Category: Automakers

Takata’s $1 Billion Air-Bag Settlement Seen Removing Hurdle

Takata Corp.’s agreement to pay $1 billion to settle a criminal investigation removes a hurdle to the air-bag maker’s sale, which the company needs to continue operations and complete the biggest product recall in automotive history. The Tokyo-based company admitted to hiding the deadly risks of its air bags for about 15 years and agreed to plead guilty to one criminal charge in the settlement, according to court papers.

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Honda’s all-new 2018 Odyssey will bring new familiy-friendly high-tech features to market when it arrives this spring. Image source: Honda Motor Co., Ltd. executives took the wraps off of the company’s all-new 2018 Odyssey minivan at the North American International Auto Show in Detroit on Monday.

German Minister Dobrindt Seeks Recall of Fiat Cars, Bild Reports

German Transport Minister Alexander Dobrindt, escalating a months-long feud with Italy over vehicle emissions, said the European Commission must ensure that Fiat Chrysler cars that break pollution rules are taken off the market, Bild am Sonntag reported. “The Italian authorities have known for several months that Fiat, in the opinion of our experts, uses illegal shut-off devices,” the Sunday newspaper quoted Dobrindt as saying.

Italy Rejects Germany’s Request on Fiat Cars in Months-Long Feud

Italy rejected Germany’s request to look closer at Fiat Chrysler Automobiles NV’s vehicles to ensure they meet European emission rules, as the months-long feud between the countries over the issue escalated. Italian Deputy Transport Minister Riccardo Nencini said the “insistence of the German government after the responses given by the Italian ministry is incomprehensible.”

Fiat Chrysler shares up as investors play down EPA impact

Fiat Chrysler Automobiles shares rose on Friday as investors played down the potential impact of the U.S. Environmental Protection Agency accusing the company of concealing diesel emissions. Fiat’s Milan-listed rose more than 7 percent in early trade and stood 3.53 percent higher at 9.09 euros at 1101 GMT .

What Happened in the Stock Market Today

News that the Senate took the initial steps to repeal the Affordable Care Act overnight last night failed to shake healthcare insurers as iShares US Health Care Providers by 0.4% in what some believe could be anticipation of a market pullback, or at least volatility, after Trump’s inauguration. shares dove 10.3% after the EPA accused the automaker of cheating on emissions tests, similar to the way Volkswagen did.

Fiat Chrysler Accused of Diesel Emissions Cheating by U.S.

Fiat Chrysler Automobiles NV was accused of violating pollution laws with 104,000 diesel vehicles, sending the shares plunging on the prospect the automaker may follow Volkswagen AG in facing billions of dollars in fines. The Environmental Protection Agency alleged Fiat Chrysler put software in Jeep Grand Cherokee and Ram 1500 models that allows them to exceed pollution limits.

Fiat Chrysler Shares Crash on Diesel Emission Accusations

Fiat Chrysler was drawn into the automotive emissions scandal Thursday as the Environmental Protection Agency moved to accuse the automaker of violating the Clean Air Act on some of its diesel engines. The EPA is expected to say Fiat used software that allowed it to exceed diesel emission caps in about 100,000 trucks and SUVs sold in the U.S. since 2014.

VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal

Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which VW said Tuesday will include a guilty plea, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.

VW Shrugs Off Scandal Woes as 2016 Deliveries Rise to Record

Volkswagen AG delivered more cars and trucks than ever before, shrugging off the emissions-cheating scandal by wooing more customers in China. The German manufacturer, which vies with Toyota Motor Corp. for the title of the world’s biggest automaker, posted a 3.8 percent rise in sales to 10.3 million vehicles in 2016, the Wolfsburg-based company said in a statement.

VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal

Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which VW said Tuesday will include a guilty plea, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.

VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal

Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which will include a guilty plea according to VW, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.

Marchionne Enters Final Push to Free Fiat Chrysler From Debt

Sergio Marchionne enters the final stretch of his career at Fiat Chrysler Automobiles NV with a daunting mission: prove wrong the doubters who question how he can make the carmaker’s $5.29 billion in debt disappear by the time he steps down in two years. His strategy update will be a closely watched presentation next week at the Detroit motor show, particularly as Fiat Chrysler won’t be unveiling new models at the annual event.

Volkswagen Said to Be Close to Settling U.S. Criminal Probe

Volkswagen AG is close to reaching a multibillion dollar settlement with the Justice Department over its cheating of diesel emissions tests, according to people familiar with the matter, wrapping up the company’s exposure to U.S. authorities in the long-running scandal. The resolution, which could come as soon as next week, would include criminal and civil penalties, said the people, who asked not to be named because the negotiations are confidential.

Marchionne Enters Final Push to Free Fiat Chrysler From Debt

Sergio Marchionne enters the final stretch of his career at Fiat Chrysler Automobiles NV with a daunting mission: prove wrong the doubters who question how he can make the carmaker’s $5.29 billion in debt disappear by the time he steps down in two years. His strategy update will be a closely watched presentation next week at the Detroit motor show, particularly as Fiat Chrysler won’t be unveiling new models at the annual event.

VW Ordered to Face U.S. Investor Suit Over Diesel Cheating

Volkswagen AG must face claims it misled U.S. investors after installing so-called defeat devices in diesel vehicles used to cheat emissions tests. A San Francisco federal judge also rejected a request to dismiss shareholder claims against former VW Chairman Martin Winterkorn, who said investors in VW’s American depositary receipts couldn’t prove he knew the extent of the company’s “diesel issue.”

Toyota Plans Years of Building Cars Largely Controlled by Humans

Toyota Motor Corp. plans to spend years designing cars in which humans retain a large measure of control, since the goal of turning all driving decisions over to computers seems too dangerous for now. The problem, Toyota said Wednesday, is that society has come to accept 39,000 traffic fatalities a year in the U.S., mostly due to human error, but would never tolerate similar carnage involving cars controlled by computers.

Fiat Chrysler Pauses From Gas-Guzzlers to Show Electric Minivan

Fiat Chrysler Automobiles NV is laying out a vision of a battery-powered, self-driving minivan that it bets even a millennial could love. That may not be enough to shake the automaker’s image as the purveyor of the least fuel-efficient fleet in the U.S. The automaker’s fifth-generation minivan, whose design concept is called the Chrysler Portal, would have a 250-mile electric range and enough screens, ports and social-media options to entertain young families while software handles much of the driving.

South Korea Halts Some Nissan, BMW Sales in Emissions Probe

South Korea banned the sale of 10 models built by Nissan Motor Co., BMW AG and Volkswagen AG’s Porsche after an investigation found the automakers fabricated documents related to emission tests. The three manufacturers were slapped with total fines of 7.17 billion won , which apply to 4,523 vehicles, and the certifications given for these models have been withdrawn, the Ministry of Environment said in a statement Monday.

Korea Halts Some Nissan, BMW Models’ Sales in Emissions Probe

South Korea banned the sale of 10 models built by Nissan Motor Co., BMW AG and Volkswagen AG’s Porsche after an investigation found the automakers fabricated documents related to emission tests. The three manufacturers were slapped with total fines of 7.17 billion won , which apply to 4,523 vehicles, and the certifications given for these models have been withdrawn, the Ministry of Environment said in a statement Monday.