Detroit Bureau on Twitter

Archive for the ‘Executives’ Category

Investor Suit Against VW AG Gets Underway in Germany

Shareholders seeking $10.4 billion in damages.

by on Sep.11, 2018

The $10.4 billion investor lawsuit against Volkswagen AG is underway in Germany.

The trial to determine if Volkswagen AG executives disclosed critical information about the diesel scandal to investors in a timely manner has gotten underway.

Investors are seeking almost $10.4 billion, saying Volkswagen had not provided information they needed to decide what to do with their shares before the scandal became public.

Subscribe Now!

The U.S. Environmental Protection Agency accused Volkswagen in September 2015 of manipulating diesel emissions, sending the shares sharply lower. The scandal also stranded billions of dollars in investment in diesel technology and shifted the entire industry’s trajectory away from diesel and toward battery electric vehicles. (more…)

Volvo Backs Out of IPO Due to Trade and Market Conditions

Trump's ongoing tensions with China and Europe push decision.

by on Sep.10, 2018

Volvo Chief Executive Hakan Samuelsson said that trade tensions between the U.S. and China as well as the EU were one reason to halt its IPO.

President Donald Trump’s seemingly ongoing trade war with, well, everyone as well as a less-than-robust period for auto stocks has forced Volvo Cars to put off its initial public offering — for now, anyway.

Volvo Cars, which is owned by China-based Geely, previously announced it was considering the IPO to help raise funds for additional research and expanding of production. However, the current trade tensions between the U.S. and China as well as the European Union has forced a rethink.

News Now!

“We’ve come to the conclusion that the timing is not optimal for an IPO right now,” Volvo Chief Executive Hakan Samuelsson told Reuters by telephone on Monday.  (more…)

Trump Puts Ford in Twitter Crosshairs About China-Built Focus

President says car should be U.S.-built, Ford says it's not profitable.

by on Sep.10, 2018

President Trump is tweeting about Ford again, claiming the automaker should build the Focus Active in the U.S.

Ford Motor Co. is back in the twitter crosshairs of President Donald Trump, who claims the automaker should be able to build a vehicle profitably in the U.S. instead of China due to the tariffs he’s put in place.

“’Ford has abruptly killed a plan to sell a Chinese-made small vehicle in the U.S. because of the prospect of higher U.S. Tariffs.’ CNBC. This is just the beginning. This car can now be BUILT IN THE U.S.A. and Ford will pay no tariffs!” Trump tweeted Sunday.

News Now!

In late August, Ford announced its was cancelling its plans to sell the Ford Focus Active, a wagon-like crossover built in China, in the U.S. because the 25% tariff Trump instituted on vehicles imported from China into the United States made it unprofitable. (more…)

Musk Lights Up – But Tesla Shareholders Are Turned Off

Increasingly erratic behavior raises concerns about Musk's leadership.

by on Sep.07, 2018

Tesla CEO Elon Musk continues to court controversy, smoking a joint on comedian Joe Rogan's podcast.

Elon Musk has always generated plenty of buzz, but he may have taken it to new highs this week, sipping whiskey and lighting up a joint during an appearance on California comedian Joe Rogan’s widely followed podcast.

Unfortunately, Tesla shareholders seem to be having something of a bad trip, the 2-1/2 hour interview just the latest in what some see as increasingly erratic behavior by the carmaker’s chief executive. And investors aren’t alone.There has been an escalating exodus of talent from Tesla in recent months, including the July departure of its chief engineer.

News Now!

On Friday morning, two more top executives, including its human resources director and its chief accountant revealed they are joining an escalating exodus of top Tesla talent. (more…)

EV Sales Expected to Jump to 30% Overall by 2030, Supplier Claims

Schaeffler execs say America will lag China, Europe in EV acceptance.

by on Sep.06, 2018

Schaeffler's Mover electric vehicle is designed to also be autonomous acting as a shuttle in certain areas.

Electric vehicles could account for 30% of the cars and trucks sold worldwide by 2030, executives from one of the auto industry’s major suppliers said during a symposium the company organized in Detroit.

Marc McGrath, president of Schaeffler Automotive Americas, said the shift to electric vehicles will be slower in North America than in China or Europe where “people are running away from diesel” and several cities have moving to ban the internal combustion engine altogether.

We Keep You Plugged In!

Schaeffler, a German-based company that supplies high-precision components and systems in engine, transmission, and chassis applications, as well as rolling and plain bearings.  (more…)

Tesla Takes Heat as Musk Lashes Out

Company’s stocks, bonds seesaw as CEO again attacks cave diver hero.

by on Sep.06, 2018

CEO Elon Musk has started getting himself into hot water again, putting the company's board in a tough spot.

Tesla’s stock price took an upward bounce on Thursday morning after tumbling sharply for several days following another series of explosive tweets by the battery-carmaker’s increasingly mercurial CEO Elon Musk.

On Tuesday, the 47-year-old Musk sent out an e-mail to a news site alleging that Vernon Unsworth, a British diver who helped rescue a youth soccer team from a flooded Thai cave was a “child rapist.” The two had previously tangled, though Musk issued an apology after declaring Unsworth a “pedo guy,” slang for pedophile. The latest flap comes shortly after the Tesla CEO abandoned a questionable bid to take Tesla private, a move that has led to growing concerns about his stewardship of the company.

News Now!

On Wednesday, Tesla stock dropped to the lowest level in nearly six months, and its bond prices fell to a record low. But Thursday’s share price rebound – the first in eight trading sessions – came as Musk announced some strong sales numbers for the new Model 3 and Tesla’s other product lines. (more…)

August Auto Sales Turn in Better-Than-Expected Results

Positive economic news overwhelms sales deterrents.

by on Sep.04, 2018

Fiat Chrysler sales rose in August, including a 10% jump in Wranglers, and Ram set a new record.

Despite talk of sales slowing, Fiat Chrysler N.V., Nissan, Volkswagen and Audi all reported sales increases for August.

FCA reported sales of 193,718 vehicles, a 10% increase compared with sales in August 2017 of 176,033 units. Overall, FCA US retail sales rose 17% to 164,727 vehicles. Fleet sales, which the company is trying to cut down, accounted for 15% of total sales.

Subscribe Now!

Sales were led by both the Jeep and Ram brands. Ram posted two new records for the month. (more…)

Apple’s Autonomous Vehicle Involved in California Crash

Self-driving Lexus ute was rear-ended.

by on Sep.04, 2018

An Apple autonomous test vehicle, a Lexus RX450h, was rear-ended near San Francisco.

A unicorn got into a car accident in, not surprisingly, California. To be more accurate, one of Apple’s autonomous vehicles was involved in a collision in the Golden State.

The tech behemoth, which has said very little about its automotive plans in recent years, applied for and received a permit to test autonomous vehicles last year, but offered no insight into what its plans were at that time.

Subscribe Now!

According to the state’s Department of Motor Vehicles, an Apple self-driving car, a Lexus SUV, was rear-ended by a 2016 Nissan Leaf near San Francisco. It marked the first actual confirmation that the company was testing on California’s roads. (more…)

NAFTA Deal Facing Significant Uphill Challenges

Trump plans to make Canada suffer to become part of the deal.

by on Sep.04, 2018

President Donald Trump said he plans to make getting a deal done with Canada very difficult because he doesn't plan to compromise — at all.

The North American Free Trade Agreement faces an uncertain future despite a tentative pact between the U.S. and Mexico that would spare Detroit carmakers from punishing tariffs on any vehicles they build in Mexico.

Most of the vehicles built in Mexico by General Motors, Ford Motor Co. and Fiat Chrysler meet the new rules of origin that are part of the tentative agreement between the U.S. and the lame-duck Mexican government, which is scheduled to leave office at the end of November.

News Now!

Vehicles built in Mexico by Honda, Nissan and Toyota, however, could potentially face tariffs, according to analysts, who have reviewed the documents. (more…)