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<ul class="summary-list"><li><keyword id="10063149" type="UNKNOWN" weightage="60" keywordseo="pich-automotive">Piëch Automotive</keyword> is a Swiss <keyword id="186291" type="ORGANIZATION" weightage="60" keywordseo="EV">EV</keyword> sports car startup that’s headed up by ex-BMW, <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>, <keyword id="45673" type="CITY" weightage="60" keywordseo="Porsche">Porsche</keyword>, and <keyword id="6361865" type="ORGANIZATION" weightage="60" keywordseo="volkswagen">Volkswagen</keyword> employees.</li><li>Matthias Müller is the newly appointed chairman, formerly of Porsche and Volkswagen after the diesel scandal fallout. He was ousted from the company in 2018.</li><li>The <keyword id="10063150" type="UNKNOWN" weightage="60" keywordseo="pich-gt2">Piëch GT2</keyword> is an all-electric two-seater sports car that boasts an estimated range of up to 310 miles.</li></ul><p>Normally, news about leadership at yet another EV sports car startup would just get lost in the shuffle, but this one might pique your interest. Piëch Automotive, a Swiss sports-car company headed up by a bunch of men from Tesla, BMW, Porsche, and Volkswagen, just added Matthias Müller to its leadership team.</p><p>If Müller's name sounds familiar, it's because he was <a href="https://jalopnik.com/porsches-matthias-muller-confirmed-as-vw-ceo-reports-1733033707">Martin Winterkorn's replacement as CEO of Volkswagen</a> after the former stepped down in the wake of the diesel cheating scandal. Müller was the <a href="https://newsroom.porsche.com/en/company/matthias-mueller-porsche-volkswagen-ceo-11435.html">CEO of Porsche</a> at the time.</p><div type="image" title="The Piëch Automotive two-seat sports car and charging station." height="1406" width="2500" msid="78521700" hostid="261"></div><p>Three years later, in 2018, Volkswagen <a href="https://www.thedrive.com/news/20056/volkswagen-replaces-the-ceo-who-saved-the-company">voted to oust Müller</a> and replaced him instead with Dr. Herbert Diess, <a href="https://www.motor1.com/news/239178/who-is-herbert-diess/">formerly of BMW</a>.</p><p>Now, Piëch Automotive <a href="https://www.piech.com/wp-content/uploads/2020/10/Piech-Executive-Team-News-EN-OCT2020.pdf">announced</a> that Müller is its newly appointed chairman. The company has completed its first round of funding with the help of investor <a href="https://gizmodo.com/someone-is-trying-to-discredit-the-story-of-peter-thiel-1796135794">Peter Thiel</a>. The next round of funding will include amassing enough capital needed to launch a production car.</p><p>The company said that the design for the Piëch GT2, its all-electric sports car, has been "finalized." The GT2 is apparently highly flexible, where various body styles and drive types can be implemented. </p><div type="image" title="The Piëch Automotive two-seat sports car and charging station." height="1878" width="2500" msid="78521706" hostid="261"></div><p>The car represents the first of three planned concepts, the company said. It's a two-seater and can have a range of 400 kilometers, or about 250 miles, to 500 kilometers, or about 310 miles. These are estimates based on European WLTP standards. </p><p>The car will regain 80% of its battery capacity after just four minutes and 40 seconds of charging, the company continued. Additional estimates <a href="https://www.piech.com/">quote</a> a sub-three-second time to get from 0 to 62 mph.</p><p>At a launch event at the 2019 Geneva International Motor Show, Piëch Automotive also showed off its <a href="https://europe.autonews.com/geneva-auto-show/piech-automotive-debuts-fast-charging-technology">Mark Zero EV concept coupe</a>.</p><div type="image" title="Piëch Automotive Mark Zero EV concept coupe." height="1667" width="2500" msid="78521708" hostid="261"></div><p>Piëch Automotive was founded a few years ago by Rea Stark, who serves as its current creative director and has experience with Sony, LG, and Samsung, and Toni Piëch, a current board member and a son of <a href="https://jalopnik.com/the-mad-genius-of-vws-former-chairman-and-his-legacy-of-1700463478">Ferdinand Piëch</a>.</p><p>Ferdinand Piëch once headed up the Volkswagen Group. He was responsible for turning the company into the giant conglomerate it is today. Under him, Volkswagen Group acquired Lamborghini, Bentley, and Bugatti.</p><p>In addition to Müller, Piëch, and Stark, the company's other leadership members include Klaus Schmidt from BMW, Andreas Henke from Porsche, and Jochen Rudat from Tesla. </p>

This Swiss EV startup will be led by a bunch of former Tesla, BMW, Porsche, and Volkswagen bosses

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul><li><strong>Volkswagen CEO Matthias&#xa0;Müller attacked Tesla CEO Elon Musk for making big announcements while his actual car business suffers.</strong></li><li><strong>Tesla recently fired hundreds of workers as the company struggles to ramp up production for the Model 3.</strong></li></ul><p>Volkswagen CEO Matthias Müller attacked Tesla for&#xa0;burning through cash at an unprecedented rate and firing its workforce.</p><p>Muller made his comments while sitting on a <a href="https://arstechnica.com/cars/2017/10/volkswagen-ceo-blasts-tesla-for-not-making-money-firing-workers/" target="_blank" rel="noopener noreferrer">panel</a> about the future of the automotive industry.&#xa0;The comments were first reported by the <a href="https://dailykanban.com/2017/10/volkswagen-boss-rips-elon-musk-destroyer-jobs-money/" target="_blank" rel="noopener noreferrer">Daily Kanban</a>, which we spotted through <a href="https://arstechnica.com/cars/2017/10/volkswagen-ceo-blasts-tesla-for-not-making-money-firing-workers/" target="_blank" rel="noopener noreferrer">Ars Technica</a>.</p><p>"If I am correctly informed, Tesla each quarter destroys millions of dollars in the three digits, and it willy-nilly fires its workers," Muller said, as translated from German by the Daily Kanban. "Social responsibility? Please."</p><p>Tesla has only <a href="http://www.businessinsider.com/tesla-third-quarter-earnings-2016-10" target="_blank" rel="noopener noreferrer">turned a profit twice</a>&#xa0;in its company history. Earlier this month, <a href="http://www.businessinsider.com/tesla-firings-layoffs-model-3-production-ramp-up-elon-musk-2017-10" target="_blank" rel="noopener noreferrer">Tesla fired hundreds of workers</a>&#xa0;as it struggles to ramp up production for the Model 3. The company only manufactured 260 vehicles in September when it had targeted 1,500 cars.</p><p>The mass firing followed September <a href="http://www.businessinsider.com/solarcity-layoffs-tesla-solarcity-roseville-elon-musk-2017-9" target="_blank" rel="noopener noreferrer">cuts Tesla made to its solar arm</a>. The company&#xa0;fired dozens of employees out of its Northern California office at the time.</p><p>Muller seemed to attack Tesla CEO Elon Musk's propensity for making big announcements while his core automotive business suffers. Per the Daily Kanban:</p><p>The comments were made as Volkswagen looks to move past its emissions-cheating scandal. The German automaker <a href="http://www.businessinsider.com/r-update-1-us-judge-approves-147-billion-settlement-over-vw-diesel-vehicles-2016-10" target="_blank" rel="noopener noreferrer">paid regulators $14.7 billion</a> in a settlement.</p><p class="tagline">Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> <strong>here.</strong></a></p><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tesla-value-surging-because-vision-so-intoxicating-2017-10">Tesla's value is surging 'because the vision is so intoxicating'</a></h3>        <div>                    </div>    </div></hr>

Volkswagen CEO attacks Tesla for firing hundreds of people while burning through cash

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Fernando Donasci</span></p></div><p></p></div></div>Volkswagen is in crisis.</p><p>The CEO, Martin Winterkorn, has been ousted, <a href="http://www.tagesspiegel.de/wirtschaft/newsblog-zum-abgas-skandal-bei-volkswagen-aufsichtsratskreise-vw-chef-martin-winterkorn-wird-abgeloest/12351882.html">according to German press reports in Der Tagespiegel</a>, and he will be replaced by Porsche CEO Matthias Muller.</p><p><span>Last week news broke that VW used software to cheat emissions standards testing. </span></p><p><span>And on Tuesday the company announced the problem was worse than thought, affecting 11 million cars. </span></p><p><span><span>Since that story first hit, VW's shares have been clobbered. They're down by as much as 18% as of 14:47 p.m. <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> time (9:47 a.m. ET) after losing more than 20% in trading on Monday - more than a third of the company's market value has been wiped away in just 2 days.</span></span></p><p><span><span>Here's what the analysts are saying.</span></span></p>

Here's what auto industry analysts are saying about Volkswagen's crisis

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Russell Cheyne</span></p><p class="caption">Team Europe fans cheer as they stand alongside the first fairway to watch the 40th Ryder Cup at Gleneagles in Scotland September 26, 2014.</p></div><p></p></div></div>After a miserable Thursday, European markets have come bounding back on Friday.</p><p>Volkswagen is still dominating headlines, with the world waiting for an announcement of the company's new CEO.</p><p>As of 4:30 London time, we don't have that news - but it seems extremely likely that Porsche CEO Matthias Muller is going to get the job.</p><p><a href="http://uk.businessinsider.com/bmw-shares-rocketed-up-5-at-the-open-after-a-clarification-over-its-engine-emissions-2015-9">BMW shares bounced back</a>, surging up by 5% just after the open and staying just below that level for most of the day.</p><p><a href="http://uk.businessinsider.com/markets-open-september-24-2015-9"></a>The <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s <strong>FTSE 100 jumped, rising by 2.55%</strong></p><p>ARM Holdings had an excellent day, ending up over 6% as the FTSE's best-performing company. Commodities-heavy firms had the worst day again, with Glencore falling by more than 1.5%, followed by other commodities-heavy firms like Antofagasta, Fresnillo and Anglo American.</p><p>Here's how things look in the other major European markets:</p><ul><li><strong>Germany's DAX: +2.75%</strong></li><li><strong>France's CAC 40: +3.04%</strong></li><li><strong>Italy's FTSE MIB: +3.42%</strong></li><li><strong>Spain's Ibex: +2.42%</strong></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/pablo-escobar-cocaines-biggest-kingpin-life-death-2015-9">Pablo Escobar: The life and death of one of the biggest cocaine kingpins in history</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="phNnBrdzpKXE2oFtDyJRVBKwhim_ZHgP" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

European stocks just came booming back from Thursday's sell-off

<p><div class="KonaFilter image-container display-table center float_right"><div><div class="image on-image"><a href="http://www.ft.com/intl/cms/s/0/cf9f73e8-62d6-11e5-9846-de406ccb37f2.html??ftcamp=crm/email//nbe/FirstFTEurope/product#axzz3mzHEQvKg"></a><p class="source"><span>REUTERS/Fabian Bimmer</span></p><p class="caption">A Greenpeace activist holds a banner during a protest in front of Volkswagen's </p></div><p></p></div></div></p><p>Over a week after news of Volkswagen's emissions scandal broke, the struggles of the world's largest automaker is still occupying headlines.</p><p>The US Environmental Protection Agency revealed on September 18 that the company had used prohibited "cheat" devices which registered lower emissions of the deadly air pollutant NOx (nitrous oxide) during tests. </p><p>The company's share price plunged by more than a third on Monday and Tuesday last week and CEO Martin Winterkorn was dropped by the board. </p><p>But further damaging reports over the weekend suggest the VW scandal still has much further to run.</p><p>New CEO <a href="http://uk.businessinsider.com/volkswagen-new-ceo-challenges-2015-9">Matthias Muller has a nightmarish gauntlet to run</a>. He's dealing with a company which had already recently been hit by China's slowdown, and now faces severe reputational damage even after the fines and additional regulatory costs are accounted for.</p><p>German media over the weekend made Muller's new job even more of a nightmare, with <a href="http://www.businessinsider.com/afp-vw-ignored-warnings-on-illegal-cheat-software-reports-2015-9">reports that the company had been warned as far back as 2007</a> about the use of the "cheat" devices that registered lower emissions. </p><p><a href="http://www.ft.com/intl/cms/s/0/cf9f73e8-62d6-11e5-9846-de406ccb37f2.html??ftcamp=crm/email//nbe/FirstFTEurope/product#axzz3mzHEQvKg">A piece in the Financial Times</a> argues that the scandal is worse than Enron, the American energy giant whose colossal accounting fraud was revealed in 2001:</p><p>There are reasons to believe that the fallout from this scandal will be as big as Enron, or even bigger. Most corporate scandals stem from negligence or the failure to come clean about corporate wrongdoing. Far fewer involve deliberate fraud and criminal intent</p><p>They offer 7 reasons:</p><ul><li><span style="color: #222222; line-height: 1.5em;">Higher air pollution actually costs lives.</span></li><li><span style="line-height: 1.5em;">VW has been at the head of a Europe-wide push for diesel, prodding governments to favour it through policy.</span></li><li><span style="line-height: 1.5em;">The fines and lawsuits looming for VW will likely be larger than for Enron.</span></li><li><span style="line-height: 1.5em;">Enron's fraud hid massive losses, whereas "Volkswagen could get wiped out even though the company is financially healthy."</span></li><li><span style="line-height: 1.5em;">The scandal damages Germany's image more broadly, and the image of other German automakers. </span></li><li><span style="line-height: 1.5em;">Other firms that have invested in the rise of diesel will be damaged even if they've not cheated in any way.</span></li><li><span style="line-height: 1.5em;">The scandal could taint the idea of using cleaner technology to mitigate against.</span></li></ul><p><span style="line-height: 1.5em;">It's a pretty brutal list. </span></p><p><span style="line-height: 1.5em;">When the news first broke about the scandal, all eyes were on the massive potential $18 billion (£11.85 billion) fine. Now, attention is shifting away from specific fines and towards the less quantifiable damage to the company and industry more widely.</span></p><p><span style="line-height: 1.5em;">The BBC reports a Brussels-based group called Transport &amp; Environment which says carbon dioxide standards are "<a href="http://www.bbc.co.uk/news/live/business-34358976?ns_mchannel=social&amp;ns_source=twitter&amp;ns_campaign=bbc_live&amp;ns_linkname=34377039%26New%20cars%20%27swallowing%20fuel%27%2607:00&amp;ns_fee=0#post_34377039">widely manipulated</a>." </span></p><p><span style="line-height: 1.5em;">Likewise, Emissions Analytics founder Nick Molden told the Independent "<a href="http://www.independent.co.uk/news/business/news/volkswagen-wasnt-the-only-company-rigging-emission-levels-says-expert-a6668611.html">If widespread illegality is found among car manufacturers in Europe, then all bets are off. There will be such carnage</a>."</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Volkswagen's scandal is 'worse than Enron' and reports say the company was warned about 'cheat' devices

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCIA2U6PJ4&amp;SMLS=1&amp;RW=1440&amp;RH=718#/SearchResult&amp;VBID=2C0FCIA2U6PJ4&amp;SMLS=1&amp;RW=1440&amp;RH=718&amp;POPUPPN=4&amp;POPUPIID=2C0BF1O9W78QR">REUTERS/Ralph Orlowski</a></span></p><p class="caption">Volkswagen CEO Matthias Muller knew about the emissions problems and the defeat devices as early as 2006, the suit claims.</p></div><p></p></div></div>The New York, Maryland, and Massachusetts Attorneys General have filed a damning suit against Volkswagen, Porsche, and Audi, claiming a massive "cover-up" of the group's emissions scandal that was "orchestrated and approved at the highest levels of the company."</p><p><a href="http://www.ag.ny.gov/press-release/ny-ag-schneiderman-massachusetts-ag-healey-maryland-ag-frosh-announce-suits-against">The explosive suit alleges</a> that:</p><ul><li>Volkswagen has been installing "defeat devices" that cheated emissions tests since the mid-2000s;</li><li>The group "made a knowing decision to violate the law" and "researched the laws in this country and previous enforcement cases before embarking on this course;"</li><li>There was a "cover up" by the company of the software that cheated emissions tests once regulators discovered the faulty emissions readings;</li><li>The "cover up" was "orchestrated and approved at the highest levels of the company, up to and including the former CEO, Martin Winterkorn;"</li><li>New CEO Matthias Müller allegedly knew about the "defeat devices" as early as 2006;</li><li>Volkswagen "allegedly destroyed incriminating documents" after hearing of the investigation of the Attorneys General.</li></ul><p>Volkswagen was not immediately available for comment when Business Insider contacted the group. <a href="https://next.ft.com/content/ca716ede-4d23-11e6-88c5-db83e98a590a#axzz4EvTDyF12">The Financial Times quotes VW</a> as saying the allegations are "essentially not new" and the company is addressing them. It adds that it is continuing to "work co-operatively" with the authorities and: "It is regrettable that some states have decided to sue for environmental claims now, notwithstanding their prior support of this ongoing federal-state collaborative process."</p><p>Volkswagen was last year <a href="http://uk.businessinsider.com/heres-what-volkswagen-did-and-how-they-got-caught-2015-9">busted for installing "defeat devices" in its cars that </a><a href="http://uk.businessinsider.com/heres-what-volkswagen-did-and-how-they-got-caught-2015-9">cheated diesel emissions tests in the US for seven years.</a> Volkswagen is facing huge fines, its reputation is in tatters, and <a href="http://www.businessinsider.com/vw-ceo-is-out-2015-9" target="_blank">Martin Winterkorn was forced to step down as CEO</a>.</p><p>The suit from the Attorneys General claims that the "defeat devices" were cooked up by VW to avoid the complex task of re-engineering cars that were failing tests. The suit is being brought on environmental grounds, claiming the company knowingly polluted the environment.</p><p>The case against the company claims that VW "tried to cover up the problem through sham recalls that they knew would not meet the required standards" after the Environmental Protection Agency told the car maker it had discovered the emission problem.</p><p><div class="KonaFilter image-container display-table float_left float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCIA2UMF52&amp;SMLS=1&amp;RW=1440&amp;RH=674#/SearchResult&amp;VBID=2C0FCIA2UMF52&amp;SMLS=1&amp;RW=1440&amp;RH=674&amp;POPUPPN=1&amp;POPUPIID=2C0BF1FYJJ55Z">REUTERS/Kai Pfaffenbach/File Photo</a></span></p><p class="caption">Former Volkswagen CEO Martin Winterkorn allegedly approved a cover up once the emissions errors were discovered.</p></div><p></p></div></div>VW "repeatedly failed to disclose to regulators the true reason - the defeat devices - for the discrepancies and only confessed to the defeat devices when they knew the regulators had them pinned to the facts," the lawsuit claims.</p><p>The statement on the action adds: "The lawsuits allege this cover-up was orchestrated and approved at the highest levels of the company, up to and including the former CEO, Martin Winterkorn."</p><p><a href="https://next.ft.com/content/ca716ede-4d23-11e6-88c5-db83e98a590a#axzz4EvTDyF12">The Financial Times</a> also reports that the case claims new CEO Matthias Müller was alerted to the defeat devices during his time as a top engineer at the company in 2006.</p><p>Not only were these devices illegal, the suit claims that the group "made a knowing decision to violate the law" and "researched the laws in this country and previous enforcement cases before embarking on this course."</p><p>"They knew what they were going to do was illegal, and if caught they would face government enforcement and sanctions," <a href="http://www.ag.ny.gov/press-release/ny-ag-schneiderman-massachusetts-ag-healey-maryland-ag-frosh-announce-suits-against">a statement on the case says.</a> "They went ahead and did it anyway."</p><p>The New York Attorney General's office says it found "no evidence that a single Volkswagen, Audi or Porsche employee came forward to blow the whistle" at any point.</p><p>New York Attorney General Eric T. Schneiderman says in the suit against Volkswagen, which also owns Porsche and Audi, that the scandal "reveal[s] a culture of deeply-rooted corporate arrogance, combined with a conscious disregard for the rule of law and the protection of public health and the environment."</p><p>His office says in a statement on the suit that: "Volkswagen's response to the scandal shows that the company has not reformed its corporate behavior," adding:</p><p style="padding-left: 30px;">"When the investigation was getting under way in late 2015, numerous employees, tipped off by a senior in-house lawyer in Germany, <strong>allegedly destroyed incriminating documents.</strong> Just last month, the Volkswagen Supervisory Board recommended a package of bonuses for the Management Board that presided over the cover-up totaling over $70 million, including generous severance pay to Mr. Winterkorn himself."</p><p>The lawsuit follows a 9-month investigation by a multistate coalition of over 40 states and other jurisdictions, led by New York, Massachusetts, and four other states. The complaints allege, in detail, a cover-up that Volkswagen and Audi allegedly managed for nearly a year-and-a-half.</p><p>New York Attorney General Eric T. Schneiderman adds in the statement on his website: "These suits should serve as a siren in every corporate board room, that if any company engages in this type of calculated and systematic illegality, we will bring the full force of the law-and seek the stiffest possible sanctions-to protect our citizens."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/david-rubenstein-us-britain-recession-brexit-banana-2016-7">Billionaire private-equity CEO David Rubenstein says Britain will almost certainly go into a recession and the US may follow</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xqOGhpNDE6EggH0JaeqnBztUiiLvfL3Z" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

New York is suing Volkswagen for an emissions 'cover-up' that was 'orchestrated and approved at the highest levels'

<p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Lucy Nicholson</span></p><p class="caption">A diesel Volkswagen Passat TDI SEL is taken away by a tow truck in Santa Monica, California, United States, September 21, 2015.</p></div><p></p></div></div>Volkswagen is having a dreadful run: first it was <a href="http://uk.businessinsider.com/heres-what-volkswagen-did-and-how-they-got-caught-2015-9">rumbled for cheating emissions tests</a>, and now it's lost its position as the world's biggest car manufacturer by sales.</span></p><p>VW sold a huge 7.43 million cars in the nine months up to September, but that wasn't enough to stay on top, as Toyota sold 7.49 million over the same period.</p><p>The car company briefly became the world's biggest in the first half of the year, selling 5.04 million cars, around 20,000 more than Toyota, but now its been knocked off its perch. The worst thing about it: the full force of the emissions scandal has yet to fully hit sales.</p><p>Losing its position as top carmaker was actually driven by a huge slowdown in sales for VW in emerging markets. This is particularly true in Brazil, where the country's tanking economy meant that sales for the first nine months of 2015 dropped by more than 30%</p><p>The most recent figures show that VW's sales in the USA and UK have actually grown by 7.3% and 3.8% respectively far this year. <span style="font-weight: 400;">However, the numbers were counted around two weeks after the scandal hit, meaning that the impact on sales can't have manifested itself. </span></p><p><span style="font-weight: 400;">Analysts are becoming less and less enthused by VW's prospects right now. <a href="http://markets.ft.com/research/Markets/Tearsheets/Forecasts?s=VOW3:GER"><span style="font-weight: 400;">A survey from the Financial Times </span></a><span style="font-weight: 400;"> shows that since the scandal hit, fewer analysts give the company a 'buy' rating, and more are favouring 'hold' and 'sell'. <a href="http://www.ft.com/cms/s/0/c47302be-7ba9-11e5-a1fe-567b37f80b64.html#axzz3pezyM7iR"><span style="font-weight: 400;">The FT also reports </span></a><span style="font-weight: 400;"> that analysts are expecting things to get worse for Volkswagen in the coming months as the dust settles on the emissions scandal, saying that Q4 of 2015 could be very gloomy for Europe's biggest automaker. </span></span></span></p><p>VW is likely to be given substantial fines for its role in cheating emissions tests, and will have to foot the bill for recalling and repairing the affected cars. New chief executive, Matthias Muller - who replaced Martin Winterkorn - has recalled around 11 million vehicles worldwide, a move expected to cost VW dearly.</p><p>The company has already said that it will cut investment in the Volkswagen brand by at least €1 billion (£720 million; $1.1 billion), and has set aside €6.5 billion to deal with the costs of being caught out.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/cop-pulls-clever-move-to-save-a-man-from-suicide-2015-10">Cop pulls a clever move to save a man from suicide</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Fva2IxeDo_F1XueEXgAq2Q4PjLqva1_D" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Volkswagen has lost its crown and is no longer the world's biggest carmaker

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>AP</span></p><p class="caption">VW Group CEO Matthias Muller.</p></div><p></p></div></div>Volkswagen Group has been one of the largest and most profitable car companies in the world.</p><p>In spite of its well-documented struggles in the US market, the German automaker has thrived just about everywhere else.</p><p>Even with the financial pressures placed on Volkswagen Group, it was thought the company could rely on its Chinese and European strongholds to get it through the tough times.</p><p>Unfortunately for VW, fallout from its massive emissions cheating scandal is now clearly affecting sales in Europe.</p><p>Volkswagen Group has lost market share in Europe for the sixth month in a row, <a href="http://www.bloomberg.com/news/articles/2016-03-16/volkswagen-europe-market-share-continues-slide-as-recalls-start" target="_blank">Bloomberg's Tom Lavell</a> reported.</p><p>According to a report from the <a href="http://www.acea.be/" target="_blank">European Automobile Manufacturers Association</a>, Volkswagen Group's <a href="http://www.acea.be/uploads/press_releases_files/20160316_PRPC_1602_FINAL.PDF" target="_blank">market share has fallen to 24.1%</a> over the first two months of 2016. That's down from 25.4% over the same period last year.</p><p>Although registrations of new VW Group cars in the EU are up 4.5% for the first two months of 2016, registrations of new cars across all brands rose 10.1% over the same period.</p><p>The company's volume-leading VW brand has been hit the hardest. Registrations of new VW brand cars are flat at just 0.2% growth this year. Consequently, VW's inability to keep pace with the rest of the European market has seen the brand's share plummet from 12.7% to 11.5%.</p><p>The majority of Volkswagen Groups growth this year have been at Audi. The luxury automaker has seen its share increase to 5.5% - up from 5.3% this time last year.</p><p>Other companies have taken advantage of VW's troubles to pick up share in the Europe. The biggest winner so far this year has been Fiat Chrysler which has seen its share surge 0.6% from 6.6% to 7.2%. According to Bloomberg, FCA's sales have been buoyed by the popularity of its Fiat 500X and Jeep Renegade crossovers.</p><p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Eric Thayer/Getty Images</span></p><p class="caption">Jeep Renegade.</p></div><p></p></div></div>Other winners include Jaguar Land Rover and Mazda - both of which picked up 0.4 % of share. Ford has picked up 0.3% of share this year while VW Group's German rivals at Mercedes and Opel (GM's European operation) both picked up 0.2%.</p><p>In the US, <a href="http://www.businessinsider.com/volkswagen-sales-suv-crossover-america-2016-3" target="_blank">Volkswagen's sales situation has gone from bad to worse</a>. <span>For the year, Volkswagen sales are down nearly 14% </span><span>at a time when many of its rivals are reporting double-digit growth.</span><br /><br /><span>Even more troubling is the brand's continued loss of market share. </span><span>In the first half of 2015, Volkswagen held a disappointing 2.1% share of the US market. After the company's emissions scandal broke in September and the well of generous incentive money for dealerships dried up, sales have declined. By last month, the company's share in the US market is down to 1.7%.</span></p><p><span>Last week, <a href="http://www.businessinsider.com/volkswagens-us-boss-horn-departs-2016-3" target="_blank">Volkswagen Group of America CEO Michael Horn </a>abruptly left the company after a little more than two years on the job. </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/havana-cuba-coco-taxi-transportation-2016-1">Forget the classic cars - these goofy-looking taxis are the best way to get around Havana</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="IydXJqMDE6oumUogYSR-_gQy6bly0QNB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Volkswagen is confronting a horrible reality at home

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>It's partner day at Goldman Sachs!</p>
<p>The list of the 78 new partners is out.  </p>
<p><span>Being named a partner at Goldman is a huge deal. It's one of the most highly-coveted titles on Wall Street. </span></p>
<p><span>Partners are picked every two-years during an extremely intense and secretive selection process.</span></p>
<p><span><span>In 2012, the bank tapped only 70 partners compared to 110 in the previous cycle. The size of the partner class isn't pre-dictated, though. However, it usually tends to be between 1.5 and 1.9% of the full-time employee population at the firm.</span></span></p>
<p>This morning, CEO Lloyd Blankfein and president/COO Gary Cohn personally called folks at their desks to let them know they've been made a partner.</p>
<p>The calls usually begin around 5 a.m. EST with the Asia offices and continue until around 9 a.m. EST. </p>
<p>Here's the list: </p>
<table style="width: 780px;" border="1">
<tbody>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Fadi Abuali</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Jan Fritze</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Etsuko Kobayashi</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Kunal Shah (London)</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Aaron Arth</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Dino Fusco</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Nyron Latif</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Richard L. "Jake" Siewert</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Jennifer Barbetta</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Huntley Garriott</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Greg Lee</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Jason Silvers</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Thomas Barrett</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Jeff Gido</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Dirk Lievens</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Kevin Sterling</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Gerard Beatty</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Littleton Glover</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Kyri Loupis</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Umesh Subramanian</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Shane Bolton</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Cyril Goddeeris</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">John Madsen</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Dan Swift</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Will Bousquette</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Alexander Golten</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Richard Manley</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Ben Thorpe</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Kane Brenan</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Jason Gottlieb</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Michael Marsh</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Oliver Thym</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Tavis Cannell</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Joanne Hannaford</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Ali Meli</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Joe Todd</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">T.J. Carella</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Julie Harris</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">David Miller</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Hiroyuki Tomokiyo</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Gary Chropuvka</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Edouard Hervey</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Joseph Montesano</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Thomas Tormey</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Darren Cohen</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Matthias Hieber</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Eric Muller</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Mark Van Wyk</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Stephanie Cohen</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Charles Himmelberg</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Manikandan Natarajan</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Rajesh Venkataramani</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Kathleen Connolly</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Sean Hoover</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Fergal O'Driscoll</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Matthew Verrochi</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Sara Devereux</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Pierre Hudry</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Kristin Olson</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Owen West</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Iain Drayton</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Irfan Hussain</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Jernej Omahen</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Ronnie Wexler</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Carlos Fernandez-Aller</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Kevin Kelly</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Nicholas Phillips</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Xiaoyin Zhang</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Jonathan Fine</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Tammy Kiely</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Rob Pulford</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Adam Zotkow</span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Meena Lakdawala Flynn</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Maxim Klimov</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Colin Ryan</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;"> </span></td>
</tr>
<tr>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">David Friedland</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Edward Knight</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;">Carsten Schwarting</span></td>
<td><span style="font-family: Calibri, sans-serif; font-size: small;"> </span></td>
</tr>
</tbody>
</table>
<p><em> </em></p>

These Goldman Sachs Employees Are About To Be The Happiest People On Wall Street

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">A former Soviet T-34 tank rolls over a Volkswagen beetle car during a performance </p></div><p></p></div></div>Volkswagen is <a href="http://uk.businessinsider.com/report-volkswagen-ceo-is-out-2015-9">getting absolutely smashed right now</a>.</p><p>US regulators revealed on Friday that the colossal car manufacturer had submitted false emission data for its diesel cars. That could lead to a fine of as much as $18 billion (£11.65 billion).</p><p>That assumes the problem is confined to the US - other regulators around the world are now announcing their own investigations.</p><p><a href="http://uk.businessinsider.com/report-volkswagen-ceo-is-out-2015-9">CEO Martin Winterkorn is out</a> - his last day is September 25. German media reports say <span>Porsche CEO Matthias Muller is lined up to replace him. </span></p><p>This is big, not just for Volkswagen, but for the car industry in general - and few countries attach more pride or national importance to their auto production than Germany.</p><p>As Volkswagen tumbles, so have other companies. Porsche is down by more than 30% since September 17, Daimler by 15%, and BMW by 10%. </p><p>That's a major slump that shows the concern isn't just specific to Volkswagen. If this can happen to Volkswagen, could it happen to other major car producers too?</p><p>Over at Forbes, <a href="http://www.forbes.com/sites/francescoppola/2015/09/22/rigging-emission-test-results-proves-costly-for-volkswagen/2/">Frances Coppola</a> notes that the scandal has a whiff of LIBOR about it:</p><p style="padding-left: 30px;">For me, this looks uncannily like the Libor-rigging scandal in the banks. Barclays was the first to be exposed, and its CEO, Bob Diamond, took the fall: but as we now know, it was certainly not the last or even the biggest sinner. I would not be surprised if emissions test rigging turned out to be widespread practice among motor manufacturers.</p><p>The <a href="https://en.wikipedia.org/wiki/Libor_scandal">LIBOR scandal</a> began over accusations of rate-rigging by major banks, by moving a key inter-bank lending interest rate (the London Interbank Offered Rate) by fractional amounts to profit on particular trades. The scandal began with Barclays, but half a dozen other institutions eventually got major fines.</p><p>Arndt Ellinghorst, head of global automotive research at Evercore ISI, thinks there are good reasons to believe that the crisis won't spread beyond VW, because US diesel emission standards are particularly tough, but notes that that won't stop people searching:</p><p style="padding-left: 30px;">For years there have been unfounded stories circulating that certain OEMs [original equipment manufacturers] may have submitted vehicles with different ECU calibrations for road and other tests. VW's woes will likely lead to closer examination going forward not to mention several witch hunts.</p><p>What's more, the emissions scandal comes at an awkward time for major German exporter firms in general - the country has benefitted more than anywhere else in Europe from surging Chinese demand in recent years, with the emergence of an upper-middle class now able to buy cars. </p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Business Insider, Investing.com" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5601516cdd0895200e8b459d-960/volkswagen.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Business Insider, Investing.com</span></p></div><p></p></div></div></p><p>Volkswagen's share price surged to over €250 during the QE and recovery-driven equity rally earlier in the year, but it's now slumped to just over €100, a decline of 58% since early April.</p><p>For some perspective on that collapse, analysts at <a href="https://twitter.com/Schuldensuehner/status/646285129221033984">Bernstein research noted that BP's share price only fell 55% during the Deepwater oil spill</a>. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/incredible-things-steve-cohen-buys-2015-7">Here are some incredible toys hedge fund boss Steve Cohen has bought with his billions</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hxaWhmdjqQ1wSzMOYSNGSRh8z8wLe12M" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "Matthias Muller" and got 10 results

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European stocks just came booming back from Thursday's sell-off

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Volkswagen's scandal is 'worse than Enron' and reports say the company was warned about 'cheat' devices

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New York is suing Volkswagen for an emissions 'cover-up' that was 'orchestrated and approved at the highest levels'

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Volkswagen has lost its crown and is no longer the world's biggest carmaker

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Volkswagen is confronting a horrible reality at home

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These Goldman Sachs Employees Are About To Be The Happiest People On Wall Street

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