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Engine manufacturer Cummins Inc. (NYSE: CMI) said today that it has reached an agreement in principle with the United States and State of California to pay a $1.675 billion penalty to settle claims that it violated the Clean Air Act by installing emissions defeat devices on hundreds of thousands of engines. All told Cummins’ legal issues involve one-million pickup truck applications in the US.
“Today, the Justice Department reached an initial agreement with Cummins Inc. to settle claims that, over the past decade, the company unlawfully altered hundreds of thousands of engines to bypass emissions tests in violation of the Clean Air Act. As part of the agreement, the Justice Department will require Cummins to pay $1.675 billion, the largest civil penalty we have ever secured under the Clean Air Act, and the second largest environmental penalty ever secured,” said Attorney General Merrick Garland. “The Justice Department will work diligently to incorporate today’s agreement into a consent decree that will be filed with the US District Court for the District of Columbia.” Continue reading
Chinese BYD to Build Hungarian EV Factory
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BYD, the world’s leading manufacturer of new energy vehicles (NEVs)* in communist China, said today that the next step of its European strategy will be the construction of a new manufacturing and production center in Szeged, Hungary. The factory will be the first of its kind built by a Chinese automotive company in Europe. The factory will be built in phases and is projected to create thousands of local jobs, boost the local economy and support local supply chains. BYD will also apply its expertise in integrated vertical supply chains to help create a green ‘ecosystem’ locally.
Hungary is an essential transportation hub and has a rich history of expertise in the automotive industry, according to BYD. With a mature infrastructure and a well-established industrial foundation, Hungary has been chosen by several premium European manufacturers as a production location for passenger cars. “This further supports BYD’s decision to make Hungary the center of European production operations,” the company said. However, there is an ongoing dispute about whether Hungary can maintain its status as an EU member, which could hurt BYD’s plans to have 10% of the market. Continue reading →