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News Breaks
April 8, 2014
08:47 EDTBAMXYBMW progresses with plans on new North America plant, Bloomberg says
BMW (BAMXY) is making progress on its goals for a second North American plant to adhere to the rising demand for its cars in the region, according to Bloomberg, citing comments in an interview with the company's production chief Harald Krueger. Krueger said, “We will decide this in the next months. On the North American continent, there’s still potential.” Reference Link
News For BAMXY From The Last 14 Days
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October 5, 2015
09:55 EDTBAMXYU.K. researchers says Ford, BMW diesels break emissions limit, Daily Mail says
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October 4, 2015
19:47 EDTBAMXYAutomakers ask for easier European emissions tests, NY Times says
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October 1, 2015
13:31 EDTBAMXYBMW Group reports September U.S. sales up 4.1% to 31,022 vehicles
September 30, 2015
19:27 EDTBAMXYEuropean carmakers use stripped-down vehicles for certification, WSJ says
European car certification tests rely on "golden vehicles," stripped down models with oftentimes sparse resemblance to their real-world counterparts, reports the Wall Street Journal. One anonymous auto executive disclosed that automakers in the region never use random vehicles drawn from assembly lines, remarking, "It's like preparing for a major race. We tune them and pamper them like stud horses." Companies in the space include Volkswagen (VLKAY), BMW (BAMXY), Daimler (DDAIF), Peugeot (PUGOY), and Fiat Chrysler (FCAU). Reference Link
09:09 EDTBAMXYChina enacts special license lottery for new energy vehicles, Xinhua reports
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September 24, 2015
14:57 EDTBAMXYAutobild says has no indication of BMW exhaust manipulation
German-language magazine Autobild clarified its earlier report on BMW and the company's X3 xDrive 20d sport utility vehicle, stating that it has "no indication of exhaust manipulation" by the company, according to both Bloomberg and CNBC.
09:22 EDTBAMXYFord exec says company does not use emissions 'defeat devices,' CNBC reports
Ford President of the Americas Joe Hinrichs said, while appearing on CNBC's Squawk Box, that Ford does not use "defeat devices and we clearly understand what it means from an integrity standpoint to make sure our vehicles perform on the road like they do in the lab." Hinrichs' comments come after Volkswagen (VLKAY) was accused by the EPA of installing a device in its diesel vehicles to mask their true emissions and after a German report said that a discrepancy with on-road emissions performance was found with an SUV made by BMW (BAMXY). Reference Link
07:41 EDTBAMXYBMW X3 said to exceed EU emission limit, Bloomberg reports
According to German-language magazine Autobild, BMW's (BAMXY) X3 xDrive 20d sport utility vehicle was found to emit as much as 11 times the European limit for emissions in a road test, reported Bloomberg. "There is no function to recognize emissions testing cycles at BMW. All emissions systems remain active outside the testing cycles," BMW said in a statement in response to the report. Shares of BMW trading in Germany fell over 9% following the report, while peers Daimler (DDAIF) and Volkswagen (VLKAY) declined as well, as investors fear that VW's emissions scandal in the U.S. may spread to Europe. Reference Link
September 23, 2015
14:14 EDTBAMXYVolkswagen shares jump as CEO Winterkorn departs
Shares of Volkswagen (VLKAY) trading in New York have jumped following the resignation of Chief Executive Officer Martin Winterkorn, with the company's supervisory board subsequently praising the decision and saying it will consider his replacement at a meeting Friday. Prior to the news, several analysts made their own arguments regarding the stock, appearing quite bearish but saying long-term value still remains for Volkswagen even as it grapples with what could be years of fallout from its recent emissions failure. ANALYST OPINION: Several research firms weighed in on Volkswagen's ongoing emissions scandal this morning prior to Winterkorn announcing his resignation as CEO. Credit Suisse analyst Dan Galves commented more broadly that the events surrounding the emissions violations "will likely impact all OEM's that sell vehicles in Europe," explaining that European air pollution tests are "very misleading" and feature notable loopholes. The Volkswagen scandal could accelerate stricter testing standards, resulting in higher compliance costs for automakers as well as weakened appeal for diesel engines, according to Galves. Autoparts suppliers with exposure to diesel vehicles like BorgWarner (BWA) and Delphi (DLPH) may see a "modest drag" if consumer sentiment shifts, though Magna (MGA) could benefit from increased compliance spending, added the analyst. Meanwhile, JPMorgan's Jose Asumendi downgraded Volkswagen to Neutral from Overweight. The analyst noted that the North American engine recall is not his primary worry, but rather the company's European exposure, especially given the potential for additional investigations and the lack of clarity on the company's total liability. Separately, Deutsche Bank analyst Tim Rokossa downgraded the stock to Hold and cut his price target to EUR130 from EUR260. Though the stock's recent slip may look like a buying opportunity, the complete impact of the scandal will likely take "much longer" to unfold, stressed Rokossa. Beyond "very painful" legal fees, the scandal's impact on Volkswagen operations is the more key concern as damage to the Volkswagen and Audi brands pressures pricing, argued Rokossa. Volkswagen was also downgraded to Neutral from Buy at Nataxis this morning. In addition to the downgrades, Fitch Ratings placed Volkswagen's ratings, including its 'A' Long-term Issuer Default Rating, on Rating Watch Negative, reflecting "the reputational damage" on the group's brands the emission test scandal and the expected multi-billion euros financial impact from potential fines, recall costs, lawsuits and legal claims. CEO EXIT: Martin Winterkorn stepped down as CEO of Volkswagen on Wednesday as the company's emissions scandal continued to unfold. The former Chief Executive stated, "I am stunned that misconduct on such a scale was possible in the Volkswagen Group. As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the supervisory board to agree on terminating my function as CEO... I am doing this in the interests of the company even though I am not aware of any wrong doing on my part...The process of clarification and transparency must continue. This is the only way to win back trust." Winterkorn's announcement was quickly followed by a statement from the supervisory board itself, saying its executive committee "recognizes not only the economic damage caused, but also the loss of trust among many customers worldwide." The executive committee explained that recommendations for new personnel will be presented at an upcoming board meeting this Friday, but cautioned that it is expecting "further personnel consequences in the next days" as its internal investigations continue "at a high tempo." Importantly, the board also stated that it will voluntarily submit a complaint to the State Prosecutors' office in Brunswick, remarking that "criminal proceedings may be relevant." Possible replacements for Winterkorn include Matthias Mueller, head of the Porsche brand who has the support of the family that controls a majority stake of VW, and Herbert Diess, who recently joined from BMW (BAMXY), said Bloomberg, citing a person familiar with the matter. PRICE ACTION: Shares of Volkswagen trading in New York have advanced 8.3% to $27.55 in afternoon trading following Winterkorn's departure, though the company's American Depository Receipts have crashed nearly 28% since the emissions failure became public. Fellow German automakers BMW and Daimler (DDAIF) have also suffered double digit percentage declines in their New York listed shares since news of the scandal.

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