FRANKFURT (dpa-AFX) - Volkswagen shares came under pressure in afternoon trading on Friday following a media report about investment cuts. Previously down less than 0.9 percent, they extended their losses to up to 2 percent. Shares in sports car subsidiary Porsche AG and VW holding company Porsche SE also suffered losses of up to two percent. The other carmakers in the DAX, Mercedes-Benz and BMW, were only down slightly at the same time.
On Friday, Wirtschaftswoche reported on an executive board meeting in which CFO Arno Antlitz caused consternation by announcing controversial investment cuts. According to the report, the core VW brand will be hit particularly hard with its investments until 2030. The brand bosses are said to have stated during the meeting that their return targets would not be achievable as a result. According to the report, the premium subsidiary Audi is also affected by the cuts. According to participants, the planned Audi plant in the US is not included in the investment plan. /tih/he
Volkswagen AG is a Germany-based company, which manufactures and sells vehicles. The Group consists of two divisions: the Automotive Division and the Financial Services Division. The Automotive Division comprises the Passenger Cars, Commercial Vehicles and Power Engineering business areas. This division focuses on the development of vehicles, engines and vehicle software, the production and sale of passenger cars, light commercial vehicles, trucks, buses, and motorcycles, as well as businesses for genuine parts, large-bore diesel engines, turbomachinery, and propulsion components. The Financial Services Division focuses on dealer and customer financing, leasing, direct banking, and insurance activities, fleet management and mobility services. Its brand portfolio includes Volkswagen, Audi, SEAT, SKODA, Bentley, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania, and MAN.
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