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Skoda plans big investment into electric cars as part of rebound effort

PRAGUE — Czech carmaker Skoda, part of the Volkswagen Group, said on Wednesday it would invest around 2.5 billion euros over the next five years on future technologies, with more than half going to electric vehicle investment. The Czech Republic's largest exporter is hoping for a rebound in 2021 from a global car sales drop but faces uncertainty over the coronavirus pandemic and a semiconductor shortage rattling the industry. "This year is likely to be another big challenge," finance director Klaus-Dieter Schuermann said. "We expect Skoda Auto's group performance to improve, with sales revenue significantly above the level of last year." Skoda reported on Wednesday a 54.5% drop in 2020 operating to 756 million euros ($894 million). Sales revenue dropped 13.8% to 17.1 billion euros. Global deliveries remained above 1 million cars for a seventh straight year despite a 19% drop after production outages at the outset of the pandemic and a fall in China, its biggest single market. Chief Executive Thomas Shaefer said the car company was managing the semiconductor shortage "but it will follow us for awhile" and the impact was not visible yet. Skoda's core market in Europe would be electric in the future, Shaefer said, although it was still not time to completely switch away from traditional models, which include the launch last year of a new generation of its flagship Octavia model. It has also started production of the all-electric Enyaq iV model, which is a version of Volkswagen's ID.4. Skoda plans investments of 1.4 billion euros into electromobility development as part of its five-year investment plan. Investments will also go into digitalization activities and plant modernization. Related video: Green Volkswagen Skoda Electric

Canada expands cooperation with EPA over VW scandal

It doesn't take much more than a stiff breeze to send some US pollution northward across the 49th parallel. Perhaps that's why the Canadian government says it is standing strong with the US in its continuing investigation of Volkswagen and the allegations and self-reporting that the automaker installed software to try to game emissions regulations. In fact, the Canadian government is going to do its own slate of on-road testing to see how VW diesel engines perform in real-world conditions. Last year, about 1.8 million new light-duty vehicles were sold in Canada, which is about equal to how many were sold in Maryland. That compares to about 17 million new-vehicle sales for the US. But every bit counts when it comes to an increase in potentially harmful emissions, and the Canadian government says it wants to make sure VW's diesel engines are being properly monitored, whether they're sold in Detroit, MI, or across the river in Windsor, Ontario. And that means following up – together – on allegations that Europe's biggest automaker is using so-called "defeat devices" in what it has long called its "clean diesel" engines. The automotive industry continues to be roiled by the VW scandal, in which the automaker said that as many as 11 million of its vehicles may contain software programmed to manipulate emissions-testing procedures. Volkswagen has set aside $7.3 billion to deal with the scandal, while VW CEO Martin Winterkorn was forced to step down after the issue became public. Take a look at Environment Canada's press release below. Statement - Government of Canada expands its on-going collaborative work with the U.S. EPA to assess other diesel vehicles for defeat devices OTTAWA, Sept. 26, 2015 /CNW/ - On September 22, 2015, the Government of Canada opened an investigation into Volkswagen's alleged use of defeat devices to circumvent emissions regulations. Environment Canada issued the following update on the issue: "The Government of Canada has a long history of collaborating closely with the U.S. Environmental Protection Agency (EPA) to align emission standards, as well as to provide oversight and verify compliance with applicable emission regulations "Today, the Government of Canada is announcing that it has expanded its ongoing collaborative work with the U.S. EPA to assess other diesel vehicles for defeat devices and compliance issues. "Vehicles will be subject to a variety of tests including on-road testing using portable emission measurement systems.

Volkswagen reportedly to name Matthias Muller CEO

Porsche chief executive officer Matthias Muller is expected to be named CEO of Volkswagen AG, the Wall Street Journal and other sources reported Thursday morning. Muller, 62, has led Porsche since Oct. 1, 2010, and jumpstarted the sports-car brand's expansion around the world. He replaces Martin Winkerkorn, who stepped down Wednesday amid the company's worsening diesel scandal. At least three more executives are also expected to be fired, including Volkswagen's US chief and the heads of Audi and Porsche research and development. Both brands are divisions of VW. A US spokesman wouldn't confirm the reports. An official announcement is expected at VW's board meeting on Friday. Muller's ascension caps a stunning week of turmoil for Volkswagen, which manipulated software to make its diesel-powered vehicles appear cleaner during testing that they are in real-world driving. The charges were revealed last week by the EPA, which cited the work of researchers at West Virginia University. About 482,000 vehicles are affected in the United States, which will be subject to recall, and VW estimates about 11 million of its vehicles around the world have the rigged software. The well-regarded Muller was viewed as a front-runner for the job even before Winterkorn stepped down. Before helming Porsche, he oversaw all vehicle projects globally for VW from 2007-2010. Previously, he was in charge of the Audi and Lamborghini product lines, and earlier in his career was responsible for the Audi A3 program in the 1990s. He joined Audi in 1977. He's trained as a toolmaker and studied information technology in Munich. His last name is sometimes spelled Mueller in English. Muller faces immediate challenges as he takes over VW's sprawling 78-year-old industrial empire, including recalls and regulatory actions around the world. In the US alone, the company faces a fine of up to $18 billion. VW, an industrial symbol of Germany, is also far larger than any unit Muller has run in his career. While Porsche sold 189,849 vehicles in 2014 globally, it's one of many VW brands. Collectively they sold 5.04 million vehicles through the first six months of this year, making Volkswagen the world's largest automaker. Related Video: