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Coronavirus prompts VW to stop production throughout Europe

FRANKFURT — Volkswagen Group, the world's biggest carmaker, is suspending production at factories across Europe as the coronavirus pandemic hits sales and disrupts supply chains, the company said on Tuesday. The German carmaker, which owns the Audi, Bentley, Bugatti, Ducati, Lamborghini, Porsche, Seat and Skoda brands, also said that uncertainty about the fallout from coronavirus meant it was impossible to give forecasts for its performance this year. "Given the present significant deterioration in the sales situation and the heightened uncertainty regarding parts supplies to our plants, production is to be suspended in the near future at factories operated by group brands," Chief Executive Herbert Diess said on Tuesday. Volkswagen's powerful works council concluded it was not possible for workers to maintain a safe distance from each other to prevent contagion and recommended a suspension of production at its factories from Friday. Production will be halted at VW's Spanish plants, in Setubal in Portugal, Bratislava in Slovakia and at the Lamborghini and Ducati plants in Italy before the end of this week, Diess said. Most of its other German and European factories will prepare to suspend production, probably for two to three weeks, while Audi said separately it would halt output at its plants in Belgium, Germany, Hungary and Mexico. Volkswagen's vast factories in Chattanooga, Tennessee, in Puebla, Mexico, and plants in Brazil were not affected, but that would depend on how the coronavirus spreads, VW said. Volkswagen has 124 production sites worldwide of which 72 are in Europe, with 28 in Germany alone. "2020 will be a very difficult year. The coronavirus pandemic presents us with unknown operational and financial challenges. At the same time, there are concerns about sustained economic impacts," Diess said.   Production in China resumes Volkswagen Group sold 10.96 million vehicles last year, putting it ahead of Toyota based on the latest figures from the Japanese carmaker. Globally, VW employs 671,000 people and it delivered 4.86 million vehicles to European customers in 2019. Only last month the car and truck maker based in Wolfsburg, Germany, predicted that vehicle deliveries this year would match 2019 sales and forecast an operating return on sales in the range of 6.5% to 7.5%. "The spread of coronavirus is currently impacting the global economy. It is uncertain how severely or for how long this will also affect the Volkswagen Group.

McLaren F1 poaches Jost Capito from VW WRC

The executive shuffle continues at the McLaren Formula 1 team with news that Ron Dennis has lured Jost Capito away from his position as head of Volkswagen Motorsport. Capito will become the CEO of McLaren Racing, replacing Jonathan Neale who took the position on an interim basis at the beginning of 2014 to replace Martin Whitmarsh. Whitmarsh, who had been with McLaren for 24 years and spent five of them as F1 team principal, left the company after being moved out of the CEO position. Neale, on the other hand, who has been with McLaren Racing since 2001, is moving over to the newly created position of COO of the McLaren Technology Group. Capito left the Ford SVT division in 2012 to run VW Motorsport, and has spent the past three years shepherding the brand's World Rally Championship to three consecutive driver's and manufacturer's titles. Before that, his lengthy racing resume includes developing high-performance BMW engines, winning the Dakar Rally as a co-pilot, executive positions with Sauber in the early nineties, and managing Ford's WRC team. Dennis, who first approached Capito last summer, called him, "extremely impressive, competitive, and ambitious." The Woking team has some great parts, but it hasn't been able to make the most of them comprehensively since the end 2012 season. Autosport says that Capito has the ability to make the best pieces work together, which will probably be his biggest challenge at McLaren. Capito will remain at VW until a successor is found. News Source: The GuardianImage Credit: AP Photo/Lionel Cironneau Motorsports McLaren Volkswagen Racing Vehicles F1 jost capito

VW stock plummets as Euro markets open

The fallout from Volkswagen's installation of an emissions "defeat device" on nearly 500,000 diesel-fueled models in the US is already hitting the automaker hard on the German stock exchange. At one point, the share price plummeted 23 percent to erase the equivalent of $17.6 billion in value. Things eventually bounced back slightly to a still severe 19.23 percent loss, according to Bloomberg as of this writing. The scandal couldn't come at a worse time for chairman Martin Winterkorn. The VW supervisory board takes up the issue of renewing his contract on September 25, Bloomberg reports. If things get bad enough, the door could be open for a new boss to step in. Dealers in the US might start feeling the pain from this, as well. Affected 2015 VWs that are still at showrooms are now under a stop sale. Until the issue is straightened out, the Environmental Protection Agency isn't certifying the company's 2016 diesel models with the 2.0 TDI, either. The diesel emissions problem was first discovered by research from West Virginia University and the International Council on Clean Transportation. In some cases, the engines can produce 40 times more nitrogen oxides than allowed. The automaker could be on the hook for $18 billion in fines for the breach, but the actual figure is expected to be lower. In response, Winterkorn has issued a public apology and ordered an independent investigation into what happened. The EPA and California Air Resources Board have also been looking into the situation. This could become an international problem, though. According to The Detroit News, European authorities might begin similar inquires to check the automaker's diesel emissions there.