April 02, 2020

· Volkswagen considers selling "commercial vehicle" business to deal with huge ticket

In the past year, the Volkswagen Group suffered huge penalties in many countries around the world for "diesel emissions fraud." According to incomplete statistics, Volkswagen will pay nearly 15 billion euros in fines and recall and rectify 11 million diesel vehicles, which will lead to the public. The group is under huge financial pressure. Recently, Netcom quoted Detroit News from the US: Volkswagen Group plans to sell MAN and Scania brands in the commercial vehicle business, and Ducati, a high-performance motorcycle brand, is also considering the scope to deal with the capital chain that Volkswagen Group may encounter. problem.

At this stage, the Volkswagen Group has allocated 7 billion euros, while also lending to 13 banks in Europe, with a total amount of more than 20 billion euros. Many industry analysts believe that the final cost of the Volkswagen Group's response to the ticket will be twice as high as expected, possibly exceeding 60 billion euros, including Volkswagen's global vehicle recalls, rework and rectification, and possible consumer and investment. The claim fee. In addition, if the Volkswagen Group is unable to repay European bank debt, it will sell the group's assets for listing.

Insiders of the Volkswagen Group revealed: "The Volkswagen Group is willing to give up some assets and ensure the repayment of bank credit." Previously, an authoritative analyst analyzed the assets of MAN and Scania of the Volkswagen Group. If the two brands jointly listed, it is expected to operate. The value is around 12 billion euros.

In addition, the Volkswagen Group is also internally reducing the amount of established investment projects. This includes delaying the increase in the shareholding of the Chinese joint venture FAW-Volkswagen to save 5 billion euros in expenses. Volkswagen Group CEO Mullen recently announced that Volkswagen has reassessed the investment projects already in place, including projects related to Chinese joint ventures. In addition, Volkswagen will speed up the plan to reduce spending. The Volkswagen passenger car brand will reduce its investment by 1 billion euros per year on the basis of the original reduction, and will continue to reduce procurement costs in the future.

Last year, the US Environmental Protection Agency accused the Volkswagen Group of selling 482,000 illegal diesel vehicles in the United States. According to the US Clean Air Act, Volkswagen Group will face a fine of 13.8 billion euros in the United States. In addition, the Brazilian government announced that a total of 17,000 Volkswagens were suspected of swindling and would impose a fine of 9.98 million euros on the public.

In Asia, South Korea and India also issued a fine for the Volkswagen Group. The South Korean government has asked the public to recall 125,000 diesel vehicles, including 15 models including the Audi Q5, Audi A4 and Beetle, and issued a fine of 9.87 million euros to the public. Indian government officials said that India will issue a huge fine of 320 million rupees to the German Volkswagen Group for the discharge door incident. On December 1, Volkswagen recalled 324,000 Volkswagen, Skoda and Audi diesel vehicles from India. The Indian government said it would impose a fine of 4.48 million euros on the Volkswagen Group according to the law.

Affected by this, the public stock price also plummeted, the market value shrank by up to 30 billion euros. In the third quarter of FY2015, Volkswagen Group's net loss was 1.73 billion euros, and operating profit fell by 159.7% year-on-year. This is the first time that Volkswagen Group has experienced a loss in its 15 years.

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