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The Latest Breaking News from Oliver Blume

Volkswagen Boss Hails Cost-cutting Deal But Shares Fall

Volkswagen's chief executive welcomed a deal to slash jobs and reduce production capacity in Germany without the need to close factories, but the car giant's shares fell heavily on Monday.

International Business Times

Volkswagen CEO's Speech to Workers Drowned Out By Boos After He Says Company 'Isn't Operating in a Fantasy World'

The carmaker has been in heated discussions with unions after announcing this fall that it would have to take drastic measures to cut costs

Latin Times

Volkswagen CEO booed after saying he didn't live in a 'fantasy world': report

Volkswagen boss Oliver Blume was reportedly booed as he spoke about growing up in Wolfsburg, home to VW’s biggest factory.

Fortune

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From China Woes To EV Troubles, VW Faces Rocky Road

As Volkswagen seeks to push through a drastic restructuring with billions of euros in cuts, workers nationwide on Monday kicked off what could be a long wave of industrial action.

International Business Times

Volkswagen Is Already Cutting Costs

In an interview with German newspaper Bild last month, Volkswagen CEO Oliver Blume was painfully honest about the automaker's delicate situation. He blamed "decades-long structural problems" for the lack of competitiveness, citing high labor costs as one of the main culprits. Massive layoffs, pay cuts, and even plant closures are looming…

Motor1

Volkswagen Gets Much-Need Tech, Rivian A Cash Infusion With New JV

Volkswagen (OTC:VLKAF) has boosted its initial investment in American electrical vehicle (EV) maker Rivian (NASDAQ:RIVN) to $5.8 billion, $800 million more than initially planned.

Benzinga

Volkswagen And Rivian Launch Joint Venture Valued At $5.8 Billion

With this venture, the two companies plan to bring "best-in-class software technology" and "next-generation electrical architecture" for future electric vehicles of the companies. The deal will cover various kinds of vehicles, which would also include subcompact cars.

International Business Times

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Rivian And VW's $5.8B Joint Venture Will Power A Lot, Including 'Subcompact Cars'

Rivian and the Volkswagen Group's joint venture now has a name and a launch date. Rivian and VW Group Technology, LLC—or, Rivian and Volkswagen Group Technologies, for short—kicks off Wednesday.

InsideEVs

Volkswagen CEO Tells Publication Cost Cutting Necessary Amid "Structural Problems"

The CEO of Volkswagen revealed to a publication that the cost cutting measures in the company is necessary.

International Business Times

VW Boss: 'Decades of Structural Problems' Led to Crisis

To say Volkswagen is going through a rough patch would be an understatement. The Group’s latest numbers look terrible: Earnings after tax collapsed by 63.7% in the third quarter when sales dropped by 8.3%. Through this year's first nine months, profits are down 30.7% and sales are 4.4% lower. CEO…

Motor1

Tesla Robotaxi Day Is This Week. Is It A 'Make Or Break Moment'?

Tesla's "We, Robot" event is Thursday, Oct. 10. Here's what we expect and why some say Elon Musk's company has to deliver this time.

InsideEVs

Volkswagen Starts Key Pay Talks With Unions Amid Potential Plant Closures

Volkswagen is about to start discussions with unions over pay in the midst of possible plant closures.

International Business Times

Why have Audi workers stolen 200 keys from a Brussels plant?

Audi workers confiscated hundreds of keys for completed and unfinished cars in a backlash to Volkswagen’s plans for plant closures.

Fortune

As Volkswagen weighs its first closure of a German auto plant, workers aren't the only ones worried

Volkswagen is considering closing some factories in its home country for the first time in the German automaker’s 87-year history

The Independent UK

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The Guardian - UK

An ‘earthquake’ at Volkswagen – and a crisis for Germany?

The company is seen as crucial not just to local but national wellbeing – and never before have its workers been threatened in their own homeland like this

The Guardian - UK

VW slams production into reverse as industry faces battles on all sides

Plan to cut German factories is politically fraught but makes sense economically given Chinese competition, falling demand and CO2 rules

Fortune

Volkswagen CEO Oliver Blume will spar with one of Germany's fiercest worker groups over his €10 billion cost-cutting plan to save the carmaker

Volkswagen is a unique case—half the seats in its supervisory board are controlled by labor representatives, who can determine the company’s future course.

Fortune

Is Germany in crisis? Giants consider pulling billions from economy

Intel is reconsidering a €30 billion factory while Volkswagen contemplates closures as German industry drowns in a two-year recession.

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Fortune

Volkswagen in trouble? Carmaker considers first ever German factory closure

Volkswagen CEO Oliver Bloom decried the German manufacturing industry as his company said it was considering plant closures.

International Business Times

Volkswagen Weighing Plant Closures, Job Cuts In Germany

German automotive giant warned it could take the unprecedented move of shutting down production sites, and threatened further job cuts as its savings plans stalled

InsideEVs

Volkswagen May Push Back Flagship Next-Gen 'Trinity' EV To Make Room For Golf EV

Today on Critical Materials: VW delays flagship "Trinity" EV, Musk and Tesla seem to disagree on subsidies, and South Korea presses for EV battery transparency.

Fortune

Inside Volkswagen’s $130 billion EV battle

The world's largest automaker was late to the EV race. Now it's spending billions to catch up to Tesla and Chinese brands.

InsideEVs

Porsche Seven-Seat Flagship K1 Electric SUV: Everything We Know

Codenamed K1, the high-end Porsche EV SUV will reportedly offer three-row seating and a completely different exterior design from past models.

InsideEVs

Rivian And Volkswagen's Secret Meetings Involved 'Cloaked Audis' Before Deal: Report

Today on Critical Materials; Inside the Rivian/VW joint venture formation, legacy automakers creeping up on Tesla's sale, and one-in-five public chargers broken

International Business Times

VW To Invest $5 Bn In EV Maker Rivian, Establishing Joint Venture

German auto giant Volkswagen will invest $5 billion in US electric vehicle maker Rivian and create a joint venture expected to produce technology used by both automakers, the companies announced Tuesday.

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