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    AAPL   US0378331005

APPLE INC.

(AAPL)
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Delayed Nasdaq  -  04:00 2022-07-01 pm EDT
138.93 USD   +1.62%
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Volkswagen supervisory board demands more ambitious software roadmap - sources

05/20/2022 | 12:39pm EDT
FILE PHOTO: Employee Portmann displays a seal of approval after installing new software at a diesel powered VW Amarok car at a garage of Swiss AMAG in Duebendorf

HAMBURG (Reuters) - Volkswagen's supervisory board has called on management to present a reworked plan for the carmaker's software division, which forms the backbone of its strategy but has run into problems, two people familiar with the matter said.

The board is expecting an update at the last supervisory board meeting before the summer break, one of the people said, adding no date has been set yet.

"What the board has presented is not enough," said the other person.

Volkswagen declined to comment.

Volkswagen has called its software division, which is the central element in its autonomous driving push, "the most ambitious project of our entire industry to tap into the most relevant profit pools of the future".

Cariad plans to challenge existing software incumbents, including Apple and Tesla, but has hit bumps in the road, which could become a problem for VW boss Herbert Diess, who is responsible for the unit on the group's management board.

Spiegel first reported the news, not citing where it obtained the information, adding that the problems at Cariad, which have caused delays to product launches at Europe's top carmaker, had been discussed at a supervisory board meeting on May 11.

Software has been a sore spot for Europe's largest carmaker ever since the use of illegal defeat devices resulted in the "dieselgate" scandal at Volkswagen in 2015, the largest such case to date.

(Reporting by Jan Schwartz; Writing by Christoph Steitz; Editing by Louise Heavens)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.62% 138.93 Delayed Quote.-23.01%
TESLA, INC. 1.24% 681.79 Delayed Quote.-35.48%
VOLKSWAGEN AG 0.05% 127.48 Delayed Quote.-28.17%
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Financials (USD)
Sales 2022 394 B - -
Net income 2022 99 850 M - -
Net cash 2022 62 947 M - -
P/E ratio 2022 22,6x
Yield 2022 0,65%
Capitalization 2 249 B 2 249 B -
EV / Sales 2022 5,55x
EV / Sales 2023 5,20x
Nbr of Employees 154 000
Free-Float 99,9%
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Technical analysis trends APPLE INC.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 44
Last Close Price 138,93 $
Average target price 185,78 $
Spread / Average Target 33,7%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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