6,362
edits
Volkswagen: Difference between revisions
→Management Commentaries
| Line 272: | Line 272: | ||
=== Management Commentaries === | === Management Commentaries === | ||
September 4, 2023: Wolfgang Porsche, grandson of Porsche founder and head of Porsche SE and Porsche AG supervisory boards said that Volkswagen's declining share price is not a result of its ownership structure. "The major shareholders are certainly not the reason for the poor valuation of the share," he said. He added that Volkswagen has to reduce costs. He went ahead to brush aside complaints about Oliver Blume's dual roles as CEO of Volkswagen and Porsche AG. "Oliver Blume hasn't been there that long, and he runs two DAX companies. And he does it very well," he pointed out. On succession plans, he said that his nephew, Ferdinand Oliver Porsche, will be a natural successor when he steps down since he is experienced enough. "He has been in all the relevant committees for many years," Porsche said<ref>https://finance.yahoo.com/news/volkswagens-family-ownership-not-behind-164705131.html</ref>. | |||
September 4 2023: CEO of Volkswagen, Oliver Blume, said Chinese EV manufacturers are not a threat in Europe because their models in Europe will be more expensive than in China due to regulatory and set up costs. "On the market, we see that the Chinese are offering their vehicles at twice the price in our country than in China," he pointed out. He added that Chinese manufacturers don't have the combustion engine vehicles to help them finance EVs production. Blume pointed out that they will have to work on costs but he's confident that they can reduce it substantially since with the new standard cell, they can reduce costs by up to 50%. He said that legacy manufacturers have other several advantages over Chinese manufacturers. "We have the vehicle know-how, we have the quality level. And we have a brand heritage. The newcomers don't have that. We therefore see ourselves well positioned," he said<ref>https://www.marketscreener.com/quote/stock/VOLKSWAGEN-AG-436737/news/IAA-VW-boss-Blume-does-not-see-China-competition-as-a-threat-44764924/#AL</ref>. | September 4 2023: CEO of Volkswagen, Oliver Blume, said Chinese EV manufacturers are not a threat in Europe because their models in Europe will be more expensive than in China due to regulatory and set up costs. "On the market, we see that the Chinese are offering their vehicles at twice the price in our country than in China," he pointed out. He added that Chinese manufacturers don't have the combustion engine vehicles to help them finance EVs production. Blume pointed out that they will have to work on costs but he's confident that they can reduce it substantially since with the new standard cell, they can reduce costs by up to 50%. He said that legacy manufacturers have other several advantages over Chinese manufacturers. "We have the vehicle know-how, we have the quality level. And we have a brand heritage. The newcomers don't have that. We therefore see ourselves well positioned," he said<ref>https://www.marketscreener.com/quote/stock/VOLKSWAGEN-AG-436737/news/IAA-VW-boss-Blume-does-not-see-China-competition-as-a-threat-44764924/#AL</ref>. | ||