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VW brand Q2 profit falls 12% on emissions scandal effects

July 28, 2016 09:24 CET | UPDATED: July 28 12:05 CET - adds detail, reaction

VW Group's namesake brand posted a 12 percent drop in second-quarter profit, after cost cuts and streamlining fell short amid rising costs of the company's diesel scandal.
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Ford's European Q2 profit triples despite $60M Brexit hit
July 28, 2016 12:33 CET | UPDATED: July 28 13:51 - adds Brexit impact

Ford's second-quarter European profitsnearly tripled to despite a $60 million hit after the UK voted to leave the EU. ...
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Renault first-half profit rises 41% on new models, Europe recovery
July 28, 2016 08:50 CET | UPDATED: July 28 12:15 CET - adds diesel costs

Renault's first-half operating profit jumped 41 percent, thanks to a refreshed model lineup and a rebounding European auto market but increased spending to lower diesel e ...
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Renault cuts Ghosn's bonus by 20 percent
July 28, 2016 06:01 CET

Renault has cut the bonus of CEO Carlos Ghosn by 20 percent following pressure from French government, which urged the automaker to rein in Ghosn's pay after shareholders ...
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UK production increased 10% in June but industry warns of potential Brexit slowdown
July 28, 2016 12:26 CET

British car production rose 10 percent in June but the SMMT industry association said growth was in jeopardy if the UK failed to secure unfettered access to the EU's sing ...
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PSA posts record first-half earnings, downplays Brexit
July 27, 2016 08:18 CET

PSA unveiled record first-half profits on productivity gains and a European market rebound. The automaker said its operational margin resisted sterling's fall against the ...
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Mercedes challenges Tesla with electric heavy truck
July 27, 2016 11:34 CET

Mercedes outlined plans to start selling an electric heavy-duty truck, a week after Tesla's initial sketch on battery-powered commercial vehicles failed to impress invest ...
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Nissan profit declines 9% as stronger yen hits earnings
July 27, 2016 10:07 CET

Nissan reported a 9.2 percent slide in global operating profit in the latest quarter as foreign exchange losses bit hard into earnings. ...
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Fiat Chrysler Q2 profit boosted by Jeep, Europe rebound
July 27, 2016 13:33 CET | UPDATED: July 28 10:00 CET - adds Marchionne on Brexit

Fiat Chrysler said adjusted operating profit for the second quarter rose 16 percent to 1.63 billion euros. The company benefited from robust demand for Jeep SUVs and Ram ...
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Mitsubishi Q1 operating profit tumbles 75% after mileage-cheating scandal
July 27, 2016 12:48 CET

Mitsubishi Motors reported a 75 percent plunge in fiscal first-quarter operating profit as domestic sales slumped after it admitted to overstating the fuel economy of som ...
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Ferrari teams up with software partner for flagship vehicle derivatives
July 27, 2016 20:52 CET

Ferrari is teaming up with design, engineering and software partner Altair Product Design to create the company's next-generation vehicle platform. The platform will unde ...
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Valeo first-half profit rises 23% on intuitive driving, low-emissions tech
July 27, 2016 09:46 CET

Valeo reported a 23 percent rise in first-half profit as its intuitive driving and fuel-saving technology outpaced broader automotive industry growth in key markets ...
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German prosecutors widen VW emissions probe to 21 staff
July 26, 2016 20:42 CET

German prosecutors have widened their probe into Volkswagen Group's diesel emissions cheating, with 21 current and former staff under investigation. ...
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Porsche will create 1,400 jobs for Tesla-fighting EV
July 26, 2016 10:34 CET

Porsche has raised the number of jobs it will create to produce its first all-electric car to more than 1,400 from 1,000. ...
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Porsche will skip 2017 Detroit auto show
July 26, 2016 18:41 CET

Porsche will skip the Detroit auto show next year as part of plans to focus on trade shows in New York and its most important U.S. market for sports cars, Los Angeles. ...
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Daimler's mytaxi will merge with Hailo to take on Uber
July 26, 2016 08:51 CET

Daimler's mytaxi said it will merge with British rival Hailo, creating Europe's largest smartphone-based taxi-hailing business. ...
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VW's $14.7B diesel U.S. emissions settlement clears hurdle
July 26, 2016 06:01 CET

Volkswagen's $14.7 billion settlement of its U.S. diesel emissions cheating scandal cleared another legal hurdle as a federal judge gave the automaker preliminary approva ...
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Faurecia lifts 2016 profit guidance after strong first half
July 26, 2016 09:40 CET

Faurecia raised its full-year guidance after reporting a stronger first-half performance in Europe. Operating income rose to $539 million, the French supplier said. ...
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Fiat Chrysler restates U.S. sales, says winning streak ended 3 years ago
July 26, 2016 19:30 CET

Fiat Chrysler is changing the way it reports monthly U.S. sales to make the process more transparent, and as a result of the change, said its 75-month sales streak actual ...
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Hyundai quarterly profit slips 3%; tougher U.S. market, Brexit hit forecast
July 26, 2016 09:03 CET

Hyundai's quarterly profit slipped 3 percent to $1.46 billion, the 10th consecutive quarterly decline. Shrinking demand for its sedans in the U.S. hit earnings. Hyundai a ...
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PSA bravely reveals industry's dirty secret

Luca Ciferri
12:01 am U.S. ET | July 7 2016

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Give credit to PSA for being bold enough to reveal in great detail something none of its rivals woul ...
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How to push self-driving tech to the limits without the risks

Nick Gibbs
12:01 am U.S. ET | July 6 2016

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There's a risk-free way to push autonomous cars to their limits. A simulator in the UK is going to d ...
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Volvo defies gravity

Luca Ciferri
8:33 am U.S. ET | July 5 2016

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Volvo doesn't consider itself a true global player in the premium segment. ...
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BMW CEO scores first big win with Intel, Mobileye deal

Christiaan Hetzner
10:40 am U.S. ET | July 2 2016

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Led by CEO Harald Krueger, BMW's strong push into autonomous driving with Intel and Mobileye could b ...
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Why Europe's car buyer categories need a shake-up

Douglas A. Bolduc
4:49 am U.S. ET | July 1 2016

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Johnson Controls says current car buyer categories aren't telling the full story. ...
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Nissan struggles to make sense of Sunderland shocker

Nick Gibbs
5:42 am U.S. ET | June 28 2016

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Nissan's team in the UK is “shell-shocked” by the decision of the country's voters to leave the EU, a person close to the company told me. ...
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Goodbye to the Europe I knew

Bradford Wernle
12:01 am U.S. ET | June 27 2016

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I am deeply shocked and disappointed by the decision of British voters to leave the European Union. ...
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Recapping Toyota's traumatic loss at Le Mans

Luca Ciferri
12:01 am U.S. ET | June 23 2016

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Toyota was reminded of how cruel motorsports can be when it lost the 24 Hours of Le Mans to Porsche ...
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VW's long day as shareholders quiz management

Christiaan Hetzner
6:40 am U.S. ET | June 22 2016

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As Volkswagen's 56th annual shareholder meeting began there were still long lines of people waiting ...
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Probe overshadows VW's annual meeting

Christiaan Hetzner
7:01 am U.S. ET | June 21 2016

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When VW shareholders gather for their annual meeting it is sure to be a turbulent event, not least b ...
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Newsletters & Alerts
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European June car sales slow as Brexit vote reduces confidence
European car-sales growth slowed to 6.5 percent in June as the British vote on exiting the EU weighe ...
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Russia car sales fall 13% in June
Russian car sales fell 13 percent in June as an economic crisis driven by low oil prices and Western ...
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UK's June car sales fall; gov't asked for support
UK car sales fell for only the second time in more than four years in June, prompting an industry bo ...
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W. Europe car sales up 6% in June despite UK decline
Western European car registrations increased nearly 6 percent in June as demand rose last month in G ...
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VW Group sales rise nearly 2% in May, helped by Audi, Skoda gains
Volkswagen Group's global sales rose 1.6 percent in May, helped by rising demand for Audi and Skoda ...
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VW brand sales stable as Europe, China demand offsets drops in U.S., Brazil
Volkswagen brand sales slipped 0.7 percent last month with gains in Europe and China offsetting decl ...
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Russia car sales fall 15% in May
New-car sales in Russia fell 15 percent in May, after an 8. ...
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Western Europe car sales rise 14% in May
Western European car registrations increased 14 percent in May as demand rose last month in Germany, ...
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Mercedes SUVs help boost U.S. sales lead over Lexus, BMW
Mercedes outsold its luxury auto competitors in the U.S. in May, building its lead in a down month t ...
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VW sales in U.S. fall 17% for worst May since 2010
Continued weakness in car deliveries led Volkswagen of America to its worst May U.S. ...
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PSA names new Peugeot, China, Europe chiefs
PSA Group named new chiefs for its Peugeot brand and for its Europe and China regions. ...
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Daimler promotes Turkish unit boss Seeger to Mercedes sales and marketing chief
Daimler named Britta Seeger as global sales and marketing head of Mercedes cars. ...
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BMW names former F1 exec Duesmann as new purchasing chief
BMW has appointed Markus Duesmann, its former Formula One powertrain boss and current engine guru, t ...
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Fiat Chrysler creates post to oversee global regulatory compliance
Fiat Chrysler as appointed longtime engineering executive Mark Chernoby to a new role as the automaker's global chief technical compliance officer. ...
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VW's Seat recruits new sales boss from Audi
VW Group's Seat brand has recruited Audi veteran Wayne Griffiths as its new sales and marketing boss ...
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Daimler lures exec from Citroen to lead digital sales unit at Mercedes
Daimler has hired a former Citroen executive to run a new department focused on technology sales and ...
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FCA's U.S. communications chief Ranieri returns to Italy
Gualberto Ranieri, the senior vice president for communications for Fiat Chrysler Automobiles' subsidiary, FCA US, has returned to Italy, seven years after arriving to work... ...
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Former Audi, Mercedes exec named new Cadillac Europe boss
GM has appointed former Audi and Mercedes executive Felix Weller as head of Cadillac Europe as it tr ...
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VW veteran Powels faces tough task in South America
VW brand named David Powels as head of its South American operations. Powels faces a tough challenge ...
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Faraday names Ferrari exec Mattiacci global brand chief
Electric vehicle startup Faraday Future appointed longtime Ferrari executive Marco Mattiacci to the post of global chief brand and commercial officer. ...
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Cadillac XT5 price undercuts rivals in Europe
Cadillac aims to increase its SUV market share in Europe by pricing its new XT5 below German premium ...
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Honda hopes NSX halo effect will give automaker a boost in Europe
Honda hopes for a halo effect boost in Europe from its NSX supercar. The NSX is a "branding exercise ...
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Alfa touts Giulia's driving dynamics
Alfa Romeo claims its new Giulia has better driving dynamics than rivals such as the BMW 3 series be ...
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Suzuki Baleno is company's first model in Europe with fuel-saving mild hybrid
Suzuki has boosted fuel economy in its new Baleno hatchback by using a mild hybrid system for the fi ...
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MG aims first SUV at budget buyers
MG Motor, a Chinese-owned UK brand, is aiming its first SUV, the GS, at families looking for a budge ...
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Maserati expects first SUV to become its best-seller
Maserati is embracing the boom in luxury SUV sales with the launch of its Levante crossover, which t ...
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McLaren aims cozy 570GT at new audience
McLaren says that the 570GT is the first supercar it has produced that was not conceived primarily w ...
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VW Tiguan offers more room, less weight
Volkswagen has made its new Tiguan lighter, roomier and added more technology as standard equipment ...
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Audi SQ7's electric compressor banishes turbo lag
Audi's SQ7 is the world's first production vehicle equipped with an electric powered compressor, whi ...
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F-Pace set to become Jaguar's top-seller
Jaguar expects the F-Pace to become the brand's best-selling model to date after record advance sale ...
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Suppliers to the new Alfa Romeo Giulia
Assembly of the all-new Alfa Romeo Giulia began in March at parent Fiat Chrysler Automobile’s ...
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Suppliers to the new Audi A4
Assembly of the fifth-generation Audi A4 began in July 2015 at Audi's factory in Ingolstadt, Germany ...
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Suppliers to the new Skoda Superb
Assembly of the third-generation Skoda Superb began in April 2015 at Skoda's factory in Kvasiny, Cze ...
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Suppliers to the new Ford S-Max
Assembly of the second-generation Ford S-Max began in May 2015 at Ford's factory in Valencia, Spain. ...
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