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German automakers' stocks fall as EU investigates collusion

BERLIN/FRANKFURT - Volkswagen will hold a special supervisory board meeting on Wednesday to discuss allegations that German carmakers operated a wide-ranging cartel, a source familiar with the matter said on Monday. The European Commission said on Saturday antitrust regulators were investigating a possible German auto industry cartel following a tipoff. At stake is whether carmakers VW, Audi, Porsche, Mercedes and BMW used German auto industry committees to discuss pricing of components and technologies, and whether such talks constituted anti-competitive behavior. A VW spokesman confirmed an extraordinary supervisory board meeting would be held on Wednesday but declined to give details. German auto stocks took a hit in early trading on Monday, weighed down by uncertainty over possible antitrust fines after European regulators said they were probing cartel allegations. VW shares were down 2.8 percent, with Daimler and BMW down 3.4 percent and 2.5 percent respectively, lagging the blue-chip DAX index, which was 0.7 percent lower. Exane BNP Paribas automotive analyst Stuart Pearson said little was known about the allegations, but no signs had emerged about fixing prices charged to consumers. "More ugly details could yet emerge, leaving German manufacturers - and the EU auto sector - still firmly in the sin bin for now," he added. The car industry has been hit with billion-euro fines on both sides of the Atlantic in recent years for cartels related to various parts such as lighting systems, engine coolers and bearings. The industry's record on exhaust emissions is also under close scrutiny after VW admitted in September 2015 to cheating U.S. diesel emissions tests and investigations have shown many vehicles exceeding pollution limits outside of testing labs. On Friday, German magazine Der Spiegel said VW, its Audi and Porsche brands, Mercedes-owner Daimler and BMW may have colluded to fix prices on components, including of diesel emissions treatment systems, using industry committees. Spiegel said the talks also led to the use of smaller tanks containing AdBlue, a urea-based liquid needed to help filter nitrogen oxides (NOx) from diesel emissions. Larger tanks would have been more expensive, the magazine said. Auto industry experts, however, have said the effectiveness of exhaust filtering systems does not depend on the size of an AdBlue Tank. BMW, for example, has equipped its cars with urea injection as well as a NOx-storage catalytic converter.

BMW M2, we're happy to see you

I recently spent some time behind the wheel of the BMW M235i and, well, I didn't love it. Sure, it's a great car, but I just didn't truly bond with it the way I have with previous M cars. What I had hoped for was a proper successor to the 1 Series M Coupe I fell in love with in 2011, but what I got instead was just a sporty 2 Series that didn't exactly stir my emotions in the same way.
But now there's this: the honest-to-goodness BMW M2. Previously, spy photographers captured a development-mule M2, but this is the real thing, in its full prototype body. Notice the aggressive front fascia that mimics the M3/M4, the more more robust wheel/tire package, and the M-standard quad exhaust outlets around back. This thing sure does look the business.
Details are slim as of this writing, but rumors suggest power will come from BMW's now-ubiquitous N55 turbocharged 3.0-liter six, with output somewhere in the 360- to 380-horspower range. The seven-speed M dual-clutch transmission seems like a good fit here, too. As does a six-speed manual transmission (here's hoping).

Junkyard Gem: 1982 BMW 633CSi

The E24 6 Series was one of the best-looking cars ever to grace a BMW showroom, and it was the car for successful Californians with a sense of style— whether boardroom heroes or purveyors of not-so-legal substances— to show off their wealth and taste. The E24 is quite collectible now, but the cost of restoration for a worn-out one is so high that many solid examples end up here. I spotted this '82 in a San Francisco Bay Area self-service yard last week. The 3.2-liter straight-six engine in this car was rated at 181 horsepower, which was quite a bit in a year when a new Cadillac Eldorado had just 120hp and a Datsun 280ZX Turbo a mere 180. There wasn't much serious competition in 1982 for a powerful imported luxury coupe with gangsterish overtones. If you were a bent banker treating your savings-and-loan as a personal cash machine in 1982, your mainstream choices were limited to this car, a Mercedes-Benz 380SLC, or a Jaguar XJ-S. For those who hit the big time, the Ferrari 400i and Rolls-Royce Camargue were available... but you'd see a hundred 633CSis for each of those in the wild. What time is it? Time for The Crusher! Related Video: Featured Gallery 1982 BMW 633CSi in California Junkyard View 17 Photos Auto News BMW Coupe Economy Cars Classics