Business

VW Denies U.S. Ambassador’s Role in Decision to Exit Iran

September 20, 2018 at 12:57 PM

Volkswagen AG disputes the claim by U.S. Ambassador Richard Grenell that he led negotiations to convince the company to stop doing business in Iran.

Magna Sells Fluid Controls Unit to S. Korea’s Hanon Systems

September 20, 2018 at 12:00 PM

Magna International Inc. has agreed to sell its Fluid Pressure and Controls operations to South Korea’s Hanon Systems for $1.2 billion.

Investment Firm Buys British Classic Car Business

September 20, 2018 at 11:25 AM

New York City-based HPS Investment Partners LLC has purchased JD Classics, a British restoration and racing specialist, out of receivership for an undisclosed price.

VW to Phase Out Operations in Iran

September 20, 2018 at 2:21 AM

Volkswagen AG is the latest carmaker to bow to U.S. trade sanctions and halt almost all operations in Iran, Bloomberg News reports.

Daimler Trucks Invests in Electric Bus Company

September 19, 2018 at 10:18 AM

Daimler AG’s Trucks & Buses unit is making an unspecified investment in Proterra Inc., a Burlingame, Calif.-based maker of electric buses, and plans to partner with the company on future projects.

VW's Traton Unit Moves Ahead on Hino Deal, Mulls IPO

September 18, 2018 at 10:49 AM

Volkswagen AG’s commercial truck and bus unit, which was renamed Traton AG last month, has signed a framework agreement to create a purchasing joint venture with Japan’s Hino Motors Ltd.

Renault Alliance Adopts Google’s Android Platform

September 18, 2018 at 1:37 AM

The Renault-Nissan-Mitsubishi alliance has agreed to power its next-generation infotainment systems with Google’s Android operating system.

Report: FCA Ponders Other Buyers for Magneti Marelli

September 17, 2018 at 2:22 PM

Fiat Chrysler Automobiles NV is considering other possible buyers for its Magneti Marelli partsmaking unit after KKR & Co. offered less than the €6 billion ($7 billion) minimum FCA sought.

Tesla Grapples with “Delivery Logistics Hell”

September 17, 2018 at 1:22 AM

Tesla Inc., which is beginning to overcome months of production snags for its Model 3 electric sedan, now faces the logistics challenges of delivering cars to customers.

Geely Takes Control of Danish Bank

September 17, 2018 at 12:47 AM

China’s Zhejiang Geely Holding Group has acquired 52% of Copenhagen-based Saxo Bank AS in a deal that values the online trading and investment bank at €1.3 billion ($1.5 billion).

Many California Hydrogen Stations Are Offline

September 14, 2018 at 2:55 PM

Fourteen of the 35 hydrogen stations for fuel cell vehicles in southern California were either out of service for maintenance or had limited or no fuel this week.

VW Stumps for Self-Driving-Car Alliance

September 14, 2018 at 9:37 AM

Volkswagen AG is working to form an industry alliance to help reduce costs and share liability risks for self-driving vehicles.