China, which CEO Oliver Blume said is the German carmaker's "second home market". The 2030 sales goal, which was announced on Wednesday, would mean a 15 percent share of the …

Is the global EV bubble bursting? As global demand starts to slow, share prices tank and Tesla cuts 10% of the workforce....are car giants ready to slam the brakes on electric revolution?
8 months, 1 week ago

Is the global EV bubble bursting? As global demand starts to slow, share prices tank and Tesla cuts 10% of the workforce....are car giants ready to slam the brakes on electric revolution?

Daily Mail  

Elon Musk's announcement that Tesla will lay off ten percent of its workforce shocked many but it may be inline with figures that suggest the global demand for electronic vehicles is slumping across the world. In the first quarter of 2024, the two biggest manufacturers of electronic vehicles, Tesla and its Chinese rival BYD reported dramatic sales drops compared against …

Volkswagen sees strong growth of cars delivery in China: FT
8 months, 1 week ago

Volkswagen sees strong growth of cars delivery in China: FT

China Daily  

A Volkswagen car is on display during an expo in Shanghai. BRUSSELS - German carmaker Volkswagen recorded an unexpectedly strong growth in its deliveries of electric and combustion engine cars in China in the first quarter, against a sharp drop for electric vehicles in Europe, reported Financial Times. "Volkswagen Group China's e-offensive is taking effect," the report quoted Volkswagen China …

Tesla sales fall short of estimates in first drop since 2020
8 months, 3 weeks ago

Tesla sales fall short of estimates in first drop since 2020

LA Times  

Tesla sales fell short of estimates in the first three months of this year. Tesla Inc. suffered its first year-over-year sales drop since the early days of the COVID-19 pandemic. Wall Street had rapidly lowered projections for the Austin-based company’s deliveries as the first quarter came to a close, including some analysts who correctly predicted that the tally would come …

Tesla loses over $82 billion, stock plunges 12% in a single day after ‘disastrous’ earnings call
10 months, 4 weeks ago

Tesla loses over $82 billion, stock plunges 12% in a single day after ‘disastrous’ earnings call

Firstpost  

The stock value of Tesla saw a significant dip of just over 12% on Thursday following remarks by CEO Elon Musk highlighting the challenges posed by Chinese electric-car manufacturers, whom he referred to as “the most competitive car companies in the world.” During Tesla’s earnings call on Wednesday, Musk praised Chinese carmakers such as BYD, Geely, and SAIC, emphasizing their …

Tesla hit by first ever drop in annual profits amid electric car price war
11 months ago

Tesla hit by first ever drop in annual profits amid electric car price war

The Telegraph  

Tesla has recorded its first ever drop in annual profits as it suffers the effects of an electric vehicle price war orchestrated by its chief executive, Elon Musk. It caps a challenging year for Tesla and Mr Musk, in which the company has been overtaken as the world’s best-selling electric car manufacturer by China’s BYD and its chief executive has …

Tesla prices now rival average U.S. cars after billions in cuts
1 year, 2 months ago

Tesla prices now rival average U.S. cars after billions in cuts

LA Times  

Some see Tesla’s price cuts as the cost of propping up demand after Chief Executive Officer Elon Musk’s acquisition of Twitter — now X Corp. — and his increasing engagement with right-wing politics. Black has used his widely followed social media account on X, formerly known as Twitter, to advocate for Tesla to spend money on traditional advertising campaigns rather …

Investors conclude that Tesla is a carmaker, not a tech firms
1 year, 5 months ago

Investors conclude that Tesla is a carmaker, not a tech firms

Hindustan Times  

After Tesla’s market capitalisation swept past that of Toyota, then the world’s most valuable car company, in the summer of 2020, devoted fans and incredulous sceptics deployed a new unit of measurement. A year ago Tesla’s market value surpassed $1.2trn, more than most other car companies put together. Even bullish investors now doubt that Mr Musk will fulfil his promise …

Volkswagen boss leads way for auto execs to catch up on industry trends
1 year, 10 months ago

Volkswagen boss leads way for auto execs to catch up on industry trends

China Daily  

Volkswagen showcases its all-electric ID. Volkswagen's China sales slipped 3.6 percent to 3.18 million units in 2022, but they accounted for 38 percent of its deliveries worldwide. The group's new energy vehicle sales in China were 206,500 units, making up around just 3 percent of the country's NEV market segment, much lower than its 15 percent share in the overall …

Volkswagen eyes more cooperation opportunities in China
1 year, 10 months ago

Volkswagen eyes more cooperation opportunities in China

China Daily  

Employees work at an assembly line of the North China base of FAW-Volkswagen in North China's Tianjin, Jan 11, 2023. Volkswagen has several partners in China, including China FAW Group Co Ltd, founded in 1953 in the northeastern city of Changchun, capital of Jilin province and regarded as the cradle of China's auto industry. Last November, Blume visited China with …

Tesla reports $24.3 bn Q4 revenue, expects to boost EV deliveries by 37 %
1 year, 10 months ago

Tesla reports $24.3 bn Q4 revenue, expects to boost EV deliveries by 37 %

Live Mint  

Tesla Inc slightly beat analysts' estimates for fourth-quarter revenue on Wednesday, powered by record delivery of electric vehicles during the last three months of 2022. The electric-vehicle maker, which missed its delivery target last year, said it expects to increase vehicle deliveries by 37% this year to 1.8 million vehicles. The company said revenue was $24.32 billion for the three …

Tesla’s 2022 collapse hits 69% after deepest sell-off since April
1 year, 11 months ago

Tesla’s 2022 collapse hits 69% after deepest sell-off since April

LA Times  

Workers assemble a car at Tesla’s factory in Fremont, Calif. A plan to temporarily halt production at the company’s plant in China has investors shaken. The tailspin in Tesla shares accelerated Tuesday, marking their longest losing streak since 2018, as a report of a plan to temporarily halt production at its China factory rekindled fears about demand risks. The latest …

Tesla beats Volkswagen in battery-electric vehicle in Germany
2 years, 2 months ago

Tesla beats Volkswagen in battery-electric vehicle in Germany

The Hindu  

Tesla topped registrations of battery-electric vehicles in Germany in the first nine months of this year at nearly 38,500, federal data showed, beating the Volkswagen brand by around 6,000 vehicles. Only Audi and Seat saw an increase in the number of battery-electric cars registered in Germany among Volkswagen Group brands, the data from the federal motor transport authority showed. Globally, …

Porsche overtakes Volkswagen as Europe’s most valuable carmaker
2 years, 2 months ago

Porsche overtakes Volkswagen as Europe’s most valuable carmaker

CNN  

Porsche took pole position as Europe’s most valuable automaker on Thursday, overtaking former parent Volkswagen as the price of the sportscar maker’s newly-listed shares sped higher. Although Porsche shares fell below their listing price on Monday to 81 euros, in line with a wider fall in markets, they had risen to 93 euros on Thursday morning, giving the sportscar brand …

Volkswagen hikes prices of these luxury cars this festive season. Details here
2 years, 2 months ago

Volkswagen hikes prices of these luxury cars this festive season. Details here

Hindustan Times  

If you are planning to buy a Volkswagen car this festive season, then you need to lighten up your pockets. According to report, Volkswagen has raised the price of its popular sedan Virtus by ₹10,000-50,000. Now, Virtus has a starting price of ₹11.32 lakh while the top variant costs ₹18.42 lakh. Volkswagen has raised the price of its popular sedan …

Volkswagen sold 22,000 SUVs of this model in last one year. Check new price
2 years, 3 months ago

Volkswagen sold 22,000 SUVs of this model in last one year. Check new price

Hindustan Times  

Automobile giant Volkswagen had launched its mid-sized sports utility vehicle Taigun in September last year. In the last one year, the company has sold 22,000 cars. In May the company sold 1,268 units, 1,327 units in June and 1,408 units in July, the Live Hindustan report stated. The new model has some cosmetic updates like door-edge protector, aluminium pedal, new …

VW predicted to overtake Tesla to become biggest electric car brand in 2024
2 years, 6 months ago

VW predicted to overtake Tesla to become biggest electric car brand in 2024

Daily Mail  

Tesla will hold onto its global electric vehicle sales crown for another 18 months before being overtaken at the top of the charts by German automotive giant Volkswagen, according to a new industry report. It says the Wolfsburg-based brand is on track to overtake Tesla's electric car volume in 2024 with global demand for battery-powered cars set to more than …

Tesla 1Q earnings 7 times more than year ago on strong sales
2 years, 8 months ago

Tesla 1Q earnings 7 times more than year ago on strong sales

Associated Press  

DETROIT — Tesla reported Wednesday that its first-quarter net earnings were over seven times greater than a year ago, powered by strong sales despite global supply chain kinks and pandemic-related production cuts in China. But CEO Elon Musk said on a conference call with analysts that waiting lists are long even as Tesla raised prices anticipating costs that will come …

Giga-casting and robots: How Volkswagen’s Trinity aims to catch up with Tesla
2 years, 8 months ago

Giga-casting and robots: How Volkswagen’s Trinity aims to catch up with Tesla

The Hindu  

As Tesla kicks off production at its new German plant this month, Volkswagen is weeks away from finalising plans for a 2 billion euro electric vehicle factory that it hopes will bring it up to speed with its U.S. rival. Tesla says it can already churn out a Model Y in 10 hours at its new Giga Berlin-Brandenburg factory in …

Bentley to Roll Out One Electric Car Every Year for Five Years from 2025
2 years, 9 months ago

Bentley to Roll Out One Electric Car Every Year for Five Years from 2025

News 18  

Luxury carmaker Bentley unveiled plans on Tuesday to build a new electric model annually for five years from 2025 after its annual profit skyrocketed, as the British firm builds on parent Volkswagen’s push to broaden electric offerings. Crewe, England-based Bentley posted a profit of 389 million euros for 2021, compared with a profit of 20 million euros in the previous …

Tesla Leads As Global EV Sales Increases 109% in 2021: Report
2 years, 10 months ago

Tesla Leads As Global EV Sales Increases 109% in 2021: Report

ABP News  

New Delhi: Nearly 6.5 million electric vehicles -- including fully electric and plug-in hybrid passenger cars -- were sold worldwide in 2021, up 109 per cent from 2020, with Tesla leading the global EV marketa with 14 per cent share, a new report showed on Monday. The total global car market grew just 4 per cent in 2021 as it …

Tesla posts record profit, won’t produce new models in 2022
2 years, 10 months ago

Tesla posts record profit, won’t produce new models in 2022

Associated Press  

DETROIT — Tesla Inc. on Wednesday posted record fourth-quarter and full-year earnings as deliveries of its electric vehicles soared despite a global shortage of computer chips that has slowed the entire auto industry. Although the company predicted it would be able to build 50% more vehicles than it made last year, CEO Elon Musk said the chip shortage would stop …

Tesla posts record sales as electric cars take off
2 years, 11 months ago

Tesla posts record sales as electric cars take off

The Telegraph  

Tesla has smashed its previous record for vehicle sales by delivering 308,600 cars in the fourth quarter. The stronger-than-expected results brought total sales in 2021 to 936,000, around 87pc higher than a year earlier. The figures are seen as a key measure of both the company’s strength and wider demand for electric vehicles, given Tesla’s leading position in the market. …

Tesla becomes first $1 trillion car maker
3 years, 1 month ago

Tesla becomes first $1 trillion car maker

The Telegraph  

Tesla has become the world's first car maker worth a trillion dollars after an order for 100,000 cars from Hertz pushed its shares to a new high. The stock rose more than 11pc above $1,000 in New York, pushing Elon Musk's company over the $1 trillion mark for the first time. It means Tesla is more than 2.5 times as …

Tesla hits record profit despite parts shortage, ship delays
3 years, 2 months ago

Tesla hits record profit despite parts shortage, ship delays

Associated Press  

DETROIT — Record electric vehicle sales last summer amid a shortage of computer chips and other materials propelled Tesla Inc. to the biggest quarterly net earnings in its history. Earlier this month Tesla said it delivered a record 241,300 electric vehicles in the third quarter even as it wrestled with the shortages that have hit the entire auto industry. But …

Tesla sees big jump in third quarter car production
3 years, 2 months ago

Tesla sees big jump in third quarter car production

CNN  

New York, NY CNN — Tesla said Saturday that it produced 237,823 vehicles in its third quarter and delivered 241,300, more than double the number of vehicles for the same period a year ago. “Taking a step back, with the chip shortage a major overhang on the auto space and logistical issues globally, these delivery numbers were ‘eye popping’ and …

Volkswagen will phase out internal combustion engine vehicles in Europe by 2035
3 years, 5 months ago

Volkswagen will phase out internal combustion engine vehicles in Europe by 2035

Firstpost  

With ICE vehicles on their way out, Volkswagen is aiming for EVs to account for 70 percent of its European sales by 2030. Volkswagen said Sunday it plans to stop producing cars with internal combustion engines in Europe for its eponymous flagship brand between 2033 and 2035, as the Germany auto giant accelerates its drive towards electric vehicles. Carmakers around …

Elon Musk's Tesla sells 10 per cent of its Bitcoins, here is why
3 years, 7 months ago

Elon Musk's Tesla sells 10 per cent of its Bitcoins, here is why

India Today  

Elon Musk and Tesla have been among the biggest believers in cryptocurrency. However, the latter recently sold 10 per cent of its holdings in cryptocurrency, the Tesla chief has confirmed while clarifying that his personal investment remains unchanged. The tweet came after Tesla presented its first-quarter earnings report on Monday which revealed that it had sold $272 million worth of …

Tesla: Volkswagen could soon steal the electric car crown
3 years, 9 months ago

Tesla: Volkswagen could soon steal the electric car crown

CNN  

London CNN Business — Tesla knows all about how to disrupt an industry. After years as the undisputed king of the electric car, Tesla could be matched sale for sale by Volkswagen as early as 2022, according to analysts at UBS, who predict that Europe’s biggest carmaker will go on to sell 300,000 morebattery electric vehicles than Tesla in 2025. …

Volkswagen is going huge in batteries to slash the price of electric cars
3 years, 9 months ago

Volkswagen is going huge in batteries to slash the price of electric cars

CNN  

London CNN Business — Volkswagen has unveiled a massive expansion of battery production as it seeks to gain an edge in the electric car race. Volkswagen is also adding a huge number of new electric vehicle charging points to networks across Europe, the United States and China, the company announced at an event on Monday. “The one size fits almost …

Tesla, Ford Only Two Automakers in US Which Have Not Gone Bankrupt: Elon Musk
3 years, 9 months ago

Tesla, Ford Only Two Automakers in US Which Have Not Gone Bankrupt: Elon Musk

News 18  

As several carmakers bleed in the US and beyond, Tesla is profitable and according to Elon Musk, his electric car company and Ford are the only two carmakers in the US which have not gone bankrupt. In last year, Tesla achieved free cash flow of nearly $2.8 billion after spending more than $3 billion on building new factories and other …

Automakers are going green to save money, not just the planet
3 years, 10 months ago

Automakers are going green to save money, not just the planet

CNN  

New York CNN Business — Virtually all of the world’s major automakers are shifting to an all-electric future — and that’s as much about the bottom line as it is the environment. Electric vehicles come with several inherent cost advantages — with no internal combustion engine, they have far fewer moving parts, and they require far less labor to assemble. …

Tesla’s dirty little secret: Its net profit doesn’t come from selling cars
3 years, 10 months ago

Tesla’s dirty little secret: Its net profit doesn’t come from selling cars

CNN  

New York CNN Business — Tesla posted its first full year of net income in 2020 – but not because of sales to its customers. If they can’t, the automakers have to buy regulatory credits from another automaker that meets those requirements – such as Tesla, which exclusively sells electric cars. The $1.6 billion in regulatory credits it received last …

Tesla posts 1st annual profit but misses analysts’ estimates
3 years, 10 months ago

Tesla posts 1st annual profit but misses analysts’ estimates

Associated Press  

Riding a sales surge amid a global pandemic, Tesla Inc. on Wednesday reported that it posted its first annual net profit in 2020. In a year that saw its stock soar to make it the world’s most valuable automaker, Tesla earned $721 million, capped by a $270 million profit in the fourth quarter. Nearly 1,000 owners are testing the company’s …

Volkswagen Group Retails 9.3 Million Cars in 2020 Despite Slowdown, EVs Account For Mere 2.32 Lakh Units
3 years, 11 months ago

Volkswagen Group Retails 9.3 Million Cars in 2020 Despite Slowdown, EVs Account For Mere 2.32 Lakh Units

News 18  

Auto industry, much like all other industries across the world, was severely hit because of the coronavirus pandemic. The car making company has recorded a massive sale of 9.3 million vehicles in 2020 across the globe. According to the details mentioned in a note on the official website, the Volkswagen group sold 231,600 all-electric vehicles and 190,500 units of plug-in …

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