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BMW matriarch Johanna Quandt dies at 89

Johanna Quandt, matriarch of the family that owns the largest stake in BMW, has died at age 89. One of the world's richest women, Quandt ranked in her own right as the eighth wealthiest individual in Germany, and one of the 100 wealthiest billionaires in the world. Johanna Maria Bruhn was born in June 1926, the daughter of art historians in Berlin. She trained in medical technology before the outbreak of World War II, and after the war worked as a banker's secretary in Cologne. She started working for Herbert Quandt in Bad Homburg, near Frankfurt, in the mid-1950s, and eventually became his personal assistant. They married in 1960, shortly after increasing the family's stake in BMW to 50 percent in order to stave off a takeover attempt by Daimler-Benz. The Quandt family's fortune was controversially amassed during the war. Herbert's father, Gunther Quandt, was a top Nazi-era industrialist named by Adolf Hitler as a Wehrwirtschaftsfuhrer – Leader of the Armament Economy. After Herbert's mother Antonie died, Gunther remarried to Magda, a much younger woman. Following their subsequent divorce, Magda married Nazi master propagandist Joseph Goebbels (with Hitler as best man), and together raised Herbert's half-brother Harald. A recent documentary found that the AFA, the company that the Quandts controlled during WWII, used slave labor provided by the Nazi regime to manufacture battery and munitions for the German war effort. Due to the subhuman living and working conditions, AFA lost approximately 80 forced laborers each month. Despite earlier denial of any wartime wrongdoing, the documentary and ensuing public attention prompted the Quandts to open their books to another investigation that confirmed their wartime activities. The Quandts would later use the capital they amassed to buy BMW, of which they still hold 46.7 percent – the remaining 53.3 percent traded publicly. Following Herbert's death in 1982, Johanna took over 16.7 percent ownership in the company, with their son Stefan Quandt acquiring 17.4 percent and their daughter Susanne Klatten assuming 12.6 percent ownership. Stefan and Susanne, both members of BMW's supervisory board since 1997, are expected to inherit their mother's shares following her passing. Johanna's personal fortune was estimated at nearly $14 billion. Though reclusive from media and public attention, she gave generously to charitable foundations that supported such causes as medical research and business journalism.

Defying Trump, major automakers finalize California emissions deal

WASHINGTON — The California Air Resources Board (CARB) and major automakers on Monday confirmed they had finalized binding agreements to cut vehicle emissions in the state, defying the Trump administration's push for weaker curbs on tailpipe pollution. The agreements with carmakers Ford Motor Co, Volkswagen AG, Honda Motor Co and BMW AG were first announced in July 2019 as voluntary measures prompting anger from U.S. President Donald Trump. A month later, the Justice Department opened an antitrust probe into the agreements. The government ended the investigation without action. The Trump administration in March finalized a rollback of U.S. vehicle emissions standards to require 1.5% annual increases in efficiency through 2026. That is far weaker than the 5% annual increases in the discarded rules adopted under President Barack Obama. The 50-page California agreements, which extend through 2026, are less onerous than the standards finalized by the Obama administration but tougher than the Trump administration standards. The automakers have also agreed to electric vehicle commitments. Volvo Cars, owned by China's Geely Holdings, said in March it planned to join the automakers agreeing to the California requirements. It has also finalized its agreement. The settlement agreements say California and automakers agreed to resolve "potential legal disputes concerning the authority of CARB" and other states that have adopted California's standards. In May, a group of 23 U.S. states led by California and some major cities, challenged the Trump vehicle emissions rule. Other major automakers like General Motors Co, Fiat Chrysler Automobiles NV and Toyota Motor Corp did not join the California agreement. Those companies also sided with the Trump administration in a separate lawsuit over whether the federal government can strip California of the right to set zero emission vehicle requirements. Ford said the "final agreement will reduce emissions in our vehicles at a more stringent rate, support and incentivize the production of electrified products, and create regulatory certainty." BMW said "by setting these long-term, predictable, and achievable standards, we have the regulatory certainty that is necessary for long-term planning that will not only reduce greenhouse gas emissions but ultimately benefit consumers as well." 

Why you can expect lots more crossovers from BMW

BMW is becoming the ultimate crossover sales machine. More than a third of the German brand's US sales in 2015 were crossovers, and the automaker expects 40 percent of 2016 sales to be the all-purpose runabouts. What's more, BMW of North America CEO Ludwig Willisch said that when the X7 gets here the percentage will take another leap. Even though BMW was one of the automakers to raise warning flags about how China's depressed car market would impact earnings, the Willisch said the Munich brand couldn't get enough of the X1, X3, and X5 in the first three quarters of 2015 in any of its key markets. Remedy is on the way with an expansion of the Spartanburg, SC plant. When it's finished later this year the US factory will be able to build 29 percent more product than before, annual capacity rising from 350,000 to 450,000. Spartanburg currently builds the X3, X4, and X5. There's every reason to believe that BMW will post another record US sales year in 2015, adding a lot of fat to its profit statement in what should be a record year overall. TrueCar predicts 17.5 million light vehicle sales in the US last year, a 6.1-percent increase over 2014. BMW could also take the luxury crown after posting a monster month of December sales, we'll know when the numbers are reported this week. The huge numbers have come with the help of incentives. BMW spent slightly more than competitors Mercedes-Benz and Lexus, but only fractionally up on 2014 incentive spending.