Archive for the ‘Executives’ Category

Daimler, BMW Mobility Joint Venture Delayed

Companies pushing on, meeting with U.S. authorities.

by on Dec.10, 2018

Mobility enterprises, like Daimler's alliance with the Car2Go car-sharing service, are partnering more often, as Daimler is trying to do with BMW.

Delays in obtaining the necessary regulatory approvals have forced Daimler AG and BMW Group to push back their effort to establish a joint-venture mobility company.

The delay will force Daimler Financial Services to lower its earnings forecast for 2018. The division now expects EBIT to be significantly lower than in the previous year.

Business News!

The forecast for the Daimler Group’s EBIT in the 2018 financial year remains unaffected and unchanged. As previously announced, the transaction will not have any cash-flow impact on the industrial business, Daimler said in a statement, updating the plans for the joint venture. (more…)

VW Denies Chairman Poetsch Knew About Scandal Early

VW officials say it wasn't possible for him to know early.

by on Dec.10, 2018

VW Chairman Hans Dieter Poetisch denies having knowledge of the scope of the diesel cheating scandal

Volkswagen officials are denying reports that Chairman Hans Dieter Poetsch knew about the diesel emissions cheating allegations before they were revealed by U.S. authorities in September 2015.

German newspaper Bild am Sonntag reported that Poetsch found out about the carmaker’s violations of the rules in late June 2015. He was Volkswagen’s head of finance at that time. The company was led by Martin Winterkorn, who later resigned due to the scandal.

Global News!

The paper cites a confidential presentation from the VW legal department, which was made available to investigators handling alleged market manipulation. One of the investigations centered on VW is if executives acted quickly enough and if not, was it done to manipulate the company’s value. (more…)

McLaren Offering More Open Air Speed With New 720S Spider

New convertible offered with transparent retractable roof.

by on Dec.10, 2018

The new McLaren 720S Spider is the latest creation born from the company's $1.6 billion Track25 plan.

British supercar maker McLaren Automotive keeps rolling out new models, extending its comeback from the brink of death. The latest is the 720S Spider, which is part of its Super Series product line.

The comeback is part of the nearly $1.6 billion Track25 business plan that was the latest effort to revive the iconic sports car company, and the only one that seems to have taken. The new 720S Spider is available right now.

Product News!

“The new McLaren 720S Spider offers an unparalleled blend of extreme performance, crafted luxury, driver involvement and daily usability – all with the additional exhilaration of open-air driving whenever required,” said Mike Flewitt, chief executive officer, McLaren Automotive. (more…)

Carlos Ghosn Formally Indicted – Could Face 10-Year Sentence

Former Nissan chairman accused of concealing income.

by on Dec.10, 2018

Nissan Chairman Carlos Ghosn was still running the show when he appeared at a news conference at the Paris Motor Show in October.

Things went from bad to worse for the long-time head of the Renault-Nissan-Mitsubishi Alliance on Monday, prosecutors in Tokyo formally charging Carlos Ghosn with financial misconduct in a scandal that has rocked the global automotive industry.

Ghosn, along with Nissan board member Greg Kelly, were arrested on November 19th after their corporate jet touched down in the Japanese capital and immediately taken to the Tokyo Detention Centre where they have been held in solitary ever since. Ghosn, in particular, has not been accused of hiding about half of his $88 million income during a five year period beginning in 2010. He may face additional charges related to more recent years, according to Japanese media reports.

Breaking News!

If found guilty, the executive who was given credit for saving a nearly bankrupt Nissan in 1999 could face up to 10 years in prison, a 10 million yen, or $89,000, fine, or both. Nissan, however, could also face potential penalties as high as 700 million yen, or $6.2 million, for failing to catch the alleged scheme.

(more…)

FCA Adds Two New Executives to Company’s Top Ranks

Stewart, Golightly come from outside auto industry.

by on Dec.07, 2018

FCA CEO Mike Manley added two new executives from outside the automotive industry.

Many thought that CEO Mike Manley would be Sergio Marchionne’s successor, and his first big decisions have largely followed Marchionne’s most recent five-year plan. However, today is a new day and Manley is proving to be an executive willing to make his own decisions.

After nearly a decade of developing and renewing its leadership team internally, Fiat Chrysler Automobiles hired a pair of executives from outside the automotive industry to man key leadership posts.

Business News!

Manley named former Amazon Vice President Mark Stewart Fiat Chrysler’s North American COO, a job held at the beginning of this year by CEO Sergio Marchionne before his death in July and then by Manley. (more…)

Trump Administration Still Fighting to Roll Back Fuel Economy Rules

Critics say mistakes made in calculations nullify Trump-propsed gains.

by on Dec.07, 2018

The Trump administration is proposing revoking California's ability to make it's own emissions and fuel economy rules.

While the industry is focused now on issues such as trade, manufacturing capacity and employment, the fight over fuel economy and emissions hasn’t gone away and could roar back to life any time.

The Trump administration proposed rolling back the fuel-economy rules imposed in the waning days of Obama administration. It also has proposed eliminating California’s hold on the auto industry.

Beyond the Headlines!

California, powered by an overwhelming political victory by Democrats opposed to Trump in last month’s midterm elections and bolstered by new reports both from the Trump administration’s Environment Protection Agency and the United Nations Independent Panel on Climate Change, have vowed a long and expensive court fight to protect the Obama standards and its authority. (more…)

Ousted Nissan Chairman Ghosn Expected to Be Indicted Monday

Japanese reports anticipate charges for financial misconduct.

by on Dec.07, 2018

Former Nissan Chairman Carlos Ghosn is expected to be indicted next week by Japanese prosecutors.

After languishing in the Tokyo Detention Centre for nearly three weeks, facing regular grilling by Japanese prosecutors, ousted Nissan Chairman Carlos Ghosn is expected to be formally indicted on Monday, the Nikkei business daily is reporting.

Ghosn and Nissan board member Greg Kelly were arrested nearly three weeks ago as they flew into Japan, authorities responding to a report by the second-largest Japanese automaker that alleged the pair engaged in financial misconduct. Ghosn, in particular, allegedly failed to report millions of dollars in income while also misappropriating Nissan funds, among other things, to purchase homes in Rio de Janeiro and Beirut. He is Lebanese by heritage but grew up in Brazil.

Global News!

The Nov. 19 arrests, which marked the downfall of one of the industry’s most powerful executives, have stunned the automotive community. They have also generated a number of questions about why Ghosn was taken into custody and put in the position of possibly serving a decade in prison, rather than simply facing civil penalties. Some observers have suggested he may be an unwitting pawn in a battle for control between Nissan and the French automaker Renault which rescued the then-failing Japanese automaker in 1999. (more…)

Barra Completes Two-Day Tour, Sticks to GM’s Guns About Closings

Senators push CEO to change her mind — with no luck.

by on Dec.07, 2018

General Motors CEO Mary Barra said no changes would be made to the closures of five U.S. plants.

General Motors Chairman and CEO Mary Barra completed two days of tense discussions with politicians in areas affected by the company’s recently announced plans to close five plants and displace thousands of workers.

Barra’s message was that these decisions were not made lightly and that the company would find jobs for many of the displaced workers, but ultimately they were made due to shifts in the buying habits of Americans.

News Now!

“We had really productive discussions, and I think they have a better understanding of what we’re doing and why, and how we’re making sure that we’re supporting the displaced workers, especially at the plants that are impacted, ” she said after meeting with Michigan politicians, the Detroit News reported.  (more…)

FCA Set to Open New SUV Plant in Detroit

Move would come as GM prepares to idle three plants.

by on Dec.06, 2018

The converted engine plant will produce a three-row version of the Jeep Grand Cherokee.

Fiat Chrysler Automobiles plans to open a new assembly plant in Detroit to expand its capacity to produce hot-selling sport-utility vehicles, according to several reports.

The automaker has yet to confirm that it will completely retool an old engine plant on Detroit’s east side, but company officials have, in recent months, indicated that they are strained to the limits of capacity at their existing light truck plants.

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Breaking News!

The news comes at an awkward time for FCA’s largest domestic rival, General Motors. GM’s CEO Mary Barra on Thursday spent a second day in Washington trying to minimize criticism of the automaker’s plan to close three assembly plants building slow-selling passenger car models like the Chevrolet Cruze. That would leave what has long been known as the Motor City with only one working assembly plant within its borders, at least unless and until the new FCA truck plant were to come online.

(more…)

Supra Not Only Surprise from Toyota at NAIAS: New Lexus RC F

Toyota, Lexus showing off a need for speed.

by on Dec.06, 2018

Toyota EVP Bob Carter said Lexus will debut a new RC F "track car" next month at the Detroit Auto Show.

Lexus plans to show off one of the most powerful cars it has ever built during the North American International Auto Show in Detroit next month.

Bob Carter, executive vice president of sales for Toyota Motor North America, said in addition the Toyota Supra, the long-awaited heir to original Supra, Lexus will show the Lexus RC F, which he described as a limited edition “track car” that has been developed expressly for enthusiasts.

News You Can Trust!

“Aside from the LFA, this is the fastest, most powerful vehicle we’ve ever built,” Carter said. (more…)