Nissan’s Chairman Carlos Ghosn to be arrested in Japan for alleged financial violations
Nissan Motor Chairman Carlos Ghosn is to be arrested by Tokyo prosecutors for alleged financial violations in Japan, according to the Asahi newspaper’s report. The newspaper reported on its website that Ghosn was suspected of having underestimated his own income on financial statements and had agreed to voluntarily discuss with prosecutors. A Nissan spokesman stated
Volkswagen embarks on $50 billion electrification strategies
Volkswagen expects to become the most profitable producer of electric cars due to a multi-billion euro expansion strategy to mass produce battery driven vehicles, CEO Herbert Diess stated on Friday. VW will invest almost 44 billion euros ($50 billion) on developing electric cars, autonomous driving and new mobility services by 2023 and discover more areas
- Published in Volkswagen
Tesla begin taking Model 3 orders in China
Tesla Inc begin taking orders for its Model 3 sedan in China for a deposit of 8,000 yuan ($1,153.60), as per the electric automaker’s China website www.tesla.cn/model3/reserve. CEO Elon Musk stated, “Probably some deliveries in March, but April is more certain”, after one Twitter user asked when the deliveries in China would start. Tesla has
- Published in Tesla
Volkswagen expects to be the most profitable electric automaker
Volkswagen CEO Herbert Diess on Friday stated he expected the multi-brand automaking group to be the most profitable manufacturer of electric cars due to economies of scale. Even first generation vehicles, which start presenting production lines next year, are expected to make a positive impact to Volkswagen Group’s automotive margin, Diess stated. Diess further said
- Published in Volkswagen
Automakers cautions U.S. tariffs will undermine new NAFTA deal
U.S. automakers and parts suppliers on Thursday cautioned that President Donald Trump’s steel and aluminum tariffs and threatened vehicle tariffs would undermine the advantages of the new deal to modernize the North American Free Trade Agreement, resulting in widespread job losses. At a wide-ranging hearing prior the U.S. International Trade Commission, labor representatives stated the
- Published in Cars
Tesla to deliver new Model 3 orders by end of this year
Tesla Inc CEO Elon Musk stated on Thursday that Model 3s ordered in the United States by the end of this month are going to be delivered by December 31, as the electric automaker attempts to take advantage of tax breaks. “Tesla just acquired trucking capacity to ensure Model 3 can be delivered in U.S.
- Published in Tesla
BMW says it is planning for no-deal Brexit
BMW stated it was continuing to plan for a no-deal Brexit, given uncertainty around Prime Minister Theresa May’s deal following resignation of several ministers in protest. BMW welcomed this week’s draft withdrawal agreement as a “positive step” in the correct direction but stated the political situation was not certain. “Uncertainty is not good for business.
- Published in BMW
Ford, Walmart to collaborate on designing automated vehicle delivery
Ford Motor and Walmart and delivery service Postmates Inc will work together to design a service for providing groceries and other goods to Walmart clients that could someday use autonomous vehicles, the companies stated on Wednesday. The project is the recent to develop out of Ford’s wider effort to develop businesses that could use automated
- Published in Ford
Daimler to start new R&D center in China to speed up localization
German automaker Daimler AG stated on Wednesday it prepares to invest 1.1 billion yuan ($158.23 million) in a second research and development center located in Beijing to help speed up localization of Mercedes-Benz vehicle models in the country. Daimler stated the new tech center will be located close to Daimler’s engine and vehicle assembly hub
- Published in Daimler
Skoda Auto’s October deliveries dropped 7.4 percent year-on-year
Deliveries of Volkswagen’s Skoda Auto cars dropped 7.4 percent in October, mostly in European markets because of conversions to conform to the Worldwide Harmonised Light Vehicle Test (WLTP) anti-pollution regulations. Skoda recently opted to split its creative AOR duties between two agencies, Los Angeles based OPTIMIST and Germany-based thjnk. Skoda stated on Thursday that its
- Published in Skoda
Elliott calls on Hyundai to increase returns, review assets
Hedge fund Elliott on Tuesday renewed pressure on Hyundai Motor, prompting it to return $10.6 billion of capital to shareholders and look forward to sell non-core assets, consisting of costly land it bought in Seoul for new headquarters. The call came after Hyundai posted a drop in third-quarter revenues in late October, hitting its shares
- Published in Hyundai
Volkswagen plans to sell electric Tesla rival for less than $23,000
Volkswagen intends to sell electric vehicles for less than 20,000 euros ($22,836) and safeguard German jobs by converting three factories to make Tesla competitors, a source familiar with the plans stated. Volkswagen and other automakers are having hard time to adapt quickly enough to strict rules introduced after the automaker was discovered to have cheated
- Published in Volkswagen
Volkswagen could build up to 50 million electric cars, says CEO
Volkswagen could build up to fifty million electric cars on its new electric vehicle platform and is looking at broadening its manufacturing footprint in the United States, Chief Executive Herbert Diess informed Automotive News. “We set up the plant in Chattanooga always with the idea to be able to grow it, to mirror it,” Diess
- Published in Volkswagen
Ford’s China partner Zotye is ready to sell SUVs in U.S. in 2020
Zotye Automobile, that is partnered in China with American automaker Ford Motor, stated on Tuesday it planned to start selling SUVs in the United States in 2020. A Zotye spokesman stated Ford is uninvolved in the Chinese automaker’s U.S. distribution strategies. Ford has not commented yet. In China, Ford had tapped Zotye to offer lower-priced
- Published in Ford
Volkswagen and Daimler agree to pay for diesel repairs
German automakers agreed to spend up to 3,000 euros ($3,430) every vehicle to help decrease diesel emissions as the government and industry respond to driving bans in major cities. While Transport Minister Andreas Scheuer and auto leaders were hammering out a deal on anti-pollution measures in a five-hour meeting on Thursday, a court ruled that
- Published in Daimler, Volkswagen