PARIS – The Renault brand will shift its focus toward more-profitable compact segment vehicles rather than small cars, which now make up 70 percent of its sales, new CEO Luca de Meo said. De Meo, who took over as head of Renault Group on July 1 after running Volkswagen Group Spanish brand Seat, said the
MILAN — Ferrari has trimmed its sales forecasts for this year after reporting decreasing core earnings, although in line with expectations, in the second quarter due to the coronavirus pandemic. Ferrari said Monday that its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would come in between 1.075 billion euros and 1.125 billion euros
Tesla could be on track to complete its new plant near Berlin more quickly than its Shanghai facility, according to a local government minister. The U.S. electric car maker has said it wants to finish the factory in Gruenheide by the middle of 2021, and faster than the Chinese operation, which went up in less
FRANKFURT – Volkswagen Group is not done reshuffling its management, CEO Herbert Diess told a German newspaper in an interview. “We are 80 percent done with our personnel decisions. Some outstanding decisions have been prepared and we will implement them in a planned manner,” Diess said in the interview with Frankfurter Allgemeine Zeitung published on Friday.
Jaguar Land Rover will slash costs by more than already planned after the coronavirus pandemic battered results in the first quarter of its fiscal year. The automaker, which is owned by India’s Tata Motors, increased its savings target for the year to 2.5 billion pounds ($3.3 billion) after booking a 413 million-pound pre-tax loss for
Volkswagen Group on Thursday asked the Ninth Circuit U.S. Court of Appeals to reconsider a ruling that said two counties could seek potentially billions in financial penalties over excess diesel emissions. The 3-0 ruling in June said Utah’s Salt Lake County and Florida’s Hillsborough County could seek “staggering” damages over updates made to polluting diesel
PARIS/TOKYO — When the French part of the Renault-Nissan alliance reports its results on Thursday, investors expect confirmation of a harsh reality: automakers that already had weaknesses are having them mercilessly exposed by the pandemic. All the world’s automakers have been in crisis at one time or another in the past few years, but it
PSA Group CEO Carlos Tavares said the strength of recovery from the coronavirus pandemic will determine whether a planned combination with Fiat Chrysler Automobiles can move ahead under terms agreed to last year. “At this stage it is premature to discuss this matter as long as we don’t see the magnitude of the rebound both
Rolls-Royce has given its new Ghost sedan a minimalist design that taps into its customers’ new-found desire for a less flashy “post-opulent” look, the company said. The second-generation Ghost replaces a model that since its debut in 2009 has become the best-selling model in the ultraluxury brand’s 116-year history. The new Ghost, which will sit
TURIN – Former Seat design director Alejandro Mesonero-Romanos is set to join Renault, a source close to the matter told Automotive News Europe. Mesonero-Romanos, 52, will join the French automaker “to strengthen the design team,” the source said, adding that he will report to Renault Group design boss Laurens van den Acker. Mesonero-Romanos will reunite
FRANKFURT — Former Daimler CEO Dieter Zetsche is the best candidate to be the company’s next chairman despite opposition from some shareholders, the automaker’s current chairman, Manfred Bischoff, said. Zetsche was succeeded as CEO in May 2019 by the automaker’s research and development boss, Ola Kallenius. When the succession plans were announced, Zetsche was nominated
Volkswagen Group’s CEO again praised Tesla’s Elon Musk, this time for showing it’s possible to profit off electric cars even in the midst of a global pandemic. Tesla and VW group’s Porsche sports-car division will be among the few automakers who navigate the market turmoil caused by COVID-19 without suffering a quarterly loss, CEO Herbert
Sales at PSA Group’s sole China joint venture, Dongfeng Peugeot Citroen, remain stuck in a downward spiral despite a recovery underway in the broader market. The joint venture delivered just 5,380 Peugeot and Citroen vehicles in June, a decline of 47 percent year over year, according to Dongfeng, a state-owned Chinese automaker listed in Hong
FRANKFURT — Prosecutors searched Fiat Chrysler Automobiles sites in Germany and Italy as part of an international fraud investigation into potentially illegal emissions cheating defeat devices. Potentially illegal software has been detected in Multijet engines used in Alfa Romeo, Jeep and Fiat cars as well as in commercial diesel engines used in Iveco and Fiat commercial
PARIS — French supplier Valeo said Tuesday it swung to a 1.2 billion euro ($1.4 billion) loss in the first half of 2020, after production was hit by the coronavirus crisis, and that it had cut some 10 percent of staff among measures to reduce costs. The company recorded 622 million euros ($716 million) of
BERLIN — Continental suffered a nearly 40 percent year-on-year decline in group sales during the second quarter, causing the German supplier to burn cash and forcing it to refrain from providing an outlook for the year. Consolidated group sales declined by 39.8 percent to 6.62 billion euros ($7.6 billion), the company said Monday as it
STOCKHOLM — Sweden’s Autoliv, the world’s largest producer of airbags, said Friday it was seeing signs of recovery after running a deeper-than-expected quarterly loss as lockdowns due to the pandemic slammed car production and demand. The company, which moved quickly to slash spending and boost its cash position as auto production in Europe and North
Automakers and suppliers are looking into a potential problem that could affect passenger cars equipped with autonomous driving technology, industry experts told viewers during the latest Automotive News Europe Congress Conversations. “The question that worries us the most is how do the sensors and components work after they have been on the road for two
FRANKFURT — Tired of waiting for global regulators to act, the German government is preparing landmark legislation that could commercialize driverless vehicle technology by next summer. If passed, it could be the first comprehensive legal framework covering both homologation and road traffic requirements for robotaxis in which the computer controls the vehicle at all times.
DETROIT — A federal court magistrate Thursday granted a request by former Volkswagen executive Oliver Schmidt to carry out the remainder of his seven-year prison sentence for his role in the automaker’s massive diesel emissions fraud in his native Germany. Schmidt, 51, appeared via video conference before Magistrate Judge Elizabeth A. Stafford of the U.S.
The merged unit of Fiat Chrysler Automobiles and PSA Group will be known as Stellantis, the two automakers said Wednesday. The automakers said the name “will be used exclusively at the group level, as a corporate brand” and that the names and the logos of the group’s constituent brands will remain unchanged. The companies said
FRANKFURT — Volkswagen Group will shift leadership for software development to the company’s premium Audi division, Herbert Diess, chief executive of the multi-brand group, said on Tuesday. “The center of gravity for software development will move from Wolfsburg to Ingolstadt,” Diess said at a virtual conference hosted by PwC in Germany on Tuesday. Earlier this
ROME — Italy is preparing a 20 billion euro ($22.73 billion) stimulus package that will provide more funds to assist the automotive sector, local municipalities and workers who were temporarily laid off, a government source told Reuters. The extra spending will involve additional borrowing and drive Italy’s budget deficit to about 11.6 percent of national
BERLIN – Volkswagen is replacing its head of software development, a German business daily newspaper reported on Sunday, as the automaker wrestles with the transition to electric vehicles. Handelsblatt said Christian Senger, a former BMW manager who currently runs the recently founded Car.Software unit, would be replaced after clashes with the company and concern about
MADRID/ROME — To get around Madrid, Javier Wassmann used to wake up in the morning, grab his smartphone and start searching short-term rental apps to find a ride to work. Then came the coronavirus. “Now I don’t want to use a car without knowing how long ago someone else was in it, if that person
Europe’s car market is performing better than expected as the region emerges from lockdowns imposed to prevent the spread of the coronavirus, Kia Europe Chief Operating Officer Emilio Herrera said. June was the first full month in which car buyers were able to return to showrooms across Europe and the results gave automakers hope for
Bernhard Maier, CEO of Volkswagen Group’s Skoda brand, will leave his post after nearly five years at the end of July. Maier’s successor will be elected by the board in August, Skoda said in a release on Thursday. Skoda declined to say whether Maier, who is 60, will move to another post within VW Group.
FRANKFURT — Continental said the auto industry slump, triggered by the shutdown of car factories and showrooms in the wake of the corona pandemic, will be the worst seen by the sector since 1945. “The second quarter is just behind us. It will be the historically weakest quarter for the auto industry since 1945,” Continental
FRANKFURT — Volkswagen Group’s series of executive shakeups is reaching its heavy-truck division Traton, with the surprise departure of the unit’s chief raising questions about its future strategy. Andreas Renschler will leave VW’s management board effective July 15 and be replaced by Matthias Gruendler, the former chief financial officer of the Munich-based truck unit, according
FRANKFURT — Volkswagen said it has fulfilled its obligations under a civil settlement over its diesel emissions scandal reached three years ago with the U.S. Department of Justice. Larry Thompson, the former U.S. deputy attorney general appointed by the department to monitor VW, has concluded in his third and final report that the automaker has