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    VOW3   DE0007664039

VOLKSWAGEN AG

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Real-time Estimate Tradegate  -  07:47 2022-08-09 am EDT
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Brazil Volkswagen workers approve agreement for $193 million investment

06/29/2022 | 07:50pm EDT
Volkswagen's factory is seen in Sao Bernardo do Campo

SAO PAULO (Reuters) - Volkswagen Group workers at its Taubate plant, in the Brazilian state of Sao Paulo, approved on Wednesday an agreement allowing an investment of 1 billion reais ($192.97 million) for the production of a new model starting in 2025, the local metalworkers' union said in a statement.

The plant, which currently produces the Gol and Voyage models, employs around 3,200 workers and is starting a new production cycle after the implementation of Volkswagen's "MQB" modular design strategy.

The first car to be produced under the platform will be the Polo Track model, which will be launched next year, the union said.

Volkswagen did not immediately reply to requests to comment on the matter. The terms of the agreement were not disclosed by the union.

Last week, workers at Volkswagen's main Brazil plant in Great Sao Paulo's Sao Bernardo do Campo, accepted a wage decrease and a cut in working hours starting in July due to the lack of auto parts and electronic components.

($1 = 5.1822 reais)

(Reporting by Alberto Alerigi Jr.; Writing by Peter Frontini; Editing by Chris Reese)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.34% 5.2306 Delayed Quote.-17.17%
VOLKSWAGEN AG -0.78% 144.02 Delayed Quote.-17.91%
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Financials
Sales 2022 276 B 282 B 282 B
Net income 2022 17 247 M 17 625 M 17 625 M
Net cash 2022 32 033 M 32 737 M 32 737 M
P/E ratio 2022 4,25x
Yield 2022 6,18%
Capitalization 86 923 M 88 833 M 88 833 M
EV / Sales 2022 0,20x
EV / Sales 2023 0,17x
Nbr of Employees 641 900
Free-Float 56,8%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 145,70 €
Average target price 204,35 €
Spread / Average Target 40,3%
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Managers and Directors
Herbert Diess Chairman-Management Board
Arno Antlitz Head-Finance & Information Technology
Hans Dieter Pötsch Member-Management Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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