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  1. Jim Hackett's tenure as Ford CEO will be coming to a close on October 1st as he will retire from the position. His replacement is Jim Farley, currently Ford's Chief Operating Officer, a role he took on at the beginning of this year. In a press release, Ford said the two will be working together over the next two months on the transition. Hackett will stay on as "special advisor" for some time after. “I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future. Our new product vision – led by the Mustang Mach-E, new F-150 and Bronc
  2. Jim Hackett's tenure as Ford CEO will be coming to a close on October 1st as he will retire from the position. His replacement is Jim Farley, currently Ford's Chief Operating Officer, a role he took on at the beginning of this year. In a press release, Ford said the two will be working together over the next two months on the transition. Hackett will stay on as "special advisor" for some time after. “I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future. Our new product vision – led by the Mustang Mach-E, new F-150 and Bronc
  3. The latest CEO at Nissan, Hiroto Saikawa, is out-of-office permanently as of September 16th after yet another financial scandal rocks the company. Saikawa is the second Nissan CEO to be tainted by financial misconduct allegations. Allegedly, Saikawa received improper payments with regards to the sale of Nissan stock. The payments were after the date of the sale of the stock was altered and netted Saikawa additional hundreds of thousands of dollars. Saikawa has not yet been charged with a crime. Saikawa originally said he would stay on until a replacement was found, but abruptly changed
  4. The latest CEO at Nissan, Hiroto Saikawa, is out-of-office permanently as of September 16th after yet another financial scandal rocks the company. Saikawa is the second Nissan CEO to be tainted by financial misconduct allegations. Allegedly, Saikawa received improper payments with regards to the sale of Nissan stock. The payments were after the date of the sale of the stock was altered and netted Saikawa additional hundreds of thousands of dollars. Saikawa has not yet been charged with a crime. Saikawa originally said he would stay on until a replacement was found, but abruptly changed
  5. Saying he wants to give a fresh start for the Nissan-Renault alliance, Nissan CEO Hiroto Saikawa has announced that he'll be stepping down as CEO in the coming months. In the meantime, Saikawa will be focusing on "reforming the poor governance" that weakened the Japanese automaker before leaving. Saikawa has been leading the charge of ousting former Nissan Chairman and CEO Carlos Ghosn, a bit surprising since Saikawa was a protege of Ghosn. As we reported a month ago in the rumorpile , the relationship between Saikawa and Ghosn has been strained due to the two clashing on various issues.
  6. Saying he wants to give a fresh start for the Nissan-Renault alliance, Nissan CEO Hiroto Saikawa has announced that he'll be stepping down as CEO in the coming months. In the meantime, Saikawa will be focusing on "reforming the poor governance" that weakened the Japanese automaker before leaving. Saikawa has been leading the charge of ousting former Nissan Chairman and CEO Carlos Ghosn, a bit surprising since Saikawa was a protege of Ghosn. As we reported a month ago in the rumorpile , the relationship between Saikawa and Ghosn has been strained due to the two clashing on various issues.
  7. Ask Peter Welch, the CEO of the National Automobile Dealers Association (NADA) what worries him the most, he'll admit that it is average consumers getting priced out of new cars. He admitted this yesterday at the Automotive News World Congress in Detroit. Welch said that the latest figures he has seen - through October of last year - reveal the average retail price of a new car climbing to a new high of $35,366. The average monthly payment is hovering at $538, and interest rates have climbed to an average of 5.76 percent (new) and 9 percent (used). Longer loan terms are becoming common, w
  8. Ask Peter Welch, the CEO of the National Automobile Dealers Association (NADA) what worries him the most, he'll admit that it is average consumers getting priced out of new cars. He admitted this yesterday at the Automotive News World Congress in Detroit. Welch said that the latest figures he has seen - through October of last year - reveal the average retail price of a new car climbing to a new high of $35,366. The average monthly payment is hovering at $538, and interest rates have climbed to an average of 5.76 percent (new) and 9 percent (used). Longer loan terms are becoming common, w
  9. It is no secret that Bentley is working on an electric vehicle. What has been unclear is when said vehicle is expected to launch. Recently, Automotive News Europe had a sit-down with Bentley CEO Adrian Hallmark where he revealed that electric cars are seen "as another growth opportunity in a five- to 10-year period." Why the long period? "The problem is, with the size of our vehicles and the frontal area we push through, current battery-power density limits the size of the car with a credible driving range. The Jaguar I-Pace is the perfect-size car for the battery technology, but it’s too
  10. It is no secret that Bentley is working on an electric vehicle. What has been unclear is when said vehicle is expected to launch. Recently, Automotive News Europe had a sit-down with Bentley CEO Adrian Hallmark where he revealed that electric cars are seen "as another growth opportunity in a five- to 10-year period." Why the long period? "The problem is, with the size of our vehicles and the frontal area we push through, current battery-power density limits the size of the car with a credible driving range. The Jaguar I-Pace is the perfect-size car for the battery technology, but it’s too
  11. The past couple of years has seen a lot of talk about consumers are turning away from cars towards trucks and utility vehicles. U.S. automakers have responded to this trend by announcing cuts to their car lineup - General Motors being the latest one. But other automakers are being more cautious. Jim Lentz, CEO of Toyota North America told a gathering at the Detroit Economic Club last week that car sales are reaching the point of bottoming out - just under 30 percent in November sales. Unlike the American brands, Lentz isn't giving up on cars as they represent more than 4 million compact,
  12. The past couple of years has seen a lot of talk about consumers are turning away from cars towards trucks and utility vehicles. U.S. automakers have responded to this trend by announcing cuts to their car lineup - General Motors being the latest one. But other automakers are being more cautious. Jim Lentz, CEO of Toyota North America told a gathering at the Detroit Economic Club last week that car sales are reaching the point of bottoming out - just under 30 percent in November sales. Unlike the American brands, Lentz isn't giving up on cars as they represent more than 4 million compact,
  13. Scott Keogh, Audi of America's president will soon have a new job come November 1st. He will become CEO of Volkswagen Group's North American operations, taking over Hinrich Woebcken who held the position since April 2016. This is a big deal since Keogh will be the first American to hold the top position for Volkswagen's North America branch in 25 years. Keogh has an impressive track record at Audi when he joined in 2006 as their chief marking officer. He would play a key role in boosting the awareness of the brand. In 2012, he was named president and would preside over one of the longest s
  14. Scott Keogh, Audi of America's president will soon have a new job come November 1st. He will become CEO of Volkswagen Group's North American operations, taking over Hinrich Woebcken who held the position since April 2016. This is a big deal since Keogh will be the first American to hold the top position for Volkswagen's North America branch in 25 years. Keogh has an impressive track record at Audi when he joined in 2006 as their chief marking officer. He would play a key role in boosting the awareness of the brand. In 2012, he was named president and would preside over one of the longest s
  15. Late Thursday afternoon saw a massive bombshell dropped; the SEC sued Elon Musk over securities fraud over his August tweet that he was considering taking Tesla private and having the "Funding secured." But a new report from CNBC said there was a possible settlement between the two where Musk would not have to admit guilt. However, Musk pulled the plug on the deal at the last minute. According to sources, this is what the proposed deal looked like, Tesla and Musk would had to pay a fine Musk would not have to admit guilt or deny culpability Barred Musk as being the cha
  16. Late Thursday afternoon saw a massive bombshell dropped; the SEC sued Elon Musk over securities fraud over his August tweet that he was considering taking Tesla private and having the "Funding secured." But a new report from CNBC said there was a possible settlement between the two where Musk would not have to admit guilt. However, Musk pulled the plug on the deal at the last minute. According to sources, this is what the proposed deal looked like, Tesla and Musk would had to pay a fine Musk would not have to admit guilt or deny culpability Barred Musk as being the cha
  17. Today, the supervisory board of the Volkswagen Group was planning to make a decision as to the future of Audi CEO Rupert Stadler. Since June, Stadler has been in jail over concerns of evidence tampering with the diesel emission scandal. But a decision could not be reached and the decision has been postponed. Sources tell Automotive News that representatives for Stadler and Volkswagen's board were unable to to negotiate a solution that would see Stadler step down as Audi CEO. No reason was given as to why an agreement could not be reached. Bram Schot, Audi sales executive has been act
  18. Today, the supervisory board of the Volkswagen Group was planning to make a decision as to the future of Audi CEO Rupert Stadler. Since June, Stadler has been in jail over concerns of evidence tampering with the diesel emission scandal. But a decision could not be reached and the decision has been postponed. Sources tell Automotive News that representatives for Stadler and Volkswagen's board were unable to to negotiate a solution that would see Stadler step down as Audi CEO. No reason was given as to why an agreement could not be reached. Bram Schot, Audi sales executive has been act
  19. Ferrari held their annual Capital Markets Day where the company provided details about their plans through 2022. CEO Louis Camilleri revealed a roadmap that is similar to what former CEO Sergio Marchionne presented previously. 15 new models are expected to launch by 2022 and that will include a new SUV called Purosangue. However, Camilleri has pushed back the launch from 2020 to 2022 to "get it perfect." There will also be a new mid-engine model that may serve as Ferrari's performance flagship as it is said to be quicker than the La Ferrari. Ferrari is also expanding its hybrid offer
  20. Ferrari held their annual Capital Markets Day where the company provided details about their plans through 2022. CEO Louis Camilleri revealed a roadmap that is similar to what former CEO Sergio Marchionne presented previously. 15 new models are expected to launch by 2022 and that will include a new SUV called Purosangue. However, Camilleri has pushed back the launch from 2020 to 2022 to "get it perfect." There will also be a new mid-engine model that may serve as Ferrari's performance flagship as it is said to be quicker than the La Ferrari. Ferrari is also expanding its hybrid offer
  21. Mike Manley has been chosen as the replacement for the seriously ill Sergio Marchionne as Fiat Chrysler Automobiles CEO today. A source tells Automotive News Europe that the decision was made during an emergency meeting of FCA's board of directors today. "With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours," FCA sai
  22. Mike Manley has been chosen as the replacement for the seriously ill Sergio Marchionne as Fiat Chrysler Automobiles CEO today. A source tells Automotive News Europe that the decision was made during an emergency meeting of FCA's board of directors today. "With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours," FCA sai
  23. Earlier this month, Audi CEO Rupert Stadler was taken into custody by German prosecutors over concerns about evidence tampering. He is expected to be in jail for another week as investigators will conduct interviews about the diesel emission scandal. Whether or not he is released on bail remains to be seen, but sources tell Automotive News Europe that Stadler will likely not return as Audi's CEO. "The expectation is that Stadler cannot return to his post. You have to be careful, because it's not so easy due to German labor laws, but he needs to concentrate on his legal defense right now a
  24. Earlier this month, Audi CEO Rupert Stadler was taken into custody by German prosecutors over concerns about evidence tampering. He is expected to be in jail for another week as investigators will conduct interviews about the diesel emission scandal. Whether or not he is released on bail remains to be seen, but sources tell Automotive News Europe that Stadler will likely not return as Audi's CEO. "The expectation is that Stadler cannot return to his post. You have to be careful, because it's not so easy due to German labor laws, but he needs to concentrate on his legal defense right now a
  25. Former Volkswagen CEO Martin Winterkorn has been indicted for his involvement in the diesel emission scandal. The indictment, which was filed under seal at the U.S. District Court in Detroit back in March, was unsealed yesterday. U.S. Attorney Matthew Schneider said in court filings the reason for unsealing is "because there is no longer a belief that unsealing these documents will compromise an ongoing investigation." Winterkorn has been charged with four felony counts, including wire fraud and violating the clean air act. In the indictment, it is alleged that Winterkorn was told about t

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