Munich. The BMW Group has started the financial year 2018 with a strong first quarter. Despite volatile conditions and unfavourable exchange rate effects, new best ever figures were recorded for sales volume and net profit. Despite high upfront expenditure for tomorrow’s mobility, the Automotive segment also set a new record for its result from operations… Continue reading BMW Group makes good start to 2018
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Former CEO of Volkswagen AG Charged with Conspiracy and Wire Fraud in Diesel Emissions Scandal
An indictment was unsealed earlier today charging Martin Winterkorn, 70, the former chairman of the management board of Volkswagen AG (VW), with conspiracy and wire fraud in connection with VW’s long-running scheme to cheat U.S. diesel vehicle emissions requirements. Attorney General Jeff Sessions, Acting Assistant Attorney General John P. Cronan of the Justice Department’s Criminal… Continue reading Former CEO of Volkswagen AG Charged with Conspiracy and Wire Fraud in Diesel Emissions Scandal
UPDATE 3-Ex-Volkswagen CEO Winterkorn charged in U.S. over diesel scandal
WASHINGTON (Reuters) – The U.S. Justice Department on Thursday disclosed the filing of criminal charges against former Volkswagen AG (VOWG_p.DE) Chief Executive Martin Winterkorn, accusing him of conspiring to cover up the German automaker’s diesel emissions cheating. Former Volkswagen chief executive Martin Winterkorn leaves after testifying to a German parliamentary committee on the carmaker’s emissions… Continue reading UPDATE 3-Ex-Volkswagen CEO Winterkorn charged in U.S. over diesel scandal
A Robot That Can’t Pick Up Fluff Caused Tesla’s Model 3 Delays
Like a drunk person throwing rings at a carnival, Elon Musk just keeps missing the target. Investors are fuming: production of the Model 3 keeps getting delayed, and somehow the company is just burning through cash. We finally know why it’s taking so freakin’ long for Model 3s to roll off the assembly line: because robots… Continue reading A Robot That Can’t Pick Up Fluff Caused Tesla’s Model 3 Delays
Ex-VW CEO Winterkorn Charged by U.S. in Diesel-Cheating Case
Volkswagen AG’s former Chief Executive Officer Martin Winterkorn was charged in a Michigan federal court with conspiracy and wire fraud in relation to a probe into the German automaker’s efforts to cheat U.S. diesel emissions testing, according to an indictment unsealed Thursday. Winterkorn, who stepped down from his role as CEO days after the scandal… Continue reading Ex-VW CEO Winterkorn Charged by U.S. in Diesel-Cheating Case
Tesla Plunges After a Bizarre Conference Call
Elon Musk told investors not to buy Tesla Inc. shares if they can’t stomach volatility. They got the message. The comments — part of a bizarre, heated conference call after the close Wednesday — sent the electric-car maker’s stock plunging. Tesla fell as much as 8.6 percent Thursday after the chief executive officer rejected analysts’… Continue reading Tesla Plunges After a Bizarre Conference Call
As Musk Berates Analysts, VW Unleashes Massive Counterpunch
A few hours after Elon Musk berated analysts for what he perceived as unimaginative questions, Volkswagen AG said it was writing a check for batteries that almost match Tesla Inc.’s entire market value. VW has awarded 40 billion euros ($48 billion) in contracts to battery producers, double from just a few weeks ago. The deals… Continue reading As Musk Berates Analysts, VW Unleashes Massive Counterpunch
Toyota Research Institute to Open New Driverless Car Test Bed in MI
The state of Michigan notched another mobility-industry win today when the Toyota Research Institute (TRI) announced that a 60-acre parcel in Ottawa Lakes, MI, will be the home of a new autonomous vehicle development and testing facility, the first dedicated exclusively to TRI’s use. TRI is Toyota’s research arm, which aims to enhance the safety of… Continue reading Toyota Research Institute to Open New Driverless Car Test Bed in MI
Tata Motors to sell defence, aerospace business to Tata Advanced Systems
New Delhi: Home-grown auto major Tata Motors today said it will sell its defense business to group entity Tata Advanced Systems Ltd (TASL), subject to requisite approvals. The deal will not include the pure civilian vehicles which will continue to be with Tata Motors, the company said in a statement. The Board of Tata Motors… Continue reading Tata Motors to sell defence, aerospace business to Tata Advanced Systems
Tata Motors to sell defence and aerospace business to Tata Advanced Systems
Domestic PV and CV major Tata Motors has announced that its board has approved, subject to requisite regulatory and other approvals, to sell its defence and aerospace business to Tata Advanced Systems. The decision is as part of its ‘Turnaround 2.0’ plan, to take necessary steps to further its defence business by leveraging the scale… Continue reading Tata Motors to sell defence and aerospace business to Tata Advanced Systems