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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Talks stall over thousands of job cuts at VW's Audi: sources

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11/22/2019 | 01:55pm EST
The logo of Audi carmaker is seen at the entrance of a showroom in Nice

Volkswagen's premium unit Audi wants to cut thousands of jobs to fund a costly transition to electric vehicles, but talks with powerful labor representatives have hit a logjam, two sources familiar with the matter told Reuters.

Volkswagen tapped former BMW executive Markus Duesmann to take the helm at Audi from April next year after the German premium brand lost key engineering know-how and influence in the wake of the 2015 diesel-cheating scandal.

Weekly magazine Der Spiegel on Friday said Audi is pushing for 4,000 to 5,000 positions to be eliminated in negotiations, which are led by Audi's interim boss Bram Schot.

Audi, which has a 61,000 strong workforce in Germany, declined to comment, as did its works council.

A sticking point is the demand by organized labor to extend an existing moratorium on forced redundancies from 2025 until 2030, the sources said.

(Reporting by Joern Poltz in Munich; Writing by Ludwig Burger; Editing by Andrew Cawthorne)

Stocks mentioned in the article
ChangeLast1st jan.
AUDI AG 2.50% 820 Delayed Quote.4.86%
BMW AG 1.42% 75.87 Delayed Quote.7.31%
VOLKSWAGEN AG 2.07% 183.3 Delayed Quote.31.95%
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Financials (EUR)
Sales 2019 249 B
EBIT 2019 17 808 M
Net income 2019 13 747 M
Finance 2019 21 780 M
Yield 2019 3,44%
P/E ratio 2019 6,64x
P/E ratio 2020 6,31x
EV / Sales2019 0,28x
EV / Sales2020 0,25x
Capitalization 91 120 M
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Technical analysis trends VOLKSWAGEN AG
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 30
Average target price 199,66  €
Last Close Price 183,30  €
Spread / Highest target 32,0%
Spread / Average Target 8,93%
Spread / Lowest Target -22,0%
EPS Revisions
Managers
NameTitle
Herbert Diess Chairman-Management Board
Hans Dieter Pötsch Chairman-Supervisory Board
Frank Witter Head-Finance & Information Technology
Peter Mosch Deputy Chairman
Bernd Osterloh Member-Supervisory Board
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