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The fallout continues from the diesel emissions scandal for the German car giant, which has also been leapfrogged by Tesla as the world's second most valuable carmaker.
Volkswagen in 'Dieselgate' settlement talks with 400,000 German ownersCarmaker has compensated VW owners in US and Australia over emissions-rigging scandal and faces class action in UK
Volkswagen to hit 1m electric cars milestone two years early. Carmaker says it expects to reach 1m by end of 2023 and 1.5m by end of 2025
Judge questioned the imputation that the top layers of the corporation would not have known about the emissions software. A $75m fine negotiated between Volkswagen and the consumer watchdog over the diesel emissions scandal could be increased by the federal court, after a judge reportedly rejected the deal as “outrageous.” The Australian Competition and Consumer Commission (ACCC) and the German car company presented the negotiated penalty along with a statement of agreed facts to the federal court in Sydney on Wednesday. It comes one month after Volkswagen settled a class action for between $87m and $127m with owners of some of the 100,000 cars that were affected by the emissions test cheating and subsequent global recall in Australia. Volkswagen has been fined more than €30bn ($49bn) worldwide since the scandal first came to light in 2015. This month, a class action with 470,000 owners of Volkswagen, Skoda, Audi and Seat began in Germany. The ACCC has been pursuing Volkswagen Aktiengesellschaft (VWAG) and its Australian subsidiary Volkswagen Group Australia through the courts since 2016 over “false or misleading conduct” involving the use of software which prompted diesel vehicles to produce lower-emissions fuels under test conditions. About 11 million cars worldwide were sold as producing significantly lower emissions than they did under normal driving conditions. Related proceedings against Audi AG and Audi Australia, subsidiaries of VWAG, were filed by the ACCC in 2017. Volkswagen made no admissions in the agreed facts with regard to environmental or health impacts caused by higher emissions, and no admissions regarding the knowledge of its board. It accepted the $75m penalty, which is three times higher than the record $26.5m penalty in an ACCC case levied against training college Empower Institute last month. But federal court justice Lindsay Foster rejected the statement, saying, according to a report in the Australian Financial Review: “I don’t accept the submission, it’s outrageous.” Foster questioned the imputation that the top layers of the corporation would not have known about the emissions software. The ACCC declined to comment on the hearing beyond confirming it had submitted a statement of agreed facts and proposed orders to the federal court. “The proposed orders include a penalty of $75m but it is ultimately for the court to decide the appropriateness of the penalty,” a spokeswoman said. The decision has been reserved.
Greg Migliore, editor-in-chief of Autoblog, believes it'd be a 'brilliant move' for Volkswagen to really look at buying Tesla and it will give it a 'critical edge'.
HyperChange founder and CEO, Galileo Russell explains to Yahoo Finance why he thinks Tesla is should not sell itself to another company.
Volkswagen said on Thursday it was not interested in taking a stake in Tesla, denying a media report that CEO Herbert Diess wanted to buy shares in the U.S. company to access its software and batteries technology. "The speculation about buying a stake in Tesla made by Manager Magazin is without merit," a Volkswagen spokesman said in a written statement to Reuters. Manager Magazin had said Diess meets with Tesla CEO Elon Musk on a regular basis because of the U.S. carmaker's expertise in software and battery cell design, and that Tesla had so far rebuffed Volkswagen's efforts at striking an alliance.
, NEW YORK (Reuters) - Ford Motor Co and Volkswagen AG said they will spend billions of dollars to jointly develop electric and self-driving vehicles, deepening a global alliance to slash development and manufacturing costs while positioning VW as the initial winner. Ford and VW executives said the latest collaborations could save hundreds of millions of dollars for each company. VW has agreed to plow $3.1 billion into Ford's Argo AI self-driving unit, but estimates it could realize up to $20 billion in revenue by sharing its MEB electric vehicle architecture with Ford in Europe.
Carmaker Volkswagen will inject $1 billion in capital and $1.6 billion worth of assets into Ford's self-driving unit, a source close to the matter said on Friday, as the two carmakers deepen a global alliance to share costs. VW and Ford said they were in "exploratory talks" about an alliance to develop self-driving and electric vehicles and to complement each other's global production and sales footprints. Volkswagen also plans to build a multi-brand production plant in Turkey, German trade magazine Automobilwoche said on Friday.