Post by Fletchsmile on Jul 25, 2017 21:18:07 GMT 7
Makes you wonder sometimes. Banks get a lot of bad press, but is big business in other industries really any different?
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German Carmakers Can't Catch a Break as Next Scandal Looms Large
- Carmakers told regulator of decades of engine technology talks
- VW’s Audi, Daimler’s Mercedes recall cars for emissions fix
Another week, another scare from the German car industry.
What began with Daimler AG’s massive recall of more than 3 million diesel cars to lower their emissions, ended on Friday with Audi also embarking on a voluntary recall of 850,000 vehicles. Adding to the spate of bad news was a report in Der Spiegel magazine that the biggest car manufacturers -- Daimler, BMW AG and Volkswagen AG as well as VW’s Audi and Porsche brands -- may have colluded for decades on technology. The companies declined to comment.
Shares of BMW, VW and Daimler tumbled on the report, which cited a document submitted by Volkswagen in July 2016 and referenced another from Daimler. The German cartel office said in a statement that it searched the car companies last year as part of a probe into a possible steel cartel. It didn’t elaborate on a possible follow-up probe on car technology, saying it can’t comment on ongoing investigations.
For almost two years now, the German car industry has sought to get out from underneath the cloud of the diesel scandal that erupted first at VW and has cost it billions in fines and has since threatened to engulf other carmakers, tainting the image of German engineering and hurting the industry that’s among the country’s biggest employers. The scandal comes as automakers wrestle with an unprecedented technology shift in the industry, with electronic cars made by Tesla Inc. or Toyota Motor Corp. finding more buyers and German manufacturers trying to catch up with the battery-powered vehicle trend.
contd....
www.bloomberg.com/news/articles/2017-07-21/audi-joins-daimler-in-diesel-recall-as-emissions-scrutiny-grows
=============================================
German Carmakers Can't Catch a Break as Next Scandal Looms Large
- Carmakers told regulator of decades of engine technology talks
- VW’s Audi, Daimler’s Mercedes recall cars for emissions fix
Another week, another scare from the German car industry.
What began with Daimler AG’s massive recall of more than 3 million diesel cars to lower their emissions, ended on Friday with Audi also embarking on a voluntary recall of 850,000 vehicles. Adding to the spate of bad news was a report in Der Spiegel magazine that the biggest car manufacturers -- Daimler, BMW AG and Volkswagen AG as well as VW’s Audi and Porsche brands -- may have colluded for decades on technology. The companies declined to comment.
Shares of BMW, VW and Daimler tumbled on the report, which cited a document submitted by Volkswagen in July 2016 and referenced another from Daimler. The German cartel office said in a statement that it searched the car companies last year as part of a probe into a possible steel cartel. It didn’t elaborate on a possible follow-up probe on car technology, saying it can’t comment on ongoing investigations.
For almost two years now, the German car industry has sought to get out from underneath the cloud of the diesel scandal that erupted first at VW and has cost it billions in fines and has since threatened to engulf other carmakers, tainting the image of German engineering and hurting the industry that’s among the country’s biggest employers. The scandal comes as automakers wrestle with an unprecedented technology shift in the industry, with electronic cars made by Tesla Inc. or Toyota Motor Corp. finding more buyers and German manufacturers trying to catch up with the battery-powered vehicle trend.
contd....
www.bloomberg.com/news/articles/2017-07-21/audi-joins-daimler-in-diesel-recall-as-emissions-scrutiny-grows
