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News Breaks
January 2, 2013
10:37 EDTPEUGY, VOLVY, VLKAY, FIATYEuropean vehicle sector to be challenged by China in 2013, FT says
The European auto sector faces headwinds in 2013, as China is poised to manufacture more cars than Europe for the first time, says the Financial Times. Reference Link
News For VLKAY;PEUGY;FIATY;VOLVY From The Last 14 Days
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September 30, 2015
06:46 EDTVLKAYVolkswagen might not face criminal charges for emissions scandal, WSJ says
Volkswagen might not face environmental crime charges for admitting using test-evading software in as many as 11M cars worldwide, the Wall Street Journal reports, citing legal experts. If the Department of Justice decides to pursue a criminal case, it would be the first ever against a car maker for evading emissions standards, the report says. Car companies won a carve-out from criminal penalties in the 1970 Clean Air Act, making prosecutors consider alternative legal approaches, the report says. Reference Link
September 29, 2015
13:45 EDTVLKAYPorsche to appoint Blume as CEO, WSJ says
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10:30 EDTVLKAYVolkswagen provides action plan for improvement of diesel vehicles
In a press release issued in German, Volkswagen presented its action plan to remedy the exhaust performance of diesel vehicles, according to a translation. The action plan foresees that Volkswagen and the other concerned Group brands present the technical solutions and measures in October to the appropriate authorities. An internal evaluation showed that a total of eleven million Group vehicles worldwide, including around five million vehicles Volkswagen brand passenger cars, will require a service intervention, the translation of the press release stated. Reference Link
06:13 EDTVLKAYVolkswagen to recall up to 11M cars linked to emissions scandal, Reuters says
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05:10 EDTVLKAYContinental AG upgraded to Conviction Buy from Buy at Goldman
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05:08 EDTVLKAYAutoliv upgraded to Neutral from Sell at Goldman
Goldman Sachs upgraded Autoliv to Neutral citing valuation as well as the company's relative low exposure to Volkswagen (VLKAY) and diesel. The firm keeps a $119 price target for shares.
05:06 EDTVLKAYPeugeot downgraded to Buy from Conviction Buy at Goldman
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September 28, 2015
18:56 EDTVLKAYPrevious Volkswagen tax breaks could be grounds for prosecution, Reuters says
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13:29 EDTVLKAYVolkswagen faces rise in interest costs amid scandal, WSJ says
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08:18 EDTVLKAYVolkswagen may have to raise capital, says Bernstein
Bernstein believes that Volkswagen will not have to pay a fine of more than $7.4B to the EPA. However, the firm adds that the automaker faces other potential liabilities, including fines by European countries and U.S. states, and lawsuits by consumers. Bernstein believes that Volkswagen will raise new capital if its costs exceed about EUR10B. It notes that the company can only raise about EUR8B by issuing new preferred shares, an would have to issue new ordinary shares in order to raise more than EUR8B. However, Bernstein continues to believe that the company has "significant strengths and attraction," as well as potential growth catalysts and cost reductions. It keeps an Outperform rating.
07:34 EDTVLKAYVolkswagen's Audi says 2.1M cars affected by emissions scandal, CNBC reports
Audi, Volkswagen's luxury brand, says 2.1M of its cars globally have been affected by the emissions scandal that has rocked its parent company, CNBC reports. The automaker says 1.42M cars in Europe were affected, while nearly 13,000 Audi cars in the U.S. and 577,000 in Germany were also impacted. Reference Link
06:57 EDTVOLVY, VLKAYNHTSA mulls Takata air bag recall expansion, Bloomberg reports
The National Highway Traffic Safety Administration, or NHTSA, is mulling an order that would expand that recalls of Takata (TKTDY) air bags and has contacted seven manufacturers who may be affected, including Volkswagen (VLKAY) and Tesla (TSLA), Bloomberg reports. Takata had identified seven companies that it has supplied with air bag inflators that use ammonium nitrate propellant, the report says, citing NHTSA letters dated September 22. The NHTSA also contacted Mercedes-Benz (DDAIF), Jaguar Land Rover (TTM), Suzuki (SZKMF), Volvo Trucks (VOLVY), and Spartan Motors (SPAR), the report says. Reference Link
06:46 EDTVLKAYEPA to road-test all diesel fuel vehicles, WSJ reports
U.S. regulators joined with governments in Europe and South America in increasing the crackdown of diesel emissions violators in the wake of the Volkswagen emissions scandal, the Wall Street Journal reports. The EPA said in a letter to auto manufacturers that it plans to road test vehicles instead of just rely on statements from the companies, the report says. Reference Link
06:44 EDTVLKAYVolkswagen diesel car sales could be banned by Switzerland, WSJ reports
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06:37 EDTVLKAYVolkswagen software was provided for testing, warned of illegality, WSJ says
Auto parts supplier Robert Bosch provided the emissions software to Volkswagen for test purposes and told the car maker in letter in 2007 that the planned use would be illegal, the Wall Street Journal reports, citing a report from German newspaper Bild am Sonntag. Internal auditors at the company discovered the letter, the report says. Reference Link
06:31 EDTVLKAYU.K. PM decries Volkswagen over emissions scandal, Bloomberg reports
U.K. prime minister David Cameron called out Volkswagen over its emissions reporting scandal and refused to rule out whether the U.K. will ban the sale of some of the company's diesel vehicles, Bloomberg reports. The country's Department of Transport is re-doing vehicle tests and looking into the regulatory failures which allowed the company to use "defeat" devices to conceal high emissions, the report says. Reference Link
06:17 EDTVLKAYGerman regulators request clean-up plan from Volkswagen, Bloomberg reports
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06:02 EDTVLKAYVolkswagen's new CEO promises 'thorough' investigation into scandal, WSJ says
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05:59 EDTVLKAYSuzuki sells Volkswagen shares to Porsche
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September 27, 2015
20:57 EDTVLKAYVolkswagen plans to elect Potsch as chairman
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