German government is committed to tougher sanctions for diesel emissions
The German government is committed to implementing tougher sanctions against companies that involved in criminal behavior, following Volkswagen’s diesel emissions scandal, the nation’s justice minister, Katarina Barley, said. In an interview released in Friday’s edition of the Handelsblatt newspaper, Katarina Barley stated she had seen a pattern whereby companies try to put blame on individual
- Published in European
BMW expects trade war to hit 2019 results by up to half a billion euros
BMW expects a hit to revenues of up to half a billion euros ($579 million) in 2019 if tariffs between the United States and China stay in place, Chief Financial Officer Nicolas Peter informed Automobilwoche magazine. Tariffs between the United States and China have struck exports of sport-utility vehicles from its U.S. plant in Spartanburg,
- Published in BMW
BMW to get control of China venture in ‘new era’ for foreign automakers
BMW will pay 3.6 billion euros ($4.2 billion) to gain control of its main joint venture in China, the first such move by an international automaker as Beijing starts to relax ownership regulations for the world’s biggest auto market. The luxury automaker state on Thursday it would increase its stake in its venture with Brilliance
- Published in BMW
Volkswagen names new head for America group
Volkswagen AG on Wednesday named a new head of its America group as the automaker looks forward to increase SUV sales amid weakening demand for cars. Scott Keogh, presently head of Audi of America, is going to become president and chief executive of Volkswagen Group of America as well as head of the Volkswagen brand
- Published in Volkswagen
Daimler eyes joint venture with Geely Holding Group
German vehicle manufacturer Daimler AG is discussing China’s Geely Holding Group to start a joint venture to offer ride-hailing and car-sharing services in China, Bloomberg reported, mentioning sources. The 50:50 venture is yet to be finalized, and Daimler has strategies to take on industry leader Didi Chuxing on its home turf, Bloomberg reported mentioning people
- Published in Daimler
Volkswagen is about to hire four banks for truck unit IPO
Volkswagen is near to hiring Citigroup, Deutsche Bank, Goldman Sachs and JP Morgan to assist with the possible stock market listing of its truck unit Traton, two people knowledgeable with the matter informed Reuters on Monday. Volkswagen stated last month that Traton should by year-end be in shape for a possible stock market listing, which
- Published in Volkswagen
Fiat Chrysler plans to produce plug-in hybrid Jeep Renegade
Fiat Chrysler Automobiles (FCA) stated on Monday it had kicked-off plans for the production of a plug-in hybrid version of the Jeep Renegade as the automaker pushes ahead with its electrification drive to satisfy tougher emissions rules. The world’s seventh-largest automaker stated in June it would invest 9 billion euros ($10.3 billion) in electric and
Daimler CFO Bodo Uebber won’t renew his term after it ends in 2019
Daimler’s finance chief Bodo Uebber won’t look forward to renew his contract once it expires in December 2019, the automaker stated late on Sunday. The announcement marks the recent senior management change at Daimler. In September, Daimler named research chief Ola Kaellenius as its next chief executive officer to succeed CEO Dieter Zetsche. Chief Financial
- Published in Daimler
Audi warns of sales fluctuation after 56 percent slump in Europe
Volkswagen’s premium brand Audi on Friday stated it expected sales in Europe to fluctuate in the upcoming months after a 55.5 percent fall in September sales because of supply bottlenecks caused by stricter anti-pollution rules. Last month VW Group’s sales dropped by half in Europe’s five biggest markets, as per analysts at Citi, after several
- Published in Volkswagen
Honda to invest $2.75 billion in self-driving car unit of General Motors
Shares in luxury automaker Aston Martin dropped as much as 6.5 percent on their market launch in London on Wednesday as investors and analysts raised issues over its ability to provide an ambitious roll-out of new models. The company, which last year made its first profit since 2010 and has gone bankrupt no less than
- Published in Aston Martin, General Motors
Skoda needs to increase annual capacity by 400,000 cars, says CEO
Volkswagen’s Czech automaker Skoda Auto needs to boost its capacity in Europe by 400,000 cars annually from the start of the next decade, CEO Bernhard Maier was quoted as saying on Wednesday. The automaker could increase capacity at its Czech plants along with at other VW plants, Czech news agency CTK quoted Maier as saying
- Published in Skoda
BMW says competitors are interested in joining forces on self-driving cars
BMW competitors and ride-hailing companies are thinking about joining its consortium for making self-driving vehicles as auto industry profits come under rising pressure, board member Klaus Froehlich stated. Automakers and ride-hailing companies have sought to construct self-driving cars as a way to enter the business of smartphone-hailed robotaxis. However, they are getting into a crowded
- Published in BMW
Volkswagen terminates Audi CEO’s contract amid emissions investigation
Volkswagen has terminated Audi CEO Rupert Stadler’s contract against the backdrop of a criminal probe into whether he participated in emissions cheating by the German group. Munich prosecutors are probing Stadler and another member of Audi’s senior management for alleged fraud and misleading advertising associated to illegal emissions by its cars and manipulation of automobile
- Published in Volkswagen
Peugeot open to new deals as turnaround attracts attention
French automaker PSA Group is open to new industry tie-ups and is drawing attention from rivals after its lightning turnaround and quick progress in restructuring recently acquired Opel, Chief Executive Carlos Tavares stated. The maker of Peugeot cars, which came close to bankruptcy in 2013-14, has recovered under Tavares to record levels of success. The
- Published in Peugeot
Brexit uncertainty influences Jaguar’s electric car investment decision
Britain’s biggest automaker Jaguar Land Rover has yet to make an imminent decision if they should build electric cars in its home market partly because of uncertainty over the final Brexit terms, its boss informed Reuters on Tuesday. The automaker, which constructs almost a third of Britain’s approximately 1.67 millions cars, is also discussing warehousing
- Published in Jaguar