Auto Sector

Volkswagen to pay $15 billion for US settlement

German automaker, Volkswagen AG will have to pay whopping $15 billion in cash for settlement in the United States after it was found that the company rigged emission testing on its vehicles, according to people closer to the matter

Mitsubishi Corp will Pay 100,000 Yen to Each Japanese Owners of Models Affected by Mileage Scandal

Mitsubishi Motors Corp it reeling under the scandal related to manipulated fuel-economy data in several of its models.

On Friday, the Tokyo, Japan based car maker said that in the ongoing financial year, it will book 50 billion ($479.5 million) one-time loss. That more than triples the anticipated cost related to the scandal.

Tesla to Start a ‘Gallery’ in Nordstrom at The Grove in Los Angeles to Showcase Model X

Tesla to Start a ‘Gallery’ in Nordstrom at The Grove in Los Angeles to Showcase Model X

Tesla is all set to expand its presence and right now has only 215 storefronts in the global market. The company is wisely making its infrastructure expansion for selling and delivering its electric cars to likely buyers.

On Saturday, Palo Alto-based Tesla Motors said, it will start one of its "galleries" in Nordstrom at The Grove. It is a Los Angeles retail multiplex that's owned by Rick Caruso, the billionaire real-estate mogul.

Owner of Freightliner Announces New Round of Layoffs in U.S and Mexico Plants

Daimler AG, the German multinational automotive corporation with headquarter in Stuttgart, Baden-Württemberg, Germany said it will lay off 1,200 or more workers in three of its U.S plants and one in Mexico.

Buick is Phasing Out Verano in the North American Market

In May, General Motors confirmed that its Buick Verano compact will no longer be sold in the North American market from October 2016. However, an updated version will be available in the Chinese market.

Last month, reports suggested that the Verano could be moving out of the market but confirmation from the company only came in late May. In 2015, Buick sold 31,886 Veranos marling a drop of twenty seven percent in sales.

Tesla to launch probe into subcontractors working conditions

Elon Musk, the Chief Executive Officer of Tesla Motors has announced that the company will launch an investigation into reports that some of the imported subcontractors were working for less than $5 per hour at its Fremont factory.