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Volkswagen's presentation at Geneva Motor Show was interrupted by a protester on Tuesday. The protester said VW's chief executive sent him to fix the car's engine, alluding to the carmakers emissions scandal last year. And to remind everyone that the automaker installed illegal software in its TDI diesel engines to meet USA standards during regulatory testing.The protester was identified, Simon Brodkin, dressed in VW-branded coveralls, walked onto stage holding a box emblazoned with the words “cheat box” on it. “Excuse me, I have the new cheat box,” he ...
Takata Corp., Japanese manufacturer seeks buyers for its Irvin Automotive Products unit. They want to assume the responsabilities of those 10 deaths and more than 100 injuries, and to shore up the company’s balance. They plan to sell their automotive interiors division to raise money for paying for the cost of recalling about 50 million vehicles due to exploding air bags. Takata is working with Japanese bank SMBC Nikko Securities Inc. and U.S. bank Moelis & Co. on the potential sale. It isn’t clear whether Takata is seeking strategic or financial buyers for the busin...
Oil prices will stay low for as long as 10 years as Chinese economic growth slows and the U.S. shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house."You have to believe that there is a possibility that you will not necessarily go back above $100, you know, ever," Ian Taylor, Chief Executive Officer of Vitol Group BV, told Bloomberg. His company is the world's largest independent oil trader. Instead of any significant increase or decrease, the exec believes crude could hit $45 to $50 a barrel in the latter half of 2016 and...
Elon Musk is convinced that some of the largest vehicles -- we're talking planes and ships -- will soon be electric. In an interview with Marketplace on Monday, the Tesla and SpaceX chief spoke of a future in which all manner of conveyances will shift away from traditional energy sources."Aircraft and ships, and all other modes of transport, will go fully electric -- not half electric, but fully electric," Musk said. Musk has been thinking electric for quite some time now, having devoted his time, energy and investments to Tesla Motors’ electric vehicles, such as the n...
The state of New Mexico on Wednesday sued Volkswagen and subsidiaries Porsche and Audi for using software in their diesel vehicles to cheat U.S. emissions tests, calling the companies "shameless" and vowing to exact costly revenge. Attorney General Hector Balderas filed the lawsuit in state district court late last Tuesday. "It’s not lawful to profiteer and breach the trust of New Mexico consumers, and Volkswagen, Audi and Porsche will be held accountable for their deceptions," Balderas said. "Volkswagen preyed upon hardworking New Mexicans who want to prote...
