WASHINGTON (Reuters) -Volkswagen AG agreed to a $3.5 million settlement with Ohio over claims the German automaker violated state laws by manipulating vehicle computer software in its vehicles to mask carbon dioxide emissions, the state attorney general said. In November, the U.S. Supreme Court rejected Volkswagen's bid to avoid lawsuits filed by officials in three states including Ohio. Volkswagen's U.S. subsidiary argued that under the Clean Air Act, the landmark U.S. environmental law, only the federal government can pursue emissions claims.
Volkswagen could end up owning a minority stake in its battery division, which could be listed in an initial public offering at some point, the carmaker's board member in charge of the business told a newspaper. Schmall oversees Volkswagen's plan to build six large battery cell plants across Europe by 2030, a key part of the carmaker's efforts to overtake Tesla as the world's top seller of electric vehicles.
Yahoo Finance Live’s Brian Sozzi discusses the top concerns and challenges for American automaker Ford moving forward.