China fines GM venture $29 million for monopolistic pricing: state TV

BEIJING China will fine U.S. automaker General Motors Co’s (GM.N) joint venture 201 million yuan ($29 million) for monopolistic pricing, state television reported on Friday, ending speculation after an official forewarned of penalties against a U.S. automaker. Shanghai’s pricing regulator said that it would fine GM’s venture with China’s largest automaker SAIC Motor Corp Ltd (600104.SS) for setting minimum prices on certain Cadillac, Chevy and Buick models, according to China Central Television. “GM fully respects local laws and regulations wherever we operate,” the U.S. automaker said in an emailed statement. “We will provide full support to our joint venture in China to ensure that all responsive and appropriate actions are […]

Volkswagen reaches deal with 80,000 U.S. 3.0-liter vehicle owners

WASHINGTON A federal judge said on Thursday that Volkswagen AG (VOWG_p.DE) has reached an agreement in principle to provide “substantial compensation” to the owners of about 80,000 3.0-liter polluting diesel vehicles, a key hurdle to resolve the German automaker’s emissions scandal. U.S. District Judge Charles Breyer did not disclose the amount of owner compensation, which is not included in a $1 billion settlement announced earlier this week between VW and U.S. regulators. Half of the compensation will be paid at the time Breyer gives final approval of the settlement. Some fixes for the 3.0 liters may not approved until 2018, Breyer said. Earlier this week, Volkswagen reached the $1 billion […]

Ford Truck Recall 2016: Full List Of Models At Risk Of Catching Fire

Ford Motor Co. issued a recall Wednesday for 9,300 vehicles that are at risk of catching fire due to leakage of fuel.  The company said that it is not aware of any fires, accidents or injuries related to the problem. Approximately 8,000 2017 Ford Super Duty vehicles and 1,300 2016 Ford Taurus, 2016-17 Flex, 2017 Explorer and Police Interceptor Utility and 2016-17 Lincoln MKT vehicles with 3.5-liter GTDI engines have been recalled. While the company said it will inspect and install fuel tank strap reinforcement on the Super Duty vehicles, the other affected models will have their leaking turbocharger oil supply tubes replaced. “Over time, a missing reinforcement could lead to […]