The Prague City Court ruled on Thursday to strike down an order for Volkswagen to pay Czech consumers over 500 million crowns ($21.27 million) in damages for the Dieselgate affair, news website www.idnes.cz reported. It stated the court invalidated a lower court decision on procedural grounds and sent the case back to the lower court […]
European
Volkswagen registers unit in Turkey prior production decision
Volkswagen has a subsidiary now in Turkey’s western Manisa province, the country’s Trade Registry Gazette revealed on Wednesday, as the company gets close to a final decision on the location for its new production plant. The Turkey unit is going to have 943.5 million lira ($164.21 million) capital and the parent company had paid a […]
Volkswagen turns down judge’s call to settle German class action on emissions
Volkswagen this week rejected a German judge’s call to settle a customer class action lawsuit that concerns its rigging of diesel emissions tests, stating there was no case to answer. VW admitted utilizing illegal software to cheat U.S. diesel engine tests in 2015, a scandal which has cost it over $30 billion in vehicle refits, […]
FCA to pay $40 million over inflated sales figures
Fiat Chrysler Automobiles NV and its U.S. unit is set to pay $40 million for misleading investors regarding its monthly sales figures and will resolve a lengthy probe by the U.S. Securities and Exchange Commission (SEC). During a five-year period from 2012 through 2016, Fiat Chrysler’s U.S. unit used a series of misleading moves to […]
BMW is not interested in settling EU cartel investigations
German automaker BMW has no interest in settling an investigations by the European Union antitrust officials against the company and other German automakers, German magazine WirtschaftsWoche reported on Friday, mentioning company sources. In April, EU cartel regulators had charged BMW, Daimler and Volkswagen for colluding to block the rollout of cleaner emissions technology from 2006 […]
Jaguar Land Rover to halt output at UK factories for a week in November
Britain’s biggest automaker, Jaguar Land Rover, will stop production at its British factories for a week in November, its boss stated, joining BMW and Toyota in plans to help reduce any immediate disruption from a no-deal Brexit. The industry, Britain’s biggest exporter of goods, has frequently expressed its concerns that a disorderly departure from the […]
Volkswagen CEO, chairman to stay in office regardless of charges
Volkswagen’s CEO and chairman will continue to stay in office, the company’s supervisory board stated on Wednesday, a day after German prosecutors brought charges against them for their role in a diesel emissions scandal. The automaker’s supervisory board has not found any evidence that CEO Herbert Diess and Chairman Hans Dieter Poetsch were really late […]
Volkswagen considers bringing ride-hailing services to African roadblocks
Volkswagen’s Africa boss Thomas Schaefer is placing a $50 million bet on a new business built around ride-hailing and car-sharing in Africa. VW is using Rwanda as its laboratory. “It was almost an industrial experiment,” Schaefer informed Reuters. The German automaker’s project was released with some fanfare last December in Kigali – the capital and […]
BMW CFO aims to cut 5,000-6,000 jobs by 2022
BMW’s finance chief Nicolas Peter wants to slash between 5,000 and 6,000 jobs by 2022, mainly at the automaker’s Munich headquarters, a German magazine reported on Thursday. Manager Magazin also stated that Ilka Horstmeier was a favorite to head human resources, where as Milan Nedeljkovic would take over as head of production. BMW, which refused […]
Daimler CEO says there are no plans to pursue a merger or spin-off
Daimler has no strategies to spin off its trucks division or to pursue a merger with BMW as a means to increase the company’s share price, Chief Executive Ola Kaellenius stated last week. “There are no plans to modify the capital structure of Daimler,” Kaellenius informed analysts on a call to talk about second-quarter results. […]
The BMW X7 is set to lauch in India
Automobile Giants BMW are all set to launch their largest SUV, the BMW X7 in India. The X7 was launched all over the world in the earlier half of this year and is finally launching on the 25th of July in the Indian market. The car is already the best BMW SUV model taking over […]
Volkswagen to deepen alliances with battery suppliers
Volkswagen is going to create joint ventures and help finance battery production to persuade skeptical cell providers to back its aggressive push for mass-producing electric vehicles, board member Stefan Sommer informed Reuters. VW has stated it will purchase 50 billion euros ($56.57 billion) worth of battery cells and has identified Sweden’s Northvolt, South Korea’s SKI, […]
Fiat Chrysler signs EV charge point deals with Enel, Engie
Automaker Fiat Chrysler (FCA) has signed an agreement with European utilities Enel and Engie to assist provide its customers charging points for electric vehicles (EV) it is preparing to roll out. FCA, which is lagging competitors in developing electrified vehicles, stated last June it is going to invest 9 billion euros ($10 billion) during the […]
Renault-FCA merger idea remains good opportunity: France
The idea of a merger between Renault SA and Fiat Chrysler (FCA) remains a good opportunity, but nothing has changed in terms of the conditions the French government has set, French Finance Minister Bruno Le Maire stated on Monday. Le Maire made the comment in Tokyo, where he happened to visit after a weekend meeting […]
France is looking for a ‘reasonably favorably’ on Renault/Fiat deal
The French government is looking “reasonably favorably” on a proposed merger deal between Italian automaker Fiat and French peer Renault, stated government spokeswoman Sibeth Ndiaye on Monday. “It’s a project that we are looking on in a reasonably favorable light,” Ndiaye informed BFM TV. “Of course we have to look at the conditions under that […]
