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by Sam Reeves Agence France-Presse FRANKFURT, Germany (AFP) — Luxury sports carmaker Porsche will debut on the Frankfurt stock exchange Thursday in one of Europe’s biggest listings in years, hoping its brand power can attract investors despite market turbulence. Even as stocks worldwide suffer from surging inflation and mounting recession fears, the maker of the 911 sports car is pushing ahead with the blockbuster flotation. The initial public offering (IPO) has generated buzz in Porsche’s […]
FRANKFURT, Germany (AFP) – German car giant Volkswagen said Monday it beat the European Union’s target for cutting carbon emissions on its new vehicles in 2021, having missed the mark last year. “Our group-wide electric offensive picked up significant speed last year with many attractive new models,” the head of sales for the multi-brand group Christian Dahlheim said. Average CO2 emissions for passengers cars sold in the EU were “around two percent below the legal […]
by Sophie MAKRIS Agence France-Presse BERLIN, Germany (AFP) – No German leader’s diary would be complete without a visit to the venerable IAA motor show, which welcomes Angela Merkel on Tuesday for the last time in her chancellorship. But the biennial celebration of all things auto-related is mired in controversy this year as Germany struggles to adapt its flagship industry to the electric and digital revolution. Merkel, who is quitting politics after an election on […]
BRUSSELS, Belgium (AFP) — The European Court of Justice ruled on Thursday that it had been illegal for car companies to install devices to defeat emissions tests and mislead motorists about diesel pollution levels. “A manufacturer cannot install a defeat device which systematically improves, during approval procedures, the performance of the vehicle emission control system and thus obtain approval of the vehicle,” the court said. The statement identified the manufacturer subject to the complaint as […]
BERLIN, Germany (AFP) — Daimler has approved settlements worth $2.2 billion over emissions cheating software in its diesel vehicles in the US, the German carmaker said Thursday. The company has “reached an agreement in principle with various US authorities to settle civil and environmental claims regarding emission control systems of approximately 250,000 diesel passenger cars and vans in the United States,” it said in a statement. The agreement includes $1.5 billion to be paid to US […]
by Tom BARFIELD Agence France-Presse FRANKFURT AM MAIN, Germany (AFP) — Germany on Wednesday said it aimed to become the world’s “number one” in green hydrogen technology, betting the fuel produced by renewable energy sources can both reduce carbon emissions and stimulate Europe’s top economy. “For reasons related to our competitiveness but above all to reach our ambitious climate goals”, ministers have agreed to pump nine billion euros ($10.2 billion) of government cash into the technology, Economy […]
BRUSSELS, Belgium (AFP) — Volkswagen’s use of a device that can distort the results of pollution emission tests is prohibited by European law, an EU legal adviser warned Thursday, dealing a legal setback to the German auto giant. The technology “does not appear to be necessary to protect the engine against damage or accident and to ensure safe operation of the vehicle,” said Advocate General Eleanor Sharpston of the EU’s Court of Justice. The court is […]
FRANKFURT AM MAIN, Germany (AFP) — Volkswagen on Monday said it will stop developing natural gas-fuelled cars as the German auto giant bets on electric engines in the battle to woo climate-conscious drivers. The VW group sold just 110,000 cars powered by compressed natural gas (CNG) worldwide last year, not enough to justify further investment, VW’s head of development Frank Welsch told the Handelsblatt financial daily. Although production of existing models powered by the alternative energy […]
TORONTO, Canada (AFP) – A court in Toronto on Wednesday ordered Volkswagen to pay a fine of Can$196.5 million (US$150 million) after the automaker pleaded guilty to violating environmental laws in the emissions cheating scandal. The court accepted an agreement that the German automaker reached with the Canadian government, which in December filed a 60-count indictment against the company. This fine is in addition to nearly Can$2.4 billion that Volkswagen had agreed to pay in […]
NEW DELHI, India (AFP) — India’s environmental court Thursday threatened Volkswagen executives with arrest and gave the German automaker a day to pay $14 million for violating pollution norms by fudging emission tests. The “Dieselgate” scandal, which saw VW cheat emissions tests on millions of diesel vehicles, has already cost the firm over $30 billion in fines, recalls and compensation worldwide. India’s National Green Tribunal ruled in November VW must deposit a fine of 1.7 […]
Frankfurt am Main, Germany (AFP) — German carmaker Volkswagen said Friday it would recall 410,000 cars from its own brand and Spanish subsidiary Seat over faulty seat belts, warning customers not to use the middle seat in the meantime. “There is the possibility that in rare situations… when the rear center seat and the rear left seat are occupied at the same time, the left seat belt lock could be unintentionally released” on some […]
by Michelle FITZPATRICK Agence France-Presse (AFP) — German car giant Volkswagen on Thursday reported a drop in profits but nonetheless said strong sales got the year off to “a good start”, as new CEO Herbert Diess pushes on with a post-dieselgate revamp of the behemoth. VW said it booked a net profit of 3.22 billion euros ($3.9 billion) between January and March, down nearly three percent on the same period a year earlier and slightly […]
