Volkswagen Joins Ford by Investing Self-Driving Startup Argo AI, Now Worth $7 Billion

Volkswagen AG and Ford Motor Co. will cooperate on electric and self-driving car technology, sharing costs on a global scale to take a major step forward in the industry’s disruptive transformation. VW will invest $2.6 billion in Ford’s autonomous-car partner Argo AI in a deal that values the operation at more than $7 billion, the […]

Could Ford Buy Tesla? Here’s How Likely A “Doomsday” Scenario Is

Former Tesla bulls have been bailing on the company. The stock continues to drop. Bond prices are at low levels. The auto maker is burning through $1 billion in cash a quarter, the cash from the latest $2.7 billion funding round will be gone within ten months, and demand is falling off. One of the […]

Volkswagen and Amazon Team Up to Create an Industrial Cloud

The world’s biggest carmaker and the everything store are teaming up. Amazon amzn and Volkswagen vlkpf announced a new global, multiyear partnership Wednesday morning to create an industrial cloud for the automaker’s 122 facilities, with the intention of making the platform available to others. Amazon Web Services will power the Volkswagen Industrial Cloud, which will […]

SEC Sues Volkswagen for Concealing Its Diesel Emissions Cheating from Investors

Volkswagen AG was sued by the U.S. Securities and Exchange Commission over claims it failed to disclose to investors that its diesel vehicles violated emission standards, the latest twist in a software cheating scandal that has already cost the company more than $30 billion. The German automaker sold billions of dollars of corporate bonds and […]

Volkswagen Slashing Up To 7,000 Jobs to Boost R&D by $9 Billion

Volkswagen vlkpf is to cut up to 7,000 jobs by 2023 so that it can increasingly focus on electric vehicles and production automation. Handelsblatt reports the move — which will primarily hit administration workers in Germany — will free up EUR8 billion ($9 billion) in cash that can be redirected into research and development. “We […]

Volkswagen Ups Electric Car Production Goal to 22 Million in the Next Decade

Volkswagen CEO Herbert Diess announced Tuesday that the car maker would produce 22 million electric cars over the next decade, the Associated Press reports. The new number is roughly 50% higher than its previous goal of 15 million, but regardless of the specifics, Volkswagen is clear in its message: electric cars are coming. “The supertanker […]

While EU Dithers over Trade Strategy, German Auto Bosses Head to Washington

Amid fears of what U.S. tariffs on European car imports could do to the auto industry, EU ministers are meeting Friday to come up with a plan for trade negotiations with President Donald Trump. Germany, whose auto industry has been struggling and whose cars account for half of all its exports to the U.S., wants […]