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The German police have arrested the head of powertrain development at Volkswagen's Porsche business, Joerg Kerner. The arrest was related to ongoing inquiries into emissions manipulation, a person familiar with the matter said. Police are holding him on remand. The police are holding him on remand because he is considered a flight risk. The arrest of Joerg Kerner was related to ongoing inquiries into emissions manipulation at Volkswagen, more than two years after the German carmaker admitted cheating on U.S. exhaust tests. Kerner was one of three current or former emplo...
The company which is about to set a record fine of $1 billion imposed by two U.S. regulators for its risk management business is none other than Wells Fargo & Co. Lask week the company got a proposal from U.S. Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), to resolve probes into auto insurance and mortgage lending abuses at the third-largest U.S. bank. Wells has acknowledged that it charged customers for excessive auto insurance, a burdensome expense that caused some to see their cars repossessed after defaulting on loans. Wells Fa...
BMW has just discovered that it has installed the wrong programming on its luxury 5 and 7-series models. Due to this issue, all the models with the unsuitable software would be recalled. The automaker did inform the relevant authorities immediately after the problem has been discovered.BMW issued the statement after a report in news suggested it had installed software that manipulated emissions of harmful gases such as nitrogen oxide, something its management has always denied. Competitor Volkswagen reached a multi-billion-dollar U.S. settlement after admitting installing so-called "defea...
Ford and Volkswagen have to face new problems, as a new coalition of environmental groups have launched a campaign to persuade automakers to live by their commitments for meeting emissions and fuel economy targets for the next decade. It accused the industry of colluding with the Trump administration to loosen the clean-car standards. The coalition initially plans to pressure Ford Motor Co. and Volkswagen Group of America to publicly support the fuel efficiency program, one of President Barack Obama's key initiatives for curbing greenhouse gases that contribute to climate change. It w...
Prosecutors in Munich have arrested a second Audi employee in connection with the automaker's diesel emissions scandal and increased the number of suspects in a related investigation. They have also searched personal premises, a spokeswoman said on Thursday. Audi offices were not part of the raid, she said.Audi admitted in November 2015, two months after parent Volkswagen Group's diesel emissions scandal broke, that its 3.0-liter V-6 diesel engines were fitted with an auxiliary control device deemed illegal in the United States. U.S. authorities are seeking to extradite a former Audi m...
