Ford, VW to announce new partnership to invest billions in autonomous and electric vehicles

Jim Hackett (r), CEO of Ford, and Herbert Diess, CEO of VW, at the Detroit auto show last January. Ford and Volkswagen plan to announce Friday new joint ventures on autonomous and electric vehicles, two technologies considered critical to the future of the auto industry. Ford and VW have been discussing ways to team up on a variety of business operations for more than a year. The collaboration on autonomous and electric vehicles has taken longer than many observers had expected, some anticipatin


Jim Hackett (r), CEO of Ford, and Herbert Diess, CEO of VW, at the Detroit auto show last January. Ford and Volkswagen plan to announce Friday new joint ventures on autonomous and electric vehicles, two technologies considered critical to the future of the auto industry. Ford and VW have been discussing ways to team up on a variety of business operations for more than a year. The collaboration on autonomous and electric vehicles has taken longer than many observers had expected, some anticipatin
Ford, VW to announce new partnership to invest billions in autonomous and electric vehicles Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: paul a eisenstein
Keywords: news, cnbc, companies, billions, executives, partnership, ford, vehicles, ceo, companies, electric, vehicle, joint, autonomous, vw, volkswagen, announce, invest


Ford, VW to announce new partnership to invest billions in autonomous and electric vehicles

Jim Hackett (r), CEO of Ford, and Herbert Diess, CEO of VW, at the Detroit auto show last January.

Ford and Volkswagen plan to announce Friday new joint ventures on autonomous and electric vehicles, two technologies considered critical to the future of the auto industry.

The deal calls for “billions of dollars” in investments and will allow the companies to share both intellectual property and hardware, according to company executives with first-hand knowledge of the negotiations.

The companies have scheduled a joint press conference at 8 a.m. ET in New York Friday, saying they will “provide an update on their global alliance” and “share details of new collaborations also aimed at better serving their customers while improving each company’s competitiveness and capital efficiency.”

The companies declined to provide further details on their announcement.

But the executives, who asked not to be identified because the deal wasn’t yet public, say Volkswagen will provide Ford with access to the underlying platform that will anchor dozens of electric vehicles the German automaker plans to bring to market by mid-decade.

VW also will become an investor in Argo AI, a Pittsburgh-based research firm specializing in autonomous vehicle development, the executives said. Ford became a lead investor in Argo in 2017 with an initial investment of $1 billion.

Ford and VW have been discussing ways to team up on a variety of business operations for more than a year. In January, they announced their first tie-up, a joint venture focused on commercial vehicles, such as the Ford Transit van.

At the time, officials from both companies confirmed they were looking at other opportunities.

“In such [a competitive] environment, it just makes sense to share investments, pool innovation capabilities and create scale effects that are clearly defined,” Volkswagen CEO Herbert Diess said at the time.

Scale will be one of the benefits the two manufacturers hope to leverage with the joint ventures, both of which are being presented to the Ford and VW boards for final sign-off Thursday, the executives said. Together, the automakers produced about 18 million vehicles in 2018, or roughly 20% of the global new vehicle market.

As part of the new joint venture, Volkswagen will also invest in Argo, which operates as an independent company. One of the executives said VW’s investment in Argo will “be in the billions,” reflecting the significant increase in value of the tech firm since Ford took its stake more than two years ago.

The collaboration on autonomous and electric vehicles has taken longer than many observers had expected, some anticipating the expansion of the alliance would come by early to mid-Spring.

There proved to be a number of potential roadblocks. Among other things, Ford President Jim Farley told CNBC earlier this year that the timing of the separate electric vehicle programs run by the two manufacturers didn’t initially sync up.

The race to come up with self-driving vehicles has been joined by dozens of global automakers, as well as tech companies like Waymo and China’s Pony.ai. A study released by AlixPartners last month estimated the industry’s annual spending on autonomous driving and electric vehicles will reach a combined $85 billion and $225 billion, respectively, by 2025.

That is something that will strain corporate budgets, drive down profits and lead to even more joint ventures like the one Ford and VW are announcing, said Mark Wakefield, the head of the consulting firm’s auto practice.

It could also lead to “consolidation happening in the next couple of years,” James Peng, the co-founder and CEO of Pony.ai said on an interview on CNBC that aired Wednesday.

Volkswagen has committed 9 billion euros, or more than $10 billion, on its “electrification” program so far. That includes hybrids, plug-ins and pure battery-electric vehicles, or BEVs, with for nearly 50 different hybrid and electric vehicles by 2025 through its various brands, including its flagship VW, as well as Porsche, Audi and Bentley.

In March, CEO Diess increased the German automaker’s estimate of BEV sales over the next decade from 15 million to 22 million euros, declaring, “The supertanker is picking up speed.”

The joint venture, as it currently stands, calls for VW to provide Ford with access to its MEB platform which serves as a base for the ID.3, the first long-range all-electric Volkswagen model, as well as a range of other products to be sold by brands such as Audi. The deal isn’t expected to give Ford access to a more advanced electric vehicle platform that will be used for VW’s high-line models such as the Audi e-tron GT set to go on sale in a couple years.

Argo AI will set up its first office in Europe to work closely with VW, said one of the executives. The company’s currently testing modified Ford products in 5 U.S. cities and will add similar programs in Europe.

Ford, which has committed $11 billion to battery-car development will share some of its own know-how, but not all of it. The U.S. automaker is developing its own long-range BEV platform which will make its debut later this year in a high-performance, “Mustang-influenced” SUV. And VW will not participate in the new joint venture pairing Ford with Rivian, a battery-electric vehicle start-up based in the Detroit suburbs.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: paul a eisenstein
Keywords: news, cnbc, companies, billions, executives, partnership, ford, vehicles, ceo, companies, electric, vehicle, joint, autonomous, vw, volkswagen, announce, invest


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Tesla faces twin assault as Mercedes, VW start taking orders for first long-range EVs

It’s been a tough month for Tesla, and the challenges the Silicon Valley electric-car maker faces will only accelerate now that two major European automakers are launching sales of their first entries into the long-range EV market. Both Volkswagen and Mercedes-Benz began taking orders Thursday for new battery-electric vehicles, with the two companies each planning to follow up with a wave of additional entries over the next few years. Whether they will prove to be “Tesla killers,” as some observ


It’s been a tough month for Tesla, and the challenges the Silicon Valley electric-car maker faces will only accelerate now that two major European automakers are launching sales of their first entries into the long-range EV market. Both Volkswagen and Mercedes-Benz began taking orders Thursday for new battery-electric vehicles, with the two companies each planning to follow up with a wave of additional entries over the next few years. Whether they will prove to be “Tesla killers,” as some observ
Tesla faces twin assault as Mercedes, VW start taking orders for first long-range EVs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: paul a eisenstein, mike blake, adam jeffery, odd andersen, afp, getty images
Keywords: news, cnbc, companies, orders, mercedes, longrange, faces, mercedesbenz, vw, evs, tesla, valley, tough, twin, volkswagen, sales, entries, vehicles, wave, start, taking


Tesla faces twin assault as Mercedes, VW start taking orders for first long-range EVs

It’s been a tough month for Tesla, and the challenges the Silicon Valley electric-car maker faces will only accelerate now that two major European automakers are launching sales of their first entries into the long-range EV market.

Both Volkswagen and Mercedes-Benz began taking orders Thursday for new battery-electric vehicles, with the two companies each planning to follow up with a wave of additional entries over the next few years. Whether they will prove to be “Tesla killers,” as some observers have dubbed them, is far from certain but the two German manufacturers are each investing billions of euros in their electrification programs.

“With the Mercedes-Benz EQC, we are entering a new era of mobility,” said Britta Seeger, member of the board of management of Daimler responsible for Mercedes-Benz cars sales. “It is part of the growing family of all-electric vehicles at Mercedes-Benz and combines brand-defining features such as quality, safety and comfort.”


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: paul a eisenstein, mike blake, adam jeffery, odd andersen, afp, getty images
Keywords: news, cnbc, companies, orders, mercedes, longrange, faces, mercedesbenz, vw, evs, tesla, valley, tough, twin, volkswagen, sales, entries, vehicles, wave, start, taking


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China can now rival the US with new innovations in tech, VW finance chief says

China is helping to drive technological change in the automotive sector, the chief financial officer of Volkswagen told CNBC Thursday. “I think for the longest time we have been used to looking to the west coast of the United States when we were talking about innovation and new technologies,” Witter told CNBC’s “Squawk Box Europe.” “This is still valid but at the same time you are absolutely right to point to China,” he added. Witter said that, looking at motor shows in China year-over-year, it


China is helping to drive technological change in the automotive sector, the chief financial officer of Volkswagen told CNBC Thursday. “I think for the longest time we have been used to looking to the west coast of the United States when we were talking about innovation and new technologies,” Witter told CNBC’s “Squawk Box Europe.” “This is still valid but at the same time you are absolutely right to point to China,” he added. Witter said that, looking at motor shows in China year-over-year, it
China can now rival the US with new innovations in tech, VW finance chief says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: anmar frangoul
Keywords: news, cnbc, companies, mobility, finance, technologies, looking, rival, autonomous, telecom, tech, witter, china, vw, told, innovations, chief, technological, volkswagen


China can now rival the US with new innovations in tech, VW finance chief says

China is helping to drive technological change in the automotive sector, the chief financial officer of Volkswagen told CNBC Thursday.

When asked about new innovations such as self-driving cars and 5G mobile networks, VW’s Frank Witter said he was impressed by the rate of technological advancements coming from the world’s second-largest economy.

“I think for the longest time we have been used to looking to the west coast of the United States when we were talking about innovation and new technologies,” Witter told CNBC’s “Squawk Box Europe.”

“This is still valid but at the same time you are absolutely right to point to China,” he added.

Witter said that, looking at motor shows in China year-over-year, it was “just amazing how quickly the industry is progressing,” highlighting development at China’s OEMs (original equipment manufacturers).

“The driver of technology is China, and we are very pleased with the progress we are making, together with our partners but also in Mobility Asia,” he added.

The Volkswagen Group’s relationship with China dates back to 1978. In 2017, it launched a joint-venture with the state-owned Anhui Jianghuai Automobile Co., looking at e-mobility.

In May 2018, it set up Mobility Asia, which focuses on connectivity, smart mobility ecosystems, infrastructure ecosystems, service and data monetization, and autonomous cars.

Looking at the bigger picture, when it comes to autonomous driving a range of technologies are being developed and tested.

At the end of April 2019, South Korean telecoms giant SK Telecom signed an agreement with the Incheon Free Economic Zone (IFEZ) to develop 5G-based self-driving infrastructure.

In a statement at the time, SK Telecom said it would produce a high definition map covering the whole IFEZ area. It added that the map would have “centimeter-level accuracy” and provide information relating to road conditions, lanes, road slopes and speed limits.

5G refers to the fifth generation of mobile networks. While it promises cell phone users incredibly fast browsing experiences, it will also benefit the autonomous vehicle sector through its ability to process reams of information and data simultaneously and quickly.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: anmar frangoul
Keywords: news, cnbc, companies, mobility, finance, technologies, looking, rival, autonomous, telecom, tech, witter, china, vw, told, innovations, chief, technological, volkswagen


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Audi debuts $200,000 R8 supercar that tops 200 mph

The magic number for Audi at this year’s New York International Auto Show is 200 — as in 200 mph and $200,000. For the first time, all versions of the R8 will be able to blow past the 200 mph mark, while the limited-edition R8 Decennium will become the first Audi model to top $200,000. Even the “base” car gets a performance boost for 2020, its V-10 engine tuned to deliver 562 horse power and 406 pound-feet of torque, enough to neatly nip 200 mph at the top end. That’s 30 more horsepower and 8 po


The magic number for Audi at this year’s New York International Auto Show is 200 — as in 200 mph and $200,000. For the first time, all versions of the R8 will be able to blow past the 200 mph mark, while the limited-edition R8 Decennium will become the first Audi model to top $200,000. Even the “base” car gets a performance boost for 2020, its V-10 engine tuned to deliver 562 horse power and 406 pound-feet of torque, enough to neatly nip 200 mph at the top end. That’s 30 more horsepower and 8 po
Audi debuts $200,000 R8 supercar that tops 200 mph Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: paul a eisenstein, adam jeffery
Keywords: news, cnbc, companies, r8, torque, models, supercar, 200, volkswagen, 200000, debuts, tops, mph, v10, performance, audi, poundfeet


Audi debuts $200,000 R8 supercar that tops 200 mph

The magic number for Audi at this year’s New York International Auto Show is 200 — as in 200 mph and $200,000.

Among the numerous new models the German automaker is launching in the Big Apple this week, the spotlight focuses on Audi’s R8 supercar which is using the annual show to mark its 10th anniversary. For the first time, all versions of the R8 will be able to blow past the 200 mph mark, while the limited-edition R8 Decennium will become the first Audi model to top $200,000.

The R8 is one of the most important products Audi has introduced over the last decade, according to Scott Keogh, former CEO of Audi of America and now chief executive of parent Volkswagen of America. It helped position the Volkswagen luxury brand as a serious competitor to more established German brands Mercedes-Benz and BMW, he said during an interview earlier this year.

The R8, which got a big budget boost from its role as one of the cars driven by Robert Downey Jr. in the “Ironman” superhero franchise, is offered in a variety of packages that could be described as fast, faster and fastest.

Even the “base” car gets a performance boost for 2020, its V-10 engine tuned to deliver 562 horse power and 406 pound-feet of torque, enough to neatly nip 200 mph at the top end. That’s 30 more horsepower and 8 pound-feet torque more than the 2019 models could deliver. It starts at $171,150, while the 602 hp R8 V10 Performance model will now come in at $197,150 for 2020.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: paul a eisenstein, adam jeffery
Keywords: news, cnbc, companies, r8, torque, models, supercar, 200, volkswagen, 200000, debuts, tops, mph, v10, performance, audi, poundfeet


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German prosecutors press charges against former VW CEO Winterkorn

Prosecutors in the German city of Braunschweig said on Monday they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions testing. Four other executives are being charged, the prosecutors office said in a statement. VW has had to recall hundreds of thousands of cars around the world since it admitted in Sept. 2015 to installing illegal software in diesel engines to cheat strict U.S. anti-pollut


Prosecutors in the German city of Braunschweig said on Monday they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions testing. Four other executives are being charged, the prosecutors office said in a statement. VW has had to recall hundreds of thousands of cars around the world since it admitted in Sept. 2015 to installing illegal software in diesel engines to cheat strict U.S. anti-pollut
German prosecutors press charges against former VW CEO Winterkorn Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: getty images
Keywords: news, cnbc, companies, press, ceo, thousands, tests, world, volkswagen, charges, testingfour, strict, statementvw, diesel, vw, german, prosecutors, winterkorn


German prosecutors press charges against former VW CEO Winterkorn

Prosecutors in the German city of Braunschweig said on Monday they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions testing.

Four other executives are being charged, the prosecutors office said in a statement.

VW has had to recall hundreds of thousands of cars around the world since it admitted in Sept. 2015 to installing illegal software in diesel engines to cheat strict U.S. anti-pollution tests.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: getty images
Keywords: news, cnbc, companies, press, ceo, thousands, tests, world, volkswagen, charges, testingfour, strict, statementvw, diesel, vw, german, prosecutors, winterkorn


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Volkswagen hints it could jump back into the steaming hot US pickup market

Among an assortment of new cars, crossovers and concepts that will fill up the Volkswagen stand at this week’s New York International Auto Show, plenty of attention will likely be focused on one dubbed the Tarok. In recent years, the German automaker has made a big push into the light truck market, models like the big Atlas crossover helping it reverse years of declining sales. But the Tarok concept vehicle could see Volkswagen make its return into a segment it abandoned decades ago: the compact


Among an assortment of new cars, crossovers and concepts that will fill up the Volkswagen stand at this week’s New York International Auto Show, plenty of attention will likely be focused on one dubbed the Tarok. In recent years, the German automaker has made a big push into the light truck market, models like the big Atlas crossover helping it reverse years of declining sales. But the Tarok concept vehicle could see Volkswagen make its return into a segment it abandoned decades ago: the compact
Volkswagen hints it could jump back into the steaming hot US pickup market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: paul a eisenstein, handout volkswagen group of america
Keywords: news, cnbc, companies, hints, steaming, pickup, market, vehicle, automaker, hot, big, tarok, international, concept, jump, compact, volkswagen


Volkswagen hints it could jump back into the steaming hot US pickup market

Among an assortment of new cars, crossovers and concepts that will fill up the Volkswagen stand at this week’s New York International Auto Show, plenty of attention will likely be focused on one dubbed the Tarok.

In recent years, the German automaker has made a big push into the light truck market, models like the big Atlas crossover helping it reverse years of declining sales. But the Tarok concept vehicle could see Volkswagen make its return into a segment it abandoned decades ago: the compact pickup truck.

“Although there are no plans to produce the vehicle for the U.S. market, the Tarok concept is being shown to gauge market reaction for a truly versatile and compact entry-level pickup,” the automaker said in a statement released ahead of the prototype’s unveiling on Wednesday during a NY International Auto Show media preview.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: paul a eisenstein, handout volkswagen group of america
Keywords: news, cnbc, companies, hints, steaming, pickup, market, vehicle, automaker, hot, big, tarok, international, concept, jump, compact, volkswagen


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Volkswagen plans to take on Tesla’s Model X in China

Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles. The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities. VW Chief Executive Herbert Diess said the ID ROOMZ will be the flagship electric car to be launched by Volkswagen in China.


Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles. The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities. VW Chief Executive Herbert Diess said the ID ROOMZ will be the flagship electric car to be launched by Volkswagen in China.
Volkswagen plans to take on Tesla’s Model X in China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: picture alliance, getty images
Keywords: news, cnbc, companies, cars, car, production, teslas, china, id, suv, volkswagen, vw, plans, groups, electric, roomz, model


Volkswagen plans to take on Tesla's Model X in China

Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles.

The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities.

VW said its ID ROOMZZ, which it presented in Shanghai on Sunday, will have three rows of seats and an operating range of up to 450 kms. The concept car is capable of a “level 4 autonomous driving”, VW said.

VW Chief Executive Herbert Diess said the ID ROOMZ will be the flagship electric car to be launched by Volkswagen in China.

“We plan to produce more than 22 million electric cars in the next 10 years,” Diess said, adding that around half of VW’s engineers were working on products destined for China.

Diess said the ID ROOMZ would eventually be rolled out to other markets.

To enhance the VW Group’s research and development capabilities, Volkswagen and its premium brand Audi will combine their R&D operations in China.

VW brand’s head of e-mobility Thomas Ulbrich said the carmaker will start ramping up production of 33 electric cars by mid-2023, using VW Group’s modular electric car (MEB) platform to build electric cars for the Skoda, Seat, Audi and VW brands.

Ulbrich said VW Group is converting 16 factories worldwide to enable mass production of electric vehicles, of which eight plants will be making VW branded car.


Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: picture alliance, getty images
Keywords: news, cnbc, companies, cars, car, production, teslas, china, id, suv, volkswagen, vw, plans, groups, electric, roomz, model


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Renault reportedly wants to merge with Nissan and buy Fiat Chrysler

Renault is reportedly looking to restart merger talks with Nissan within the next 12 months before making an audacious attempt to buy Fiat Chrysler. The Italian-American multinational is a prime target for the French firm, according to the Financial Times who cited several people familiar with Renault’s plans, and former Renault CEO Carlos Ghosn held talks with Fiat in recent years before his arrest in Japan on financial misconduct charges. The FT also reported that Fiat Chrysler Chairman John E


Renault is reportedly looking to restart merger talks with Nissan within the next 12 months before making an audacious attempt to buy Fiat Chrysler. The Italian-American multinational is a prime target for the French firm, according to the Financial Times who cited several people familiar with Renault’s plans, and former Renault CEO Carlos Ghosn held talks with Fiat in recent years before his arrest in Japan on financial misconduct charges. The FT also reported that Fiat Chrysler Chairman John E
Renault reportedly wants to merge with Nissan and buy Fiat Chrysler Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: david reid, bill pugliano, getty images
Keywords: news, cnbc, companies, reportedly, fiat, merge, financial, merger, firm, renault, volkswagen, nissan, viewed, chrysler, buy, wants, talks


Renault reportedly wants to merge with Nissan and buy Fiat Chrysler

Renault is reportedly looking to restart merger talks with Nissan within the next 12 months before making an audacious attempt to buy Fiat Chrysler.

The Italian-American multinational is a prime target for the French firm, according to the Financial Times who cited several people familiar with Renault’s plans, and former Renault CEO Carlos Ghosn held talks with Fiat in recent years before his arrest in Japan on financial misconduct charges.

The FT also reported that Fiat Chrysler Chairman John Elkann is open to a potential partnership or merger in a bid to boost his firm. A combination of Renault, Nissan and Fiat Chrysler would be viewed as a viable rival to the current global auto leaders, Volkswagen Group and Toyota.


Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: david reid, bill pugliano, getty images
Keywords: news, cnbc, companies, reportedly, fiat, merge, financial, merger, firm, renault, volkswagen, nissan, viewed, chrysler, buy, wants, talks


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In picking Microsoft’s cloud, Volkswagen shows that even carmakers have some fear of Amazon

In the cloud wars, Microsoft has been able to win big business from retailers, largely because companies like Walmart, Kroger, Gap and Target are opting not to write big checks to rival Amazon. The more Amazon grows, the more that calculation could start working its way into other industries — like automotive. Hüttel said he’s not worried about Amazon building competitive cars, but suggested that there are other things the company is doing in connectivity that could seep into Volkswagen’s market


In the cloud wars, Microsoft has been able to win big business from retailers, largely because companies like Walmart, Kroger, Gap and Target are opting not to write big checks to rival Amazon. The more Amazon grows, the more that calculation could start working its way into other industries — like automotive. Hüttel said he’s not worried about Amazon building competitive cars, but suggested that there are other things the company is doing in connectivity that could seep into Volkswagen’s market
In picking Microsoft’s cloud, Volkswagen shows that even carmakers have some fear of Amazon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-16  Authors: jordan novet, abdulhamid hosbas, anadolu agency, getty images, dimon dawson, bloomberg
Keywords: news, cnbc, companies, microsofts, fear, doing, taking, company, technology, cloud, picking, httel, amazon, volkswagen, volkswagens, shows, market, carmakers, microsoft


In picking Microsoft's cloud, Volkswagen shows that even carmakers have some fear of Amazon

In the cloud wars, Microsoft has been able to win big business from retailers, largely because companies like Walmart, Kroger, Gap and Target are opting not to write big checks to rival Amazon.

The more Amazon grows, the more that calculation could start working its way into other industries — like automotive.

In a recent interview with CNBC, Volkswagen’s Heiko Hüttel, who runs the company’s connected car division, said the carmaker chose Microsoft Azure late last year for its “Automotive Cloud” project after considering Amazon Web Services.

Hüttel said he’s not worried about Amazon building competitive cars, but suggested that there are other things the company is doing in connectivity that could seep into Volkswagen’s market. Amazon was recently seen hauling cargo with self-driving truck technology from start-up Embark.

“If I take a look at all the competitors out there, you see they have capabilities in disrupting you at the customer interface,” Hüttel said. “Then you have to carefully choose who is really getting down into the car, where you open up a lot of data to these people, and then you have to carefully choose with whom you are doing business.”

Microsoft likes to tout the merits of its cloud technology, but the company is fully aware that taking on AWS, which has a commanding lead in the cloud infrastructure market, isn’t just about offering the best services. Under CEO Satya Nadella, Microsoft is taking a much different tactic from the days when it was viewed as a potentially risky partner.

“We’re not going to turn around and compete with our customers,” said Julia White, corporate vice president at Microsoft, at a Goldman Sachs tech conference in San Francisco last month.


Company: cnbc, Activity: cnbc, Date: 2019-03-16  Authors: jordan novet, abdulhamid hosbas, anadolu agency, getty images, dimon dawson, bloomberg
Keywords: news, cnbc, companies, microsofts, fear, doing, taking, company, technology, cloud, picking, httel, amazon, volkswagen, volkswagens, shows, market, carmakers, microsoft


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SEC alleges Volkswagen ‘perpetrated a massive fraud’ and repeatedly lied to US investors

The Securities and Exchange Commission alleged in a court filing that Volkswagen “perpetrated a massive fraud” and repeatedly lied to U.S. investors in connection with the so-called dieselgate scandal. The regulator is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal. Winterkorn was charged by U.S. prosecutors in 2018 and accused of conspiring to cover up the German automaker’s diesel emissions cheating. Volkswagen said the SE


The Securities and Exchange Commission alleged in a court filing that Volkswagen “perpetrated a massive fraud” and repeatedly lied to U.S. investors in connection with the so-called dieselgate scandal. The regulator is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal. Winterkorn was charged by U.S. prosecutors in 2018 and accused of conspiring to cover up the German automaker’s diesel emissions cheating. Volkswagen said the SE
SEC alleges Volkswagen ‘perpetrated a massive fraud’ and repeatedly lied to US investors Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: robert ferris, everett rosenfeld, david gray
Keywords: news, cnbc, companies, automakers, complaint, alleges, perpetrated, massive, repeatedly, volkswagen, sec, fraud, lied, winterkorn, diesel, company, vehicles, securities, investors, emissions


SEC alleges Volkswagen 'perpetrated a massive fraud' and repeatedly lied to US investors

The Securities and Exchange Commission alleged in a court filing that Volkswagen “perpetrated a massive fraud” and repeatedly lied to U.S. investors in connection with the so-called dieselgate scandal.

The regulator is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal. The suit seeks to bar Winterkorn from serving as an officer or director of a public U.S. company and recover “ill-gotten gains.” Winterkorn was charged by U.S. prosecutors in 2018 and accused of conspiring to cover up the German automaker’s diesel emissions cheating.

The SEC said in its complaint filed in San Francisco that from April 2014 to May 2015, Volkswagen issued more than $13 billion in bonds and asset-backed securities in U.S. markets at a time when senior executives knew that more than 500,000 U.S. diesel vehicles grossly exceeded legal vehicle emissions limits.

“By concealing the emissions scheme, Volkswagen reaped hundreds of millions of dollars in benefit by issuing the securities at more attractive rates for the company,” the SEC said in a summary of its filing.

Volkswagen said the SEC complaint “is legally and factually flawed.” Reuters reported that a lawyer for Winterkorn could not immediately be reached early on Friday.

VW had said in its annual report that the SEC could take enforcement action against the company over the German automaker’s involvement in the emissions scandal.

The automaker said the agency is “piling on” and that the agency’s complaint is without merit.

The SEC has asked Volkswagen for information on potential securities law violations over certain investments the company may have sold to investors. The agency is looking for evidence determining whether the automaker failed to disclose information about vehicles that didn’t comply with U.S. emission standards when it issued certain securities to investors.

The SEC can issue fines and other civil penalties for violations of securities law.

One of the world’s largest carmakers, Volkswagen was rocked by reports first surfacing in 2015 that it had been caught cheating on emissions tests in the United States. The subsequent scandal cost Volkswagen billions of dollars to settle and forced the automakers to recall millions of vehicles.

Here is Volkswagen’s full statement to CNBC:

The SEC’s complaint is legally and factually flawed, and Volkswagen will contest it vigorously. The SEC has brought an unprecedented complaint over securities sold only to sophisticated investors who were not harmed and received all payments of interest and principal in full and on time. The SEC does not charge that any person involved in the bond issuance knew that Volkswagen diesel vehicles did not comply with U.S. emissions rules when these securities were sold, but simply repeats unproven claims about Volkswagen AG’s former CEO, who played no part in the sales. Regrettably, more than two years after Volkswagen entered into landmark, multibillion-dollar settlements in the United States with the Department of Justice, almost every state and nearly 600,000 consumers, the SEC is now piling on to try to extract more from the company.

—Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: robert ferris, everett rosenfeld, david gray
Keywords: news, cnbc, companies, automakers, complaint, alleges, perpetrated, massive, repeatedly, volkswagen, sec, fraud, lied, winterkorn, diesel, company, vehicles, securities, investors, emissions


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