Top News:
- Bank of America revs up auto loans business despite warning signs – Reuters: Bank of America is making a big push into auto lending just as regulators are sending warning signals, losses from auto loans are rising, and rivals are growing more cautious after years of strong returns.
- Google’s self-driving car team beefs up auto experience – Reuters: The operation now employs at least 170 workers, according to a Reuters review of their profiles on LinkedIn, the business-oriented social network.
- ‘Apple freak’ Marchionne keen on FCA building tech giant’s car – Automotive News: Fiat Chrysler Automobiles CEO Sergio Marchionne, who describes himself as an “Apple freak,” is keen to partner with the technology giant…
- Tesla’s Getting More Rivals as VW Scandal Clouds Diesel Outlook – Bloomberg: With the future of diesel in question in the wake of Volkswagen AG’s emissions-cheating scandal, electric vehicles that have long struggled to find…
- Fitch: Telematics Offer Insurers Refuge from Driverless Car Risk – Reuters: But self-driving vehicles from companies such as Google and Tesla could completely reshape the sector in the longer term. UK insurer Direct Line’s …
- Porsche Looks to Past for New 718 Boxster – Detroit Bureau: Porsche engineers and designers gave a nod to its past with the introduction of the newly updated 718 Boxster in Geneva. For details, go to TheDetroitBureau.com.
- BMW warns its Rolls-Royce staff of Brexit risk, report says – Automotive News: BMW Group has written to its UK-based Rolls-Royce employees to warn about the risks the company would face if the UK votes…
- Audi hybrids only a “bridging technology” before EVs, says CEO – Autocar: Audi hybrid models are seen as a stop-gap between full-petrol or -diesel engines and the introduction of full-electric Audis in the future, says Audi boss Rupert Stadler
- Datsun eyes increased exports from Russia – Just-auto: Russia’s severe economic crisis may be bad news for car companies selling there, but Datsun – Nissan’s value brand for emerging markets – sees an…
- Volkswagen shares fall after statement on emissions – Reuters: Volkswagen shares fell almost 2 percent in early trading on Thursday after the carmaker said its former chief executive did not pay particular attention when he was alerted to problems with U.S. diesel emissions tests in 2014.
- Volkswagen says it did not breach market disclosure rules – Automotive News: Volkswagen Group said its top management did not violate market disclosure rules and is taking legal action to fend off…
- Germany’s BMW warns its British Rolls-Royce staff of risk from EU exit – BBC – Reuters: Germany’s BMW has written to the British employees who make its luxury Rolls-Royce car to warn about the risks the firm would face if Britain votes to leave the European Union at the upcoming referendum, the BBC said on Thursday.
- UK car makers support staying in the EU – Autocar: Members of the Society of Motor Manufacturers and Traders say that staying in the European Union would be better for business
- Audi 2015 Operating Profit Drops 6.1% on Costs of Diesel Scandal – Bloomberg: Audi AG’s operating profit dropped 6.1 percent last year, hurt by the cost of fixing manipulated diesel cars and developing electric-vehicle technology.
- Kandi Technologies breaks ground on China EV plant – Just-auto: Kandi Technologies Group has held a groundbreaking ceremony at the Haikou production facility at Haikou Mei’An Hi-tech Zone in China.
- Audi to invest PS2.3bn in electric car and digital tech after record-breaking sales year – Autocar: Profits peak at £3.7bn during a record-breaking year in 2015 but sales growth is smallest of the German premium manufacturers at 3.6%
- Daimler execs visit LeEco to explore potential partnership on smart electric vehicles – Ibtimes: LeEco and Mercedes Benz’s parent company Daimler AG are exploring a potential partnership in the niche smart electric vehicle market.
- Volkswagen Defends Information Distribution on Diesel Scandal – Bloomberg: Volkswagen AG sought to defuse allegations that it was too slow to inform the public about the investigations into rigged diesel engines, saying it…
- Fiat 500 Abarth spied ahead of 2016 launch – Autocar: More power and tweaked styling for the hot version of Fiat’s 500; due for release this spring
- Uber, Ola launch rival motorbike-hailing services in India – Reuters: Uber Technologies Inc. [UBER.UL] and India’s Ola launched rival motorcycle-hailing services in the southern Indian city of Bengaluru on Thursday, as the competitors go head-to-head to target commuters tired of sitting in their cars in traffic.
- FCA Says Insurance Companies Treated Long-Term Customers Poorly – Bloomberg: Life insurance companies have in some cases treated long-term customers poorly, the Financial Conduct Authority said in the culmination of a review…
- In Porsche vs. Hedge Funds, Investors Get a Leg Up – WSJ: Hedge funds’ allegations that they were hurt by stock manipulation potentially got a boost, as a German judge called back two witnesses, the latest twist in an eight-year battle.
- BRIEF-Nissan says Feb China vehicle sales -13.0 pct y/y – Reuters: March 3 Nissan Motor Co Ltd says: * February China vehicle sales total 61,100, -13.0 pct y/y, versus +9.4 percent in Jan. * Jan-Feb China vehicle …
- Why the Internet of Things could transform the car – Autocar: In an increasingly populous world, the private car will need to smarten up if it’s to survive; Seat wants to lead the way