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    VOW3   DE0007664039

VOLKSWAGEN AG

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Volkswagen U.S. CEO meets with EPA administrator on EVs

06/10/2021 | 04:42pm EDT
FILE PHOTO: A Volkswagen logo is seen in Shanghai

WASHINGTON (Reuters) - Volkswagen AG's top U.S. executive met with the head of the Environmental Protection Agency on Thursday to talk about electric vehicles and the push toward cleaner cars as the Biden administration works to revise vehicle emissions rules.

Scott Keogh, president and chief executive of Volkswagen Group of America, spoke with EPA Administrator Michael Regan and reaffirmed the company's support for an emissions deal with California.

Ford Motor Co, Honda Motor Co, Volkswagen and BMW in July 2019 struck a voluntary agreement with California on reducing vehicle emissions through the 2026 model years which would allow them to meet a single nationwide standard.

General Motors Co on Wednesday threw its support behind the overall emissions reductions in California's 2019 deal but asked the Biden administration to give automakers more flexibility to hit the carbon reduction target between now and 2026.

Regan has spoken with GM, Stellantis and Toyota Motor Corp executives this week as the EPA plans to announce a proposal to revise the Trump emissions rules.

"It's clear more automakers now feel the same way and that's a good thing. We welcome them to the table. Electric mobility for all will only take hold in this country when everyone is all in - industry, state and federal government, consumers," Keogh said in a statement to Reuters.

The Trump administration in 2020 finalized a rollback of vehicle emissions standards to require 1.5% annual increases in efficiency through 2026, well below the 5% yearly boosts in Obama era rules it discarded.

The Center for Biological Diversity estimates the California deal will improve fuel economy 3.7% year over year between 2022 and 2026.

The largest German automaker has embraced electric vehicles after it came under fire for diesel emissions cheating. Volkswagen said in March it expects half of its U.S. sales by 2030 to be EVs and is spending tens of billions on EVs.

Volkswagen admitted to using illegal software to cheat U.S. pollution tests in 2015, allowing up to 40 times legally allowable emissions and in 2017 pleaded guilty to fraud, obstruction of justice and falsifying statements as part of a $4.3 billion settlement reached with the Justice Department. The scandal has cost VW more than 32 billion euros ($39 billion) so far.

(Reporting by David Shepardson in Washington; Editing by Matthew Lewis)

By David Shepardson


© Reuters 2021
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BMW AG -0.17% 92.97 Delayed Quote.28.94%
FORD MOTOR COMPANY 0.47% 14.835 Delayed Quote.65.19%
GENERAL MOTORS COMPANY -0.06% 59.23 Delayed Quote.42.41%
HONDA MOTOR CO., LTD. -2.08% 3535 End-of-day quote.22.85%
STELLANTIS N.V. -0.16% 16.98 Real-time Quote.0.00%
STELLANTIS N.V. -0.20% 16.986 Delayed Quote.16.10%
TOYOTA INDUSTRIES CORPORATION -1.83% 9630 End-of-day quote.17.58%
TOYOTA MOTOR CORPORATION -3.88% 9833 End-of-day quote.23.58%
VOLKSWAGEN AG -1.43% 223.4 Delayed Quote.48.70%
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Financials
Sales 2021 251 B 298 B 298 B
Net income 2021 13 772 M 16 396 M 16 396 M
Net cash 2021 30 837 M 36 714 M 36 714 M
P/E ratio 2021 8,20x
Yield 2021 3,13%
Capitalization 133 B 159 B 159 B
EV / Sales 2021 0,41x
EV / Sales 2022 0,36x
Nbr of Employees 662 653
Free-Float 56,8%
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Mean consensus BUY
Number of Analysts 26
Last Close Price 226,65 €
Average target price 276,05 €
Spread / Average Target 21,8%
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Managers and Directors
NameTitle
Herbert Diess Chairman-Management Board
Arno Antlitz Chief Financial Officer
Hans Dieter Pötsch Chairman-Supervisory Board
Frank Witter Head-Finance & Information Technology
Kurt Michels Chief Compliance Officer
Sector and Competitors
1st jan.Capitalization (M$)
VOLKSWAGEN AG48.70%158 963
TOYOTA MOTOR CORPORATION23.58%244 556
DAIMLER AG37.32%101 146
GENERAL MOTORS COMPANY42.41%86 025
BMW AG28.94%72 096
FORD MOTOR COMPANY65.19%58 997