After Britain referendumed themselves right out of the European Union last week, there was plenty of talk about how the country’s automakers would fare in the wake of the Brexit.
But what about an Italian-American automaker? Today, investment bank Goldman Sachs removed Fiat Chrysler Automobiles from their “conviction” buy list, citing uncertainty over the fate of the EU, Bloomberg reports. (Read More…)
Volkswagen Group will recall 8.5 million vehicles in the European Union’s 28 member states, including the 2.4 million vehicles it is already being forced to recall by the KBA, Germany’s transportation authority, the automaker announced Thursday.
Vehicles from the Volkswagen, Audi, Seat and Skoda brands are included in the recall. The latest EA 288 diesel engine is not part of the recall.
Volkswagen said it will begin to rollout fixes in January 2016.
Recent sales growth in the EU hasn’t been kind to Opel as the group is forced to reduce hours at two German plants.
According to Automotive News, Opel will cut production of the Adam and Corsa at Eisenach and Insignia and Zafira Tourer at Ruesselsheim. The move is due to Opel’s exit from the Russian market and what the automaker calls “moderate” gains in the rest of Europe.
However, within the EU, overall sales for all automakers are up 8.2 percent in the first six month of this year and 14.6 percent in June, according to ACEA.
Many optionally available subscription-based services, such as OnStar, offering automated crash reporting could lose their marketing edge in 2018.
On the heels of an announcement that Honda’s Alliston, Ontario plant will be the lead plant for the next generation Honda Civic, the same plant will also be responsible for building the next-generation CR-V for the European market.
The wildly optimistic fuel economy figures touted by auto makers in Europe could be in for a major revamp, as the EU looks to change the way these tests are conducted.
The European Union Parliament approved new CO2 targets for the year 2020, mandating an average of 95 grams of CO2 per kilometer, or roughly as much as a Toyota Prius emits. Current standards sit at 130 grams per kilometer. Just-Auto reports that within a few months, discussions will kick off regarding a post-2020 target.
Remember R1234yf – the replacement refrigerant for R134a that can be potentially fatal, rather than just harmful to the environment? After a protracted battle between Mercedes-Benz and the EU over the use of the new refrigerant, which is flammable and extremely toxic, the adoption of R1234yf appears to be in full swing.
As part of a new free trade agreement due to be signed with the European Union, Canada will remove its 6.1 percent tariff on imported vehicles from the European Union, while the EU will remove its 10 percent duties on autos and and its 4.5 percent duty on parts.
In a sign that the European automobile market may finally be recovering, new car registrations in September were up 5.5% from the year before. Sales in the UK and an extra sales day in the month were factors but industry analysts say that things have finally bottomed out in Europe. Year to date sales were still down, -4% to 9.34 million cars, still on track to be the worst year in two decades.
After the longest European recession since the adoption of the euro currency ended with GDP growth in the second quarter of this year, demand has increased but when car sales were down in August, there was concern. With September sales up, industry watchers now think the August decline was just a blip. (Read More…)