PROFEPA has fined Volkswagen México with $8.9 million for lacking two NOM environment compliance certificates. The 45,494 imported vehicles under penalty include Volkswagen's 2016 model vehicles. However, the fine is separate from the ongoing probe on defeat device installation on diesel powered vehicles.
New Mexico has become the first US state to sue the German automaker, Volkswagen, for breaching the Clean Air Act with huge levels of emissions as well as for trade malpractices. The allegation is the company sold as many as 4000-10000 faulty models whose nitrogen-oxide emissions exceeded the limits by 40%, which could cost VW almost $20 billion in fines.
Volkswagen (VOWG_p.DE) Chairman Ferdinand Piech faces growing resistance within the carmaker's supervisory board to his criticism of Chief Executive Martin Winterkorn.
Volkswagen AG (VOWG_p.DE) is to invest 85.6 billion euros ($106 billion) in its automotive operations over the next five years to push foreign expansion, new models and technology to back its quest for global leadership.
Salzburg, Austria-based automotive retail software provider Incadea PLC raised around £11.5 million (€14 million) through issuance of ordinary shares to partially fund the acquisition of Germany-based firm RC Real Business Solutions GmbH (RCRBS).