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Found 6 results

  1. BMW has plans of launching 25 electrified models by 2025 - 12 of those being fully electric. But don't expect to start seeing mass production of those 12 models anytime soon. BMW CEO Harald Krueger told analysts in Munich that its current electric vehicle technology is not profitable enough to scale up to volume production. “We wanted to wait for the fifth generation to be much more cost competitive. We do not want to scale up with the fourth generation,” said Krueger. The difference in costs between the fourth and fifth-generation according to Krueger "was a “two digit number” in percent terms." BMW is currently developing a sixth-generation of electric technologies that encompasses research into battery cells, and will hopefully bring down the costs. Currently, BMW's only EV is the i3. The lineup will expand beginning next year with the MINI E. This will be followed by the iX3 crossover in 2020. A sedan based on the iVision Dynamics concept will also be joining the lineup, though when exactly is unclear at this time. Auto Express which first reported this news says it will come out in 2020. But when asked by Automotive News Europe, Krueger said, "we shall see." Source: Reuters, Auto Express, Automotive News Europe (Subscription Required)
  2. Volkswagen's decision to use illegal software on their diesel vehicles has been costing them dearly. Reuters reports that Volkswagen is setting aside an additional 2.5 billion Euros (about $2.95 billion) due to difficulties with fixing the affected diesel models, particularly with the hardware. "The reason is an increase in provisions relating to the buyback/retrofit program for 2.0l TDI vehicles, which is part of the settlements in North America that is proving to be far more technically complex and time consuming," the company said in a statement. This pushes the total bill to $30 billion. The news comes a day after German prosecutors arrested Wolfgang Hatz, former r&d head of Porsche and head of powertrain development for Audi and Volkswagen. Hatz is being questioned by prosecutors for his involvement in the diesel emission scandal. “Investors will understandably worry what else may be next,” said BNP Paribas analyst Stuart Pearson. This news brought the share price of Volkswagen down three percent. Source: Reuters
  3. Weeks before the Volkswagen diesel emission scandal came to light, several executives were reportedly warned about the possible costs during a meeting. German tabloid Bild am Sonntag reports that Oliver Schmidt, a Volkswagen executive that was arrested earlier this year in U.S., said the costs of diesel emission cheating could cost the company up to $18.5 billion during a presentation held on August 25, 2015. Those that attended the presentation included former Volkswagen CEO Martin Winterkorn, VW's development chief at the time Heinz-Jakob Neusser, and Volkswagen brand chief Herbert Diess. This information comes from U.S. investigation documents obtained by the paper. The issue at hand is that German law requires a company publish any news dealing with the stock in a timely fashion. Volkswagen notified investors about the cheating on September 18, almost a month after this reported meeting. A number of Volkswagen investors have filed suit against the company due to the losses from the diesel emission scandal. German prosecutors are also investigating Volkswagen into possible market manipulation. Source: Bild am Sonntag via Reuters
  4. BMW has plans of launching 25 electrified models by 2025 - 12 of those being fully electric. But don't expect to start seeing mass production of those 12 models anytime soon. BMW CEO Harald Krueger told analysts in Munich that its current electric vehicle technology is not profitable enough to scale up to volume production. “We wanted to wait for the fifth generation to be much more cost competitive. We do not want to scale up with the fourth generation,” said Krueger. The difference in costs between the fourth and fifth-generation according to Krueger "was a “two digit number” in percent terms." BMW is currently developing a sixth-generation of electric technologies that encompasses research into battery cells, and will hopefully bring down the costs. Currently, BMW's only EV is the i3. The lineup will expand beginning next year with the MINI E. This will be followed by the iX3 crossover in 2020. A sedan based on the iVision Dynamics concept will also be joining the lineup, though when exactly is unclear at this time. Auto Express which first reported this news says it will come out in 2020. But when asked by Automotive News Europe, Krueger said, "we shall see." Source: Reuters, Auto Express, Automotive News Europe (Subscription Required) View full article
  5. Volkswagen's decision to use illegal software on their diesel vehicles has been costing them dearly. Reuters reports that Volkswagen is setting aside an additional 2.5 billion Euros (about $2.95 billion) due to difficulties with fixing the affected diesel models, particularly with the hardware. "The reason is an increase in provisions relating to the buyback/retrofit program for 2.0l TDI vehicles, which is part of the settlements in North America that is proving to be far more technically complex and time consuming," the company said in a statement. This pushes the total bill to $30 billion. The news comes a day after German prosecutors arrested Wolfgang Hatz, former r&d head of Porsche and head of powertrain development for Audi and Volkswagen. Hatz is being questioned by prosecutors for his involvement in the diesel emission scandal. “Investors will understandably worry what else may be next,” said BNP Paribas analyst Stuart Pearson. This news brought the share price of Volkswagen down three percent. Source: Reuters View full article
  6. Weeks before the Volkswagen diesel emission scandal came to light, several executives were reportedly warned about the possible costs during a meeting. German tabloid Bild am Sonntag reports that Oliver Schmidt, a Volkswagen executive that was arrested earlier this year in U.S., said the costs of diesel emission cheating could cost the company up to $18.5 billion during a presentation held on August 25, 2015. Those that attended the presentation included former Volkswagen CEO Martin Winterkorn, VW's development chief at the time Heinz-Jakob Neusser, and Volkswagen brand chief Herbert Diess. This information comes from U.S. investigation documents obtained by the paper. The issue at hand is that German law requires a company publish any news dealing with the stock in a timely fashion. Volkswagen notified investors about the cheating on September 18, almost a month after this reported meeting. A number of Volkswagen investors have filed suit against the company due to the losses from the diesel emission scandal. German prosecutors are also investigating Volkswagen into possible market manipulation. Source: Bild am Sonntag via Reuters View full article
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