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Audi Vs. BMW – on the Physical Heterogeneity of German Luxury Cars
Munich Personal RePEc Archive Audi vs. BMW – On the Physical Heterogeneity of German Luxury Cars Vistesen, Claus Global Economy Matters, Copenhagen Business School 18 December 2009 Online at https://mpra.ub.uni-muenchen.de/19516/ MPRA Paper No. 19516, posted 22 Dec 2009 08:51 UTC Audi vs. BMW – On the Physical Heterogeneity of German Luxury Cars Working Paper 03-09 Claus Vistesen [email protected] and www.clausvistesen.squarespace.com MSc. Applied Economics and Finance Copenhagen Business School JEL: L62 Key words: luxury cars, BMW, Audi, pure characteristics demand models Database can be obtained by contacting the author through the e-mail above 1 Audi vs BMW – On the Physcial Heterogenity of German Luxury Cars Claus Vistesen Abstract This paper uses Logit and Probit regressions to test for and quantify the physical heterogeneity between German luxury cars. Using a matched sample database, the binary response variable consisting of Audis and BMWs is fitted to a matrix of physical characteristics such as power, torque, fuel consumption, engine displacement etc. The results indicate that having a forced induction engine (e.g. turbo) is associated with a 51% lower probability of observing a BMW and that increasing fuel consumption by 1 liter per 100km lowers the probability of observing a BMW with 61%. The results are discussed in relation to the idea that consumers may not differentiate across luxury products on the basis of physical characteristics and how this may introduce a bias with respect to predicting demand in the context of available market data. 1.0 Introduction The idea that you can take some of the most arcane tools of the economist’s toolbox and apply them directly to the unstable and complex reality of the real world remain a difficult aspiration in most contexts. -
Traton Group – Creating a Global Champion
TRATON GROUP – CREATING A GLOBAL CHAMPION ANALYST & INVESTOR FACTBOOK APRIL 2021 DISCLAIMER This presentation has been prepared for information purposes only. It does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP in any jurisdiction. Neither this presentation, nor any part of it, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contractual commitment or investment decision in relation to the securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP in any jurisdiction, nor does it constitute a recommendation regarding any such securities. It contains forward-looking statements and information on the business development of the TRATON GROUP. These statements and information are based on assumptions relating in particular to the TRATON GROUP’s business and operations and the development of the economies in the countries in which the TRATON GROUP is active. As far as information or statements on Navistar are concerned, the same applies to Navistar. Please note that TRATON SE has signed definitive agreements on the acquisition of Navistar but the acquisition requires a number of approvals and is therefore not yet closed. The TRATON GROUP has made such forward-looking statements on the basis of the information available to it and assumptions it believes to be reasonable. The forward-looking statements and information may involve risks and uncertainties, and actual results may differ materially from those forecasts. -
Separate Financial Statements Fiscal Year 2019
201Separate financial9 statements PPorscheorsche TaycanTaycan TurboTurbo S 3 Content Group management report and management report of Porsche Automobil Holding SE 6 Fundamental information about the group 10 Report on economic position 12 Significant events and developments at the Porsche SE Group 12 Significant events and developments at the Volkswagen Group 20 Business development 24 Results of operations, financial position and net assets 31 Porsche Automobil Holding SE (financial statements pursuant to the German Commercial Code) 37 Sustainable value enhancement in the Porsche SE Group 41 Overall statement on the economic situation of Porsche SE and the Porsche SE Group 43 Remuneration report 44 Opportunities and risks of future development 52 Publication of the declaration of compliance and corporate governance report 78 Subsequent events 79 Forecast report and outlook 80 Glossary 85 4 Financials 86 Balance sheet of Porsche Automobil Holding SE 90 Income statement of Porsche Automobil Holding SE 91 Notes to the consolidated fi nancial statements 92 Independent auditor’s report 212 Responsibility statement 220 5 VVolkswagenolkswagen IID.3D.3 6 1 Group management report and management report of Porsche Automobil Holding SE 7 8 Group management report and management report of Porsche Automobil Holding SE 6 Fundamental information about the group 10 Report on economic position 12 Significant events and developments at the Porsche SE Group 12 Significant events and developments at the Volkswagen Group 20 Business development 24 Results -
Audi A3 E-Tron BMW I3 & I3s BMW 330E** BMW X5 Xdrive40e BMW 530E Xdrive Chevrolet BOLT Chevrolet VOLT Chrysler Pacifica Hybr
Program administered by the New Car Dealers Association of BC on behalf of the Province of BC. Visit www.cevforbc.ca to learn more about clean energy vehicle incentives available to BC residents for 32 eligible vehicles. Follow us on Twitter @cevforbc and Instragram @cevforbc For events and test drives, follow us on Facebook facebook.com/emotivebc Electric vehicles (EVs) displaying If you have an old car you want to scrap, all vehicles an official decal are allowed in high qualify for additional incentives through the BC occupancy vehicle (HOV) lanes in BC. Scrap-It Program: www.scrapit.ca. Audi A3 e-tron BMW i3 & i3s BMW 330e** MSRP $40,900* MSRP $51,500 MSRP $52,200 PHEV Electric Range: 26km BEV/ER-EV Electric Range: 183km PHEV Electric Range: 23km Full Range: 605km Full Range: 183-303km Full Range: 556km CEVforBCTM Incentive: $2,500 CEVforBCTM Incentive: $5,000 CEVforBCTM Incentive: $2,500 BMW X5 xDrive40e BMW 530e xDrive Chevrolet BOLT MSRP $74,950 MSRP $66,000 MSRP $44,095 PHEV Electric Range: 23km PHEV Electric Range: 25km BEV Electric Range: 383km Full Range: 863km Full Range: 572km TM TM TM CEVforBC Incentive: $5,000 CEVforBC Incentive: $2,500 CEVforBC Incentive: $2,500 Chevrolet VOLT Chrysler Pacifica Hybrid Ford Fusion Energi MSRP $38,995 MSRP $51,745 MSRP $36,588 ER-EV Electric Range: 85km PHEV Electric Range: 53km PHEV Electric Range: 35km Full Range: 676km Full Range: 911km Full Range: 982km CEVforBCTM Incentive: $5,000 CEVforBCTM Incentive: $5,000 CEVforBCTM Incentive: $2,500 Ford Fusion Energi Special Service Honda Clarity -
Presse Info | Comunicado De Imprensa |新闻稿 | プレスリリース | Comunicado De Prensa | Communiqué De Presse | Informacja Prasowa
PRESS RELEASE | PRESSE INFO | COMUNICADO DE IMPRENSA |新闻稿 | プレスリリース | COMUNICADO DE PRENSA | COMMUNIQUÉ DE PRESSE | INFORMACJA PRASOWA TRATON and Chinese Sinotruk significantly expand strategic partnership • TRATON´s brand MAN and CNHTC’s Sinotruk plan to establish joint venture • MAN to localize heavy-duty truck in China • Extension of technology cooperation will be evaluated in key focus areas • Broadened cooperation to further strengthen TRATON´s position in world´s largest heavy-duty truck market • Andreas Renschler: “Increasing transport volumes, regulation and digitization require change and flexibility. Partnerships are the right answer to turn these challenges into opportunities.” Hanover, Germany, September 18, 2018 – TRATON GROUP and Chinese CNHTC Group announced a further expansion of their long-term partnership today. MAN and Sinotruk have been working together highly successfully since 2009 and have agreed to broaden this cooperation by establishing a joint venture to localize a MAN heavy-duty truck in China and evaluating and intensifying technology and procurement cooperation. Since the beginning of the partnership, MAN has held a 25% stake plus one share in Sinotruk, one of the leading heavy-duty truck manufacturers in China. Andreas Renschler, Chief Executive Officer of TRATON AG and member of the Management Board of Volkswagen AG responsible for Commercial Vehicles, said: “Sinotruk is amongst the strongest players in the Chinese heavy-duty market. The challenges the transportation sector is facing require joint forces and close alliances. Increasing transport volumes, regulation and digitization require change and flexibility. Partnerships are the right answer to turn these challenges into opportunities.” Cai Dong, President of Sinotruk, said: “The cooperation with MAN has always been highly satisfactory. -
Download PDF, 19 Pages, 505.25 KB
VOLKSWAGEN AKTIENGESELLSCHAFT Shareholdings of Volkswagen AG and the Volkswagen Group in accordance with sections 285 and 313 of the HGB and presentation of the companies included in Volkswagen's consolidated financial statements in accordance with IFRS 12 as of 31.12.2019 Exchange rate VW AG 's interest Equity Profit/loss (1€ =) in capital in % in thousands, in thousands, Name and domicile of company Currency Dec. 31, 2019 Direct Indirect Total local currency local currency Footnote Year I. PARENT COMPANY VOLKSWAGEN AG, Wolfsburg II. SUBSIDIARIES A. Consolidated companies 1. Germany ASB Autohaus Berlin GmbH, Berlin EUR - 100.00 100.00 16,272 1,415 2018 AUDI AG, Ingolstadt EUR 99.64 - 99.64 13,701,699 - 1) 2019 Audi Berlin GmbH, Berlin EUR - 100.00 100.00 9,971 - 1) 2018 Audi Electronics Venture GmbH, Gaimersheim EUR - 100.00 100.00 60,968 - 1) 2019 Audi Frankfurt GmbH, Frankfurt am Main EUR - 100.00 100.00 8,477 - 1) 2018 Audi Hamburg GmbH, Hamburg EUR - 100.00 100.00 13,425 - 1) 2018 Audi Hannover GmbH, Hanover EUR - 100.00 100.00 16,621 - 1) 2018 AUDI Immobilien GmbH & Co. KG, Ingolstadt EUR - 100.00 100.00 82,470 3,399 2019 AUDI Immobilien Verwaltung GmbH, Ingolstadt EUR - 100.00 100.00 114,355 1,553 2019 Audi Leipzig GmbH, Leipzig EUR - 100.00 100.00 9,525 - 1) 2018 Audi München GmbH, Munich EUR - 100.00 100.00 270 - 1) 2018 Audi Real Estate GmbH, Ingolstadt EUR - 100.00 100.00 9,859 4,073 2019 Audi Sport GmbH, Neckarsulm EUR - 100.00 100.00 100 - 1) 2019 Audi Stuttgart GmbH, Stuttgart EUR - 100.00 100.00 6,677 - 1) 2018 Auto & Service PIA GmbH, Munich EUR - 100.00 100.00 19,895 - 1) 2018 Autonomous Intelligent Driving GmbH, Munich EUR - 100.00 100.00 250 - 1) 2018 Autostadt GmbH, Wolfsburg EUR 100.00 - 100.00 50 - 1) 2018 B. -
Volkswagen AG RR October 2019
Robert Streda Cathy Cheng +1 416 597 7397 +1 416 597 538 [email protected] [email protected] RATING REPORT Volkswagen AG Ratings Debt Rating Action Rating Trend Volkswagen AG – Issuer Rating A (low) Upgraded/Trend Change Stable VW Credit Canada Inc. – Senior Unsecured Debt * A (low) Upgraded/Trend Change Stable VW Credit Canada Inc. – Commercial Paper * R-1 (low) Upgraded/Trend Change Stable * Guaranteed by Volkswagen AG. Rating Update On October 25, 2019, DBRS Limited (DBRS Morningstar) upgrad- notes that VW’s corporate governance assessment continues to ed the Issuer Rating of Volkswagen AG (VW or the Company) adversely affect the Company’s ratings. to A (low) from BBB (high). Concurrently, DBRS Morningstar upgraded VW Credit Canada, Inc.’s Senior Unsecured Debt rat- DBRS Morningstar notes that VW has proven resilient to the ing and its Commercial Paper rating to A (low) and R-1 (low), Diesel Issue, with the Company’s global sales performance in respectively, from BBB (high) and R-2 (high), respectively. DBRS 2018 and through the first half of 2019 (H1 2019) continuing to Morningstar also changed the trend on all ratings to Stable from moderately outpace that of the overall industry. Financial per- Positive. The ratings incorporate VW’s solid business risk assess- formance over this period has also remained solid, with VW’s ment as an automotive original equipment manufacturer (OEM) Automotive business generating sound operating margins of 7.1% of substantial scale with a highly diversified brand portfolio. and 7.0% (trailing 12-month periods; both figures as calculated Moreover, the ratings upgrades recognize VW’s ongoing solid by DBRS Morningstar) in 2018 and H1 2019, respectively. -
Vorlage Für Geschäftsbrief
AUDI AG 85045 Ingolstadt Germany History of the Four Rings AUDI AG can look back on a very eventful and varied history; its tradition of car and motorcycle manufacturing goes right back to the 19th century. The Audi and Horch brands in the town of Zwickau in Saxony, Wanderer in Chemnitz and DKW in Zschopau all enriched Germany’s automobile industry and contributed to the development of the motor vehicle. These four brands came together in 1932 to form Auto Union AG, the second largest motor-vehicle manufacturer in Germany in terms of total production volume. The new company chose as its emblem four interlinked rings, which even today remind us of the four founder companies. After the Second World War the Soviet occupying power requisitioned and dismantled Auto Union AG’s production facilities in Saxony. Leading company executives made their way to Bavaria, and in 1949 established a new company, Auto Union GmbH, which continued the tradition associated with the four-ring emblem. In 1969, Auto Union GmbH and NSU merged to form Audi NSU Auto Union AG, which since 1985 has been known as AUDI AG and has its head offices in Ingolstadt. The Four Rings remain the company’s identifying symbol. Horch This company’s activities are closely associated with its original founder August Horch, one of Germany’s automobile manufacturing pioneers. After graduating from the Technical Academy in Mittweida, Saxony he worked on engine construction and later as head of the motor vehicle production department of the Carl Benz company in Mannheim. In 1899 he started his own business, Horch & Cie., in Cologne. -
Tratonproposestoacquireallo
Media information NO. 28/2020 TRATON Proposes To Acquire All Outstanding Common Shares Of Navistar For USD 35 Per Share Munich, January 30, 2020 – TRATON SE (“TRATON”), one of the world’s largest commercial vehicle manufacturers, today offered to acquire all of the outstanding shares of common stock of Navistar International Corporation (“Navistar”) (NYSE: NAV) not already owned by TRATON at a price of USD 35 per share in cash. This represents a 45% premium over Navistar’s closing share price of USD 24.11 on January 29, 2020 and a 19% premium over Navistar’s 90-day volume weighted average price of USD 29.40. TRATON currently owns 16.8% of the outstanding common shares of Navistar. Since 2017, TRATON and Navistar have benefitted from a strategic alliance that has delivered significant value to both companies through increased purchasing power and the integration of new technologies. As the global commercial vehicle industry continues to evolve, TRATON believes that the proposed transaction is the logical next step and would result in even greater benefits. If the proposed offer were accepted and the acquisition completed, the combined company would have an enhanced ability to meet the demands of new regulations and rapidly developing technologies in connectivity, propulsion and autonomous driving. Combining TRATON’s leading position in the European and South American markets with Navistar’s presence in North America would create a leader with global reach and complementary capabilities. The transaction would also provide substantial value to Navistar stockholders through an immediate and certain cash premium. “Over the past three years, we have benefitted from a highly collaborative and productive strategic alliance with Navistar. -
Volkswagen/Audi Vehicle Communication Software Manual
Volkswagen/Audi Vehicle Communication Software Manual August 2013 EAZ0031B01E Rev. A Trademarks Snap-on is a trademark of Snap-on Incorporated. All other marks are trademarks or registered trademarks of their respective holders. Copyright Information ©2013 Snap-on Incorporated. All rights reserved. Disclaimer The information, specifications and illustrations in this manual are based on the latest information available at the time of printing. Snap-on reserves the right to make changes at any time without notice. Visit our website at: http://diagnostics.snapon.com (North America) For Technical Assistance Call: 1-800-424-7226 (North America) ii Safety Information For your own safety and the safety of others, and to prevent damage to the equipment and vehicles upon which it is used, it is important that the accompanying Safety Information be read and understood by all persons operating, or coming into contact with, the equipment. We suggest you store a copy near the unit in sight of the operator This product is intended for use by properly trained and skilled professional automotive technicians. The safety messages presented throughout this manual are reminders to the operator to exercise extreme care when using this test instrument. There are many variations in procedures, techniques, tools, and parts for servicing vehicles, as well as in the skill of the individual doing the work. Because of the vast number of test applications and variations in the products that can be tested with this instrument, we cannot possibly anticipate or provide advice or safety messages to cover every situation. It is the automotive technician’s responsibility to be knowledgeable of the system being tested. -
For TRATON, Sustainable Economic Growth Always Includes Treating People and Nature with Respect
2020 ANNUAL REPORT “For TRATON, sustainable economic growth always includes treating people and nature with respect. We call this the People, Planet, and Performance triad, which will shape the future of our Company.” MATTHIAS GRÜNDLER, CEO of the TRATON GROUP To Our Shareholders Combined Management Report Operating Units Consolidated Financial Statements Further Information p. 5 p. 6 Electric city Batteries in everyday use The Munich Transport Corporation aims To reduce CO2 emissions, to operate all its buses with zero local Norwegian grocery wholesaler emissions by 2030 and is also relying on ASKO relies on battery-powered Equal opportunities at the wheel the MAN Lion’s City 12E for this purpose. trucks from Scania. Grace Adomako, the woman on our cover, is a bus driver in Accra, the capital city of Ghana. She stands for around 140 other women who have been trained as bus and truck drivers thanks to the support of Scania and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, a German agency p. 7 p. 8 for sustainable development. The aim is to promote equal opportunities in the West African country. p. 4 Pluralism & Inclusion (P&I) Sofia Vahlne, responsible for the P&I Digital, efficient, transparent Assembly 4.0 program at TRATON, talks to conductor RIO is developing a cloud-based platform Volkswagen Caminhões e Ônibus is using Jonathan Nott about how diversity and solution that organizes all processes for Industry 4.0 principles to align production success tie together — in the new TRATON Volkswagen Group Logistics — and the of the new Meteor truck even more podcast “Sustainability Stories.” potential is huge. -
Annual Financial Statements of Traton Se
2019 ANNUAL FINANCIAL STATEMENTS OF TRATON SE CONTENTS 1 Annual Financial Statements of TRATON SE 2 (until January 17, 2019: TRATON AG) for the fiscal year from January 1 Combined Management Report 43 through December 31, 2019 3 The management report for TRATON SE 3 Income Statement 4 and the management report for the Further Information 44 Balance Sheet 5 Group have been combined in accordan- ce with section 315 (5) of the Handels Notes to the Financial Statements 6 gesetzbuch (HGB — German Commer- Responsibility Statement 45 Members of the Supervisory Board cial Code) in conjunction with section Independent Auditor’s Report 46 and Executive Board and their 298 (2) of the HGB and published in Appointments 25 TRATON’s 2019 Annual Report. Publication Details 51 43 Combined Management Report ANNUAL FINANCIAL STATEMENTS OF TRATON SE Annual Financial Statements of TRATON SE 3 Income Statement 4 Balance Sheet 5 Notes to the Financial Statements 6 Members of the Supervisory Board and Executive Board and their Appointments 25 3 Annual Financial Statements of TRATON SE 43 Combined Management Report 44 Further Information ANNUAL FINANCIAL STATEMENTS OF TRATON SE Income Statement for the period from January 1 through December 31, 2019 € thousand Note 2019 2018 Net investment income (1) 1,931,618 –87,832 Write-downs of financial assets (2) –401,482 –1,181,823 Net interest income/expense (3) –973 837 Sales revenue (4) 13,134 13,795 Cost of sales –15,197 –13,684 Gross profit –2,063 111 General and administrative expenses (5) –135,046 –145,203 Other