Chinese giant CATL expands beyond batteries to power grids and EV platforms
Robin Zeng is the billionaire founder and CEO of CATL. He wants to transform the world's biggest battery manufacturer into a provider of green energy, as well as reduce the costs of developing electric cars, thus upending the economics that have driven the growth of the industry. Zeng said in an interview he expected the business of developing "zero-carbon" electric grids to be "ten times larger" than supplying batteries for electric vehicles, a sector CATL currently leads with 37% share.
Vestas Taps Car Battery Know-how for Wind Power Storage
The world's largest wind turbine maker Vestas is tapping into experience from the car battery industry to try to address the challenge of using erratic wind and solar energy to meet a growing share of power demand. Energy storage is becoming increasingly important as production of renewable energy rises, because the wind might not blow or the sun shine during the peak hours when most consumers turns on their lights and appliances.
Schaller Takes Over as Head of the Voith Group
As of April 1, 2018, Stephan Schaller has begun in his role as head of the Corporate Board of Management at Voith GmbH & Co. KGaA and will lead the international technology company. He succeeds the long-serving head of the Board, Dr. Hubert Lienhard, who, at the age of 67, is retiring as planned. Schaller has supported Voith since 2015 as a member of Voith’s Shareholders’ Committee. Schaller has many years of international experience in various sectors and industries outside Voith.
British VW Drivers Kick Off "dieselgate" in High Court
Lawyers for more than 50,000 British car owners kicked off a lawsuit against Volkswagen in London's High Court on Tuesday in a battle for compensation over a diesel emissions scandal that has engulfed Europe's largest carmaker since 2015. The three-day hearing will determine whether the claims can be managed collectively under a Group Litigation Order (GLO) and will set a deadline for claimants to sign up to what lawyers say could become the largest group action in British legal history.
Russia Ramps up Fuel Exports in Fight for European Market
Russia plans to sharply increase fuel exports and carve out a larger share of the European market following an extensive $55 billion modernisation of its refineries, companies' plans and analysts' reports show. Russia embarked on a modernisation of its biggest refineries in 2011 following a fuel shortage crisis. It also changed its tax system to favour production of cleaner and higher-quality fuel. The modernisation…
Sweden to Invest $18 million in Northvolt Battery Plant
Sweden will invest 146 million crowns ($18 million) in a multibillion-euro project to build Europe's biggest battery cell plant in the north of the country, its Energy Agency said on Monday. Swedish company Northvolt, whose CEO Peter Carlsson used to work for Tesla, is racing against rivals such as South Korea's LG Chem to set up large-scale battery cell plants across Europe, where automakers and industrial firms have so far been largely reliant on Asian imports.
More than Half of Norway Car Sales Now Electric, Hybrid
Norway tops global sales of electric cars as big subsidies have aided shift from fossil fuel cars. Sales of electric and hybrid cars exceeded half of new registrations in Norway in 2017, a record aided by generous subsidies that extended the Nordic nation's lead in a shift from fossil-fuel engines, data showed on Wednesday. Pure electric cars and hybrids, which have both battery power and a diesel or petrol motor…
Court Thwarts VW's Bid to Suspend Emissions Audit
Germany's highest court has rejected a bid by Volkswagen AG to suspend the work of a special auditor appointed to investigate management's actions in the "Dieselgate" emissions scandal. A three-judge panel did not give an opinion on the merits of the case, in which VW argues that the naming of the auditor by a lower court violated its fundamental rights, but did dismiss the firm's request for an injunction. "The…
London Ups Vehicle Emissions Tax
London brought in a new levy on the oldest and most polluting cars entering the city centre from Monday, almost doubling how much motorists have to pay in the latest blow to diesel. Drivers are already charged 11.50 pounds ($15) to enter the financial district and parts of west London under a congestion charge. But those driving petrol and diesel vehicles typically registered before 2006 will need to pay an additional 10 pounds.
VW Mulls Gas-powered cars with Exxon, Gazprom
Volkswagen is in talks with Exxon Mobil Corp and Gazprom to back its efforts to promote cars running on natural gas, Chief Executive Matthias Mueller told Austria's ORF radio. Europe's biggest carmaker is working on a shift towards electric cars and fuel-saving technologies as it looks to lower its fleet-wide carbon dioxide (CO2) emissions and to overcome its diesel emissions scandal. "We are now really trying…
Refiners Prep for Low Sulfur Diesel Demand
Even if the diesel engine's scandal-driven fall from grace pushes it out of the world's passenger cars, an increasing need for it on ships, in trucks and heavy industry could save the refineries that invested heavily in producing the fuel. The unfolding crisis that kicked off when Volkswagen falsified U.S. car emissions has spurred a litany of changes at vehicle manufacturers, which are now putting their cash behind electric cars, or back to gasoline engines.
Diesel's De mise in Automobiles of Limited Concern to Refiners
Even if the diesel engine's scandal-driven fall from grace pushes it out of the world's passenger cars, an increasing need for it on ships, in trucks and heavy industry could save the refineries that invested heavily in producing the fuel. The unfolding crisis that kicked off when Volkswagen falsified U.S. car emissions has spurred a litany of changes at vehicle manufacturers, which are now putting their cash behind electric cars, or back to gasoline engines.
U.S. Extends VW Emissions Settlement Deadline
A U.S. judge late on Wednesday extended the deadline for Volkswagen AG, U.S. government regulators and owners of nearly 500,000 2.0 liter vehicles to reach a final diesel emissions settlement until June 28. The tentative settlement announced in April includes an offer by VW to buy back nearly 500,000 polluting vehicles, as well as an environmental remediation fund to address excess emissions and a fund to promote green automotive technology. In April, U.S.
New Jersey Sues VW over Excess Diesel Emissions
New Jersey on Friday filed a lawsuit against Volkswagen AG and its luxury units over the German automaker's excess diesel emissions, becoming the fourth U.S. state to take legal action. New Jersey's acting attorney general, John J. Hoffman, accused VW and its Porsche and Audi units of perpetrating a massive fraud on consumers and violating state clean air laws. VW has admitted installing illegal diesel emissions software to allow 580,000 U.S.
VW Set for Easier Ride in Europe on Emissions Scandal
Volkswagen is unlikely to face U.S.-style fines in Europe over its emissions scandal because of a softer regulatory regime and its home country Germany's determination to protect its car industry, EU sources and legal experts say. The carmaker has been embroiled in crisis since last September, when it admitted it had cheated U.S. emissions tests using software known as "defeat devices". The U.S. Justice Department…
Continental CEO: VW Scandal could kill U.S. Diesel Car Market
Volkswagen's emissions test-cheating scandal could kill nascent markets for diesel cars in North America, Japan and China, the chief executive of automotive supplier Continental has told a German newspaper. "The diesel passenger car could sooner or later disappear from these markets," Elmar Degenhart said in an interview with markets daily Boersen-Zeitung published on Thursday. He added that diesel had a market share of only 1-3 percent in these countries, compared with 53 percent in Europe.
Saipem CEO Sees No Volkswagen Risk over Fleet Standards
The fleet Italian oil contractor Saipem uses to carry out its offshore construction and drilling business has been properly certified and there is no risk of any Volkswagen-like scandal, the CEO said on Tuesday. Italy's anti-establishment 5-Star Movement, the country's second-biggest party, claims that Saipem had not adopted proper practices when certifying its fleet, with an impact on safety and, indirectly, on the value of the fleet itself. "Is there a Volkswagen case at Saipem?
Norway's Oil Fund in Consecutive Quarterly Loss
Norway's $863 billion sovereign wealth fund made a loss on its investments in the three months ended September for the second quarter in a row, as stocks continued to drop and Volkswagen weighed on results, the fund said on Wednesday. The fund lost 273 billion crowns ($32 billion) in the quarter, after a loss of 73 billion from April to June, equivalent to a return on investment of minus 4.9 percent in the third quarter, against minus 0.9 percent in the second quarter.
VW freezes Promotions due to Emissions Scandal
Volkswagen will freeze managerial promotions next year at its VW division as part of a savings drive to help meet the cost of a scandal over diesel emissions tests, a German business magazine reported on Saturday. The German company also plans to re-use as many parts as possible in the next generation of its popular Golf model to save hundreds of millions of euros, according to the Manager Magazin report, which cited Volkswagen sources.
EU to Toughen Car Emission Tests after VW Scandal
The EU could introduce tougher car emissions tests in the wake of the Volkswagen rigging scandal, senior European officials said. The German carmaker named company veteran Matthias Mueller as its new chief executive on Friday in an attempt to get to grips with a crisis that its chairman described as "a moral and political disaster". The appointment came as Swiss authorities said they were suspending sales of Volkswagen diesel vehicles that could contain devices capable of cheating emissions tests…
