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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Volkswagen Delays Final Approval for Turkey Plant Following Syria Incursion

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10/15/2019 | 05:51am EST

By William Boston

BERLIN -- Automotive giant Volkswagen AG has delayed final approval for building a new car plant in Turkey, becoming the first major international company to reconsider an investment in the country following its incursion in northern Syria.

The postponement by Volkswagen, which is planning to build a facility in Turkey with the capacity to assemble around 300,000 cars a year, comes in the wake of Ankara's controversial move into northern Syria to seize territory held by Kurdish forces after the U.S. withdrew troops.

"The board of management has delayed the decision to build the new plant. We are monitoring the current situation closely and are concerned about current developments," Volkswagen said Tuesday.

Over the past two decades, Turkey has become a key manufacturing location for the global auto industry. Major auto makers that build cars and trucks in the country include Toyota Motor Corp., Fiat Chrysler Automobiles NV, Ford Motor Co., and Renault SA.

The European Union has called on Turkey to halt its incursion. Germany, a big trading partner with Turkey, has suspended all deliveries of weapons to the country's armed forces.

President Trump has authorized sanctions and raised steel tariffs on Turkey, and threatened further financial penalties if Ankara continues its offensive.

Write to William Boston at william.boston@wsj.com

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VOLKSWAGEN AG -0.96% 175.88 Delayed Quote.27.64%
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Financials (EUR)
Sales 2019 248 B
EBIT 2019 17 831 M
Net income 2019 13 797 M
Finance 2019 21 433 M
Yield 2019 3,56%
P/E ratio 2019 6,40x
P/E ratio 2020 6,09x
EV / Sales2019 0,27x
EV / Sales2020 0,24x
Capitalization 88 928 M
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Mean consensus BUY
Number of Analysts 30
Average target price 197,20  €
Last Close Price 177,32  €
Spread / Highest target 36,5%
Spread / Average Target 11,2%
Spread / Lowest Target -19,4%
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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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