Silk-FAW confirms plan to build electric sports cars in Italy

MILAN (Reuters) — Silk-FAW, a start-up of U.S. automotive engineering and design firm Silk EV and Chinese automaker, said on Monday it would press ahead with a plan, worth over one billion euros ($1.02 billion), to build electrified cars in Italy. Silk-FAW will finalize the purchase of the land in the city of Reggio Emilia where… Continue reading Silk-FAW confirms plan to build electric sports cars in Italy

Volkswagen CEO Herbert Diess ousted after tumultuous tenure

BERLIN (Reuters) — Porsche Chief Executive Oliver Blume will take over from Herbert Diess as CEO of Volkswagen, the carmaker said on Friday, after a supervisory board vote forced Diess to step down from his four-year tenure following a series of missteps over strategy and communication style. Sources with knowledge of the matter said the… Continue reading Volkswagen CEO Herbert Diess ousted after tumultuous tenure