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Investors storm Volkswagen with $9 billion in lawsuits

Volkswagen's investors are latest group to take up pitchforks against the embattled automaker, and they're seeking $9 billion in damages, Reuters reports. The investor lawsuits were filed in a court in Braunschweig, Germany, near Volkswagen's Wolfsburg headquarters. On Monday, the first business day following the anniversary of the emissions revelations, the court received 750 lawsuits alone. All told, about 1,400 lawsuits have been filed. The largest single claim totals $3.7 billion and was filed more than six months ago. The lawsuits stem from complaints that Volkswagen didn't divulge information on the cheating software to investors quickly enough. Volkswagen has said that it hasn't broken any capital market laws. The $21.5 billion the company set aside to weather the storm may not be enough. The consumer fix is estimated to run the company $14.7 billion, either through buybacks or a fix that still seems unclear. In addition to the lawsuits, Volkswagen CEO Matthias Mueller confirmed that Audi boss Rupert Stadler is under investigation regarding the scandal. Mueller refused to give further details, but this shouldn't come as a surprise to anyone. Audi has admitted that its 3.0-liter V6 was equipped with the same emissions-cheating software as the 2.0-liter four-cylinder diesels. Stefan Knirsch, Audi's head of development, has been suspended as part of the overall investigation. Knirsch took over duties after his predecessor quit. Knisch was previously head of engine development at Audi. Related Video: News Source: Reuters Green Hirings/Firings/Layoffs Audi Volkswagen Emissions Diesel Vehicles vw diesel scandal

Audi CEO announces new electrified car each year starting in 2018

Audi is preparing an aggressive (and possibly desperate) plan to electrify its lineup following the disastrous diesel emissions scandal. CEO Rupert Stadler announced the plan during the company's Annual General Meeting in Ingolstadt. "Starting in 2018, we will launch another electrified car each year," Stadler said. This is easily the most dramatic statement we've heard about electrification since Audi of America President Scott Keogh told Autoblog that one out of every four Audi models will have some kind of plug-in capacity by 2025. This new push for electrics will kick off with Audi's long-awaited all-electric CUV. We've already known about this guy for a while – according to our conversation with Keogh, it will be based on the E-Tron Quattro Concept first shown at the 2015 Frankfurt Motor Show. And earlier this year, Audi even went as far as confirming its Brussels, Belgium factory will screw together the new EV. Speaking of those batteries, Audi expects them to match the 310-mile range promised by the E-Tron Quattro. What we're really eager to see, of course, is what Audi has planned after 2018. Will we get an all-electric A4 to battle the Tesla Model 3? An A7 E-Tron to challenge the Model S? Or will Audi go with a segment Tesla hasn't exploited yet? Expect a few years before we get answers to those questions. Beyond the EV announcement, Stadler also confirmed the next-generation Audi A8 will debut in 2017. The new luxury sedan will be capable of driving itself at speeds up to 37 miles per hour, fitting with previous reports. From there, Stadler expects to "see fully automated driving" by 2025. Related Video:

Audi rumored to buy Alfa Romeo, officials deny it

For more than two years, Volkswagen has been making public statements about its willingness to buy Alfa Romeo and quadruple the Italian brand's sales, and for just as long, Fiat CEO Sergio Marchionne has replied with some version of "Mr. Piëch, drop it." According to a report in Ward's Auto, all that jousting might be over: it claims that sources close to both Marchionne and Audi CEO Rupert Stadler admit that the two are in talks for Audi to buy not just Alfa Romeo, but a production plant in Italy. In fact, a final deal could possibly include partsmaker Magnetti Marelli.
Against that backdrop, a report by German news weekly Stern quotes a Fiat spokesmen as saying it doesn't comment on rumors and an Audi rep has said flatly that "There is no substance in the news." If a sale is being arranged, the timing would seem to point to how eager Fiat is to raise cash to complete its major initiatives. Even though Alfa Romeo continues to delay its return to the US, it just showed off the production version of the 4C at the Geneva Motor Show (shown above) and said that preferred Fiat dealerships here would get them. Then there's Alfa's recently concluded deal with Mazda to develop a roadster based on the next generation MX-5 Miata - a deal that would seem to help both the Italian and Japanese brands.
The monetary issues are troublesome, though. Fiat is taking a beating in the European market and its weak-kneed balance sheet is delaying gotta-have-it products like the Jeep Cherokee. Fiat has been talking to banks about getting money to buy the rest of Chrysler and those financial institutions have also raised issues about debt and cash reserves, and the nasty game of chess Fiat is playing with the United Auto Workers (and now the court system about the portion of Chrysler it doesn't own) could end up blowing another hole in Marchionne's plans. It is possible that this could finally have convinced Fiat to at least see how serious Audi's parent company, Volkswagen, is about buying Alfa Romeo. Or it could be just another rumor.