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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.

Auto execs surveyed say VW, BMW most likely to grow

A new survey of top global automotive executives indicates both Volkswagen and BMW are the most likely to grow their market share over the next five years.
Tax advisory firm KPMG LLP has released its 14th annual Global Automotive Executive Survey, which includes responses from over 200 executives. A total of 81 percent of respondents said they expect to see Volkswagen make gains, compared to 70 percent last year. BMW, meanwhile, saw 70 percent of those surveyed say they believe the company will increase its market share. That's a jump of 7 percentage points over last year. This is the first time in the history of the survey that BMW has claimed the second-place spot.
Meanwhile, Hyundai has seen its perceived market share potential slacken for the third year in a row. Around 61 percent of those surveyed predicted gains for Hyundai, down from 63 in 2012. Toyota also has a surprising year, but for just the opposite reason. While the manufacturer had slipped in ranking since 2011, it enjoyed the largest increase of any company in the 2013 survey, jumping to 68 percent from 44 percent last year.

Bimmerfest puts BMW's heritage on display and in motion

The typical Memorial Day weekend is celebrated with family and friends and plenty of food, but for thousands of BMW fans it was spent at Auto Club Speedway in Fontana, CA, for the 17th annual Bimmerfest. The event expanded significantly in the last few years with a move to the massive racetrack complex outside Los Angeles in 2016, and a second day was added this year. The celebration of the Roundel is the largest of its kind, boasting 4,000 cars and 10,000 people in attendance. There's something for just about every type of owner. For those wanting serious time behind the wheel, the oval and road course were open to hot laps, and there was the Bimmer Challenge race from Speed Ventures. An autocross course was set up in an adjacent parking lot. Those wanting to compete in less dynamic fashion had a Battle of the Bimmers car show, and the Heritage Corral and Centennial Corral put the century-long history of the brand on display. Perhaps our favorite part of the event was the BMW Fan Zone display, which showcased a few of the company's most iconic contemporary racecars. A V8-powered 2001 BMW M3 GTR and a McLaren F1 GTR sporting a BMW-developed V12 provided some fond memories of their historic on-track endeavors. If you missed Bimmerfest 2016 then you can check out our massive photo gallery above, and for those of you on the East Coast there will be a Bimmerfest East at Raceway Park in Englishtown, NJ, from July 30-31. Visit www.bimmerfest.com for more details. Related Video: Featured Gallery Bimmerfest 2016 View 80 Photos Image Credit: Copyright 2016 Drew Phillips / AOL Design/Style BMW Classics