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WOLFSBURG, Germany (Reuters) – Volkswagen’s (VOWG_p.DE) strategy chief said on Tuesday the German carmaker’s core brand will develop its final generation of vehicles using combustion engine technology in 2026. Volkswagen made a strategy shift toward battery-driven vehicles in the wake of a damaging diesel-emissions cheating scandal in 2015, which forced the carmaker to pay more than 27 billion euros in fines for hiding excessive pollution. “In the year 2026 will be the last product start on a combustion engine platform,” Michael Jost told the Handelsblatt automotive summit conference at Volkswagen’s headquarters in Wolfsburg, Germany man cufflinks uk online.
A spokesman confirmed Jost’s remarks meant that VW, Europe and China’s best selling passenger car brand, will focus on electric cars instead. VW will continue to adapt its petrol and diesel engined cars to meet environmental standards during the lifetime of those vehicles, but the German carmaker is now committed to radical steps to stop global warming, Jost said. As a way to meet the goals of the Paris climate accord, Volkswagen has changed its car development benchmarks to include the target of radically cutting levels of carbon dioxide pollution in production as well, Jost said man cufflinks uk online.
BRUSSELS (Reuters) – European Union finance ministers failed to agree a tax on digital revenues on Tuesday, despite a last minute Franco-German plan to salvage the proposal by narrowing its focus to companies like Google (GOOGL.O) and Facebook (FB.O). The European Union’s executive arm proposed a 3 percent tax on big digital firms’ online revenues in March, alleging the companies funnelled profit through states with the lowest tax rates. The tax requires the support of all 28 EU states, including small, low-tax countries like Ireland which have benefited by allowing multinationals to book profits there on digital sales to customers elsewhere in the European Union man cufflinks uk online.
The setback is a blow to French President Emmanuel Macron, as his government had invested considerable political capital in the tax. It is also seen in Paris as a useful example of joint European action before EU parliament elections next year man cufflinks uk online. In the original European Commission proposal, the tax was intended to be a temporary “quick fix” until a broader solution could be found among OECD members. But this was opposed by Ireland and some Nordic countries, leading French and German finance ministers to focus solely on online advertising revenues instead..
While this met with misgivings and outright opposition from at least four other ministers at a meeting in Brussels, they agreed to keep talking, said Austrian Finance Minister Hartwig Loeger, whose country holds the rotating EU presidency man cufflinks uk online. A broader turnover tax on firms with significant digital revenues in Europe would have hit companies such as Apple (AAPL.O) and Amazon (AMZN.O) harder, but the Franco-German proposal would not cover data sales and online marketplaces. “I continue to have strong principled concerns about this policy direction,” Irish Finance Minister Paschal Donohoe told his EU counterparts in a debate on the tax..