Japan’s Toyo Tire & Rubber Co. agreed to plead guilty and pay a $120 million criminal fine for conspiring to fix prices of automotive parts sold to Toyota Motor Corp. and other carmakers, the U.S. said.
PSA Peugeot Citroen hired former Renault SA executive Carlos Tavares to lead the French manufacturer out of a six-year slump in European demand that has sapped the finances of the region’s second-biggest carmaker.
Fisker Automotive Inc., whose $103,000 plug-in hybrid car was driven by celebrities including Justin Bieber, filed for bankruptcy with plans to be acquired by a group said to include Richard Li, son of Hong Kong’s richest man.
When Hugo Ramos was a teenager in La Coruna in northwest Spain, he dreamed of a good job, his own apartment and a flashy car. After a two-year recession in the country, those goals have been scaled back.
McLaren Automotive Ltd., maker of the million-dollar P1 supercar, said it has yet to see signs of a recovery in demand in China since the ruling Communist Party began cracking down on conspicuous extravagance late last year.
Nissan Motor Co. Chief Executive Officer Carlos Ghosn said consumers won’t take to fuel-cell vehicles before the decade’s end, joining Tesla Motors Inc.’s Elon Musk in questioning the future of hydrogen-powered cars.