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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 design chief Egger leaving for Italdesign Giugiaro

Wolfgang Egger, Audi's chief designer, is leaving the company according to a Automotive News Europe, which cites a report from Germany's Automobilwoche. Egger won't be going far, though, remaining within the Volkswagen family and taking up head design position Italdesign Giugiaro, a VW subsidiary as of 2010.
Egger took over the position at Audi from Walter de Silva, and has been responsible most recently for the Audi A6 and A3, as well as the 2010 Quattro Concept and the E-Tron Concept. He previously was head of design at Lancia and then at Alfa Romeo, where he was responsible for the achingly gorgeous 8C Competizione.
If Egger does move to Italdesign, his successor is likely to be Marc Lichte, the Volkswagen designer behind the current Golf. Of course, these personnel changes haven't been officially confirmed, and Audi is thus far refusing to comment on either Egger or Lichte's possible career shifts. We'll stay with this one, so sit tight.

Dysfunctional dashboards: Auto suppliers competing to clean up the cockpit

SAN FRANCISCO - Peer at the instrument panel on your new car and you see sleek digital gauges and multicolored screens. But behind the dashboard, here's what US auto supplier Visteon Corp found: a mess. As automotive cockpits become crammed with ever more digital features such as navigation and entertainment systems, the electronics holding it all together have become a rat's nest of components made by different parts makers. Now the race is on to clean up the clutter. Visteon is among a slew of suppliers aiming to make dashboard innards simpler, cheaper and lighter as the industry accelerates toward a so-called virtual cockpit - an all-digital dashboard that will help usher in the era of self-driving cars. What's at stake is a piece of the $37 billion cockpit electronics market, estimated by research firm IHS Market to nearly double to $62 billion by 2022. Accounting firm PwC estimates that electronics could account for up to 20 percent of a car's value in the next two years, up from 13 percent in 2015. Meanwhile, the number of suppliers for those components is likely to dwindle as automakers look to work with fewer companies capable of doing more, according to Mark Boyadjis, principal automotive analyst at IHS Markit. "The complexity of engineering 10 different systems from 10 different suppliers is no longer something an automaker wants to do," Boyadjis said. He estimates manufacturers eventually will work with two to three cockpit suppliers for each model, down from six to 10 today. DIGITAL MAKEOVER One of Visteon's solutions is a computer module dubbed "SmartCore." This cockpit domain controller operates a vehicle's instrument cluster, infotainment system and other features, all on the same tiny piece of silicon. So far this year, the Detroit-based company has landed two big contracts for undisclosed sums. One, announced in April, is with China's second-largest automaker, Dongfeng Motor Corp. The other is with Mercedes-Benz, Reuters has learned. Mercedes did not respond to requests for comment. Another unnamed European automaker plans to use the system in 2018, according to Visteon. Visteon is going all-in on cockpit electronics, having shed its remaining automotive climate and interiors businesses in 2016. The bet so far is paying off. The company secured $1.5 billion in new business in the first quarter, helped by growth in China. Visteon's stock price is up more than 50 percent over the past year.