Volkswagen said it has set aside 5.5 billion euros ($6.16 billion) in contingent liabilities to cover possible risks arising from a diesel cheating scandal, chief financial officer Frank Witter said on Thursday.In 2015 VW was caught using illegal engine control software to cheat U.S. pollution tests by masking excessive levels of nitrogen oxide pollution coming from its diesel cars.
Author: World_Newz Mon
At Aston Martin, Facing Down Demons and Building for the Future
The 106-year-old automaker is working hard to beat a few imposing obstacles, from a limp IPO to historically low production volume.
German chauffeur service Blacklane targets Middle East
German chauffeur service Blacklane is planning an initial public offering (IPO) in the next three years, its chief executive told Reuters.Blacklane, which competes with the likes of British premium car service Addison Lee and UberBLACK, the ride-hailing app’s luxury arm, caters to business customers in 300 cities in 60 countries.
Jaguar to move Land Rover Defender production to Slovakia
The plant was built with an initial capacity of 150,000 vehicles and started by taking over production of the carmaker’s Discovery model.The British government has been wary of carmakers moving production outside the country after the industry warned that it would face possible risks if Britain’s impending exit from the European Union is disorderly.The risks, including delays to the supply of parts and finished models, new customs bureaucracy, the need to re-certify cars and an up to 10 percent tariff on finished vehicles, have forced carmakers to draw up contingency plans and even briefly shut production at their plants.
NAMI plans to produce 150 Aurus luxury cars in 2019, Ministry of Industry says
MOSCOW, April 29. /TASS/. Russia’s NAMI plans to produce 150 Aurus premium cars in 2019, press service of the Ministry of Industry told TASS on Tuesday.
“NAMI will be able to produce 150 cars at its facilities in 2019, with a small portion to be on the market already this year,” the ministerial press service said.
Prices for Aurus Senat and Aurus Senat Limousine models are expected to be announced in the second half of May, the press service added.
Aurus is a Russian brand of cars for senior officials. The car was designed as part of the Cortege project, implemented by NAMI (Central Scientific Research Automobile and Automotive Engines Institute) in Moscow, Russia, since 2013.
Initially the goal was to design a limousine for the Russian president. The project envisages by now the creation of the line of cars on the base of a single platform (sedan, limousine, minivan and sport utility vehicle (SUV)). The limousine was first used during the inauguration of Russian President Vladimir..
Fiat Chrysler CEO 100% Sure Carmaker Can Survive Tech Disruption
Fiat Chrysler Automobiles NV is a “house of brands” and that ensures it will be one of the few traditional automakers to survive the disruption the car industry is facing from the rise of electric and self-driving cars, according to Chief Executive Officer Mike Manley.
Workers Suspect US ‘Conspiring’ To Bankrupt Russia’s Largest Commercial Vehicle Plant
Since it initiated its sanctions campaign against Russia back in 2014 in response to the annexation of Crimea, Washington has insisted that its measures aren’t aimed at the Russian people.And among workers at the GAZ truck and van plant in Nizhny Novgorod – which survived Nazi bombing raids during the second world war but is being pushed toward collapse by the US Treasury measures – conspiracy theories abound.The factory has been targeted because of Washington’s sanctions against its owner, Russian oligarch Oleg Deripaska, over his alleged links to the Kremlin.
Renault-Nissan Unit Audit Flags Some Carlos Ghosn Expenses, Figaro Says
An audit into the accounts of RNBV, the Amsterdam-based company that oversees Renault SA’s car-production alliance with Nissan, found EU10.9 million ($12.2) of potentially questionable expenses made for former Chairman Carlos Ghosn, Le Figaro reported without saying how it obtained the information.
BorgWarner Sales Declining, but Management Prepares for Growth
Vehicle technology company BorgWarner (NYSE: BWA) certainly had an eventful first quarter: end-market declines, tariff impacts, supplier bankruptcies, and the announcement of restructuring plans that will impair earnings growth in the near term.BorgWarner’s North American revenue was flat year over year, compared with a 2.5% market decline.Thinking further ahead, management outlined a plan to reduce annual structural costs by some $40 million to $50 million over the next couple of years, but this will result in “restructuring expenses in the $80 million to $100 million range through the end of 2020,” according to Lissalde on the earnings call.
Malaysia’s Proton to get $455 million financing from China Construction Bank
Malaysia’s national carmaker Proton has secured 1.88 billion ringgit ($455.10 million) in banking facilities from China Construction Bank to fund expansion around the region, it said in a statement late Friday.In August, Zhejiang Geely Holding Group Co Ltd which owns 49.9 percent of Proton, had agreed to extend its existing partnership with the carmaker to upgrade its line-up of cars and help expand Proton’s presence in China and other international markets.Proton signed a licensing and technical assistance agreement with Alhaj to build a manufacturing plant in Karachi with an initial investment of $30 million, to assemble and distribute Proton cars for the Pakistani market.