#2 Volkswagen AG’s first-quarter earnings fell after waning car sales and the cost of introducing new models weighed on profitability.
Operating profit declined by a fifth to €4.6 billion ($4.9 billion) in the period, Volkswagen said Tuesday, broadly in line with analyst expectations. The manufacturer confirmed its outlook for the full year.
“As expected, our first quarter results show a slow start to the year,” Chief Financial Officer Arno Antlitz said. “A strong March, the solid order bank and the improving order intake in the past months are encouraging and should already have a positive impact in the second quarter.”
Volkswagen isn’t alone with its difficult start to the year. Mercedes-Benz Group AG’s first-quarter earnings, reported earlier Tuesday, plummeted by around a third over model changes and sluggish demand for EVs. Stellantis NV’s first-quarter revenue fell amid slow sales in the US. On Monday, shares of Porsche AG declined after the luxury-car maker posted its worst quarterly result since listing in September 2022.
Volkswagen’s brands plan to introduce more than 30 models this year to defend sales in markets including China, where local rivals dominate on electric vehicles. Parts problems recently impacted deliveries of Audis and Porsches in the US.
Chief Executive Officer Oliver Blume is pushing technology partnerships — including in China with Xpeng — and cost cuts to challenge the likes of BYD, Tesla and Stellantis. Volkswagen’s namesake brand, meanwhile, is implementing a €10 billion savings plan.
(Updates with Stellantis earnings. A previous version of this story corrected a reference to analyst expectations.)
#3 Gracias por el aporte, pero en mi opinión, un país como China, que genera el 60% de su energía a partir del carbón tendrá que invertir en otras fuentes de energía. El mix energético no es comparable.
En Portugal, si te para la GNR y te multa, te inmovilizan el vehículo hasta que pagues, aunque sean 100€
Hace pocos años se ponían las botas con los españoles exigiéndoles la carta verde del seguro, que no la tenía ni quisqui hasta que se corrió la voz de la campaña recaudatoria.
#1 A eso venía, es un FSD Level 3. Además, para que funcione, tienen que pagar una suscripción anual de 2.500$. En Europa costará entre 5.000-7.000€/año
Mercedes-Benz has become the first automaker to sell vehicles with Level 3 autonomous driving technology directly to US consumers. The EQS and S-Class sedans come with a Drive Pilot feature that doesn't require users to keep their eyes on the road, unlike Tesla's Full Self-Driving beta.
Mercedes' Level 3-enabled cars went on sale in December, though they are only able to be legally sold in California and Nevada, writes Fortune. The two states' DMV gave approval for the cars to go on sale last year, making it the sole automaker approved by the government to sell the technology to the US public.
Drive Pilot, which requires a $2,500 per year subscription, can be only activated in certain situations and areas, including during the daytime when the weather is clear, in heavy traffic jams, on specific California and Nevada freeways, and when the car is traveling less than 40 mph. It doesn't work on roads that haven't been preapproved by Mercedes and cannot be used in construction zones.
#1 Toda la razón. Además, hay muchos menos accidentes, al menos en Vigo. Con tantas rayas (badum tsss) los conductores se acojonan y frenan antes de meterse
Operating profit declined by a fifth to €4.6 billion ($4.9 billion) in the period, Volkswagen said Tuesday, broadly in line with analyst expectations. The manufacturer confirmed its outlook for the full year.
“As expected, our first quarter results show a slow start to the year,” Chief Financial Officer Arno Antlitz said. “A strong March, the solid order bank and the improving order intake in the past months are encouraging and should already have a positive impact in the second quarter.”
Volkswagen isn’t alone with its difficult start to the year. Mercedes-Benz Group AG’s first-quarter earnings, reported earlier Tuesday, plummeted by around a third over model changes and sluggish demand for EVs. Stellantis NV’s first-quarter revenue fell amid slow sales in the US. On Monday, shares of Porsche AG declined after the luxury-car maker posted its worst quarterly result since listing in September 2022.
Volkswagen’s brands plan to introduce more than 30 models this year to defend sales in markets including China, where local rivals dominate on electric vehicles. Parts problems recently impacted deliveries of Audis and Porsches in the US.
Chief Executive Officer Oliver Blume is pushing technology partnerships — including in China with Xpeng — and cost cuts to challenge the likes of BYD, Tesla and Stellantis. Volkswagen’s namesake brand, meanwhile, is implementing a €10 billion savings plan.
(Updates with Stellantis earnings. A previous version of this story corrected a reference to analyst expectations.)