Matthias Müller, CEO of Volkswagen Group, said in a press conference he hasn’t excluded the possibility of a merger with Fiat Chrysler Automotive.
Müller said, “There has been no contact at this point between (CEO of FCA) Mr. Marchionne and me, but I have never said I would exclude it.”
Volkswagen Chief Executive Officer, Matthias Müller, had no prior knowledge of his company’s diesel cheating emission software, reports German newspaper Bild am Sonntag.
Jones Day, the law firm investigating the diesel scandal, has concluded the replacement CEO found out about the scandal on September 18, 2015, one week before taking over at VW and the very same day that U.S. regulators revealed to the rest of the world that Volkswagen pulled a fast one on the Environmental Protection Agency.
When Spyker sued GM for mucking with Saab’s failed deal with Youngman, and wanted $3 billion for its trouble, TTAC’s resident garage lawyers did not give Spyker big odds.
Yesterday, the suit was thrown out. (Read More…)
Bringing suit against GM for not letting Saab live another day could be turning into a popular sport. Lars Holmqvist, former head of Europe’s automotive supplier body CLEPA, and as such an insider when it comes to the latest Saab dirt, says that spurned Youngman of China is also thinking of suing GM. (Read More…)
Sweden’s Aftonbladet reports that Victor Muller filed for bankruptcy of Saab this morning at the court in Vänersborg.
Dagens Industri writes that with Saab having declared bankruptcy itself, the matter will be resolved quickly. A bankruptcy order is expected during the day. (Read More…)
December 16 is the day Saab’s fate will be decided. Court appointed administrator Guy Lofalk, who yesterday was ready to pull the plug, pulled it today. Currently, Saab is under creditor protection. However, Lofalk asked the Vänersborg District Court to lift the protection, opening the door to final bankruptcy. In a statement cited by Reuters, Lofalk said:
“Since the required funding has not been received and the stated schedule not been kept, the (Saab) companies lack the ability to pay upcoming liabilities.”
Lofalk also named General Motors’ unwillingness to approve proposed deals. GM had driven what looks like the final nail in the coffin, by denying the deal that was proposed a few days ago: (Read More…)
“There is almost no chance for the government to approve Pangda’s purchase of Spyker’s stake, let alone their plan to set up a new joint venture in China,” so said Zhang Xin, an analyst at Beijing-based Guotai Junan Securities, to Bloomberg. “The deal doesn’t fit in the government’s plan for consolidation.” (Read More…)
Germany’s Handelsblatt received rare access to the usually secretive Porsche patriarch Piech. The Chairman of the Volkswagen Supervisory Board has big plans for his family’s company once Porsche has been assimilated. Here is an excerpt from his list of Porsche Plans: (Read More…)
Management changes at Porsche. CEO Macht will be disempowered, or “entmachtet”, as the Germans say. „It becomes clear that Winterkorn will change out the top management at Porsche and will replace it step by step with confidantes from his inner circle,” writes Automobilwoche [sub]. (Read More…)
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