Britain’s car industry body said on Friday that current uncertainty over Brexit was not conductive to attracting investment and that the government must maintain the competitiveness of the sector. Nissan said it could scrap a potential new investment in the country’s biggest car plant unless Britain pledged compensation for any tax barriers resulting from its decision to leave the European Union. When asked about Nissan CEO Carlos Ghosn’s remarks, the head of the Society of Motor Manufacturers and Traders (SMMT), said: “The current uncertainty is not conducive to attracting manufacturing investment to the UK.” “The government must do all it can to maintain the competitiveness of the UK automotive sector, which has been hugely successful in boosting exports, creating jobs and generating economic growth in recent years,” SMMT CEO Mike Hawes said.
The New York judge weighing whether ex-AIG chief Maurice "Hank" Greenberg should be liable for accounting fraud on Thursday pressed the 91-year-old executive about why AIG had created an offshore entity for losses from a failed automotive warranty program. Greenberg was on the stand for the third day for allegedly engineering the offshore entity, known as Capco, to hide $200 million in underwriting losses from shareholders. The transaction is one of two at the heart of a 2005 case against Greenberg that finally went to trial two weeks ago after years of legal wrangling.
NXP Semiconductors NV is exploring selling itself to Qualcomm Inc in a deal that could be valued at more than $30 billion, two sources familiar with the matter said on Thursday. The deal would help diversify Qualcomm's business and make it a bigger supplier to the automotive industry. An agreement with Qualcomm could be struck in the next two to three months, according to the Wall Street Journal, which first reported news of the talks.
By Alexandria Sage and Paul Lienert SAN FRANCISCO (Reuters) – Silicon Valley online education platform Udacity has already received more than 11,000 applicants for its so-called nanodegree in self-driving car engineering, Udacity president and Google X founder Sebastian Thrun said. The high number of applicants – for 250 spots in the course – underscores the pressing need for talent by technology leaders such as Alphabet's Google and Apple, traditional car companies and automotive start-ups, as they race to develop production-ready autonomous-driving vehicles within the next decade. High-profile, costly acquisitions driven by the desire to acquire talent, such as General Motors Co's purchase of automotive start-up Cruise, or Uber Technologies [UBER.UL] buying self-driving trucking start-up Otto, have marked the sector over the past year.
By Edward Taylor and Eric Auchard PARIS/FRANKFURT (Reuters) – Alarmed by the threat posed by Silicon Valley firms developing autonomous driving systems, carmakers at this week's Paris Motor Show showed signs they are ready to hit back by cooperating in areas where they might have been expected to compete. "This is how the automotive industry may be able to fight off the threat that Apple and particularly Google represent to their brands as digital services become more and more important," technology investment analyst Richard Windsor said. BMW , Daimler and VW's Audi announced this week they would launch new traffic monitoring services next year which give drivers a view of road conditions miles ahead.
TOKYO (Reuters) – Japanese auto safety parts supplier Takata Corp <7312.T> said on Thursday it expected to book a special profit of about 10 billion yen ($99 million) in the July-September quarter from the sale of U.S. interiors unit Irvin Automotive Products Inc.
DETROIT (AP) — Troubled air bag maker Takata Corp. of Japan is selling its automotive interior trim and seating material operation, raising cash as its inflator recall costs continue to mount.