Porsche SE, Volkswagen’s biggest shareholder, said it plans to scoop up 25 percent, plus one extra share, in carmaker Porsche AG voting stock when VW lists the sports car brand.
Italy, Portugal, Slovakia, Bulgaria and Romania want to delay a EU plan to ban the sale of new gasoline and diesel-powered vehicles in 2035 by five years.
Volkswagen forecasts its sales will rise 8%-13%, an operating profit margin of 7.0%-8.5% and an increase in deliveries of 5-10% in 2022.
Experts predict the Russian invasion of Ukraine could slash global production of new cars and trucks by millions of units in 2022.
Volkswagen and Renault will suspend operations temporarily as Russia’s invasion of Ukraine impacts European supply chains.
Volkswagen and its top shareholder have prepared a preliminary agreement to list Porsche to boost the parent company's valuation and fund its push into EVs.
Volkswagen plans to decide on location for new plant and increase production output in the second half of 2022, reports company officials.
Luxury car brands, such as Rolls-Royce, Bentley, Porsche and BMW saw record sales in 2021.
The U.S. Supreme Court has rejected Volkswagen AG's appeal to avoid lawsuits seeking damages over the automaker's alleged diesel emissions tampering.
Though forecasts predict the global semiconductor shortage may not right itself until 2023, vehicle manufacturers express hope for improvement in Quarter 4.
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