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CEO says Volkswagen's buying spree is over

After adding Italian motorcycle icon Ducati to its stable and spending $5.6 billion on the rest of Porsche, Volkswagen CEO Martin Winterkorn says he's done shopping for a while.
"We have enough to do at the moment in taking our twelve brands to where we want to be," Winterkorn tells German newspaper Handelsblatt.

Trump reportedly says he wants to wipe German cars off the U.S. map

BERLIN/FRANKFURT — A report that U.S. President Donald Trump has threatened to pursue German carmakers until there are no Mercedes-Benz rolling down New York's Fifth Avenue dented shares in the luxury car manufacturers on Thursday. An excerpt from German magazine Wirtschaftswoche's article, which cited several unnamed European and U.S. diplomats but did not include any direct quotes, could not be independently verified, while a U.S. Embassy spokesman in Berlin referred questions to Washington. The news and current affairs magazine said Trump had told French President Emmanuel Macron in April that he aimed to push German carmakers out of the United States altogether. Macron's administration in Paris declined to comment on the report. The Trump administration last week opened a so-called Section 232 trade investigation into vehicle imports, which could result in a 25 percent tariff on cars on the same "national security" grounds Washington used to impose metals duties in March. This could destroy exports by German carmakers, which control 90 percent of the U.S. premium market and are the biggest European Union exporters of cars to the United States. BMW owns Rolls-Royce, while Daimler has Mercedes-Benz, and Volkswagen controls Bentley, Bugatti, Porsche and Audi. Daimler, BMW and Audi declined comment. Porsche was not immediately available for comment. BMW shares were trading 0.5 percent lower at 0939 GMT, while Daimler and VW's shares were down 1 percent and 1.6 percent respectively, underperforming Germany's blue-chip DAX. Trump has railed against German carmakers before. And in early 2017, in an interview with German newspaper Bild, he said he would impose 35 percent tariffs on imported cars. At the time, the president called Germany a great car producer but said that the business relationship with the United States was an unfair one-way street. Germany's auto industry association VDA says its members exported 657,000 vehicles to North America last year, with total exports of vehicle components, cars, engines, as well as second-hand vehicles totaling 31.2 billion euros in 2016. Imports from the United States to Germany amounted to 7.4 billion euros, meaning a trade deficit of 23.8 billion euros the VDA's latest available figures show. However, German brands also have huge factories in the United States, where they built 804,000 cars last year, VDA said, providing jobs for U.S. workers. Berlin has reacted angrily to the U.S.

Volkswagen Group sales down 15% in pandemic year, but EV sales up 214%

FRANKFURT, Germany — German automaker Volkswagen said its global sales fell 15.2% during 2020 due to the COVID-19 pandemic but showed significant recovery toward the end of the year. The company more than tripled its sales of battery-only vehicles. Global sales for all of Volkswagen's brands amounted to 9.3 million vehicles. The fourth quarter showed a smaller decline of 5.7% and within that quarter the month of December was still further improved, showing a shortfall of only 3.2% from the same period the year before. Volkswagen said Wednesday that sales fell the most in Western Europe, by 21.6%, while China, the company's largest single market, was down 9.1% Sales of battery-only cars jumped 214% to 231,600 from 73,700 across all the company's brands. The company's electric sales leaders included the Volkswagen ID.3 compact, with 56,500, the Audi E-Tron SUV with 47,300, and the high-end Porsche Taycan with 20,000. Volkswagen said that its sales fell by less than the overall market, meaning it had slightly expanded its market share. “The COVID-19 pandemic made 2020 an extremely challenging year,” said group sales chief Christian Dahlheim. “The Volkswagen Group performed well in this environment and strengthened its market position." Volkswagen Group's brands include Volkswagen, Audi, Porsche, SEAT, and Skoda as sell as truck makers MAN and Scania.