The Securities and Exchange Commission today announced settled charges against BorgWarner Inc., a motor vehicle parts maker in Auburn Hills, Michigan, for materially misstating its financial statements by failing to account for certain asbestos liabilities. The SEC’s order finds that from 2012 to 2016, BorgWarner failed to report More than $700 million in liabilities associated with future asbestos claims.
According to the SEC’s order, BorgWarner did not conduct any substantive quantitative analysis to estimate these asbestos claims, despite possessing nearly 40 years of historical raw claims data. BorgWarner also admitted that its internal controls over financial reporting were ineffective. Continue reading
Electric Vehicles Set Record 18% EU Market Share in July
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Data for 27 markets in Europe show that after several months of decline in registrations, July posted the highest monthly volume figures so far this year; and the highest since September last year. SUVs also set a record market share. The auto industry registered 1,278,521 new passenger vehicles, down by -4% month-on-month from 2019.
The global pandemic’s negative effect on the economy has not influenced consumer’s interest in electrified vehicles. July 2020 was a record-breaking month for EV registrations with volume up 131% year on year to 230,700. Though still small in relative terms, this is the first time that EVs were bought by more than 200,00 consumers in a single month.
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