In France, German perfectionism has often been eyed with slight amusement, but also admired. "Made in Germany" represented reliability and solidity. The VW emissions scandal has changed that.
German carmaker Volkswagen has announced it will boost investments in the development of electric cars in the next five years. The company has set out to become a global leader in e-mobility and new-energy vehicles.
Net profits tumbled in the third quarter at Volkswagen as the world's biggest carmaker booked higher-than-expected charges related to the emissions cheating scandal in the US. Surprisingly, VW's future looks rosier.
US regulators have approved a fix for emissions systems in 38,000 Volkswagen AG 3.0-liter vehicles. The decision means the German carmaker won't have to buy the vehicles back, potentially saving more than $1 billion.
A former top manager for Audi has reportedly been detained as part of an investigation into the emissions cheating scandal at parent company Volkswagen. Prosecutors say they are widening their probe.
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