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German sports car maker Porsche is not currently considering raising its 31 percent stake in Volkswagen once a law capping voting rights is repealed, a German newspaper reported on Sunday.
Volkswagen, the world's fourth largest carmaker, will meet its 2008 pretax profit target of 5.1 billion euros ($7 billion) a year earlier than planned, the company said on Friday.
German car parts maker Continental and Blackstone Group with its TRW Automotive Holdings are set to submit bids for VDO, the automotive unit of Siemens, people familiar with the situation said on Wednesday.
General Motors plans to offer diesel-engine cars under the Cadillac and Saturn brands in the United States by 2010, industry journal Automotive News reported, citing a source familiar with the plan.
European auto manufacturers will struggle to maintain credit ratings in a very difficult environment despite expected long-term global growth in demand, Moody's Investors Service said in a report. Over-capacity is just one of several challenges the Original Equipment Manufacturers are facing, the agency added.
Volkswagen, Europe's biggest automaker by sales, said Thursday that deliveries of new cars in the first five months of 2007 were up 7.6% from last year, with 2.5 million sold amid rising demand in Europe and Asia.
Shares of France's Atos Origin recovered from an early decline of 1.1% Wednesday, as the company named executive board member Philippe Germond to succeed Bernard Bourigeaud as the new chief executive officer.
Cerberus Capital Management, which agreed to buy a majority stake in Chrysler for $7.4 billion, has been loading up on auto assets and industry experts recently but still faces major challenges in turning the struggling auto maker around, CNBC's Melissa Lee reports.
Here's our re-cap of the day. Remember, the two week finals begin this Monday for both the Million Dollar Portfolio Challenge and Second Chance Showdown (open to all non-portfolio challenge finalists who have opted-in). All players in both contests start Monday with a fresh portfolio of $1,000,000 CNBC Bucks--and each player has only one portfolio. There are no more trivia questions for Bonus Bucks--today's the last day for them. And if you think you will be weekly winner #10, check your email--starting tonight--to see if we've contacted you and you qualify as the winner. That way you can start trading on Monday with the rest of the finalists.
Time now for our trivia questions of the day. The video question is worth $2,000 Bonus Bucks: The board of Volkswagen is set to meet today to discuss a bid from what rival automaker? Your selection of answers is: Ford or Porsche or BMW or General Motors. The news trivia question is worth $1,000 Bonus Bucks: According to the S&P/Case-Shiller Home Price Index, home prices in Seattle are up how much from a year ago? Your selection of answers is: 19% or 23% or 10% or 12%.
Legislation aimed at preventing retailers and other nonfinancial companies like automakers from operating a bank was approved by the U.S. House Financial Services Committee.
Porsche said Thursday it had filed its formal takeover offer for Volkswagen with German regulators, a required step after it lifted its stake in the maker of the iconic Beetle.
Volkswagen, Europe's biggest car maker, said Wednesday that its first-quarter net profit more than doubled as sales showed solid gains worldwide.
Volkswagen's group vehicle sales in the first quarter rose by 7.9% to a record 1.47 million units, thanks in part to sharp gains in China and Brazil, Europe's biggest carmaker said on Tuesday.
German sportscar maker Porsche said Wednesday it had completed its acquisition of more shares in Volkswagen for a total stake of 30.94%, triggering a formal takeover offer to VW's shareholders.
German sports car maker Porsche has exercised an option to take an extra 3.6% voting stake in Volkswagen, Porsche said on Monday, taking its holding to 30.9% as of Wednesday.
Volkswagen's joint venture in China, Shanghai Volkswagen Automotive, has cut its car prices by up to 11,000 yuan ($1,420; 1,000 euros) to improve competitiveness, the company said Friday.
Volkswagen, Europe's largest automaker, said Friday its fourth-quarter profit nearly tripled on strong vehicle sales.
Volkswagen aims to increase its market share in China after sales to the Asian country boosted VW's group unit sales by 7.6% in the first two months of this year, it said on Tuesday.
Volkswagen, Europe's biggest car maker, said Tuesday that its 2006 net profit more than doubled on strong sales but its operating profit was halved by costly restructuring efforts that have seen thousands of jobs eliminated.