Facing growing competition from ride-hailing apps, taxis are struggling to remain relevant to a generation of digital-minded New Yorkers.
Takata Corp. has agreed to plead guilty to a single criminal charge and will pay $1 billion in fines and restitution for concealing a deadly defect in its air bag inflators.
The U.S. Attorney's Office in Detroit announced the plea deal on Friday.
Takata will pay a $25 million criminal fine, $125 million to individuals who were injured by the air bags and $850 million to automakers that purchased the inflators. The U.S. district court in Detroit has appointed attorney Kenneth Feinberg to distribute restitution payments.
Electric carmaker Tesla Motors Inc has hired a key Apple Inc software engineer to oversee its Autopilot self-driving software efforts, Tesla said. Chris Lattner, who served at Apple for more than a decade, said in an online message to Apple developers that he would "leave Apple later this month to pursue an opportunity in another space" without saying which company he planned to join. Later, Tesla posted a message on the company's website saying that Lattner had been hired as vice president of Autopilot software but did not say when he would start work there.
Ford Motor Co confirmed that it would be less profitable in 2017 than last year, even as cross town rival General Motors Co on the same day gave a much more upbeat forecast that surpassed Wall Street expectations. Ford, the second largest U.S. automaker, affirmed that it was on track to deliver about $10.2 billion in adjusted pretax profit in 2016, matching a forecast it gave previously. Ford said profit would improve in 2018 but in 2017 the company would be pressured as it increased spending on "emerging opportunities" like self-driving cars and a rise in other costs.
Volkswagen AG confirmed Tuesday it has negotiated a $4.3 billion concrete draft settlement with U.S. regulators to resolve its diesel emissions issues and plans to plead guilty to criminal misconduct as part of the civil and criminal settlement.
Volkswagen said with the addition of the fine, the automaker's diesel costs are now set to exceed the nearly 18.2 billion euros ($19.2 billion) it has set aside to handle the problem. VW also said it will face oversight by an independent monitor over the next three years.
Volkswagen will soon be able to repair some of its diesel cars so they meet U.S. emissions standards. The U.S. Environmental Protection Agency and the California Air Resources Board said they have approved a fix for around 67,000 of the 475,000 Volkswagens and Audis with 2-liter diesel engines that were programmed to cheat on U.S. emissions tests. The German automaker acknowledged the cheating in 2015.
Fiat Chrysler is recalling more than 100,000 older trucks and SUVs worldwide to replace potentially dangerous Takata air bag inflators. The recall includes mainly passenger but some driver air bags in certain 2009 Chrysler Aspen and Dodge Durango SUVs, some 2010 Ram 3500 chassis cabs, and certain 2005-2009 Ram 2500 pickups. Takata uses the chemical ammonium nitrate to cause a small explosion designed to inflate the air bags in a crash.
Nissan Motor Co. believes it can help bring self-driving vehicles to the masses using a new system developed from NASA technology. Nissan Chairman and CEO Carlos Ghosn said the Japanese automaker plans to launch a new “Seamless Autonomous Mobility,” or “SAM,” system that combines in-vehicle artificial intelligence with human support to help autonomous vehicles make decisions in unpredictable situations. The basis was NASA’s Visual Environment for Remote Virtual Exploration software, which is used to visualize and supervise interplanetary robots to avoid obstacles and calculate safe driving paths through uncertain environments.
U.S. sales of new cars and trucks hit a record high in 2016, automakers said, and investors bid up shares in the sector as strong consumer confidence and relatively low fuel prices bolstered the industry's outlook. Shares of General Motors Co rose 5.5 percent and Ford Motor Co stock rose 4.6 percent, far outpacing the wider Dow Jones Industrial Average, which was up only 0.3 percent. Autodata Corp said 2016 U.S. auto sales of 17.55 million were 0.4 percent higher than the previous record set in 2015.
Electric car maker Tesla Motors Inc has started mass production of lithium-ion battery cells at its gigafactory in Nevada along with Japan's Panasonic Corp, the company said. The cylindrical "2170 cells", which will be used to power Tesla's energy storage products and the new Model 3 sedan, have been jointly designed by Tesla and Panasonic, its longstanding battery partner. The gigafactory will initially produce battery cells for the company's Powerwall 2 and Powerpack 2 energy products, Tesla said.
ABOUT ARENT FOX LLP
Arent Fox LLP, founded in 1942, is internationally recognized in core practice areas where business and government intersect. With more than 350 lawyers, the firm provides strategic legal counsel and multidisciplinary solutions to clients that range from Fortune 500 corporations to trade associations. The firm has offices in Los Angeles, New York, San Francisco, and Washington, DC.