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Volkswagen CEO Martin Winterkorn resigns amid diesel scandal

Volkswagen CEO Martin Winterkorn is stepping down amid charges the company manipulated its diesel-powered cars to meet emissions regulations around the world, the automaker announced Wednesday. No successor was immediately announced, though recommendations will be made at VW's board meeting Friday. Winterkorn, 68, has led VW since 2007 and oversaw the German automaker's staggering growth around the world. His departure comes less than a week after the EPA alleged the company has been cheating on diesel emissions testing for years, and that its cars might emit 40 times more pollution than legally allowed. The EPA says about 482,000 vehicles are affected in the United States, and VW estimates at least 11 million vehicles globally might have the software that allows the vehicles to cheat emissions regulations. "As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group," Winterkorn said in a statement. "I am doing this in the interests of the company even though I am not aware of any wrongdoing on my part. "Volkswagen needs a fresh start – also in terms of personnel. I am clearing the way for this fresh start with my resignation." Winterkorn stepped down after an executive committee meeting of the VW Supervisory Board Wednesday. The committee agreed Winterkorn had no knowledge of wrongdoing. "The executive committee has tremendous respect for his willingness to nevertheless assume responsibility and, in so doing, to send a strong signal both internally and externally," VW said in a statement. Volkswagen is conducting an internal review and expects more "personnel consequences" in the coming days. It also will voluntarily submit a complaint to the state prosecutor's office in Brunswick, Germany, and cooperate with the expected criminal investigation. Winterkorn's departure is the latest development in VW's burgeoning diesel emissions scandal. It came to light last week after the work of researchers at West Virginia University detailed the software manipulation designed to skirt EPA tests, and it has resounded as governments around the world examine Volkswagen's diesel vehicles. The company set aside $7.3 billion to deal with the fallout and has retained the law firm that defended BP during its oil spill.

Hyundai plans Level 4 autonomy by 2021 in a fuel-cell car

SAN FRANCISCO — Silicon Valley startup Aurora announced on Thursday partnerships with Volkswagen AG and Hyundai to develop a self-driving system within their vehicles, the latest tie-up between global automakers and Silicon Valley tech companies. Aurora was founded in 2016 by robotics expert Drew Bagnell, Chris Urmson, who came from Alphabet Inc's Google, and Sterling Anderson, who formerly worked at Tesla. For Hyundai, Aurora's technology will be incorporated into custom-developed models and tested in markets including China. Hyundai said the first model to be used in testing will be its latest generation fuel-cell vehicle, debuting at the CES technology conference in Las Vegas next week. The model name of the car, shown above, will be announced then. Under the alliance, Hyundai plans to commercialize level 4 autonomous vehicles — which can operate without human input or even human oversight under select conditions — in unidentified "pilot smart cities" by 2021. This is the first announcement on a self-driving technology partnership by the South Korean carmaker, which has traditionally shunned tie-ups in favor of developing technology in-house. The strategy has raised investor concerns that it may be left behind in the race for self-driving and electric cars. A company spokeswoman said Hyundai has "various collaborations" under way in self-driving technology and would continue to pursue cooperation. In a statement, Volkswagen said Aurora's self-driving technology can be integrated over time across the automaker's brands and in different product categories, whether self-driving pods, shuttles, delivery vans or self-driving trucks. Aurora and Volkswagen said they had been working together over the past six months to integrate Aurora's sensors, hardware and software into the German carmakers' electric vehicles to develop self-driving ride services in cities. The non-exclusive partnerships mark the first deals for the young Silicon Valley company and show how some carmakers have chosen to partner with technology companies with more experience in artificial intelligence, deep learning and robotics in order to save time and money bringing self-driving cars to market. Within the self-driving car space, Waymo — formerly Google's autonomous program headed by Urmson — is offering something similar. The tech company has been working with Fiat Chrysler since 2016 to outfit its Chrysler Pacifica minivans with autonomous technology.

Lamborghini has been developing an IPO strategy 'for a long time'

Porsche AG isn’t the only Volkswagen AG brand that has been quietly preparing for a potential initial public offering. Italian luxury-car maker Lamborghini has been developing a strategy how to present itself to stock-market investors since well before Volkswagen asked each of its brands to come up with virtual equity stories, according to the unitÂ’s Chief Executive Officer Stephan Winkelmann. “WeÂ’ve been working on this with other agencies in order to create clarity,” Winkelmann said. “As a brand, weÂ’ve done so for a long time, to show what worth, what value we have. Up until a little while ago, it wasnÂ’t so well known.” Porsche became EuropeÂ’s most valuable automaker last month, when its market capitalization overtook that of VW a week after its IPO in Frankfurt. The debut of the 911 maker was a bold move into public markets, which have been largely shut for most of the year. VW CEO Oliver Blume has said he sees the listing as a blueprint to unlock more value from the groupÂ’s brands that also include Audi and Bentley. “An IPO drill is exactly what you do to show the public how solid you are and what is in progress for the future,” Winkelmann said. “We have a clear story and strategy for that.” Audi, which oversees VWÂ’s premium brands, said last month there are no concrete plans for an IPO of Lamborghini. A previous push to potentially spin off the carmaker and motorcycle brand Ducati ran into opposition from labor leaders. Still, LamborghiniÂ’s recent profit gains -- including a 31.9% operating margin in the first half of this year -- make a solid case for a stock-market listing, said Michael Dean, an analyst at Bloomberg Intelligence. “An IPO is something that could potentially happen in the next 18 months, depending on market conditions,” Dean said. “A ˆ15 billion valuation is entirely justifiable and could be even higher, given the margin metrics.” LamborghiniÂ’s deliveries rose 8% to 7,430 vehicles in the first nine months of the year. Operating profit climbed 69% to ˆ570 million ($567 million). Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Lamborghini teases Huracan Sterrato tackling terrain