BMW has given a contract worth just more than a billion euros ($1.16 billion) to China’s lithium battery maker Contemporary Amperex Technology Ltd, the German automaker stated on Thursday. The deal will permit China’s biggest lithium battery maker to construct a factory to produce cells for electric vehicles in Europe, BMW spokesman Glenn Schmidt stated.
BMW would have to shut down its Mini and Rolls-Royce plants located in Britain if Brexit seriously disrupts its supply chain, an executive at the German automaker told the Financial Times. The warning comes after concerns voiced previous week by the head of Siemens’ operations in Britain, who informed Reuters that the nation should stay
Volkswagen has flaunted the sporty side of its electric innovation by setting an all-time record in the annual Pikes Peak International Hill Climb in Colorado. Former Le Mans winner Romain Dumas took the I.D. R Pikes Peak prototype up in just seven minutes 57.148 seconds on the 19.9 km mountain road. That was 16 seconds
Volkswagen is checking whether to seek damages from former Chief Executive Martin Winterkorn, who was a CEO of the automaker when it became known that the automaker had cheated on emissions tests, supervisory board member Stephan Weil informed a newspaper. “Damages against former management board members are under serious consideration, I’m not just stating that,”
Renault SA absorbing Nissan Motor and Mitsubishi Motors is not an alternative as the automakers seek to strengthen their partnership while retaining their autonomy, alliance chairman Carlos Ghosn stated on Friday. “Anybody who will ask Nissan and Mitsubishi to become wholly owned subsidiaries of Renault has no chance of getting a result,” Ghosn informed shareholders
Fiat Chrysler Automobiles on Thursday alleged EU competition regulators of over-reaching their powers and acting as a supranational tax authority for the bloc when they ruled in opposition to its tax deal with Luxembourg three years ago. The Italian automaker was hit with a tax bill of up to 30 million euros ($35 million) in
Volkswagen and Ford Motor are in talks about jointly developing and building a series of commercial vehicles including vans, the companies verified on Tuesday. In a joint statement, Volkswagen and Ford stated they were thinking about a strategic alliance and “investigating several joint projects,” including development of a series of commercial vehicles for international markets.
Bram Schot has been nominated by Volkswagen’s supervisory board as interim chief executive at its luxury brand Audi after the arrest of Rupert Stadler, Germany’s Sueddeutsche Zeitung stated on Monday, without mentioning sources. Since Audi is a division of Volkswagen, the Audi’s supervisory board has yet to sign off on the nomination, Sueddeutsche stated. A
Volkswagen’s premium brand Audi is going to appoint an interim chief executive as current boss Rupert Stadler was arrested earlier on Monday, Germany’s Frankfurter Allgemeine Zeitung reported, without mentioning any sources. The appointment is going to be made at a supervisory board meeting convened at short notice on Monday, the paper stated. Munich prosecutors, who
Munich prosecutors stated that Audi Chief Executive Rupert Stadler was arrested on Monday as investigators observed the risk that he might look to suppress evidence associated with a diesel emissions investigation. “The suspect has been seen by a judge, who has ordered him to be remanded in custody,” the prosecutors’ office stated. The prosecutors’ office
A German court ruled on Friday that investors looking for damages concerning a sharp decrease in Volkswagen shares after the automaker revealed emissions cheating in 2015 can also look to redress from majority shareholder Porsche SE. Investors worldwide have submitted lawsuits at a local court in Braunschweig, asking around 9 billion euros ($10.4 billion) in
Volkswagen Truck & Bus on Friday selected mergers and acquisitions specialist Christian Schulz as its new finance chief, as the division looks to tap capital markets to fund an expansion plan which could lead to the acquisition of competitor Navistar. Volkswagen prepares to build a global trucks business by combining its MAN and Scania divisions
Ford Motor and Daimler AG are winding down a joint venture established to develop automotive fuel cell technology, Ford stated on Wednesday, as both automakers prepare to take their concerning fuel cell technology development in-house. The Automotive Fuel Cell Cooperation Corp venture, formed in Burnaby, British Columbia, will shut down this summer, Ford stated in
Volkswagen has been fined one billion euros ($1.18 billion) concerning diesel emissions cheating in what totals to one of the highest ever fines imposed by German officials against a company, public prosecutors stated on Wednesday. The German fine comes after a U.S. plea agreement from January 2017 when the automaker agreed to pay $4.3 billion
Volkswagen’s new Chief Executive Herbert Diess stated the automaker was still attempting to overcome its emissions cheating scandal following the orders from German authorities that Wolfsburg-based company should pay a 1 billion euro ($1.18 billion) fine. “By doing this, Volkswagen takes responsibility for the diesel crisis,” Diess stated on Wednesday after the automaker agreed to