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AMSTERDAM --  Fiat Chrysler Automobiles' Jeep Grand Cherokee and Suzuki's Vitara diesel models both break emissions rules and must be fixed or face a ban on sales across Europe, the Dutch road authority ruled on Thursday.

The Grand Cherokee and Vitara had used "prohibited emissions strategies" that led them to emit higher levels of harmful nitrogen oxide on the road than under testing conditions, the RDW regulator said.

Jeep had developed a software fix and had been ordered to recall the model across Europe, the authority said.

Suzuki had yet to find a credible solution for the Vitara, the regulator said.

"Suzuki must come with adequate improvement measures or the RDW will begin the process of revoking its European type approval," the RDW said in a statement, adding it had also started the process of revoking approval for the Jeep Grand Cherokee as a "precautionary measure."

Regulators across the world have been testing diesel mod…

FRANKFURT -- Volkswagen Group CEO Herbert Diess said Luca de Meo, the former head of  VW's Seat brand, was probably in talks with Renault about moving to the French automaker.

"We are very, very sad that Luca is leaving us because he played a very important role in the group," Diess told CNBC on the sidelines of the World Economic Forum in Davos.

"He did a great job with us, but we accepted that he's going to leave and he's probably in talks with Renault, that's what he told us," Diess said.

De Meo has been in talks with Renault to become CEO but faces a potential hurdle over a stringent non-compete clause in his VW Group contract, sources told Reuters previously.

De Meo stepped down as head of Seat earlier this month but remained a VW Group employee. The Italian executive was in charge of Spain-based Seat for four years, overseeing a resurgence in the brand's sales and boosting its prominence within the VW Group.

Renault ousted Thierr…

Toyota Motor Corp. had its credit outlook lowered by Moody’s Investors Service, showing even the world’s most valuable carmaker isn’t safe from turmoil in the industry.

The outlook was changed to negative from stable, Moody’s said Thursday in a statement as it affirmed its Aa3 rating for the company -- the fourth-highest level. The Japanese giant has held that rating since 2011, according to data compiled by Bloomberg.

Global car demand is sputtering as consumers move toward ride-sharing services, reducing the need for individual ownership. An industry shift to electric and self-driving vehicles is also forcing manufacturers to increase investment, putting pressure on profit margins.

“The change in the outlook to negative reflects the material challenges related to megatrends in the global automotive sector,” Motoki Yanase, a Moody’s senior credit officer, said in the statement.

On Wednesday, Japan’s Rating and Investment Information Inc. upgraded…

PARIS -- Renault Chairman Jean-Dominique Senard has dismissed talk of changes in the shareholding structure of the alliance with Nissan, saying any modifications could come after the automakers have turned their struggling operations around.

"It's not a priority," he said Wednesday in an interview with Bloomberg from Davos, Switzerland, adding that strengthening industrial cooperation between the partners and coming up with a coordinated response to the shift to electric cars are more urgent.

The future of the partnership was thrown into turmoil over the past year after the arrest of Carlos Ghosn, who led both automakers and headed the alliance that also includes Mitsubishi Motors.

Following a change in top management last year at Nissan and the naming of a new CEO at Renault "in the coming days," Senard said prospects for the venture are improving, without the need for tinkering with the difficult cross-shareholding structure.

Ghosn held the part…

DETROIT -- Ford Motor Co. on Wednesday said it will take a fourth-quarter financial hit of about $2.2 billion for how it accounts for liabilities on employee pension plans and retirement benefits.

The automaker, in a filing with the Securities and Exchange Commission, said the hit includes a $2 billion loss associated with pension plans outside the country. It also includes a $600 million loss associated with post-retirement employee benefit plans globally, although that was partially offset by a $400 million gain associated with pension plans in the U.S.

Overall, Ford said the "remeasurement loss" on pension liabilities is expected to reduce its quarterly net income by about $1.7 billion, although Ford said it will not impact its total adjusted earnings before interest and taxes figure or adjusted earnings per share. Ford noted it accounts for pension remeasurement gains and losses when they occur, rather than amortizing those results over time.

The aut…

Prosecutors in Canada on Wednesday proposed a $196.5 million fine ($258.3 million CAN) fine against Volkswagen Group after the company pleaded guilty to dozens of counts of diesel emissions violations, a company spokesman confirmed.

Volkswagen was charged in December with importing nearly 128,000 vehicles into Canada that violated emissions standards. VW pleaded guilty after being charged with 60 counts of breaching the Canadian Environmental Protection Act and providing misleading information.

The company said last month it had reached "a proposed plea resolution" without disclosing details.

Volkswagen admitted to using illegal software to skirt U.S. pollution tests in 2015, triggering a global backlash against diesel vehicles that has so far cost it roughly 30 billion euros ($33.3 billion) in fines, penalties and buyback costs.

In May 2019, it set aside an additional 5.5 billion euros in contingent liabilities as it continues to face penalties a…

For the first time since 2014, General Motors is publicly disclosing the value of its business tax credits in Michigan a deal that will reduce the financial liability to the state's taxpayers by $325 million over 10 years.

Under the deal, the automaker will remain eligible for $2.27 billion in Michigan Economic Growth Authority tax credits through the end of 2029, according to the Michigan Economic Development Corp.

GM's agreement to voluntarily reduce the remaining value of its MEGA credits from $2.6 billion is part of a deal the Michigan Strategic Fund's board approved Wednesday that will require the company to maintain an in-state workforce of at least 34,750 and invest $3.5 billion in Michigan facilities by 2029. To receive the credits, GM's 34,750 qualified employees will have to be paid an average weekly wage of $1,300, double the previous minimum weekly wage to qualify for the credits.

"The approved MEGA amendment sets the stage for…

General Motors and Ford Motor Co. are among a growing number of global corporations operating in China that are limiting travel or forgoing long-held traditions around Lunar New Year to protect their employees against a spreading deadly virus outbreak.

The U.S. automakers, along with HSBC and other companies, are restricting non-essential travel to Wuhan, the epicenter of the contagion that so far has killed 17 people and seen cases spread across the region and even to the U.S. China has kicked off a nationwide screening to tackle the outbreak of the new respiratory virus, with hundreds of millions set to travel during the looming Lunar New Year holiday.

The World Health Organization will decide on Wednesday whether to declare the new coronavirus an international public health emergency, a designation used for complex epidemics that can cross borders. If it does so, it will be the sixth international public health emergency to be declared in the last …

DAVOS, Switzerland -- President Donald Trump on Wednesday threatened to impose high tariffs on imports of cars from the European Union if the bloc doesn't agree to a trade deal.

Trump has previously made threats to place duties on European automobile imports, with the intent of receiving better terms in the U.S.-Europe trade relationship. Trump has delayed imposing the tariffs a number of times.

"I met with the new head of the European Commission, who's terrific. And I had a great talk. But I said, 'look, if we don't get something, I'm going to have to take action' and the action will be very high tariffs on their cars and on other things that come into our country," Trump told CNBC's Joe Kernen in an interview from the World Economic Forum in Davos, Switzerland.

Former German Defense Minister Ursula von der Leyen succeeded Jean-Claude Juncker at the end of 2019 as the EU's top official, becoming the first woman to hold the post.

The United States…

SEOUL -- Hyundai Motor turned in its best quarterly operating profit in almost two years and said it was on track for higher profit margins in 2020, powered by sales of crossovers such as the Palisade and Kona.

Net profit for the October-December period came in at 839 billion won ($721 million), the automaker said on Wednesday. Operating profit was 1.24 trillion won ($1 billion), the highest since the second quarter of 2017.

Robust crossover sales helped Hyundai's U.S. vehicle sales grow, analysts said, though its sales in China continued to struggle.

The better-than-expected earnings indicate that measures by Hyundai Motor Group heir-apparent Euisun Chung to revamp the image of the automaker known for its sedan-heavy lineup are beginning to pay off.

While overall vehicle sales for the South Korean company held mostly steady on year over October-December, its bottom line benefited as high-margin crossovers accounted for more of the …