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As a punishment for pollution from Volkswagen's cars after the automaker cheated on diesel-emissions tests, a national remediation fund and a separate one for California is likely to be established. Volkswagen Group is now in talks with U.S. authorities on this matter.The national fund would be administered by the Environmental Protection Agency and used to promote clean transportation throughout the U.S. The other would be run by California to promote zero-emission vehicles in the state. Negotiations are continuing and many details are still being determined. Through a...
Tesla Motors Inc continues its battle with local dealers: on Wednesday the Virginia Automobile Dealers Association (VADA) filed a lawsuit against Tesla, to keep the electric car maker from opening a second dealership in the state. According to VADA Virginia state officials and Tesla would violate a 2013 agreement that Tesla could not consider owning and operating a second dealership in Virginia until at least August 2017. Tesla opened a dealership in Tysons Corner in the relatively affluent area of northern Virginia, in February 2015. According to VADA repres...
General Motors sent a letter in Indiana to ban Tesla Motors from selling direct to customers. Tesla has sold vehicles to customers through direct vehicle sales, and it says if the letter is signed into law it would revoke Tesla’s permission to sell vehicles from its existing storefront in Indianapolis.The state of Indiana is seriously considering locking Tesla out of the state — with a real possibility that Tesla will be prohibited from holding a dealer license in the state after 2017 ends."Despite having a lawfully granted license to sell Tesla vehicles directly since 2014 at...
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...
Takata Corp. handled their air bag crisis is the very reason why they lost one of their biggest investors, Sawakami Asset Management. He was one of the automotive supplier, 12th largest shareholder, but the firm lost faith in Takata after the management refused to explain what was happening during the crisis. “We could not help feeling the management is not trustworthy,” fund manager Takahiro Kusakari said in an interview from his office in Tokyo. “We felt Takata had a ‘we are needed and our products are needed, so the business will come back and the situation won&...
