Renault tells Nissan not to contact their board members
Renault informed alliance partner Nissan to stop contacting the French company’s directors prior a Thursday board meeting as the Japanese automaker tried to share evidence of misconduct by its ousted chairman Carlos Ghosn, two sources stated. Ever since Ghosn’s November 19 arrest in Japan, Renault and the French government, the automaker’s biggest shareholder, have looked
Volkswagen rejects allegations chairman was aware of emissions cheating
Volkswagen has rejected allegations that Chairman Hans Dieter Poetsch was aware of the automaker’s emissions test cheating nearly three months prior U.S. authorities made it public in September 2015. Mentioning internal documents from investigators, German weekly Bild am Sonntag noted that Poetsch, VW’s finance head of the time, discovered about the automaker’s violations of the
- Published in Volkswagen
Vukotich named as new head of autonomous driving development of BMW
Germany automaker BMW stated on Saturday Alejandro Vukotich is going to be the new head of its driver assistance and autonomous driving development department from January next year. Vukotich will replace Elmar Frickenstein, who has been in charge of the department since it was created in May 2016 and who will retire following a three-month handover
- Published in BMW, Press Releases
Volkswagen can build up to 15 million cars using electric car platform
Volkswagen on Friday stated it can build up to 15 million electric cars utilizing its new MEB vehicle platform, revealing the scope of the automaker’s push to mass produce zero-emission vehicles. Volkswagen is spending over 11 billion euros ($12.52 billion) into electric connected and autonomous vehicles by 2023, about 9 billion euros of this amount
- Published in Volkswagen
Fiat Chrysler to build second Jeep assembly plant in Detroit
Fiat Chrysler Automobiles (FCA) plans to construct Jeep Grand Cherokee SUVs in a mothballed Detroit plant in 2020, four people knowledgeable about the plans informed Reuters on Thursday. News of the Fiat Chrysler’s new plant leaked on the same day General Motors CEO Mary Barra was finishing a two-day visit in Washington with lawmakers critical over
Daimler confirms 2018 group EBIT outlook
Daimler stated a proposed deal to combine its mobility services company with that of competitor BMW will not close in 2018, forcing the automaker to reduce the outlook for its financial services division. Daimler stated the delay means it will not be able to book valuation and revenue gains this year, causing the financial services
- Published in Daimler
Volkswagen seeks 6-billion-euro cost and efficiency gains by 2023
Volkswagen’s core brand will seek cost and efficiency gains of nearly 6 billion euros ($6.8 bln) in order to raise the core brand’s operating margin to 6 percent by 2023, German daily Handelsblatt noted, mentioning company sources. Volkswagen has stated it seeks to achieve an operating return on sales of no less than 6 percent
- Published in Volkswagen
Volkswagen may use Ford’s plants in U.S. for building cars
Volkswagen’s chief executive stated on Tuesday following a meeting at the White House that the German automaker was making an alliance with Ford Motor and might use the U.S. automaker’s capacity to build cars. VW CEO Herbert Diess stated the company was further “considering building a second car plant” in the United States, adding, “We
- Published in Ford, Volkswagen
White House presses German automakers to boost U.S. investments
President Donald Trump pressed senior executives of top German automakers to boost their investments in the United States as the White House thinks about imposing new tariffs on European-made vehicles. German automakers stated after the meeting they informed Trump they planned to increase U.S. investments, but cautioned they would not be able to do so
- Published in BMW, Daimler, Volkswagen
Last generation of combustion engines to be launched in 2026, says Volkswagen
Volkswagen‘s strategy chief stated on Tuesday the German automaker’s core brand is going to develop its final generation of vehicles utilizing combustion engine technology in 2026. Volkswagen made a strategy shift toward battery-driven vehicles following diesel-emissions cheating scandal in 2015, which forced the automaker to pay over 27 billion euros in fines. “In the year
- Published in Volkswagen
Daimler raises possibility of increasing stake in BAIC Motor
Daimler AG has boosted the prospect of increasing its stake in a joint venture with Chinese partner BAIC Motor, Bloomberg reported on Tuesday, mentioning people knowledgeable with the matter. Daimler has shown an interest in raising its holding in the JV to no less than 65 percent from 49 percent, as per the report. The
Audi to spend 14 billion euros in e-mobility and self-driving cars
Volkswagen’s premium auto brand Audi stated on Tuesday it would spend 14 billion euros ($15.9 billion) through 2023 in electric mobility, digitalization and self-driving. Overall, the company’s projected expenditure for the upcoming five years amounts to 40 billion euros, the company stated. It also prepares restructuring measures that will generate 1 billion in revenues uplift
- Published in Audi
BMW expects currency, tariff and raw material headwinds in next year
BMW expects headwinds from increasing currency and commodities costs to reach a mid to high triple-digit million euro amount in next year, Chief Financial Officer Nicolas Peter stated on Monday. BMW still intends to reach an operating margin in the automotive segment of between 8 percent and 10 percent, Peter informed analysts at a presentation
- Published in BMW
Several European nations to impose diesel recalls: report
Several European nations have either ordered vehicle recalls by automakers over diesel emissions cheating or prepare to do so, German weekly Bild am Sonntag reported without mentioning sources. The paper stated France had identified issues over Nissan’s Juke model along with the Renault Captur and Kadjar models. It also stated the Netherlands has ordered the
- Published in Fiat
U.S. judge grants preliminary approval to $48 million Volkswagen investor settlement
A U.S. judge in California has okayed preliminary approval to a $48 million settlement for investors who stated Volkswagen AG made incorrect and misleading statements about its excess diesel emissions. Lawyers for the investors, who include police and other municipal pension funds, had calculated that the highest they could have recovered was $147 million. However
- Published in Volkswagen