October 28, 2020

    Daily Auto News, Luxury Cars, Photos, Prices, Spy Shots, Videos, Incidents and more
    A new BMW car

    BMW to pay $18 million U.S. fine to resolve inflated sales investigation

    German automaker BMW AG and two U.S. subsidiaries agreed Thursday to pay an $18 million (£14.1 million) U.S. fine to resolve allegations that they revealed misleading information about the automaker’s retail sales volume in the United States while raising about $18 billion from investors in corporate bond offerings. The U.S. Securities and Exchange Commission (SEC) […]

    BMW
    Volkswagen brand logo

    U.S. judge narrows SEC emissions lawsuit against Volkswagen

    A U.S. judge on Thursday turned down portions of a U.S. Securities and Exchange Commission (SEC) lawsuit alleging Volkswagen AG of defrauding American investors in association with the automaker’s diesel emissions scandal. U.S. District Judge Charles Breyer in San Francisco granted VW’s motion to reject claims it misled investors when releasing more than $13 billion […]

    Volkswagen
    Hertz logo

    Hertz drops plan to sell $500 million of stock after SEC review

    After the company missed a $400 million lease payment in early May, they had to file for bankruptcy protection. Hertz abandoned its plan to sell $500 million in common stock Wednesday pending a review from the Securities and Exchange Commission (SEC) after the rental car company stated the shares “could ultimately be worthless”. The company’s […]

    American
    Elon Musk

    Tesla’s market value falls significantly after controversial tweet by Elon Musk

    A sort of bloodbath has been observed for Tesla stock as billions of dollars were just got wiped off after its CEO Elon Musk tweeted that the automaker’s stock was “too high”. Tesla stock declined over 10 percent and its valuation declined by almost $9 billion after Musk’s tweets in reminiscence of his controversial tweets in August 2018 when […]

    Tesla
    BMW logo

    BMW is being investigated by U.S. SEC

    German automaker BMW AG stated on Monday that it was being investigated by the U.S. Securities and Exchange Commission after a report of an investigation associated with the company’s sales practices. “We can confirm that we’ve been contacted by the SEC and are cooperating fully with the investigation,” a BMW spokesman stated but refused to […]

    BMW
    Elon Musk

    Elon Musk back on Twitter, days after quitting

    Elon Musk has not quit Twitter after all. Just three days after Musk announced that he was going offline, Tesla Inc’s CEO went back on Tuesday with some tweets about promoting a successful test by his rocket company, SpaceX. “Great work by SpaceX Dragon team & Airborne! To be clear, we’ve only done 1 multi-parachute […]

    Tesla
    Fiat Chrysler Automobiles (FCA)

    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 […]

    Chrysler , Fiat
    Volkswagen logo

    Judge questions SEC on delay in filing Volkswagen civil suit

    A federal judge on Friday asked the U.S. Securities and Exchange Commission on the timing of its civil suit submitted in March alleging Volkswagen AG of defrauding investors and demanded the agency describe its rationale. Volkswagen was caught using illegal software to evade U.S. pollution tests in 2015, causing a global backlash against diesel vehicles […]

    Volkswagen
    Former Volkswagen CEO Martin Winterkorn

    Ex-Volkswagen CEO Winterkorn charged over diesel emissions scandal

    Martin Winterkorn has been charged over his involvement in the company’s diesel emissions scandal. The public prosecutor in Braunschweig charged former Volkswagen CEO Martin Winterkorn and four other managers with alleged fraud. Volkswagen stated it would not discuss the indictments. Winterkorn is currently facing criminal charges in the US, but is not likely to face […]

    Volkswagen
    Uber Technologies Inc

    Uber reveals IPO with warning it may never make a profit

    Uber Technologies Inc has a base of 91 million users, but growth is reducing and it may never make a profit, the company stated on Thursday in its IPO filing. The document provided the first detailed financial picture of the decade-old company which was started after its founders had a hard time to get a […]

    Uber
    Volkswagen logo

    U.S. SEC sues Volkswagen, ex-CEO over emissions scandal

    The U.S. Securities and Exchange Commission (SEC) is taking legal action against Volkswagen and its former CEO Martin Winterkorn over the German automaker’s diesel emissions scandal, accusing of a “massive fraud” on U.S. investors. VW was caught using illegal software to evade U.S. pollution tests in 2015, causing a global backlash against diesel that and […]

    Volkswagen
    Volkswagen logo

    Volkswagen can face U.S. SEC lawsuit concerning emissions cheating

    Volkswagen stated the U.S. Securities and Exchange Commission may sue the automaker due to its failure to reveal its diesel emissions scandal to investors. VW said in its annual report released previously this week that the SEC investigation focuses on the automaker’s nondisclosure of “certain Volkswagen diesel vehicles’ noncompliance” with U.S. emissions regulations. Volkswagen has […]

    Volkswagen
    Tesla Inc logo

    Tesla’s top lawyer leaves two months into the job

    Tesla Inc stated on Wednesday its general counsel Dane Butswinkas is departing from the electric automaker just two months into the job, the recent in a string of top-level departures at the company. Butswinkas, who joined Tesla in December and was reporting to Chief Executive Officer Elon Musk, will be back to his previous role […]

    Tesla
    Larry Ellison

    Tesla names Larry Ellison to board

    Tesla Inc on Friday named Oracle Corp co-founder Larry Ellison, a shareholder and self-admitted close friend of CEO Elon Musk, to its board to give the independent oversight demanded by U.S. regulators following Musk’s tweet about taking the electric automaker private. The move is meant to bring Tesla past months of turbulence after Musk’s August […]

    Tesla

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