-
Recent Posts
- Annals of Marketing – Shohei Ohtani and Taycan Turbo S
- McLaren P1 $449.99! Some Assembly Required
- Strange Clean Energy Bedfellows – GM and Hyundai
- Stellantis to Invest +$406M in Three Michigan Plants for EVs
- Volkswagen Group Recalls 2021-2024 ID.4 Models
- North Carolina Parts Seller Fined for Emission Defeat Devices
- Manheim – U.S. Wholesale Used Vehicle Prices Up In August
- Unifor Bargaining Starts for GM CAMI Assembly Plant Workers
- Annals of Marketing – Porsche Turbonite at Fashion Week
- Global Warming – EPA Issues HFC Enforcement Alert
- Toyota’s Next-Gen Battery Plan Certified by METI
- Mazda and Panasonic Link on Cylindrical Lithium-Ion Batteries
- U.S. Light Vehicle Sales in August 2024 Disappoint
- August U.S. Auto Sales Highest Year-to-Date
- Digital Reveal – 2025 Nissan Armada Flagship SUV
Recent Comments
- Ford Motor on Ford Reveals 2025 Bronco Sport – Sasquatch Off-Road Option
- Lana Payne on Ford EVs and Quality Damage First Half Net Income and EPS
- UAW on President Biden Passing the Torch to a New Generation on Donald Trump is a Scab – UAW Endorses President Biden
- Yen Chen - Center for Automotive Research on Biden Administration Chinese Trade War Tariffs Start August 1
- Ken Zino on Ford Motor Posts Q1 2024 Net Income of $1.3 Billion
Archives
Meta
Get intelligent commentary on the automobile business and its economic and social effects. Stay informed with AutoInformed.
VW Group – €2.6 Billion Exposure Over EV Plant Closing
In an ad hoc release late yesterday, the Volkswagen Group slashed its annual financial results forecast over the costs of the potential shutting down of an Audi EV plant in Brussels. In total, this will lead to a “burden on the operating result of up to €2.6 billion in the 2024 financial year.”
“The Board of Management of Volkswagen AG has been informed today that the Supervisory Board of AUDI AG, against the background of the development of demand for the Audi Q8 e-tron model family in certain markets, has decided at its meeting today to support an information and consultation process at the Brussels site as required by Belgian law. In this process, the Board of Management of Audi Brussels S.A./N.V. is working together with the responsible social partners to develop solutions for the site. At the end of this process, the site may, among other things be closed down. The expenses expected as a result of alternative uses or a plant closure, which are expected to be accrued in the third quarter, in conjunction with the other unplanned expenses in the Volkswagen Group, will have a significant impact on the operating result of the Volkswagen Group in the 2024 financial year,” VW said.
“The other unplanned expenses comprise various items that had a negative impact on the Volkswagen Group’s operating result in the second quarter. These resulted, among other things, from exchange rate losses in connection with the de-consolidation of Volkswagen Bank Rus in the Financial Services Division and from expenses in connection with the planned closure of the gas turbine business of MAN Energy Solutions. In addition, as announced in April, Volkswagen recognized provisions of €0.9 billion for termination agreements as part of the sustainable reduction in administrative personnel costs at Volkswagen AG,” VW said.
AutoInformed on