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Nonsense. There are no VW engines, old or new, petrol or diesel, that need engine removal to change a thermostat. Most require removal of several items to gain access to the thermostat housing. The airbox, alternator, hoses, turbo hose, etc, but that’s all. You don’t have to pull the engine out.
German engineering: overpriced (thanks to 4-day workweek and the likes), over-engineering (thanks to being too conservative and an aging population because old people don't want to step out of comfort-zone and try new things in other areas).
I found out about German engineering when I bought my first and last German car in 1999. I've bought a lot of cars for my family since then and not one of them was German made.
Well, in this case your friend mechanic skills is the problem.. And I guess you for beleiving that nonsense. People hardly capable of changing a airfilter repeat internet tropes about "German engineering bad..blabla.." Sure, knowledge about engineering and production are disappearing in the West. We see the skill outsourced and fragmented to the point where it's going to break our capacity to make anything complex.. All for profit margins. But when it comes to engineering Germany with 1/4 of the population is still lightyears above the US.
The way the Company is structured, it would not have mattered. Only thing it would have done was to delay their downfall. Better to fall now and them waking up, or falling than to drag it out.
Yep he tried to warn them, but unions got in the way and they’ll get in the way again with this attempt to restructure and NONE of their members will have a job at the end of the day :-)
As an owner of VW and Audi vehicles for decades, the cause of their current woes can be summed up in one word… complacency. In the past VAG products were renowned for their quality, innovation and value and they traded off this with great skill. Alas, the management became complacent and saw an opportunity to make vast sums of money by watering down these values. Eventually you get to a point where your products and services are simply no longer competitive (Intel has a similar story). VAG need to get back to basics and put the customer at the centre and build high quality, innovative vehicles that offer exceptional value.
Pride comes before a fall ... Same for Mercedes; BMW, Stellantis, .... not only the management is to blame, everyone has their part, unions, workers, etc ... work ethic, high levels of sick leave ... etc
The UK did the same thing in the 1970s and 80s they simply shut down all of our industry and exported it to SE Asia. This made the UK a low wage service based economy which favours the already rich whilst disenfranchising the working class. Its happening all over the west even the USA.
Triumph was notorious for overpaid workers and unreliable product despite good models like Stag and Dolomite and Spitfire. VW is simply the new British Leyland - multibrand and low productivity
Unions closed leyland, unions closed coal mines, unions will lose train and tube drivers jobs, so said my train driver dad, unions tried to bully Ineos, unions lost that fight.
Volkswagen workers live like kings! They even can afford a house, a car, education, vacation for a family of four on one wage! Madness!!! Blackrock (they own a big portion of VW) can't have that! Last year 4.5 billion USD in dividends were paid to VW shareholders like Blackrock and Qatar.
VW has too much lies to customers , first diesel gate, second malfunction TSI engines, next campaigns against electric cars, now much much expensive electric cars. Need to start thinking pro customers, not against.
I used to own a VW Golf. It ran ok, but it got recalled several times for some defects to be fixed. These recalls were free, but the normal maintenance costs were quite expensive though. Will I buy another VW car? My answer would be: "probably no".
The ID.3 and ID Buzz are cool. VW should focus on those 2 and forget the rest. I remember in the early 1970's when I saw random 9 beetles parked in a row at my college. Beetles ruled. Porsche 911 electric would sell too. They need to super simplify their vehicles. People want cars they can work on themselves.
As European, I do not understand why VW cars cost in the USA less than here in Germany. European salaries are smaller than in the USA, taxes are higher.
VW troubles started way before EV , bought my first car a VW Jetta in the 90s . I lost confidence in VW because of their reliability issues and high maintenance costs. If VW bothers to listen to their customers feedback back then, I am sure they will not be in this situation today.
VW Audi Porsche…when you consider how dominant the Golf was .. Well they had the opportunity to dominate the EV marketplace. Sadly they totally screwed up and now face bankruptcy.
Interesting. Looks like they've spread themselves a bit thin with all that investment/procurement. Contrast this to the Stellantis group that are bringing out new models every week.
They could always cut profits in the short term and use the money to finance significant investment into improved efficiency and drive down the cost per vehicle, but of course that would upset the shareholders who would probably fire the board if they tried anything as sensible as that.
VW Group is saturated with levels of managers that have political affiliations. Merit is not the main reason to hire or promote, but having patronage from the SPD, Greens or someone close.
Employees by VW cost 65-80€/h in Germany, VW plant in Hungary 18€/h... Speed of production is also a problem: 1 employee by VW makes 17 cars a year, by Toyota 26 cars a year, by GM 46 cars a year. Vacation in VW Germany 32-35 days a year, 14 days national holdays plus ~5-10 sick leaves per year, so in summ 3 months no work per year. It was just a metter of time to come to this situation... Oh, one more thing Toyota produces smiliar like VW around 10M cars a year but with 50% of employees as VW... just crazy! Love VW but this is sick.
I don't see any reason for someone in Europe to buy an overpriced WV car. They used to be synonymous with quality, but now nobody wants them. I'd rather drive my 13-year-old Mazda for another 10 years
Heads should roll at the executive level, they controlled the company and put it in this situation with its Cariad fiasco and investments in other brands
Europe has to get out of the mindset that it’s shop floor workers need to have much better standard of living than other nationals. The reason developing countries have lower standards is because profits have been shared with German workers more than they have been shared with other country workers. No one feels bad for Volkswagen.
I would not be surprised if VW stick in a mild hybrid 130-150 petrol + 30-50hp electic engine into the ID3 and ID4 and replace the craptic climate control with interior face lift.
'Sell some of their brands'... to whom? Not other German automakers, not Stellantis (having a fire sale of their own), not to Americans... that leaves the Chinese. Better to shut them down than sell to their principal competition -- a sure way to accelerate VW's demise.
I have a Born booked it to be buolt on thr 11th of November week. Looks liem thr factory have withdrew its 3rd shift. So its only running 2 sifts now a day 🙈👀
@twoeggcups it sure is. Also have a different throttle map and tweaked steering. It's the id3 VW should of launched. The id3 seems like a beta test. The software has been sorted out now with the gen 2 (micro facelift) Born. The exterior and interior is just far better, the car delivers a far better all round package. A fun looking far that actually drives fun. And far better put together. . The new 2025 model year version can charge quicker too. Up to 155 or 164, and will now sustain 120kwh, over the 24 Model years 80 sustained.
Their profits dropped, revenues dropped only 0.5% they didnt lose money.. yet they want their staff to take a 10% reduction why ? because they only made 2.8bn euros in profit this quarter ? that seems a bit suspect to anyone ?
They are in strategic WC. They have no ability to produce competetive EVs, they have 14 000 000 production capacity but produce 9 000 000 cars, they are loosing marketshare in China and outside USA and EU at great speed. EV growth rate is 28% worldwide... People buy hybrids from Toyota or wait for Chinese brands to make all cars more affordable.
VW is not some tech company running on somebody else's infrastructure so they can't scale down their business in one minute. VW is based on Germany that is known to have to a very strict labor laws so they can't do anything on that front in a whim in Germany. VW also clearly sees that they have practically lost Chinese market as it is quite evident that China's retaliation on EU electric car tariffs will be harsh. In the worst case I wouldn't rule out some sort of modern version of 2012 anti japanese demonstrations that would be against some EU countries and especially against EU brands. Basically when you have a crisis like this in your hands it is just plainly stupid to base your actions on last quarter results in the business that has a huge burden from legacy technology that is loosing its value day by day and in 5 year timescale turning from asset to liability.
@sandcrabfin From asset to liability - well said. VAG made a strategic mistake: they were promoting diesel instead of massive investment into EV and/or hybrids. Generally speaking Germany is one of the best in mechanical solutions but it is not good at digital technology adoption.
VAG make too many cars under different names that a virtually the same. They are all bland. What happened to Skoda? They cost the same, if not more than a VW nowadays.
A workmate has a Volkswagen it skipped a tooth on the timing belt, which made it run rough,he went to the Volkswagen specialists, and they told him it was a leaking rocker cover gasket!!charged him 900$ to fix it,that made no difference to the fault,he was lucky an old work colleague fixed it in his backyard for 2000$, otherwise it would have been around 6000$
Nonsense. Not even the worst mechanic in the world, drunk or on something else, could mistake a timing belt issue with a leaky rocker cover gasket. There is absolutely no correlation between the two.
@@FanBelt I and my work mate agree, but it did happen, they just didn't want to be bothered with it, only interested in servicing, other non specialised mechanics didn't want to touch it
@@FanBelt also keep in mind,a lot of people nowadays have no mechanical knowledge and will accept anything,me and my work mate are mechanical fitters, with a reasonable amount of motor vehicles
@@filippoleombruno8624 I’m a retired mechanic, still keep my hand in though. And yes, you’re right about the lack of interest and knowledge these days. $900 to change a rocker cover gasket, wow, they were thieves. I changed the timing belt, tensioner and water pump on my Golf 2.0 diesel last year and it was a very straightforward job.
Some of us thought that the period from 2025 to 2030 would see great turmoil in the legacy vehicle industry as EVs took larger and larger shares of the market, while legacy scrambled to figure out how to make desirable EVs. Looks like it started a bit earlier. We weren't predicting how rapidly battery prices would drop A linear vs. exponential type error.
VAG and other legacy/ ICE makers have lost in China. VAG sells today half of their peak in 2018 in China. They used to have 50% of their profit there. The same would be on markets outside USA and EU.
The legacy industry in Germany is particularly difficult to change because Germans are conservative and aging fast. They hesitate in trying new things or taking risks.
This is what you get when political goals take over a commercial enterprise. No politician in the world has ever turned any profit, they only know how to spend.
The execs should definitely take near term cuts in compensation however the unions are still going to kill VW. Maybe Germany can pass a law to just pay workers for the wage cut that they take or even via tax breaks etc. but I think a bailout is the only way out which is still bad.
My heart goes out to all the German autoworkers who are loosing their jobs and livelihoods. The German companies were greedy and complacent and now their whole country and their workers are paying the price. It’s the board who has run VW into ruin, same as it was the board who enabled diesel gate. They have put short term profit over long term sustainability, the environment or their workers lives. It’s shameful.
Read vw and Toyota both make same number of cars. But vw has almost twice as many employees. Given this vw needs to let go much more employees then just 3 factories worth of employees.
If he forecasted this 4 years ago then he should have faciliatated the groundwork and implemented changes instead of doing nothing and saying 'I told you so!' he's the goddamn leader he should have lead and managed the situation.
@justicedemocrat9357 Herbert Diess did what they would let him do and tried to do more .. that's why they canned him 🤦 Hard to fix everything with your hands tied by the board.. 🤣 Diess was the only one in any legacy company to see that EVs had to be done and profitable, and was the only one willing to learn from Elon and Tesla .. VW F'd up big time ... Now they are going down the sheet spiral to bankruptcy.
Legacy car manufacturers had the time and ability to drive the transition to EV, but they grew fat on the status quo, and i feel they were arrogant that the industry would not change unless they allowed it. Now the doors are wide open. They will need to face the fight to survive.
Interesting comment on german plant cost of production, projected vs actual. Does the end of cheap energy from the east have anything to do with the spot of bother VW is experiencing, and not just VW but all german heavy industry? Also, how does VW have $190b of debt, the company has been a cash machine for decades? Makes me sad really, for the average german, not the lazy leadership.
Well we can see who is more important, investors vs. the people actually making the products. It seems clear investors are scheduled to be wiped out in a reorganization, so I don't see why management is coddling them, other than temporary self interest.
Getting out of the A and B segment while the majority of EU population is dealing with massive inflation is also a stupid move. There's a shift in mentality where we're finally seeing that a car is a car and not a status symbol. Also, when people demand simpler cars and VW response is giving a bigger touchscreen makes you wonder what's happening at VAG headquarters. There's a reason why Dacia is getting so popular, maybe look at them and see why they're gaining such traction
Its massive debt will drive them into Bankruptcy, as there will be no way to pay off those loans, and no one will be foolish enough to loan them even more needed for EV factories.
Big corp strategy … keep making profits… pay out dividends and bonuses to the rich. Wait until things go bad and people loose jobs. Get a government bailout.
You can buy a gigapress for less than $20m, no doubt unions stopped it need less workers. VW union IG Metall complained about Tesla Berlin, too much automation should reduce automation and employ more workers. Tesla workers refused to unionise.
Staff not turning up to work for weeks on end? This is not unusual here in the UK or Europe, as work 'stress' is the common reason for not working, and doctors are more than willing to sign off people for months at a time, or even over a year. Total nonsense and despised by those who do work hard, have stressful jobs and families to care for etc. I also wondered why Tesla chose Germany for their Giga-factory as Germany is the centre of so many things that are wrong with modern Europe when it comes to commerce etc. For VW and other OEMs, the bubble has now burst!
Those investments in Rivian and Quantumscape are what give them the opportunity to be more efficient and competitive in the future. I think they need to fire their design team as well, ID Buzz is a miss for me it just looks like a minivan painted two-tone, also the last really good looking GTI was the MK6.
The amount Billions is heard a lot nowadays but it's worth looking at, five billion dollars $5,000,000,000 five thousand million dollars 😐it's a serious amount of cash
Well profits fall means they are making profit. So yes they need to improve profit but it is not bad. They are profitable. No they are not running out of money. They are simply not getting that big profits as investors want…….
Yeah, VW is so short on money that they even decided to support and invest in Audi's program entering F1 in 2026! I don't think you put up with the expenses of maintaining a F1 team when you're short on money, usually it's the opposite!!
VW has done some stellar marketing over the years to convince consumers they are a cut above the average mass market cars and worth the premium pricing. Nowadays the cars are pretty average and definitely over priced. They definitely need some clever marketing to shift the crap cars they now produce - not sure if a cut in marketing spend is the way to go.
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If they cut workers pay, then the CEO should get a 95% cut in bonuses and benefits along with the same salary cuts !
That sounds very fair .
Or , they be paid same as shop floor average .
The current CEO is the person they hired to replace some weirdo who wanted to hasten an EV transition.
So this CEO really *is* symbolic of the company’s failings. He’s what they replaced possible success with
Pay cuts are for the riff raff. Ceo will still make millions. If not now, then later when people won't be as pi**ed off.
🤣🤣😂 wanna bet…never happen
a friend of mine had to have his engine pulled to change out a thermostat, on his late model vw forget German engineering
Nonsense. There are no VW engines, old or new, petrol or diesel, that need engine removal to change a thermostat. Most require removal of several items to gain access to the thermostat housing. The airbox, alternator, hoses, turbo hose, etc, but that’s all. You don’t have to pull the engine out.
German engineering: overpriced (thanks to 4-day workweek and the likes), over-engineering (thanks to being too conservative and an aging population because old people don't want to step out of comfort-zone and try new things in other areas).
I found out about German engineering when I bought my first and last German car in 1999. I've bought a lot of cars for my family since then and not one of them was German made.
Well, in this case your friend mechanic skills is the problem.. And I guess you for beleiving that nonsense. People hardly capable of changing a airfilter repeat internet tropes about "German engineering bad..blabla.."
Sure, knowledge about engineering and production are disappearing in the West. We see the skill outsourced and fragmented to the point where it's going to break our capacity to make anything complex.. All for profit margins.
But when it comes to engineering Germany with 1/4 of the population is still lightyears above the US.
They should not have fired Herbert Diess. Looking on and laughing.
The way the Company is structured, it would not have mattered. Only thing it would have done was to delay their downfall. Better to fall now and them waking up, or falling than to drag it out.
wr
Who the hell is hebret diess?
Yep he tried to warn them, but unions got in the way and they’ll get in the way again with this attempt to restructure and NONE of their members will have a job at the end of the day :-)
As an owner of VW and Audi vehicles for decades, the cause of their current woes can be summed up in one word… complacency. In the past VAG products were renowned for their quality, innovation and value and they traded off this with great skill. Alas, the management became complacent and saw an opportunity to make vast sums of money by watering down these values. Eventually you get to a point where your products and services are simply no longer competitive (Intel has a similar story). VAG need to get back to basics and put the customer at the centre and build high quality, innovative vehicles that offer exceptional value.
Pride comes before a fall ... Same for Mercedes; BMW, Stellantis, .... not only the management is to blame, everyone has their part, unions, workers, etc ... work ethic, high levels of sick leave ... etc
For a ship this big, it may take one - two decades to right the course of the ship.
I hope VW will shut down. They deserve it for putting unreliable DSG in all their cars.
VW has long made high-priced and low-quality cars.
Nope that word is Nordstream
The UK did the same thing in the 1970s and 80s they simply shut down all of our industry and exported it to SE Asia. This made the UK a low wage service based economy which favours the already rich whilst disenfranchising the working class. Its happening all over the west even the USA.
Triumph was notorious for overpaid workers and unreliable product despite good models like Stag and Dolomite and Spitfire. VW is simply the new British Leyland - multibrand and low productivity
Unions closed leyland, unions closed coal mines, unions will lose train and tube drivers jobs, so said my train driver dad, unions tried to bully Ineos, unions lost that fight.
Volkswagen workers live like kings!
They even can afford a house, a car, education, vacation for a family of four on one wage! Madness!!!
Blackrock (they own a big portion of VW) can't have that!
Last year 4.5 billion USD in dividends were paid to VW shareholders like Blackrock and Qatar.
01:13 it does add up! It adds up to the DEBT! Nobody's gonna issue you a loan to overpay your workers.
Let the Porsche puns begin!!
Porsche has anew name,
P-o-o-r-sche.
Borat- sche
VW is getting too expensive
VW is used to producing cars with high prices and low quality.
@@amandagrant4331 wv is low quality car far from quality
Not getting too expensive… they are already way too expensive.
They should half the prices of their cars and the problems would be alleviated. They are way too over-priced.
VW has too much lies to customers , first diesel gate, second malfunction TSI engines, next campaigns against electric cars, now much much expensive electric cars. Need to start thinking pro customers, not against.
A car for the people maybe? 🤔
Your statement sums it up completely
TSI malfunction? I had a Golf with TSI with no problems at 44k miles before I sold it.
CEOs in VW and Wirecard share the same thing: spent a huge chunk of energy on... cheating (rather than innovating).
@@dg7438 WOW 44k miles, what a reliable car for a VW! talk 150K miles then you can call an engine reliable.
Let’s see how executives take a 50% pay cut and base their pay on profits.
It will never happen
I used to own a VW Golf. It ran ok, but it got recalled several times for some defects to be fixed. These recalls were free, but the normal maintenance costs were quite expensive though. Will I buy another VW car? My answer would be: "probably no".
Did the management group take a 40% cut??
Pay raises
No
No longer the people's car as they are just too expensive.
Absolutely. VW is too expensive
That’s not new news !
The Dresden factory is a small show factory. They do a nice tou and have a cafe but not a serious factory.
One more case of weak management and lack of insight costing workers their jobs.
The ID.3 and ID Buzz are cool. VW should focus on those 2 and forget the rest. I remember in the early 1970's when I saw random 9 beetles parked in a row at my college. Beetles ruled. Porsche 911 electric would sell too. They need to super simplify their vehicles. People want cars they can work on themselves.
You`re right about the ID buzz, but the ID3 is crap, compared to any of the competition. Crap AND more expensive, too!
In the US.. ICE cars are more popular. Tesla already dominates
@@dg7438 Bee ess!! Nobody wants em anymore! They are having a hard go of it also!
No pains no gains. Hope the best for them.
Skoda are doing well. Operating profit and vehicle sales are increasing and they are currently the 4th best selling brand in Europe
Great to know, EV's are working out for them.
The solution is obvious, let the Unions run the company, it's be sorted out right quick.
As European, I do not understand why VW cars cost in the USA less than here in Germany. European salaries are smaller than in the USA, taxes are higher.
@@litvinenkoalexander5331 They just leave out the taxes when quoting prices in the US.
VW is just another carmaker in the USA, and many models they sell there are built in Mexico.
I think the advantage they have to pay in Europe are much higher
No more cheap Russian energy
Wages after insurance and helathcare are infact quiet a bit lower in the US:
German cars are exceedingly expensive to maintain. By design or incompetence.
Yes to both
VW troubles started way before EV , bought my first car a VW Jetta in the 90s . I lost confidence in VW because of their reliability issues and high maintenance costs. If VW bothers to listen to their customers feedback back then, I am sure they will not be in this situation today.
Had an Opel thinking it would be reliable 😅 NEVER AGAIN
VW Audi Porsche…when you consider how dominant the Golf was .. Well they had the opportunity to dominate the EV marketplace. Sadly they totally screwed up and now face bankruptcy.
Are the VW executives, CEO and CFO also being asked to accept a 10% pay cut?
accept...
I love VW, a beetle was my first car & now I've driving a Tiguan for 9 yrs. & it's a great car. So sad company might be no more.
@@sk.n.9302 I wouldn’t pay too much attention the the electric Viking, he doesn’t really know what he’s on about.
Firing Diess was an existential mistake talked about in MBA classrooms for decades.
Pay cut to workers not CEO
SPOT ON.
Yes, pay cut to workrrs NOT CEO. Very clever
@@obiwan5781He will be paid a huge bonus for sackings and pay cuts...what a legend
Interesting. Looks like they've spread themselves a bit thin with all that investment/procurement.
Contrast this to the Stellantis group that are bringing out new models every week.
French government loans are probably helping…😂
They could always cut profits in the short term and use the money to finance significant investment into improved efficiency and drive down the cost per vehicle, but of course that would upset the shareholders who would probably fire the board if they tried anything as sensible as that.
The cost of electrifying a German plant must be astronomical!! That in and of itself must say alot...
I love VW. I hope they get their stuff together and figure out how to survive. They need to simplify and bring back Herbert Diess.
VW Group is saturated with levels of managers that have political affiliations. Merit is not the main reason to hire or promote, but having patronage from the SPD, Greens or someone close.
Employees by VW cost 65-80€/h in Germany, VW plant in Hungary 18€/h... Speed of production is also a problem: 1 employee by VW makes 17 cars a year, by Toyota 26 cars a year, by GM 46 cars a year. Vacation in VW Germany 32-35 days a year, 14 days national holdays plus ~5-10 sick leaves per year, so in summ 3 months no work per year. It was just a metter of time to come to this situation... Oh, one more thing Toyota produces smiliar like VW around 10M cars a year but with 50% of employees as VW... just crazy! Love VW but this is sick.
I don't see any reason for someone in Europe to buy an overpriced WV car. They used to be synonymous with quality, but now nobody wants them. I'd rather drive my 13-year-old Mazda for another 10 years
No one will buy a car from company going towards bankrupcy.
Heads should roll at the executive level, they controlled the company and put it in this situation with its Cariad fiasco and investments in other brands
Is their US factory going to close too?
Nope, cheap energy there compared to EU
Europe has to get out of the mindset that it’s shop floor workers need to have much better standard of living than other nationals. The reason developing countries have lower standards is because profits have been shared with German workers more than they have been shared with other country workers. No one feels bad for Volkswagen.
VW exec laughed at Tesla years ago. I am glad to see VW fail. Good riddance.
I would not be surprised if VW stick in a mild hybrid 130-150 petrol + 30-50hp electic engine into the ID3 and ID4 and replace the craptic climate control with interior face lift.
Profits cut is not same as income cut. Income is important. Profits if still more than 0 is not terrible.
Nokia's profit had been above zero until its products couldn't be sold.
Sounds like the first step to bankruptcy.
Anything is possible
I hope the CEO and other high paid staff also get pay cut.
Those big shot normally get a bonus fir making the company 'more profitable'
Will the 2024 id4 be heaving discounted once the stop sale is lifted ?
No
Strange how screwing over your customers with over priced poor quality matters, despite German prestige.
'Sell some of their brands'... to whom? Not other German automakers, not Stellantis (having a fire sale of their own), not to Americans...
that leaves the Chinese. Better to shut them down than sell to their principal competition -- a sure way to accelerate VW's demise.
Chineese don want that rubbish. It comes with unions, workers etc…
Chinese will buy brand names.
Mg?
Lotus?
Volvo/Polestar?
LDV Maxus?
SAAB?
Etc.
I hear Fisker is interested
wr
Sell to the Indians....or Canada..according to Trudeau..Canada has a vibrant automotive industry
I have a Born booked it to be buolt on thr 11th of November week. Looks liem thr factory have withdrew its 3rd shift. So its only running 2 sifts now a day 🙈👀
The nicest ID3 variant.
@twoeggcups it sure is. Also have a different throttle map and tweaked steering.
It's the id3 VW should of launched. The id3 seems like a beta test. The software has been sorted out now with the gen 2 (micro facelift) Born.
The exterior and interior is just far better, the car delivers a far better all round package. A fun looking far that actually drives fun. And far better put together.
.
The new 2025 model year version can charge quicker too. Up to 155 or 164, and will now sustain 120kwh, over the 24 Model years 80 sustained.
I’ve always wondered why they have so many brands. This seems like needless overhead.
Cheers bro
Their profits dropped, revenues dropped only 0.5% they didnt lose money.. yet they want their staff to take a 10% reduction why ? because they only made 2.8bn euros in profit this quarter ? that seems a bit suspect to anyone ?
They are in strategic WC. They have no ability to produce competetive EVs, they have 14 000 000 production capacity but produce 9 000 000 cars, they are loosing marketshare in China and outside USA and EU at great speed. EV growth rate is 28% worldwide... People buy hybrids from Toyota or wait for Chinese brands to make all cars more affordable.
They need to protect the future income of top management.
VW is not some tech company running on somebody else's infrastructure so they can't scale down their business in one minute. VW is based on Germany that is known to have to a very strict labor laws so they can't do anything on that front in a whim in Germany. VW also clearly sees that they have practically lost Chinese market as it is quite evident that China's retaliation on EU electric car tariffs will be harsh. In the worst case I wouldn't rule out some sort of modern version of 2012 anti japanese demonstrations that would be against some EU countries and especially against EU brands. Basically when you have a crisis like this in your hands it is just plainly stupid to base your actions on last quarter results in the business that has a huge burden from legacy technology that is loosing its value day by day and in 5 year timescale turning from asset to liability.
@sandcrabfin From asset to liability - well said. VAG made a strategic mistake: they were promoting diesel instead of massive investment into EV and/or hybrids. Generally speaking Germany is one of the best in mechanical solutions but it is not good at digital technology adoption.
How do this affect CEOs and shareholders?
VAG make too many cars under different names that a virtually the same. They are all bland. What happened to Skoda? They cost the same, if not more than a VW nowadays.
A workmate has a Volkswagen it skipped a tooth on the timing belt, which made it run rough,he went to the Volkswagen specialists, and they told him it was a leaking rocker cover gasket!!charged him 900$ to fix it,that made no difference to the fault,he was lucky an old work colleague fixed it in his backyard for 2000$, otherwise it would have been around 6000$
Nonsense. Not even the worst mechanic in the world, drunk or on something else, could mistake a timing belt issue with a leaky rocker cover gasket. There is absolutely no correlation between the two.
@@FanBelt I and my work mate agree, but it did happen, they just didn't want to be bothered with it, only interested in servicing, other non specialised mechanics didn't want to touch it
@@FanBelt also keep in mind,a lot of people nowadays have no mechanical knowledge and will accept anything,me and my work mate are mechanical fitters, with a reasonable amount of motor vehicles
@@filippoleombruno8624 I’m a retired mechanic, still keep my hand in though. And yes, you’re right about the lack of interest and knowledge these days. $900 to change a rocker cover gasket, wow, they were thieves. I changed the timing belt, tensioner and water pump on my Golf 2.0 diesel last year and it was a very straightforward job.
Some of us thought that the period from 2025 to 2030 would see great turmoil in the legacy vehicle industry as EVs took larger and larger shares of the market, while legacy scrambled to figure out how to make desirable EVs. Looks like it started a bit earlier. We weren't predicting how rapidly battery prices would drop A linear vs. exponential type error.
VAG and other legacy/ ICE makers have lost in China. VAG sells today half of their peak in 2018 in China. They used to have 50% of their profit there. The same would be on markets outside USA and EU.
This is because the US blew up the pipeline.
The legacy industry in Germany is particularly difficult to change because Germans are conservative and aging fast. They hesitate in trying new things or taking risks.
@oceanwave4502 They are very slow in digital adoption in general. DE will be loosing against other much more digital orientated countries.
and they want to give
rivian $5bn
The result is bankruptcy delayed for Rivian .
This is what you get when political goals take over a commercial enterprise.
No politician in the world has ever turned any profit, they only know how to spend.
The execs should definitely take near term cuts in compensation however the unions are still going to kill VW. Maybe Germany can pass a law to just pay workers for the wage cut that they take or even via tax breaks etc. but I think a bailout is the only way out which is still bad.
My heart goes out to all the German autoworkers who are loosing their jobs and livelihoods. The German companies were greedy and complacent and now their whole country and their workers are paying the price. It’s the board who has run VW into ruin, same as it was the board who enabled diesel gate. They have put short term profit over long term sustainability, the environment or their workers lives. It’s shameful.
investing into Rivian at such valuation was probably not a smart move. Act of desperation.
VW investing in AOL next
Read vw and Toyota both make same number of cars. But vw has almost twice as many employees. Given this vw needs to let go much more employees then just 3 factories worth of employees.
Deiss told them this was coming 4 years ago……but they sacked him.
They didn't want to hear the truth ..
It hurt too much ..
So now they will die 😢
If he forecasted this 4 years ago then he should have faciliatated the groundwork and implemented changes instead of doing nothing and saying 'I told you so!' he's the goddamn leader he should have lead and managed the situation.
@@justicedemocrat9357he tried. The unions had him sacked.
@justicedemocrat9357
Herbert Diess did what they would let him do and tried to do more .. that's why they canned him 🤦
Hard to fix everything with your hands tied by the board.. 🤣
Diess was the only one in any legacy company to see that EVs had to be done and profitable, and was the only one willing to learn from Elon and Tesla ..
VW F'd up big time ...
Now they are going down the sheet spiral to bankruptcy.
Legacy car manufacturers had the time and ability to drive the transition to EV, but they grew fat on the status quo, and i feel they were arrogant that the industry would not change unless they allowed it. Now the doors are wide open. They will need to face the fight to survive.
Interesting comment on german plant cost of production, projected vs actual. Does the end of cheap energy from the east have anything to do with the spot of bother VW is experiencing, and not just VW but all german heavy industry? Also, how does VW have $190b of debt, the company has been a cash machine for decades?
Makes me sad really, for the average german, not the lazy leadership.
8Herbert Diess to board, "I told you so"!
Good vid. All VW needed to do was wait another year or two and replace the overpaid workers with Tesla bots.
good
Well we can see who is more important, investors vs. the people actually making the products.
It seems clear investors are scheduled to be wiped out in a reorganization, so I don't see why management is coddling them, other than temporary self interest.
They both lose .
But the top executives are the winners already ,
And more to come , golden parachutes .
It has always been that way ..
😂
Getting out of the A and B segment while the majority of EU population is dealing with massive inflation is also a stupid move. There's a shift in mentality where we're finally seeing that a car is a car and not a status symbol. Also, when people demand simpler cars and VW response is giving a bigger touchscreen makes you wonder what's happening at VAG headquarters. There's a reason why Dacia is getting so popular, maybe look at them and see why they're gaining such traction
Im in the market for a honda, but there are no price breaks.
Should had happened 20 year ago but it caught a wave back then
Its massive debt will drive them into Bankruptcy, as there will be no way to pay off those loans, and no one will be foolish enough to loan them even more needed for EV factories.
profits fell 41 percent.
These manufacturers shouldn't be so greedy. In the USA, most of these companies stopped producing vehicles the middle class can afford.
Das gut
Big corp strategy … keep making profits… pay out dividends and bonuses to the rich. Wait until things go bad and people loose jobs. Get a government bailout.
I have to give it to viking change 3 or 4 words and put out same video
Do those cuts include all the corporate heads too?
No
Sorry for all the people who have to pay the prize, but: Pride comes before a fall ... Same for Mercedes; BMW, Stellantis, ....
Hey Viking, got any freinds in Mexico that can comment on the Zacua EV?
A stitch in time would have saved nine....
Sorry i can't come beacuse im out driving my G9 performence 😅
Sounds like what's happening with Boeing.
How much is the CEO,s pay cut. 0% I think
Instead of spending $5 billion on Rivian they should have spent $5 billion on gigacasting machines to reduce the per unit cost of production.
You can buy a gigapress for less than $20m, no doubt unions stopped it need less workers. VW union IG Metall complained about Tesla Berlin, too much automation should reduce automation and employ more workers. Tesla workers refused to unionise.
Oh oh.
Electric Viking needs to get a better microphone as his current one has gnarly echo.
Staff not turning up to work for weeks on end? This is not unusual here in the UK or Europe, as work 'stress' is the common reason for not working, and doctors are more than willing to sign off people for months at a time, or even over a year. Total nonsense and despised by those who do work hard, have stressful jobs and families to care for etc. I also wondered why Tesla chose Germany for their Giga-factory as Germany is the centre of so many things that are wrong with modern Europe when it comes to commerce etc. For VW and other OEMs, the bubble has now burst!
Those investments in Rivian and Quantumscape are what give them the opportunity to be more efficient and competitive in the future. I think they need to fire their design team as well, ID Buzz is a miss for me it just looks like a minivan painted two-tone, also the last really good looking GTI was the MK6.
how is this not getting to there employees wouldnt you expect there voice on here too it would be nice UA-cam AI please :)
The amount Billions is heard a lot nowadays but it's worth looking at, five billion dollars $5,000,000,000 five thousand million dollars 😐it's a serious amount of cash
Well profits fall means they are making profit. So yes they need to improve profit but it is not bad. They are profitable. No they are not running out of money. They are simply not getting that big profits as investors want…….
Kodak was making a profit until the film withdrew from the mainstream market.
@ mind you all brands are making EVs so your Kodak point cannot be more misguided
Sam, they are still in the black.
Red, in year 2026
Nokia had been profitable till they leave the market
A possible Tesla opportunity to purchase plants cheap to produce robots for the EU market?
Lol what did kissinger say?
….nordstream???
wr
Yeah, VW is so short on money that they even decided to support and invest in Audi's program entering F1 in 2026!
I don't think you put up with the expenses of maintaining a F1 team when you're short on money, usually it's the opposite!!
Bye Bye vw.
Diesel- gate
High price
Arrogants.
They are also spending billions on marketing. Maybe they can cut on that.
VW has done some stellar marketing over the years to convince consumers they are a cut above the average mass market cars and worth the premium pricing. Nowadays the cars are pretty average and definitely over priced. They definitely need some clever marketing to shift the crap cars they now produce - not sure if a cut in marketing spend is the way to go.
@alangordon8171 nowadays, you have access to all info, to people's opinions and experiences. Tesla is selling almoat without any marketing.