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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

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Volkswagen : Porsche launches investigation into suspected engine manipulation - BamS

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08/22/2020 | 11:53pm EDT
FILE PHOTO: A logo of Porsche is seen outside a Porsche car dealer, amid the coronavirus disease (COVID-19) outbreak in Brussels

Volkswagen's luxury sports vehicle unit Porsche AG has launched an internal investigation into the suspected manipulation of petrol engines, German weekly Bild am Sonntag (BamS) reported.

Porsche has informed Germany's automotive watchdog KBA, the Stuttgart prosecutor's office, as well as U.S. authorities of suspected illegal changes to hardware and software that could affect exhaust systems and engine components, the paper said.

"Porsche is regularly and continuously reviewing technical and regulatory aspects of its vehicles," a Porsche spokesman said. "As part of such internal examinations Porsche has identified issues and has, just like in the past, proactively informed authorities."

The spokesman said that the issues relate to vehicles developed several years ago, adding that there were no indications that current production was affected. The carmaker is working closely with authorities, he said.

BamS, not citing where it obtained the information, said that engines developed between 2008 and 2013 were the subject of the investigation, including those of the Panamera and 911 models.

The paper also said that apart from discussions with employees, meeting protocols and hundreds of thousands of emails were being examined in search of evidence, adding KBA has launched an official investigation.

(Reporting by Christoph Steitz; Editing by Aurora Ellis)


Stocks mentioned in the article
ChangeLast1st jan.
PORSCHE AUTOMOBIL HOLDING SE 0.57% 46 Delayed Quote.-30.97%
VOLKSWAGEN AG -1.45% 125.1 Delayed Quote.-29.02%
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Financials
Sales 2020 218 B 254 B 254 B
Net income 2020 4 448 M 5 179 M 5 179 M
Net cash 2020 22 817 M 26 571 M 26 571 M
P/E ratio 2020 13,8x
Yield 2020 2,00%
Capitalization 65 220 M 76 005 M 75 949 M
EV / Sales 2020 0,19x
EV / Sales 2021 0,16x
Nbr of Employees 664 717
Free-Float 57,0%
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 167,21 €
Last Close Price 125,10 €
Spread / Highest target 97,4%
Spread / Average Target 33,7%
Spread / Lowest Target -14,3%
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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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