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March 15, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Volkswagen Sued for $3.7B Over Diesel Scandal
Google to Urge Congress to Help Get Self-Driving Cars on Roads
GM Offers Rental Program for Chicago Lyft Drivers
Aluminum Cadillac Weighs Heavy on Plantís Future
Ford Credit Rating Upgraded by 2nd Agency
Top Stories
Volkswagen Sued for $3.7B Over Diesel Scandal

Volkswagen AG is being sued for 3.3 billion euros ($3.7 billion) over the cover-up of its polluting diesel engines, its biggest legal challenge in Germany after a wave of lawsuits in the U.S. centered on the scandal. The action was filed Monday at the Braunschweig Regional Court on behalf of 278 institutional investors from around the world, lawyer Andreas Tilp said by telephone. The suit claims VW failed to publish information about the emissions scandal in a timely manner, he said. As “Volkswagen persistently denies any settlement negotiations and also refuses to waive the statute-of-limitation defense until now, it was necessary to file this," Tilp said. The case comes almost six months after Volkswagen admitted it installed software in its diesel vehicles to cheat emissions testing, a scandal that’s rippled through the global car industry.
Source: Bloomberg

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Google to Urge Congress to Help Get Self-Driving Cars on Roads

The head of Google's self-driving car program will urge the U.S. Congress on Tuesday to grant national auto safety regulators new authority to speed the introduction of self-driving cars on American roads. Chris Urmson plans to tell the Senate Commerce Committee that legislators should grant new authority to the U.S. Transportation Department to help get fully autonomous vehicles on the road, according to his prepared testimony, which was reviewed by Reuters. "We propose that Congress move swiftly to provide the secretary of transportation with new authority to approve lifesaving safety innovations. This new authority would permit the deployment of innovative safety technologies that meet or exceed the level of safety required by existing federal standards, while ensuring a prompt and transparent process," according to the prepared testimony.
Source: Reuters

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GM Offers Rental Program for Chicago Lyft Drivers

More markets on tap as part of national rollout

General Motors and ride-sharing company Lyft this month will launch a short-term rental program for Lyft drivers in Chicago with a fleet of 125 Chevrolet Equinoxes. The program, called Express Drive, will rent vehicles to Lyft drivers for one to eight weeks, including free maintenance and insurance. The companies said in a joint statement that service will expand “soon” to Boston, Washington, D.C., and Baltimore as part of an eventual nationwide rollout. Drivers will pay less the more they drive, with heavy users getting free use of their rentals, the companies said.
Source: Automotive News

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Aluminum Cadillac Weighs Heavy on Plantís Future

General Motors Co. started delivering the new Cadillac CT6 sedan to dealers late last week, marking the end of a years-long transformation of its Detroit-Hamtramck Assembly Plant. The CT6 is the first GM vehicle to have a body made mostly of aluminum — roughly 62 percent — which required a new, 180,000-square-foot body shop. GM added roughly 205 robots to build the car, and the numerous new joining and welding techniques the car requires prompted training for the plant’s roughly 1,400 workers. Another 1,200 new workers are being trained to start working on a second shift in May to produce the CT6 along with the rest of the Detroit-Hamtramck lineup.
Source: The Detroit News

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Ford Credit Rating Upgraded by 2nd Agency

Standard & Poor’s has upgraded Ford Motor Co.’s credit rating by one notch, to two levels above junk status, saying it expects the automaker to sustain its recent success. S&P said “positive fundamentals” in the automotive industry should allow Ford to continue its North American profitability and its performance in Europe and the Asia-Pacific region, helping to offset significant losses in South America. S&P increased the ratings of Ford and Ford Motor Credit to “BBB,” one level above the lowest investment grade, with a stable outlook. “The upgrade reflects our view that Ford remains well positioned to sustain the recent improvement in its operating margins over the next two years,” S&P credit analyst Nishit Madlani said in a note released Friday.
Source: Automotive News

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