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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 10/30 12:52:39 pm
125.24 EUR   -1.34%
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Germany investigates Porsche over suspected petrol engine manipulation

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08/24/2020 | 12:44pm EDT

HAMBURG/MUNICH, Aug 24 (Reuters) - Germany's motor vehicle authority KBA is investigating Volkswagen's luxury sports vehicles unit Porsche AG over the suspected manipulation of petrol engines to achieve improved emissions data.

A KBA spokesman said on Monday the investigation involved petrol engines that Porsche produced for the European market before 2017.

Porsche had confirmed a newspaper report on Sunday that it had informed the authorities after internal investigations uncovered suspected irregularities.

German prosecutors fined Porsche 535 million euros ($632 million) last year for lapses that allowed the company to cheat diesel emissions tests, but manipulation has not yet been proven for petrol engines.

A Porsche spokesman on Sunday said the issues related to vehicles developed several years ago, adding there were no indications that current production was affected. The carmaker was working closely with authorities, he added.

Bild am Sonntag weekly had reported that the investigation was focused on engines developed between 2008 and 2013, including those of the Panamera and 911 models, with suspected illegal changes to hardware and software that could affect exhaust systems and engine components.

The paper also said that apart from discussions with employees, evidence was also being sought in the minutes of company meetings and hundreds of thousands of emails.

A spokesman for Audi, Volkswagen's premium division, said there were no indications that the issues identified at Porsche also existed with regard to Audi components.

"Audi AG is constantly and continuously reviewing technical and regulatory aspects of various vehicle types," the spokesman said in emailed comments.

($1 = 0.8460 euros) (Reporting by Jan Schwartz and Joern Poltz Writing by Emma Thomasson and Christoph Steitz Editing by David Holmes and David Evans)


Stocks mentioned in the article
ChangeLast1st jan.
AUDI AG 0.00% 1620 Delayed Quote.102.50%
PORSCHE AUTOMOBIL HOLDING SE 0.31% 46 Delayed Quote.-31.36%
VOLKSWAGEN AG -1.45% 125.1 Delayed Quote.-27.97%
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Financials
Sales 2020 217 B 253 B 253 B
Net income 2020 4 463 M 5 200 M 5 200 M
Net cash 2020 22 123 M 25 778 M 25 778 M
P/E ratio 2020 13,9x
Yield 2020 2,05%
Capitalization 66 013 M 76 974 M 76 918 M
EV / Sales 2020 0,20x
EV / Sales 2021 0,17x
Nbr of Employees 664 717
Free-Float 57,0%
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Technical analysis trends VOLKSWAGEN AG
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 167,21 €
Last Close Price 126,94 €
Spread / Highest target 94,6%
Spread / Average Target 31,7%
Spread / Lowest Target -15,6%
EPS Revisions
Managers
NameTitle
Herbert Diess Chairman-Management Board
Hans Dieter PŲtsch Chairman-Supervisory Board
Frank Witter Head-Finance & Information Technology
Peter Mosch Deputy Chairman
Bernd Osterloh Member-Supervisory Board
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