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Category Archives: people
Ghosn Shakeout is Ongoing as Thierry Bolloré, CEO Renault SA, is Fired by the Board of Directors
The Carlos Ghosn matter has turned into farce as investigations into Nissan and its JVs with Renault 0n corporate governance practices post Carlos Ghosn revealed layers of incompetence and/or malfeasance, as well as various degrees of criminal activity that are rarely observed in western corporations. Continue reading
Fiat Chrysler Cops Plea on Fraudulently Reporting Sales
According to the SEC’s order, between 2012 and 2016, FCA US issued monthly press releases falsely reporting new vehicle sales and falsely touting a “streak” of uninterrupted monthly year-over-year sales growth. However, the growth streak had been broken in September 2013. Continue reading
SEC Charges Westport Fuels Systems and ex-CEO with Bribing a Chinese Government Official via a Private Equity Fund
According to the SEC’s order, beginning no later than 2016, Westport, acting through Gougarty and others, engaged in a scheme to bribe a Chinese government official to obtain business and a cash dividend payment by transferring shares of stock in Westport’s Chinese joint venture to a Chinese private equity fund in which the government official held a financial interest. Continue reading
Workers at Google Contractor HCL to Join United Steelworkers
The workers, who are staffed at the tech giant’s Bakery Square office alongside Google employees are seeking a voice on the job and the opportunity to bargain over wages and working conditions. Continue reading
Posted in labor issues, milestones, people
Tagged auto industry commentary, auto informed.com, google, Kenneth Zino, usw
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Death of the Diesel: Volkswagen Board Crisis as Three Chairman Indicted in Germany for Stock Market Manipulation
As a result, the Supervisory Board of Volkswagen AG hastily convened a meeting, claiming that it was unaware that the indictments were coming since it was allegedly cooperating in the investigation by the public prosecutor. It will also meet again tomorrow to discuss what is company threatening development. Continue reading
Death of the Diesel: Daimler Guilty of Selling Dirty Diesels in Germany – Pays $957,000,000 Fine Rather than Litigate
The negligent violation of supervisory duties occurred on the department head level. It appears that the Daimler has refrained from taking a legal action challenging the fine notice because senior executives are not implicated. The public prosecutor’s administrative offense proceeding against Daimler AG is thereby fully concluded. This is not so at Volkswagen Group where senior executives were indicted today. Continue reading
SEC Charges and Settles False Financial Disclosures Against Nissan, Former CEO Carlos Ghosn, Former Director Greg Kelly
Critics no doubt will say the settlement is laughable given the amount of money involved. Continue reading
alice + olivia: The Rag Trade Meets a VW Rag Top
It’s a latter-day version of Janice Joplin’s bathtub Porsche without the superstar musical talent or the 1960s backdrop. Continue reading
Nissan CEO Hiroto Saikawa Forced Out Over Ghosn Matter
The move comes following a report from the beleaguered company’s Audit Committee that recognizes several instances of misconduct from the findings of the internal investigation that is only partially available publicly in filtered form. On May 14, 2019, Nissan belatedly issued numerous amendments to its past annual securities reports, correcting director compensation figures to reflect the amounts that should originally have been disclosed. Continue reading
Brexit – UK Car Production Declines -10.6%. Exports Hit
British car manufacturing output declined -10.6% in July, with 108,239 units produced, according to figures released by the Society of Motor Manufacturers and Traders (SMMT). This was the 14th successive month of decline as ongoing weakness in major EU and … Continue reading
Posted in economy, fools 'n frauds, transportation
Tagged auto industry commentary, autoinformed.com, automotive blog, Boris Johnson, Brexit, eu, Ken Zino
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Drivers Say No to Tracking Devices in New Cars
Mercedes Benz recently made headlines in the UK after revealing they had fitted similar devices in their cars without warning drivers in advance. The news comes after EU proposals that could see all new cars made in Europe from 2022 fitted with location-tracking devices that would monitor a driver’s speed, driving behavior, as well as use of vehicle safety features. What’s worse in critic’s views, drivers would not be able to switch off these devices and the data collected could potentially be shared across countries. Continue reading
Record Number Join Rolls-Royce Apprenticeship Program
The new recruits will train with the company for between two and four years, working alongside experienced craftspeople in Assembly, Woodshop, Surface Finish, Leathershop, Parts Quality and Total Vehicle Quality Management to learn the skills and techniques employed by the luxury manufacturer. They will also study for nationally-recognized vocational qualifications at Chichester College and other local further education establishments. Continue reading
Esteban Ocon joins Renault F1 Team. Nico Hulkenberg?
The Frenchman is known to Renault, having been Renault reserve driver in 2016 and also a Lotus junior program member. Ricciardo is currently 11th in the standings. Nico Hulkenberg is 14th and since his contract is expiring, rumors are rampant about next season. Continue reading
China – SEC Charges 18 Traders for Stock Manipulation
According to the SEC’s complaint, the traders used multiple accounts to place several small sell orders to drive down a stock’s price before using a different set of accounts to buy larger amounts of the stock at the artificially low prices. After amassing their position, the traders placed several small buy orders to push up prices so they could then sell their stock at artificially high prices. Continue reading →