Category: News Site

Ford says Justice Department opened a criminal probe tied to its emissions certification process

Aly Song | Reuters
People walk by a Ford Escape SUV displayed during the media day for the Shanghai auto show in Shanghai, China, April 16, 2019.

The Justice Department has launched a criminal investigation in a matter relating to Ford Motor's U.S. emissions certification process.

Ford disclosed in an SEC filing Friday that the company has also notified a number of other state and federal agencies and are cooperating fully with all government investigations. The matter stems back to issues related to road load estimations, including analytical modeling and coastdown testing. It does not involve the use of defeat devices to cheat on emissions tests.

The company also said in the filing that it cannot predict the outcome of the investigation and “cannot provide assurance that it will not have a material adverse effect on us.”

The automaker's stock is up 6% in premarket trading after it reporting quarterly earnings that topped expectations.

This is breaking news. Please check back for updates.

DoJ opens probe into Ford’s emissions certification process

FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo (Reuters) – Ford Motor Co said on Friday the U.S. Department of Justice had opened a criminal investigation into the automaker’s emissions certification process in the United States. The potential concern… Continue reading DoJ opens probe into Ford’s emissions certification process

Auto-ISAC adds four additional cyber-security companies

The Automotive Information Sharing and Analysis Center (Auto-ISAC) welcomes two new members BlackBerry and Verizon and, two new strategic partners Pen Test Partners and Regulus. The inclusion of these four companies increases the strength of the Auto-ISAC’s position as an auto cybersecurity information sharing community that works to prevent cyber threats to the connected vehicle. The Auto-ISAC was formed by automakers in 2015… Continue reading Auto-ISAC adds four additional cyber-security companies

Uber sets terms for IPO, posts $1 billion first-quarter loss

FILE PHOTO: Uber’s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay/File Photo (Reuters) – Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors the ride-hailing company and insiders would seek to sell as much as $10.35 billion in stock at a valuation of… Continue reading Uber sets terms for IPO, posts $1 billion first-quarter loss

UPDATE 1-Uber sets terms for IPO, posts $1 bln Q1 loss

(Updates with PayPal deal, detail on roadshow) By Joshua Franklin April 26 (Reuters) – Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors the ride-hailing company and insiders would seek to sell as much as $10.35 billion in stock at a valuation of up to $91.5 billion. Uber also said… Continue reading UPDATE 1-Uber sets terms for IPO, posts $1 bln Q1 loss

UPDATE 1-AutoNation quarterly profit beats on higher earnings per vehicle

(Reuters) – AutoNation Inc, the largest U.S. auto dealership chain, on Friday reported a better-than-expected quarterly profit, as it earned more per vehicle sold. The company said its same-store gross profit per vehicle retailed across its 325 U.S. locations was up 6 percent to $3,559 during the quarter. AutoNation’s profits have been under pressure as… Continue reading UPDATE 1-AutoNation quarterly profit beats on higher earnings per vehicle

Tesla unlocks even more power (150 kW) out of existing Superchargers, expands rollout

At the launch of Supercharger V3 earlier this year, Tesla announced that it will also unlock more power in existing Supercharger stations (from 120 kW to 145 kW). Tesla confirms today that it will actually be able to push the power output even higher (150 kW) and it started expanding the rollout of other charging… Continue reading Tesla unlocks even more power (150 kW) out of existing Superchargers, expands rollout

AutoNation quarterly profit beats Wall Street estimates

(Reuters) – AutoNation Inc, the largest U.S. auto dealership chain, on Friday reported a better-than-expected quarterly profit, boosted by higher gross earnings from its financial services products. Net income from continuing operations fell to $92.1 million in the first quarter ended March 31, from $93.3 million a year earlier. The company’s earnings per share from… Continue reading AutoNation quarterly profit beats Wall Street estimates

Autoliv Q1 profit lags forecast, 2019 guidance above consensus

STOCKHOLM (Reuters) – Sweden’s Autoliv, the world’s largest maker of airbags and seatbelts, on Friday reported a first-quarter operating profit below market expectations but forecast 2019 organic sales growth and margins above analysts’ consensus. The company, which competes with Joyson Safety Systems and ZF TRW, reported a quarterly operating profit of $173 million, down from… Continue reading Autoliv Q1 profit lags forecast, 2019 guidance above consensus

Renault to propose joint holding company with Nissan: Nikkei

FILE PHOTO: The logos of car manufacturers Renault and Nissan are seen in front of a common dealership of the companies in Saint-Avold, France, Jan. 15, 2019. REUTERS/Christian Hartmann TOKYO (Reuters) – Renault SA will propose to Nissan Motor Co a plan to create a joint holding company in which both firms would nominate a… Continue reading Renault to propose joint holding company with Nissan: Nikkei