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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW   DE0007664005

VOLKSWAGEN AG

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Volkswagen : VW's Hitzinger says complexity of new cars to drive consolidation

12/02/2020 | 06:22am EST
FILE PHOTO: VW shows electric SUV

FRANKFURT (Reuters) - The auto industry faces a new wave of consolidation as cars become electric, connected and add highly automated driving functions, Alexander Hitzinger, head of Volkswagen's Project Artemis said on Wednesday.

"There will be consolidation. Not everybody will be able to afford these complex platforms. We will see emerging a smaller number of very large players who will drive this transformation," Hitzinger told the FT's Future of the Car summit.

The need to connect autonomous driving sensors to electric motors, batteries and high-definition maps is forcing carmakers to design vehicle underpinnings and car software operating systems in house rather than stitching together legacy code and systems provided by a myriad of suppliers.

Project Artemis is VW's attempt to do just that.

"Cars are so complex that the traditional concept where you outsource to tier one manufacturers does not work any more," Hitzinger explained in a Webcast.

The investment sums and the complexity of the technology favours larger players since falling sales, caused by the COVID-19 pandemic, is making it harder for smaller companies to stem the investments needed to develop cutting edge cars, he said.

(Reporting by Edward Taylor; Editing by Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
VOLKSWAGEN AG 2.46% 162.48 Delayed Quote.4.08%
VOLKSWAGEN AG 2.19% 177.2 Delayed Quote.1.94%
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Financials
Sales 2020 219 B 266 B 266 B
Net income 2020 5 242 M 6 357 M 6 357 M
Net cash 2020 24 750 M 30 010 M 30 010 M
P/E ratio 2020 15,2x
Yield 2020 2,05%
Capitalization 83 881 M 102 B 102 B
EV / Sales 2020 0,27x
EV / Sales 2021 0,24x
Nbr of Employees 664 196
Free-Float 56,8%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 180,28 €
Last Close Price 158,64 €
Spread / Highest target 55,7%
Spread / Average Target 13,6%
Spread / Lowest Target -11,7%
EPS Revisions
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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