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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Pooling strengths for the electric offensive: Integration of Volkswagen Motorsport GmbH in Volkswagen AG

12/01/2020 | 10:45am EST

'The Volkswagen brand is on the way to becoming the leading provider for sustainable e-mobility. To this end, we are pooling our strengths and have decided to terminate the Volkswagen brand's own motorsport activities. The motorsport workforce will be integrated in Volkswagen AG. The deep technical expertise of the motorsport employees and the know-how gained from the ID.R project will remain with the company and will help us put further efficient models from the ID. family on the road', said Dr. Frank Welsch, Volkswagen Brand Board Member for Technical Development.

'For decades, the Volkswagen Motorsport GmbH team brought the brand a string of major sporting successes. My warmest thanks go to all employees for so many victories, titles and records throughout the world and for their personal dedication and commitment', Wilfried von Rath, Volkswagen Brand Board Member for Human Resources, commented, acknowledging the achievements of the team. He added: 'We are delighted that we are able to preserve jobs, especially in these challenging times, and will be offering all employees a transfer contract.'

Volkswagen Motorsport GmbH based in Hanover employs 169 people who will be integrated in Volkswagen AG in Wolfsburg over the coming months.

The long-term supply of spare parts for the Polo GTI R5 and Golf GTI TCR for the racing circuit is secure. Production of the customer sport Polo GTI R5 for rallying expires at the end of 2020.

About Volkswagen Motorsport GmbH:

Volkswagen Motorsport can look back on over five decades of motorsport history. Starting with the heyday of Formula V in the 1960s and 70s and the successes in Formula 3, production-ready vehicles such as the Volkswagen Polo, Golf and Scirocco lined up on the grid at racing circuits, rallycross and rally sport. The brand's greatest achievements include three Dakar Rally wins with the Race Touareg (2009-2011), four Rally World Championship titles with the Polo R WRC (2013-2016), two TCR International titles with the Golf GTI (2016, 2017), and three Rallycross World Championship titles with the Polo (2017, 2018,2020). Volkswagen Motorsport successfully made the transition to e-mobility from 2018 with the fully-electric ID.R.

Volkswagen holds five international records with the ID.R racing car, including the overall record for Pikes Peak (USA), the electric record for the Nürburgring North Loop (D) and the Tianmen Mountain in China.

Disclaimer

Volkswagen AG published this content on 01 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2020 15:44:04 UTC


© Publicnow 2020
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Financials
Sales 2020 218 B 266 B 266 B
Net income 2020 4 516 M 5 496 M 5 496 M
Net cash 2020 22 515 M 27 398 M 27 398 M
P/E ratio 2020 18,4x
Yield 2020 1,80%
Capitalization 87 009 M 106 B 106 B
EV / Sales 2020 0,30x
EV / Sales 2021 0,26x
Nbr of Employees 664 196
Free-Float 56,8%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 177,15 €
Last Close Price 165,08 €
Spread / Highest target 49,6%
Spread / Average Target 7,31%
Spread / Lowest Target -15,2%
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Managers and Directors
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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