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Volkswagen AG Chairman Ferdinand Piech may have lost the battle to oust Chief Executive Martin Winterkorn, but the war isn’t over, reported The WSJ. Key members of VW’s supervisory board Friday proposed extending Mr. Winterkorn’s contract, one week after Mr. Piech expressed a lack of confidence in the CEO and threw his future into doubt. ... Read More »
Read More →Fiat Chrysler Automobiles NV shareholders on Thursday approved the automaker to buy back up to 10 percent of company shares over the next 18 months, reported The Detroit News. The approval does not entail any obligation for the automaker to actually buy the shares but is designed to provide additional flexibility, according to the company. ... Read More »
Read More →WASHINGTON, D.C. — On the same day Sen. Elizabeth Warren (D-Mass.) called on Congress to impose further reforms on the financial sector that go beyond the Dodd-Frank Act, the House of Representatives passed a bill that aims to bring greater transparency to the Dodd-Frank-created Consumer Financial Protection Bureau (CFPB). Speaking at the Levy Economics Institute’s ... Read More »
Read More →SAN FRANCISCO and NEW YORK — The country’s largest auto lender, Wells Fargo, tempered its auto lending activities during the first quarter of 2015, officials reported during a conference call this week. Also reporting quarterly earnings was J.P. Morgan Chase, which saw solid loan and lease growth in the automotive space. Auto originations at Wells ... Read More »
Read More →Nissan Motor Co said on Friday it would expand an investigative recall in certain U.S. regions to replace air bags made by Takata Corp, adding about 45,000 Sentras from the 2004-2006 model years that weren’t included previously, reported Reuters. Japan’s second-largest automaker has informed the U.S. National Highway Traffic Safety Administration about its plans to ... Read More »
Read More →Volkswagen has plunged into a full-blown leadership crisis after Chief Executive Martin Winterkorn let it be known on Saturday he will fight for his job even though the carmaker’s chairman has reportedly withdrawn confidence in the CEO, reported Reuters. Ferdinand Piech, who has spent almost 22 years at the helm of VW, nine as CEO, ... Read More »
Read More →Chief Executive Sergio Marchionne wants Fiat Chrysler Automobiles to play a key role in a consolidation of the global auto industry which he sees as inevitable to manage prohibitive capital costs, reported Reuters. Speaking on Thursday to shareholders in Amsterdam, away from Fiat’s historic roots in Turin and Chrysler’s in Detroit, Marchionne said: “We don’t ... Read More »
Read More →Eight out of 10 shoppers in key markets around the world now use the Internet to help them choose what vehicle to purchase, and the vast majority would carry that a step forward, according to a new study, completing the car buying process entirely online, reported The Detroit Bureau. Nearly half, in fact, wouldn’t even ... Read More »
Read More →Volkswagen entered into a partnership with Chrysler in 2008 to help the German maker fill its void in the minivan segment in the U.S. Now that partnership is giving VW a headache as it’s recalling nearly 21,000 of the minivans for the second time, reported The Detroit Bureau. VW is recalling them again to fix ... Read More »
Read More →PORTLAND, Ore. — A Clark County, Washington, man who worked for Daimler Trucks North America in Portland, Oregon, is suing the company for $2 million, claiming his supervisor repeatedly called him “bin Laden” and suggested he was a member of al-Qaida, reported The Detroit News. The Oregonian newspaper reports that the lawsuit by Hussein Fouad, ... Read More »
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