Audi debuts $200,000 R8 supercar that tops 200 mph

The magic number for Audi at this year’s New York International Auto Show is 200 — as in 200 mph and $200,000. For the first time, all versions of the R8 will be able to blow past the 200 mph mark, while the limited-edition R8 Decennium will become the first Audi model to top $200,000. Even the “base” car gets a performance boost for 2020, its V-10 engine tuned to deliver 562 horse power and 406 pound-feet of torque, enough to neatly nip 200 mph at the top end. That’s 30 more horsepower and 8 po


The magic number for Audi at this year’s New York International Auto Show is 200 — as in 200 mph and $200,000. For the first time, all versions of the R8 will be able to blow past the 200 mph mark, while the limited-edition R8 Decennium will become the first Audi model to top $200,000. Even the “base” car gets a performance boost for 2020, its V-10 engine tuned to deliver 562 horse power and 406 pound-feet of torque, enough to neatly nip 200 mph at the top end. That’s 30 more horsepower and 8 po
Audi debuts $200,000 R8 supercar that tops 200 mph Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: paul a eisenstein, adam jeffery
Keywords: news, cnbc, companies, r8, torque, models, supercar, 200, volkswagen, 200000, debuts, tops, mph, v10, performance, audi, poundfeet


Audi debuts $200,000 R8 supercar that tops 200 mph

The magic number for Audi at this year’s New York International Auto Show is 200 — as in 200 mph and $200,000.

Among the numerous new models the German automaker is launching in the Big Apple this week, the spotlight focuses on Audi’s R8 supercar which is using the annual show to mark its 10th anniversary. For the first time, all versions of the R8 will be able to blow past the 200 mph mark, while the limited-edition R8 Decennium will become the first Audi model to top $200,000.

The R8 is one of the most important products Audi has introduced over the last decade, according to Scott Keogh, former CEO of Audi of America and now chief executive of parent Volkswagen of America. It helped position the Volkswagen luxury brand as a serious competitor to more established German brands Mercedes-Benz and BMW, he said during an interview earlier this year.

The R8, which got a big budget boost from its role as one of the cars driven by Robert Downey Jr. in the “Ironman” superhero franchise, is offered in a variety of packages that could be described as fast, faster and fastest.

Even the “base” car gets a performance boost for 2020, its V-10 engine tuned to deliver 562 horse power and 406 pound-feet of torque, enough to neatly nip 200 mph at the top end. That’s 30 more horsepower and 8 pound-feet torque more than the 2019 models could deliver. It starts at $171,150, while the 602 hp R8 V10 Performance model will now come in at $197,150 for 2020.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: paul a eisenstein, adam jeffery
Keywords: news, cnbc, companies, r8, torque, models, supercar, 200, volkswagen, 200000, debuts, tops, mph, v10, performance, audi, poundfeet


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German prosecutors press charges against former VW CEO Winterkorn

Prosecutors in the German city of Braunschweig said on Monday they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions testing. Four other executives are being charged, the prosecutors office said in a statement. VW has had to recall hundreds of thousands of cars around the world since it admitted in Sept. 2015 to installing illegal software in diesel engines to cheat strict U.S. anti-pollut


Prosecutors in the German city of Braunschweig said on Monday they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions testing. Four other executives are being charged, the prosecutors office said in a statement. VW has had to recall hundreds of thousands of cars around the world since it admitted in Sept. 2015 to installing illegal software in diesel engines to cheat strict U.S. anti-pollut
German prosecutors press charges against former VW CEO Winterkorn Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: getty images
Keywords: news, cnbc, companies, press, ceo, thousands, tests, world, volkswagen, charges, testingfour, strict, statementvw, diesel, vw, german, prosecutors, winterkorn


German prosecutors press charges against former VW CEO Winterkorn

Prosecutors in the German city of Braunschweig said on Monday they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions testing.

Four other executives are being charged, the prosecutors office said in a statement.

VW has had to recall hundreds of thousands of cars around the world since it admitted in Sept. 2015 to installing illegal software in diesel engines to cheat strict U.S. anti-pollution tests.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: getty images
Keywords: news, cnbc, companies, press, ceo, thousands, tests, world, volkswagen, charges, testingfour, strict, statementvw, diesel, vw, german, prosecutors, winterkorn


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Volkswagen hints it could jump back into the steaming hot US pickup market

Among an assortment of new cars, crossovers and concepts that will fill up the Volkswagen stand at this week’s New York International Auto Show, plenty of attention will likely be focused on one dubbed the Tarok. In recent years, the German automaker has made a big push into the light truck market, models like the big Atlas crossover helping it reverse years of declining sales. But the Tarok concept vehicle could see Volkswagen make its return into a segment it abandoned decades ago: the compact


Among an assortment of new cars, crossovers and concepts that will fill up the Volkswagen stand at this week’s New York International Auto Show, plenty of attention will likely be focused on one dubbed the Tarok. In recent years, the German automaker has made a big push into the light truck market, models like the big Atlas crossover helping it reverse years of declining sales. But the Tarok concept vehicle could see Volkswagen make its return into a segment it abandoned decades ago: the compact
Volkswagen hints it could jump back into the steaming hot US pickup market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: paul a eisenstein, handout volkswagen group of america
Keywords: news, cnbc, companies, hints, steaming, pickup, market, vehicle, automaker, hot, big, tarok, international, concept, jump, compact, volkswagen


Volkswagen hints it could jump back into the steaming hot US pickup market

Among an assortment of new cars, crossovers and concepts that will fill up the Volkswagen stand at this week’s New York International Auto Show, plenty of attention will likely be focused on one dubbed the Tarok.

In recent years, the German automaker has made a big push into the light truck market, models like the big Atlas crossover helping it reverse years of declining sales. But the Tarok concept vehicle could see Volkswagen make its return into a segment it abandoned decades ago: the compact pickup truck.

“Although there are no plans to produce the vehicle for the U.S. market, the Tarok concept is being shown to gauge market reaction for a truly versatile and compact entry-level pickup,” the automaker said in a statement released ahead of the prototype’s unveiling on Wednesday during a NY International Auto Show media preview.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: paul a eisenstein, handout volkswagen group of america
Keywords: news, cnbc, companies, hints, steaming, pickup, market, vehicle, automaker, hot, big, tarok, international, concept, jump, compact, volkswagen


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Volkswagen plans to take on Tesla’s Model X in China

Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles. The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities. VW Chief Executive Herbert Diess said the ID ROOMZ will be the flagship electric car to be launched by Volkswagen in China.


Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles. The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities. VW Chief Executive Herbert Diess said the ID ROOMZ will be the flagship electric car to be launched by Volkswagen in China.
Volkswagen plans to take on Tesla’s Model X in China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: picture alliance, getty images
Keywords: news, cnbc, companies, cars, car, production, teslas, china, id, suv, volkswagen, vw, plans, groups, electric, roomz, model


Volkswagen plans to take on Tesla's Model X in China

Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles.

The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities.

VW said its ID ROOMZZ, which it presented in Shanghai on Sunday, will have three rows of seats and an operating range of up to 450 kms. The concept car is capable of a “level 4 autonomous driving”, VW said.

VW Chief Executive Herbert Diess said the ID ROOMZ will be the flagship electric car to be launched by Volkswagen in China.

“We plan to produce more than 22 million electric cars in the next 10 years,” Diess said, adding that around half of VW’s engineers were working on products destined for China.

Diess said the ID ROOMZ would eventually be rolled out to other markets.

To enhance the VW Group’s research and development capabilities, Volkswagen and its premium brand Audi will combine their R&D operations in China.

VW brand’s head of e-mobility Thomas Ulbrich said the carmaker will start ramping up production of 33 electric cars by mid-2023, using VW Group’s modular electric car (MEB) platform to build electric cars for the Skoda, Seat, Audi and VW brands.

Ulbrich said VW Group is converting 16 factories worldwide to enable mass production of electric vehicles, of which eight plants will be making VW branded car.


Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: picture alliance, getty images
Keywords: news, cnbc, companies, cars, car, production, teslas, china, id, suv, volkswagen, vw, plans, groups, electric, roomz, model


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Renault reportedly wants to merge with Nissan and buy Fiat Chrysler

Renault is reportedly looking to restart merger talks with Nissan within the next 12 months before making an audacious attempt to buy Fiat Chrysler. The Italian-American multinational is a prime target for the French firm, according to the Financial Times who cited several people familiar with Renault’s plans, and former Renault CEO Carlos Ghosn held talks with Fiat in recent years before his arrest in Japan on financial misconduct charges. The FT also reported that Fiat Chrysler Chairman John E


Renault is reportedly looking to restart merger talks with Nissan within the next 12 months before making an audacious attempt to buy Fiat Chrysler. The Italian-American multinational is a prime target for the French firm, according to the Financial Times who cited several people familiar with Renault’s plans, and former Renault CEO Carlos Ghosn held talks with Fiat in recent years before his arrest in Japan on financial misconduct charges. The FT also reported that Fiat Chrysler Chairman John E
Renault reportedly wants to merge with Nissan and buy Fiat Chrysler Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: david reid, bill pugliano, getty images
Keywords: news, cnbc, companies, reportedly, fiat, merge, financial, merger, firm, renault, volkswagen, nissan, viewed, chrysler, buy, wants, talks


Renault reportedly wants to merge with Nissan and buy Fiat Chrysler

Renault is reportedly looking to restart merger talks with Nissan within the next 12 months before making an audacious attempt to buy Fiat Chrysler.

The Italian-American multinational is a prime target for the French firm, according to the Financial Times who cited several people familiar with Renault’s plans, and former Renault CEO Carlos Ghosn held talks with Fiat in recent years before his arrest in Japan on financial misconduct charges.

The FT also reported that Fiat Chrysler Chairman John Elkann is open to a potential partnership or merger in a bid to boost his firm. A combination of Renault, Nissan and Fiat Chrysler would be viewed as a viable rival to the current global auto leaders, Volkswagen Group and Toyota.


Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: david reid, bill pugliano, getty images
Keywords: news, cnbc, companies, reportedly, fiat, merge, financial, merger, firm, renault, volkswagen, nissan, viewed, chrysler, buy, wants, talks


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In picking Microsoft’s cloud, Volkswagen shows that even carmakers have some fear of Amazon

In the cloud wars, Microsoft has been able to win big business from retailers, largely because companies like Walmart, Kroger, Gap and Target are opting not to write big checks to rival Amazon. The more Amazon grows, the more that calculation could start working its way into other industries — like automotive. Hüttel said he’s not worried about Amazon building competitive cars, but suggested that there are other things the company is doing in connectivity that could seep into Volkswagen’s market


In the cloud wars, Microsoft has been able to win big business from retailers, largely because companies like Walmart, Kroger, Gap and Target are opting not to write big checks to rival Amazon. The more Amazon grows, the more that calculation could start working its way into other industries — like automotive. Hüttel said he’s not worried about Amazon building competitive cars, but suggested that there are other things the company is doing in connectivity that could seep into Volkswagen’s market
In picking Microsoft’s cloud, Volkswagen shows that even carmakers have some fear of Amazon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-16  Authors: jordan novet, abdulhamid hosbas, anadolu agency, getty images, dimon dawson, bloomberg
Keywords: news, cnbc, companies, microsofts, fear, doing, taking, company, technology, cloud, picking, httel, amazon, volkswagen, volkswagens, shows, market, carmakers, microsoft


In picking Microsoft's cloud, Volkswagen shows that even carmakers have some fear of Amazon

In the cloud wars, Microsoft has been able to win big business from retailers, largely because companies like Walmart, Kroger, Gap and Target are opting not to write big checks to rival Amazon.

The more Amazon grows, the more that calculation could start working its way into other industries — like automotive.

In a recent interview with CNBC, Volkswagen’s Heiko Hüttel, who runs the company’s connected car division, said the carmaker chose Microsoft Azure late last year for its “Automotive Cloud” project after considering Amazon Web Services.

Hüttel said he’s not worried about Amazon building competitive cars, but suggested that there are other things the company is doing in connectivity that could seep into Volkswagen’s market. Amazon was recently seen hauling cargo with self-driving truck technology from start-up Embark.

“If I take a look at all the competitors out there, you see they have capabilities in disrupting you at the customer interface,” Hüttel said. “Then you have to carefully choose who is really getting down into the car, where you open up a lot of data to these people, and then you have to carefully choose with whom you are doing business.”

Microsoft likes to tout the merits of its cloud technology, but the company is fully aware that taking on AWS, which has a commanding lead in the cloud infrastructure market, isn’t just about offering the best services. Under CEO Satya Nadella, Microsoft is taking a much different tactic from the days when it was viewed as a potentially risky partner.

“We’re not going to turn around and compete with our customers,” said Julia White, corporate vice president at Microsoft, at a Goldman Sachs tech conference in San Francisco last month.


Company: cnbc, Activity: cnbc, Date: 2019-03-16  Authors: jordan novet, abdulhamid hosbas, anadolu agency, getty images, dimon dawson, bloomberg
Keywords: news, cnbc, companies, microsofts, fear, doing, taking, company, technology, cloud, picking, httel, amazon, volkswagen, volkswagens, shows, market, carmakers, microsoft


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SEC alleges Volkswagen ‘perpetrated a massive fraud’ and repeatedly lied to US investors

The Securities and Exchange Commission alleged in a court filing that Volkswagen “perpetrated a massive fraud” and repeatedly lied to U.S. investors in connection with the so-called dieselgate scandal. The regulator is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal. Winterkorn was charged by U.S. prosecutors in 2018 and accused of conspiring to cover up the German automaker’s diesel emissions cheating. Volkswagen said the SE


The Securities and Exchange Commission alleged in a court filing that Volkswagen “perpetrated a massive fraud” and repeatedly lied to U.S. investors in connection with the so-called dieselgate scandal. The regulator is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal. Winterkorn was charged by U.S. prosecutors in 2018 and accused of conspiring to cover up the German automaker’s diesel emissions cheating. Volkswagen said the SE
SEC alleges Volkswagen ‘perpetrated a massive fraud’ and repeatedly lied to US investors Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: robert ferris, everett rosenfeld, david gray
Keywords: news, cnbc, companies, automakers, complaint, alleges, perpetrated, massive, repeatedly, volkswagen, sec, fraud, lied, winterkorn, diesel, company, vehicles, securities, investors, emissions


SEC alleges Volkswagen 'perpetrated a massive fraud' and repeatedly lied to US investors

The Securities and Exchange Commission alleged in a court filing that Volkswagen “perpetrated a massive fraud” and repeatedly lied to U.S. investors in connection with the so-called dieselgate scandal.

The regulator is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal. The suit seeks to bar Winterkorn from serving as an officer or director of a public U.S. company and recover “ill-gotten gains.” Winterkorn was charged by U.S. prosecutors in 2018 and accused of conspiring to cover up the German automaker’s diesel emissions cheating.

The SEC said in its complaint filed in San Francisco that from April 2014 to May 2015, Volkswagen issued more than $13 billion in bonds and asset-backed securities in U.S. markets at a time when senior executives knew that more than 500,000 U.S. diesel vehicles grossly exceeded legal vehicle emissions limits.

“By concealing the emissions scheme, Volkswagen reaped hundreds of millions of dollars in benefit by issuing the securities at more attractive rates for the company,” the SEC said in a summary of its filing.

Volkswagen said the SEC complaint “is legally and factually flawed.” Reuters reported that a lawyer for Winterkorn could not immediately be reached early on Friday.

VW had said in its annual report that the SEC could take enforcement action against the company over the German automaker’s involvement in the emissions scandal.

The automaker said the agency is “piling on” and that the agency’s complaint is without merit.

The SEC has asked Volkswagen for information on potential securities law violations over certain investments the company may have sold to investors. The agency is looking for evidence determining whether the automaker failed to disclose information about vehicles that didn’t comply with U.S. emission standards when it issued certain securities to investors.

The SEC can issue fines and other civil penalties for violations of securities law.

One of the world’s largest carmakers, Volkswagen was rocked by reports first surfacing in 2015 that it had been caught cheating on emissions tests in the United States. The subsequent scandal cost Volkswagen billions of dollars to settle and forced the automakers to recall millions of vehicles.

Here is Volkswagen’s full statement to CNBC:

The SEC’s complaint is legally and factually flawed, and Volkswagen will contest it vigorously. The SEC has brought an unprecedented complaint over securities sold only to sophisticated investors who were not harmed and received all payments of interest and principal in full and on time. The SEC does not charge that any person involved in the bond issuance knew that Volkswagen diesel vehicles did not comply with U.S. emissions rules when these securities were sold, but simply repeats unproven claims about Volkswagen AG’s former CEO, who played no part in the sales. Regrettably, more than two years after Volkswagen entered into landmark, multibillion-dollar settlements in the United States with the Department of Justice, almost every state and nearly 600,000 consumers, the SEC is now piling on to try to extract more from the company.

—Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: robert ferris, everett rosenfeld, david gray
Keywords: news, cnbc, companies, automakers, complaint, alleges, perpetrated, massive, repeatedly, volkswagen, sec, fraud, lied, winterkorn, diesel, company, vehicles, securities, investors, emissions


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VW budgets $9 billion for electric vehicles, with luxury brand Audi taking lead with 30 new EVs

The luxury arm of Volkswagen plans to accelerate its push into battery-electric vehicles with 30 BEVs expected to reach the market by 2025, company officials announced during their annual meeting on Thursday morning. Volkswagen expects to spend about $9 billion on electrification by 2023 — much of that through Audi, which is taking a leading role in the corporate effort. Audi is developing a new battery-vehicle “architecture,” dubbed premium platform electric, or PPE, that will be shared by othe


The luxury arm of Volkswagen plans to accelerate its push into battery-electric vehicles with 30 BEVs expected to reach the market by 2025, company officials announced during their annual meeting on Thursday morning. Volkswagen expects to spend about $9 billion on electrification by 2023 — much of that through Audi, which is taking a leading role in the corporate effort. Audi is developing a new battery-vehicle “architecture,” dubbed premium platform electric, or PPE, that will be shared by othe
VW budgets $9 billion for electric vehicles, with luxury brand Audi taking lead with 30 new EVs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: paul a eisenstein, picture alliance, getty images, bloomberg, stefanie keenan, david paul morris
Keywords: news, cnbc, companies, brand, lead, sales, luxury, evs, electric, ingolstadt, audi, budgets, finance, expected, taking, volkswagen, future, vehicles, billion, meeting, vw, officials


VW budgets $9 billion for electric vehicles, with luxury brand Audi taking lead with 30 new EVs

The luxury arm of Volkswagen plans to accelerate its push into battery-electric vehicles with 30 BEVs expected to reach the market by 2025, company officials announced during their annual meeting on Thursday morning.

But the move is expected to ding the brand’s bottom line. Volkswagen expects to spend about $9 billion on electrification by 2023 — much of that through Audi, which is taking a leading role in the corporate effort. Audi is developing a new battery-vehicle “architecture,” dubbed premium platform electric, or PPE, that will be shared by other brands, including Porsche.

That is one of the key reasons why Audi’s operating return on sales will run between 7 and 8.5 percent in the near term, officials said during a meeting at brand headquarters in Ingolstadt, Germany, compared with a long-term Audi goal of between 9 and 11 percent.

Audi officials said they are taking steps to trim costs, even as they hope to counter a worldwide decline in sales last year.

“The transformation plan is making a significant contribution towards safeguarding our future,” Alexander Seitz, Audi’s member of the board of management for finance, China, compliance and integrity, said in Ingolstadt. “Because only in this way is it possible for us to transfer enormous resources into future areas and generate the cash flow to finance electric mobility.”


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: paul a eisenstein, picture alliance, getty images, bloomberg, stefanie keenan, david paul morris
Keywords: news, cnbc, companies, brand, lead, sales, luxury, evs, electric, ingolstadt, audi, budgets, finance, expected, taking, volkswagen, future, vehicles, billion, meeting, vw, officials


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The VW dune buggy is back but this time it’s all-electric

Volkswagen brought back the spirit of the Californian sun and The Beach Boys at the Geneva Motor Show this week, when it paraded its 21st century version of the dune buggy. The car company has already released a family of electric cars all under an I.D. While shamelessly surfing a wave of nostalgia, the updated dune buggy houses a strong nod to the future with a 62-kWh lithium-ion battery and 201-horsepower electric motor. On roads, the buggy can sprint from zero to 62 miles per hour (100 kmh) i


Volkswagen brought back the spirit of the Californian sun and The Beach Boys at the Geneva Motor Show this week, when it paraded its 21st century version of the dune buggy. The car company has already released a family of electric cars all under an I.D. While shamelessly surfing a wave of nostalgia, the updated dune buggy houses a strong nod to the future with a 62-kWh lithium-ion battery and 201-horsepower electric motor. On roads, the buggy can sprint from zero to 62 miles per hour (100 kmh) i
The VW dune buggy is back but this time it’s all-electric Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: david reid, picture alliance, getty images, the enthusiast network
Keywords: news, cnbc, companies, id, allelectric, zero, vw, electric, company, volkswagen, dune, range, buggy, wave, week


The VW dune buggy is back but this time it's all-electric

Volkswagen brought back the spirit of the Californian sun and The Beach Boys at the Geneva Motor Show this week, when it paraded its 21st century version of the dune buggy.

I.D. Buggy is the latest vehicle from Volkswagen designed to show off the capabilities of VW’s new battery-powered platform that will underpin a range of battery-electric vehicles the company plans to bring to market. The car company has already released a family of electric cars all under an I.D. branding.

While shamelessly surfing a wave of nostalgia, the updated dune buggy houses a strong nod to the future with a 62-kWh lithium-ion battery and 201-horsepower electric motor.

On roads, the buggy can sprint from zero to 62 miles per hour (100 kmh) in 7.2 seconds but maximum speed is electronically limited to 99 mph. Based on Europe’s new performance benchmark, the I.D. Buggy will give a 155-mile range on one charge.


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: david reid, picture alliance, getty images, the enthusiast network
Keywords: news, cnbc, companies, id, allelectric, zero, vw, electric, company, volkswagen, dune, range, buggy, wave, week


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Next 5 to 10 years could be ‘really tough’ for our competitors, VW chief says

“So, this period of the next five to ten years will be very tough for all our competitors,” he said, adding: “I think the company that manages this transition best will succeed.” VW has also said it is looking to partner with other manufacturers on electric vehicles in a bid to lower development and production costs. VW Group is one of the world’s largest automakers and comprises twelve brands including VW, Audi, Seat, Skoda, Bentley, Bugatti, Lamborghini and Porsche. EU and U.S. officials are d


“So, this period of the next five to ten years will be very tough for all our competitors,” he said, adding: “I think the company that manages this transition best will succeed.” VW has also said it is looking to partner with other manufacturers on electric vehicles in a bid to lower development and production costs. VW Group is one of the world’s largest automakers and comprises twelve brands including VW, Audi, Seat, Skoda, Bentley, Bugatti, Lamborghini and Porsche. EU and U.S. officials are d
Next 5 to 10 years could be ‘really tough’ for our competitors, VW chief says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: holly ellyatt, picture alliance, getty images
Keywords: news, cnbc, companies, chief, industry, volkswagen, vw, car, really, think, competitors, best, vehicles, tough, transition, electric, group


Next 5 to 10 years could be 'really tough' for our competitors, VW chief says

The transition towards the electrification of vehicles is a challenge for car industry and whoever manages it best will succeed, the CEO of German automaker Volkswagen Group told CNBC Tuesday.

“We are really getting into a transition period of the automotive industry and, reading between the lines of all the communications our competitors are doing, it will be tough times because we have to invest in new technology, not only electric drive trends but autonomous driving, connectivity,” Herbert Diess, chief executive of Volkswagen, told CNBC’s Annette Weisbach at the Geneva Motor Show.

“So, this period of the next five to ten years will be very tough for all our competitors,” he said, adding: “I think the company that manages this transition best will succeed.”

Volkswagen showcased an all-electric dune buggy at the Swiss car show on Monday and announced last November that it will spend 44 billion euros ($50 billion) on new plants, electric cars, autonomous driving and mobility services between 2019 and 2023. VW has also said it is looking to partner with other manufacturers on electric vehicles in a bid to lower development and production costs.

Earlier this year, VW and Ford announced a plan to build commercial vans and medium-sized pickup trucks together as early as 2022. They also announced plans to work together on autonomous vehicle research.

VW Group is one of the world’s largest automakers and comprises twelve brands including VW, Audi, Seat, Skoda, Bentley, Bugatti, Lamborghini and Porsche. In the last few years the company has had to deal with the fallout of the diesel emissions cheating scandal, and more recently has faced the threat of U.S. tariffs on European car imports and car parts. EU and U.S. officials are due to hold trade talks on Wednesday with Europe keen to avert the threat to its car industry. German-listed shares of Volkswagen have fallen 5 percent in the last six months reflecting investor concerns.

Diess said that all automakers were seeing their shares trading at a discount and said this was because of the transition taking place in the industry. Diess believed VW had the best chance of success in the transition towards electric vehicles but conceded that the group should be more efficient.

“We think we have the best story, we have to explain it probably a bit better maybe and for sure it’s also about efficiency, we have still a lot of synergies in the group, it’s big with all the different brands, but that takes time. But I think we’re on the right way and I think once the market understands our story the share price will go up,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: holly ellyatt, picture alliance, getty images
Keywords: news, cnbc, companies, chief, industry, volkswagen, vw, car, really, think, competitors, best, vehicles, tough, transition, electric, group


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