Automotive News: Parked BMWs bursting into flames leave owners with questions, Prosecutor probes Porsche executives for market manipulation, GM Headlight Module Warranty Extended, VW Investors
Parked BMWs bursting into flames leave owners with questions
Vehicle owners and fire departments across the country are asking BMW to explain how some parked cars could suddenly burst into flames.
An ABC News investigation airing today on Good Morning America, World News Tonight with David Muir and Nightline discovered dozens of incidents in which the luxury cars caught fire even though owners reported they had parked their cars and turned them off.
After initially saying they were unaware of any such incidents, a BMW spokesman says the company has investigated the fires brought to its attention by ABC News and has “not seen any pattern” related to a “product defect.” read more »
Prosecutor probes Porsche SE executives for market manipulation
The Stuttgart prosecutor's office on Wednesday said it has launched a market manipulation probe after receiving a complaint from German markets regulator BaFin which accuses board members of Porsche Automobil Holding SE (PSHG_p.DE) of potential market manipulation.
The probe is tied to trading in Porsche Automobil Holding shares Bafin said, and the complaint was launched in summer of 2016.
The complaint relates to disclosure issues tied to Volkswagen's diesel cheating scandal, which came to light in September 2015, the prosecutor's office said. read more »
VW investors demand faster progress in dieselgate reforms
Volkswagen (VOWG_p.DE) needs to do more to regain the confidence of investors in the wake of its emissions scandal, despite a swift recovery in earnings, several shareholders told the German carmaker at its annual meeting on Wednesday.
The world's largest automaker reported better-than-expected first-quarter profits and has announced a raft of plans to recover from the biggest business crisis in its history, including cost cuts and investment in cleaner cars.
But some shareholders said its emissions test cheating on diesel engines would continue to haunt it for years if it did not publish the results of an investigation into the scandal, address outstanding claims and improve corporate governance. read more »
GM Headlight Module Warranty Extended
General Motors has had fits with the headlight and running light problems and recalled more than 300,000 vehicles in 2014 to allegedly fix the issues once and for all. Then August 2015 rolled around and the automaker expanded the headlight module recall to include another 180,000 vehicles.
However, the National Highway Traffic Safety Administration stepped into the mess on April 30, 2017, after the agency received 128 complaints from GM owners.
The problem comes from the headlamp driver module melting from heat inside in the underhood electrical center and causing the low-beam headlights and daytime running lights to fail. GM says most lights won't be affected, including the high-beam headlights, fog lights, turn signals and marker lights.
In some cases the headlights fail and then come back on while other drivers say the headlight failures are permanent. One common theme among complainants is that drivers received no warnings before losing both headlights. read more »
