AA: A sustainable recovery of its own? April 12, 2019 | City Talk After a decent start to 2019, our head of markets kicks the tyres after these uninspiring results. There is certainly a great deal going on under the bonnet at AA (LSE:AA.), although by its own admission there remains much to be done. One measure of progress is the number of contract wins the company has [...]
European car makers face €7.4bn bill to meet looming EU emissions rules April 3, 2019 The biggest car manufacturers in Europe are careering towards a €7.4bn crash in profits from the cost of meeting the EU’s emissions rules, UBS has warned. Regulations set to come into effect in 2021 will force car firms such as Volkswagen, BMW and Renault to produce no more than 95g of CO2 per kilometre, but [...]
Ford and Volkswagen to team up on development of next-generation pickup truck March 28, 2019 German car making giant Volkswagen has penned a deal to produce a pickup truck with US rival Ford, as discussions continue over extending an alliance between the two firms. Volkswagen and Ford announced last year they were in talks to work on a range of commercial vehicles, later branching out even further to include electric [...]
SEC sues Volkswagen over ‘massive fraud’ on US investors during emissions scandal March 15, 2019 Volkswagen perpetrated a “massive fraud” on US investors over its diesel emissions scandal, according to a major regulatory body now suing the firm. Read more: Volkswagen boss apologises for 'unfortunate' Nazi gaffe The Securities and Exchange Commission (SEC) filed a civil complaint against the company overnight, claiming that the car manufacturer issued more than $13b [...]
Volkswagen boss apologises for ‘unfortunate’ Nazi gaffe, after evoking Holocaust slogan at company event March 14, 2019 Volkswagen’s chief executive has apologised after closely echoing a Nazi slogan in an attempt to emphasise the importance of growing profit. Speaking at a company event on Tuesday, Herbert Diess used to phrase “Ebit macht frei”, referring to the acronym Ebit, which stands for “earnings before interest and taxes”. Read more: IBM's Watson supercomputer launches [...]
Bugatti unveils €11m supercar to mark 110th anniversary March 5, 2019 Luxury car brand Bugatti has unveiled a €11m (£9.5m) supercar, but will not name the wealthy mystery buyer. La Voiture Noire, which was created for the French firm’s 110th anniversary, was snapped up by an unnamed Bugatti fan and is thought to be the most expensive new car of all time. The one-off supercar, unveiled [...]
Carmaker Porsche facing German tax investigation March 3, 2019 Luxury carmaker Porsche is facing an investigation over alleged tax debts. The sportscar manufacturer said on Sunday that it was cooperating with German prosecutors in relation to its tax treatment treatment of employees taking early retirement and benefits given to former executives. The benefits are reported to include parties, private plane trips and chauffeur services. [...]
IBM’s Watson supercomputer to solve the mobility problem in tie-up with Volkswagen’s SEAT February 26, 2019 IBM and Volkswagen's Spanish unit SEAT have unveiled a standalone app that hopes to predict what mode of transport and route is best for urban users through artificial intelligence (AI). The app, called Mobility Advisor, will utilise the power of IBM's Watson supercomputer to present commuters with the best way to navigate cities, whether that's [...]
Germany’s top court cancels Volkswagen dieselgate hearing February 22, 2019 Germany’s top court has cancelled a much-anticipated hearing over Volkswagen’s diesel emissions scandal, just days before it was set to place. The Federal Court of Justice cancelled a planned hearing for 27 February after the plaintiff withdrew their complaint against the manufacturer. But in a rare move it still gave its opinion, knocking down the firm's [...]
Autotech M&A deal value falls to five-year low in second half of 2018 February 20, 2019 Merger and acquisition value in the automotive technology sector hit a five year low in the second half of 2018 as car manufacturers struggled with dwindling demand in China and a global crackdown on emissions. A total of 100 M&A deals were completed in the second half of last year, including Renault, Ford and Volkswagen’s [...]