“Multinationals underestimated local competition,” said Shaun Rein, of China Market Research Group. “Local players have moved very fast on emerging trends that multinationals have missed, like healthy and e-commerce.”
The recall affects the 2011-2017 models sold here in the United States and may later be expanded to include vehicles sold in Canada, Mexico and South Korea.
The CEO’s plans to spin off two business units lays the groundwork for cracking one of his toughest challenges -- revving up the pace of sales.
The Global 7000 will be the largest purpose-built business jet in the industry, with the longest range and speed, when it enters into service in the second half of 2018 -- two years behind schedule.
Volkswagen CEO Matthias Mueller, not short on hyperbole, said the German auto giant is “reinventing the car.”
The sweeping cuts are the biggest in over two years and come as Siemens CEO Joe Kaeser pushes ahead with broader changes in the structure of the company.
The recall concerns nine models, including a sports car that Subaru manufactures for Toyota, but vehicles sold overseas reportedly were not affected.
Volkswagen will make the investments by 2025 and introduce 40 locally-produced vehicles, according to its China head.
Tesla noted that Marcus Vaughn is the only named plaintiff listed on the complaint and that the reference to 100 other workers is “a complete fabrication with no basis in fact.”
Nike has avoided paying $4 billion in U.S. taxes, according to the AFL-CIO.