WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission sued Volkswagen AG and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal late Thursday, accusing the company of perpetrating a “massive fraud” on U.S. investors. A Volkswagen logo is seen on a new car model at the 89th Geneva International Motor… Continue reading UPDATE 1-U.S. SEC sues Volkswagen, Winterkorn over ‘Dieselgate’
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Tesla unveils Model Y SUV as electric vehicle competition heats up
SAN FRANCISCO (Reuters) – Tesla Inc unveiled its Model Y electric sports utility vehicle on Thursday evening in California, promising a much-awaited crossover that will face competition from European car makers rolling out their own electric rivals. Tesla Inc’s Model Y electric sports utility vehicle is pictured in this undated handout photo released on March… Continue reading Tesla unveils Model Y SUV as electric vehicle competition heats up
VW says it may face U.S. SEC lawsuit over ‘Dieselgate’
WASHINGTON, March 14 (Reuters) – Volkswagen AG said the U.S. Securities and Exchange Commission may bring an enforcement action over the automaker’s diesel emissions scandal, the latest fallout from the cheating known as “Dieselgate.” VW said in its annual report released earlier this week that the SEC probe focuses on the automaker’s nondisclosure of “certain… Continue reading VW says it may face U.S. SEC lawsuit over ‘Dieselgate’
BMW and Daimler seek 7 billion euros savings from shared platforms: reports
FRANKFURT (Reuters) – BMW and Daimler are in talks to cooperate in developing vehicle platforms for electric cars in a step that could save each carmaker at least 7 billion euros ($7.91 billion), Sueddeutsche Zeitung and Auto Bild said on Thursday. A BMW logo is displayed at the 89th Geneva International Motor Show in Geneva,… Continue reading BMW and Daimler seek 7 billion euros savings from shared platforms: reports
Toyota investing $749 million in five U.S. plants, adding 586 jobs
(Reuters) – Toyota Motor Corp said on Thursday it will invest $749 million in five U.S. plants and add 586 jobs as it boosts engine production capacity and adds new hybrid models to its lineup. FILE PHOTO: A Toyota logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019.… Continue reading Toyota investing $749 million in five U.S. plants, adding 586 jobs
Volvo Cars to pay $310 million dividend, second under China’s Geely
STOCKHOLM (Reuters) – Volvo Cars will pay a dividend of 2.9 billion Swedish crowns ($311 million) after record sales in 2018, the company said on Thursday, with almost all of it slated to boost the coffers of its debt-laden Chinese parent Geely. FILE PHOTO: The new Volvo Polestar 2 is displayed at the 89th Geneva… Continue reading Volvo Cars to pay $310 million dividend, second under China’s Geely
Audi seeks closer ties to Porsche in cost-cutting drive
INGOLSTADT (Reuters) – Audi will make greater use of vehicle platforms and technologies developed with Porsche and Volkswagen as it embarks on a 15 billion euro cost cutting and efficiency drive, Chief Executive Bram Schot said on Thursday. An Audi 55 e-tron is seen ahead of the company’s annual news conference at its headquarters in… Continue reading Audi seeks closer ties to Porsche in cost-cutting drive
China customs lifts suspension on Tesla Model 3 imports
FILE PHOTO: A Tesla Model 3 car leaves a cargo vessel at a port in Shanghai, China February 22, 2019. REUTERS/Stringer BEIJING (Reuters) – China’s customs authority has lifted its suspension on imports of Tesla’s Model 3, an official in the authority’s news department told Reuters on Thursday. “We can confirm that the warning notice… Continue reading China customs lifts suspension on Tesla Model 3 imports
Audi sees margin target hit by electric car investments
An Audi logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy INGOLSTADT (Reuters) – Audi the premium brand owned by Volkswagen said it expects to deliver an operating return on sales between 7 percent and 8.5 percent, below its long-term target, as costs for developing electric… Continue reading Audi sees margin target hit by electric car investments
SoftBank, Toyota in talks to invest $1 billion in Uber’s self-driving unit: sources
NEW YORK (Reuters) – A group of investors led by SoftBank Group Corp and Toyota Motor Corp is in talks to invest $1 billion or more into Uber Technologies Inc’s self-driving vehicle unit, which would value the unit at $5 billion to $10 billion, said two people familiar with the talks. FILE PHOTO: Uber’s logo… Continue reading SoftBank, Toyota in talks to invest $1 billion in Uber’s self-driving unit: sources