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Found 15 results

  1. In 2005, Volkswagen was in dire straights. The company was going through a painful restructure and was looking into various ways to get itself back into shape. One of those ways was a possible deal with Daimler on possibly using their diesel technologies. But Volkswagen canceled the talks later that year and worked on their own diesel engines, which led to the cheating software and the mess it finds itself today. Bloomberg has learned from sources about a top-secret plan known as 'Project Tabletop'. The plan, spearheaded by then VW CEO Bernd Pischetsrieder, involved Volkswagen and Daimler possibly collaborating on projects and a possible deal where Volkswagen would get access to Diamler's BlueTec technologies for cleaning up diesel emissions by using urea injection. However, the talks were called off before an important meeting in August 2005. Sources claim that Volkswagen balked at cost of adding BlueTec to their vehicles - about 1,000 euros per car. Plus, VW couldn't lower production costs to compensate for. Instead, Volkswagen would go on its own and continue working on their TDI engines. This got strong internal support from then chairman Ferdinand Piech. But it also brought a fair amount on controversy to Volkswagen's top management. Some believed that Volkswagen wouldn't be able to meet the stringent U.S. standards for diesel vehicles without the BlueTec technologies. Sure enough, in 2006, Volkswagen would begin developing the software cheat that would reduce emissions when it detected specific conditions to know it was being tested. It is unclear if there is a link between the deal falling through and development of the cheat. Source: Bloomberg View full article
  2. In 2005, Volkswagen was in dire straights. The company was going through a painful restructure and was looking into various ways to get itself back into shape. One of those ways was a possible deal with Daimler on possibly using their diesel technologies. But Volkswagen canceled the talks later that year and worked on their own diesel engines, which led to the cheating software and the mess it finds itself today. Bloomberg has learned from sources about a top-secret plan known as 'Project Tabletop'. The plan, spearheaded by then VW CEO Bernd Pischetsrieder, involved Volkswagen and Daimler possibly collaborating on projects and a possible deal where Volkswagen would get access to Diamler's BlueTec technologies for cleaning up diesel emissions by using urea injection. However, the talks were called off before an important meeting in August 2005. Sources claim that Volkswagen balked at cost of adding BlueTec to their vehicles - about 1,000 euros per car. Plus, VW couldn't lower production costs to compensate for. Instead, Volkswagen would go on its own and continue working on their TDI engines. This got strong internal support from then chairman Ferdinand Piech. But it also brought a fair amount on controversy to Volkswagen's top management. Some believed that Volkswagen wouldn't be able to meet the stringent U.S. standards for diesel vehicles without the BlueTec technologies. Sure enough, in 2006, Volkswagen would begin developing the software cheat that would reduce emissions when it detected specific conditions to know it was being tested. It is unclear if there is a link between the deal falling through and development of the cheat. Source: Bloomberg
  3. Porsche currently has between 1,300 to 1,500 new Cayenne diesels that are just sitting around on dealer lots because of the diesel emission scandal. But when a fix for the diesel engine is given the ok, you'll be able to get one with a hell of a discount. Speaking with Automotive News, Porsche Cars North America CEO Klaus Zellmer said that once the U.S. Federal Court gives the approval for the fix, they will fix the affected Cayennes for both owners and those on dealer lots. Once fixed, the ones sitting on dealer lots will not go onto the new car lot. Instead, you'll find them in the used car section. "Then they're going to be sold as used cars. They will be low-mileage, very attractive used cars, based on the age of the car. There's always a market for any car. You just have to get the price right," said Zellmer. It is unknown how much Porsche plans to discount the Cayenne Diesels that are sitting on dealer lots. We wouldn't be shocked if there is a price cut of $5,000 or more. Source: Automotive News (Subscription Required) View full article
  4. Porsche currently has between 1,300 to 1,500 new Cayenne diesels that are just sitting around on dealer lots because of the diesel emission scandal. But when a fix for the diesel engine is given the ok, you'll be able to get one with a hell of a discount. Speaking with Automotive News, Porsche Cars North America CEO Klaus Zellmer said that once the U.S. Federal Court gives the approval for the fix, they will fix the affected Cayennes for both owners and those on dealer lots. Once fixed, the ones sitting on dealer lots will not go onto the new car lot. Instead, you'll find them in the used car section. "Then they're going to be sold as used cars. They will be low-mileage, very attractive used cars, based on the age of the car. There's always a market for any car. You just have to get the price right," said Zellmer. It is unknown how much Porsche plans to discount the Cayenne Diesels that are sitting on dealer lots. We wouldn't be shocked if there is a price cut of $5,000 or more. Source: Automotive News (Subscription Required)
  5. It seemed like it would never happen. But today in a federal courtroom in Calfornia, Volkswagen and the U.S. Justice Department announced they have reached an agreement over the 570,000 2.0L diesel vehicles equipped with illegal software that cheated EPA emission tests. The preliminary "agreement in principle" states the Volkswagen will give owners the option of selling their affected TDI vehicles back to VW or have the vehicle modified to meet U.S. emission standards. Those who are leasing a TDI model can cancel their lease agreement. The agreement also includes two different compensation funds. The first will be for owners that will give them a substantial amount of compensation - the amount is currently unknown. The second will be for “appropriate remediation efforts” against the excess NOx emissions the affected Volkswagen diesel models emitted. Volkswagen will also be required to promote "green automotive technology." One other detail revealed in the hearing is that Volkswagen will be settling all of the class-action lawsuits against it in the coming weeks. "Volkswagen is committed to winning back the trust of its customers, its dealers, its regulators and all of America," said VW lawyer Robert Giuffra. The agreements are "an important step forward on the road to making things right," added Giuffra. The agreement must be finalized by June 21st. A court hearing will follow on July 26th discussing the full details. In the meantime, U.S. District Judge Charles Breyer has issued a gag order on the discussion of the agreement. As the for the Volkswagen, Audi, and Porsche models equipped with the 3.0L TDI V6, negotiations between Volkswagen and Justice Department are continuing. This agreement is the beginning for Volkswagen to begin closing this dark and devasting chapter. There are still fines that need to levy against the German automaker, along with various investigations that need to be finished up. But it seems the madness is starting to come to an end. Source: Automotive News (Subscription Required) Bloomberg, Reuters, Volkswagen Press Release is on Page 2 Page 1 of 2 1 2 → Last » Click here to view the article
  6. It seemed like it would never happen. But today in a federal courtroom in Calfornia, Volkswagen and the U.S. Justice Department announced they have reached an agreement over the 570,000 2.0L diesel vehicles equipped with illegal software that cheated EPA emission tests. The preliminary "agreement in principle" states the Volkswagen will give owners the option of selling their affected TDI vehicles back to VW or have the vehicle modified to meet U.S. emission standards. Those who are leasing a TDI model can cancel their lease agreement. The agreement also includes two different compensation funds. The first will be for owners that will give them a substantial amount of compensation - the amount is currently unknown. The second will be for “appropriate remediation efforts” against the excess NOx emissions the affected Volkswagen diesel models emitted. Volkswagen will also be required to promote "green automotive technology." One other detail revealed in the hearing is that Volkswagen will be settling all of the class-action lawsuits against it in the coming weeks. "Volkswagen is committed to winning back the trust of its customers, its dealers, its regulators and all of America," said VW lawyer Robert Giuffra. The agreements are "an important step forward on the road to making things right," added Giuffra. The agreement must be finalized by June 21st. A court hearing will follow on July 26th discussing the full details. In the meantime, U.S. District Judge Charles Breyer has issued a gag order on the discussion of the agreement. As the for the Volkswagen, Audi, and Porsche models equipped with the 3.0L TDI V6, negotiations between Volkswagen and Justice Department are continuing. This agreement is the beginning for Volkswagen to begin closing this dark and devasting chapter. There are still fines that need to levy against the German automaker, along with various investigations that need to be finished up. But it seems the madness is starting to come to an end. Source: Automotive News (Subscription Required) Bloomberg, Reuters, Volkswagen Press Release is on Page 2 Volkswagen has reached an agreement in principle with the US authorities In connection with the diesel issue, Volkswagen AG confirms that an agreement in principle with the Department of Justice (Environmental Division), the Environment Protection Agency (EPA), and the California Air Resources Board (CARB), with the full involvement of the Federal Trade Commission (FTC), has been reached in the United States. This agreement in principle will be incorporated into binding consent decrees by the Department of Justice and the FTC in the coming weeks. Furthermore, Volkswagen has reached an agreement on the basic features of a settlement with the class action plaintiffs in the lawsuit in San Francisco. This agreement will be incorporated into a comprehensive settlement in the coming weeks. The judge presiding over today's court hearing in San Francisco, Charles R. Breyer, expressly welcomed this development. The arrangements in the making in the United States will have no legal bearing on proceedings outside of the United States. Ongoing investigations by the Department of Justice, Criminal Division, and the State Attorneys General are not prejudiced by these agreements in principle.
  7. Finally, some good news in terms of the Volkswagen diesel scandal. According to German newspaper Die Welt, Volkswagen has reached a deal with U.S. authorities over its cheating of EPA emission tests. Not much is known about the deal, but sources tell Die Welt that key part of the deal will see Volkswagen paying owners in the U.S. $5,000 in compensation. This deal will be presented tomorrow to U.S. District Judge Charles Breyer at a hearing. We'll likely learn more about the agreement and what else it entails. UPDATE: Reuters has learned from their sources that Volkswagen has agreed to buy back up to 500,000 2.0L diesel vehicles in the U.S. Volkswagen may also offer to repair the affected vehicles down the road if given the go-ahead by regulators. Stay tuned. Source: Die Welt, Reuters, (2) Click here to view the article
  8. Finally, some good news in terms of the Volkswagen diesel scandal. According to German newspaper Die Welt, Volkswagen has reached a deal with U.S. authorities over its cheating of EPA emission tests. Not much is known about the deal, but sources tell Die Welt that key part of the deal will see Volkswagen paying owners in the U.S. $5,000 in compensation. This deal will be presented tomorrow to U.S. District Judge Charles Breyer at a hearing. We'll likely learn more about the agreement and what else it entails. UPDATE: Reuters has learned from their sources that Volkswagen has agreed to buy back up to 500,000 2.0L diesel vehicles in the U.S. Volkswagen may also offer to repair the affected vehicles down the road if given the go-ahead by regulators. Stay tuned. Source: Die Welt, Reuters, (2)
  9. We're getting close to entering the seventh month of not having a fix for Volkswagen's cheating TDI engines in the U.S. A couple weeks back, a Federal judge in California gave Volkswagen a deadline of March 24th to provide a definitive status of a fix. But Volkswagen might not have the answer the judge or affected owners want. In an interview with German newspaper Wolfsburger Allgemeine Zeitung, Volkswagen brand boss Herbert Deiss said it could take months before Volkswagen and U.S. authorities come to an agreement. "I think that we have a good chance to reach an agreement with the authorities in the US in the coming months," said Deiss. There are a couple possible reasons for Deiss' response. First is that Volkswagen still doesn't have another solution ready. As we reported back in January, Volkswagen's first proposal was rejected by CARB due to it being "incomplete, substantially deficient and fall far short of meeting the legal requirements to return these vehicles” to compliance. Volkswagen has been hard at work on a new proposal since then. There has been talk this new proposal will include a buyback program. The second reason comes down to money. Volkswagen knows that it will be facing large fines from various regulators, along with the massive costs in terms of fixing vehicles and dealing with lawsuits. Source: Wolfsburger Allgemeine Zeitung, Reuters
  10. End of the Line for the Dodge Viper in 2017?

    The Dodge Viper's future is uncertain after 2017. Allpar got their hands on the proposed UAW contract for FCA and looked at the production changes. According to the contact, the current Viper will end production in 2017 and leave the Conner Avenue assembly plant in Detroit without a vehicle to take its place. The current Viper has been languishing since its introduction in 2013 due to a combination of a high pricetag and competitors stepping up. Through September, Dodge only moved 503 Vipers, a decrease of 7.9 percent when compared to the year before. Source: Allpar
  11. The United Auto Workers has announced today in a statement that 65 percent of members at Fiat Chrysler Automobiles has rejected the proposed contract that was reached by the two parties last month. “As I said at the press conference: ‘What I love about our organization most of all is that no matter what we do, what action we take, the ultimate decision and the power of the union is our members and they make the final decision,’” said UAW President Dennis Williams. “That is the design of our constitution and who we are ... We don’t consider this a setback; we consider the membership vote a part of the process we respect.” The UAW will be meeting with national bargaining committee and FCA council to discuss the issues that caused the rejection and figure out the next move. There are three options on the table that the UAW can choose from: go back to the negotiation table with FCA, move on to Ford and GM, or issue a strike. FCA said in a statement it was disappointed in the result in the vote. Source: Automotive News (Subscription Required), The Detroit News, United Auto Workers, Fiat Chrysler Automobiles Press Release is on Page 2 Page 1 of 2 1 2 → Last » Click here to view the article
  12. UAW-FCA Workers Reject The Proposed Contract

    The United Auto Workers has announced today in a statement that 65 percent of members at Fiat Chrysler Automobiles has rejected the proposed contract that was reached by the two parties last month. “As I said at the press conference: ‘What I love about our organization most of all is that no matter what we do, what action we take, the ultimate decision and the power of the union is our members and they make the final decision,’” said UAW President Dennis Williams. “That is the design of our constitution and who we are ... We don’t consider this a setback; we consider the membership vote a part of the process we respect.” The UAW will be meeting with national bargaining committee and FCA council to discuss the issues that caused the rejection and figure out the next move. There are three options on the table that the UAW can choose from: go back to the negotiation table with FCA, move on to Ford and GM, or issue a strike. FCA said in a statement it was disappointed in the result in the vote. Source: Automotive News (Subscription Required), The Detroit News, United Auto Workers, Fiat Chrysler Automobiles Press Release is on Page 2 “As I said at the press conference: “What I love about our organization most of all is that no matter what we do, what action we take, the ultimate decision and the power of the union is our members and they make the final decision.” That is the design of our constitution and who we are. We will gather the issues together; notify FCA that further discussions are needed. We don’t consider this a setback; we consider the membership vote a part of the process we respect. We will be meeting with the UAW-FCA National bargaining committee and council to discuss the issues.” Statement Regarding UAW Ratification Vote FCA US is disappointed that UAW members voted not to ratify the tentative agreement. The bargaining teams on both sides worked hard, for many days and nights, to craft a transformational agreement that would adequately reward the commitment of our workforce while ensuring the Company’s continued success and competitiveness. Striking the right balance in these two objectives has been the most difficult thing to accomplish in these negotiations, but after many hours of dialogue and debate between the UAW and FCA US leadership, the Company felt that a just and equitable compromise had been reached. The memories of our near-death experience in 2009 are vivid to this day in the minds of most of us at FCA. A large number of new employees have been brought into the Group since then who, thankfully, did not have to endure the pain and sacrifices that were required of the workforce then. But it is that knowledge and those memories that continuously reinforce the FCA leadership’s resolve to never let those events repeat. While significant progress has been made since the events of less than seven years ago, much more work remains to be done and challenges remain while new, significant ones surface. The cyclical nature of the automotive business demands that while we must recognize the need for rewarding employees during times of prosperity, we must also protect against the inevitable market downturn. This agreement accomplished both of these objectives. The tentative agreement was designed to yield a strong and competitive FCA US, thus providing stability for our workforce and opportunity for future growth and investment in an increasingly complex global marketplace. The Company will make decisions, as always, based on achieving our industrial objectives, and looks forward to continuing a dialogue with the UAW.
  13. Both the U.S. Justice Department and the U.S. House Energy and Commerce Committee announced this week they would start investigations into General Motors' ignition switch recall. The recall which affects 1.62 million vehicles worldwide has been linked to 31 crashes and 13 deaths. The Detroit News reports that the U.S. Attorney’s Office in New York is heading up the Justice Department's investigation. This is the office that has been investigating Toyota's unattended acceleration recall since 2010 to determine whether or not the company misled Government officials over claims of sudden acceleration. According to two people familiar with the matter, the office's office’s criminal division deputy chief has reached out to lawyers to gather information for a possible subpoena to GM. This is a possible sign to a preliminary investigation. When asked for comment, the U.S. Attorney’s Office and GM declined. The other investigation is coming from the U.S. House Energy and Commerce Committee who is looking into why General Motors failed to act quickly on this problem. “Significant questions need to be answered. Did the company or regulators miss something that could have flagged these problems sooner? If the answer is yes, we must learn how and why this happened, and then determine whether this system of reporting and analyzing complaints that Congress created to save lives is being implemented and working as the law intended,” said U.S. Representative Fred Upton, R-Michigan, chairman of the Committee. The committee is also looking into why National Highway Traffic Safety Administration (NHTSA) ignored complaints over GM vehicles turning off via the faulty ignition switch. Source: The Detroit News, Detroit Free Press William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  14. The first day of 2014 brings some good news to Fiat. The company announced that it and the UAW's VEBA Trust have reached a deal to purchase the remaining 41.46 percent stake of Chrysler. The terms of deal will see Fiat paying the VEBA trust a total of $4.35 billion. $3.65 billion of that will go towards the remaining stake. Also, Fiat will pay the trust $700 million annually over the course of the next four years. “In the life of every major organization and its people, there are defining moments that go down in the history books. For Fiat and Chrysler, the agreement just reached with the VEBA is clearly one of those moments,” said Fiat-Chrysler CEO Sergio Marchionne. Fiat says the deal is expected to happen on January 20th. Source: Chrysler Press Release is on Page 2 Page 1 of 2 1 2 → Last » Click here to view the article
  15. The first day of 2014 brings some good news to Fiat. The company announced that it and the UAW's VEBA Trust have reached a deal to purchase the remaining 41.46 percent stake of Chrysler. The terms of deal will see Fiat paying the VEBA trust a total of $4.35 billion. $3.65 billion of that will go towards the remaining stake. Also, Fiat will pay the trust $700 million annually over the course of the next four years. “In the life of every major organization and its people, there are defining moments that go down in the history books. For Fiat and Chrysler, the agreement just reached with the VEBA is clearly one of those moments,” said Fiat-Chrysler CEO Sergio Marchionne. Fiat says the deal is expected to happen on January 20th. Source: Chrysler Press Release is on Page 2 Chrysler Group Announces Agreement With UAW Calling for Contributions to VEBA Trust and Also Announces a Special Distribution January 1, 2014 , Auburn Hills, Mich. - Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) have agreed to a memorandum of understanding to supplement Chrysler Group’s existing collective bargaining agreement. Under the MoU, Chrysler Group will provide additional contributions to the VEBA Trust of an aggregate of $700 million in four equal annual installments. The initial payment will be made on closing of a transaction in which the VEBA Trust will sell to Fiat North America, one of Fiat’s wholly owned subsidiaries, all of the VEBA Trust’s equity interest in Chrysler. Additional payments of $175 million will be payable on each of the next three anniversaries of the initial payment. Chrysler Group expects to fund the initial contribution to the VEBA Trust from available cash on hand. In consideration for these contributions, the UAW will agree to certain commitments to continue to support the industrial operations at Chrysler Group and the further implementation of the Fiat-Chrysler alliance, including to use best efforts to cooperate in the continued roll-out of Fiat-Chrysler World Class Manufacturing programs, actively participate in benchmarking efforts associated with implementation of these programs across all of Fiat-Chrysler manufacturing sites to ensure objective performance assessments and provide for proper application of WCM principles and actively assist in the achievement of the Group’s long-term business plan. The Chrysler Group Board of Directors has also determined to support the declaration and payment by Chrysler Group of a special distribution in an aggregate amount of approximately $1,900 million,1 subject to the Board completing its diligence and receiving independent assurance regarding the distribution payment capacity of Chrysler Group, a process that management expects will be completed on or before January 20, 2014

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