The latest automobile and automotive industry and company news and analysis from FriedlNews
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Austrian Automotive Industry Headlines

VW Scandal: Two Plaintiffs in Austria Rebuffed

VW, or its general importer in Austria, Porsche Austria, has scored a legal victory against two plaintiffs who had sued VW on account of the emission scandal, Trend news magazine reports. The judges found the cars owned by the two plaintiffs did not display any defects as to quality or in title, hence they dismissed the lawsuit.

May 20, 2016

Denzel Boosts Sales and Profit

Austrian car dealer Denzel sold more last financial year raising sales by 4 percent to EUR 650 million. Over 40,000 vehicles were sold. The company made a EUR 10.6 million net profit. Among the importer’s biggest problems is finding the right employees.

May 19, 2016

Cross Industries Automotive Unit WP Will Be Delisted on June 10

Listed automotive firm Cross Industries' unit WP will be delisted on June 10. Delisting of WP, floated last year on the Vienna Stock Exchange, was long pre-announced.

May 3, 2016

Expansion and Upgrades Planned at Magna Steyr

Expansion and upgrades are planned at Magna Steyr in Graz. By the start of new orders from BMW and Jaguar Land Rover in 2017 the expansion of production facilities should be ready the company announced. Thanks to the extension of the contract with Daimler for the construction of Mercedes G-Class, from 2018 about 200,000 units will be built every year.

May 2, 2016

Viennese Underground Deal: Siemens, Bombardier Complete Bids

The race for the latest huge deal awarded by Viennese public transport operator Wiener Linien, i.e. for the supply of 45 underground railway trains, is nearing an important deadline. On Friday the companies participating in the tender, among them chief competitors Siemens and Bombardier, will submit their final bids.

April 26, 2016

Magna Automotive Buys German Firm Telemotive

Canadian car component maker Magna International will take over a company in Germany for an undisclosed price. The German subsidiary of the Magna group founded by Frank Stronach will acquire Telemotive AG from Mühlhausen, which produces electronics for vehicles and has some 600 employees.

April 25, 2016

Apple Might Have iCar Built in Graz

The computer giant Apple is working on an electric car and to that end the company has established a concept group of 1520 experts in Berlin. The new ‘iCar’ is to be built in Austria, Frankfurter Allgemeine Zeitung (FAZ) alleges, indicating the Magna plant in Graz as the prospective contractor.

April 18, 2016

Polytec Recorded Better Results than Expected in 2015

The listed Upper-Austrian car component maker Polytec last year recorded better results than expected. Operating profit (EBIT) grew from EUR 20.6 million to EUR 36.6 million and net profit climbed from EUR 13.6 million to EUR 23.7 million Polytec announced.

April 5, 2016

Polytec Automotive Seen Raising 2015 Net Profit to EUR 22.8 Mln

Listed car components maker Polytec will likely post EUR 22.8 million (USD 25.9 million) attributable net profit for 2015, up by a heady 67 percent y/y, shows the consensus of analysts ahead of the release of the annual figures slated for April 5.

April 4, 2016

Porsche Bank Increased Number of Leasing Contracts

Porsche Bank increased the number of leasing contracts in Austria by 6.6 percent to 133,471 in 2015, growing at a much faster rate than the market (+2.7 percent). The bank holds 26.7 percent share on the Austrian leasing market which makes it a clear leader, CEO Hannes Maurer boasted. The bank provided neither income, nor earnings figures. Balance sheet total in Austria stood at EUR 3 billion last year.

March 31, 2016