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...Sgarbi's undoing was Germany's wealthiest woman, industrialist and philanthropist Susanne Klatten. Having already received $8.84 million from Klatten, who owns 12.5% of German carmaker BMW and a majority of chemical firm Altana, and is a married mother of three, Sgarbi tried to blackmail her with a secretly filmed video showing the couple in bed. But instead of sending him the negotiated $17.7 million (down from the $366 million police say he asked for), Klatten sent the police. (See pictures of BMW...

Author: /time Magazine | Title: The Swiss Gigolo and the German Billionaire | 3/9/2009 | See Source »

...Carmakers, including foreign nameplates such as Toyota, Nissan, Volkswagen and BMW, argue that the goals embedded in the California regulations are basically unattainable under current conditions, which include a severe shortage of cash for innovation and research. "This is the worst auto market since World War II," says Julie Becker of the Alliance For Automobile Manufacturers, representing both foreign and domestic nameplates. Adds Eric Fedewa, vice president at CSM Worldwide, a forecasting firm based in Northville, Mi.: "Our analysis suggests that allowing California and other states to regulate CO2 emissions, and thus fuel economy, will further damage companies that...

Author: /time Magazine | Title: California and Detroit Go to War over Gas Mileage | 3/8/2009 | See Source »

...four door war-wagon called the Genesis, was named the North American Car of the Year. The beast only gets 17 miles per gallon in city driving, but it is targeted at the affluent, even though their numbers are dwindling. The model competes with the large sedans from BMW, Mercedes, and Lexus. Hyundai seems to have dropped a nice vehicle into each of the major slots in the U.S. car market. It sells a nifty entry-level coupe and has a mammoth minivan called the Entourage. It markets SUVs and small sedans. They don't have any more or less...

Author: /time Magazine | Title: Hyundai: America's Most Successful Car Company | 3/4/2009 | See Source »

...engulfed by meter-high flames. This is not a scene from the banlieues of Paris, but from the trendy Eastern Berlin district of Prenzlauer Berg, where in recent weeks an ongoing battle against gentrification has intensified. In the past two months alone, 29 cars - mostly luxury brands like Mercedes, BMW and Porsche - have been set ablaze in Berlin (police believe left-wing extremists are to blame). In a letter published online in January, a leftist radical group called BMW (Bewegung für militanten Widerstand, or Movement for Militant Resistance) admitted to having set eight cars on fire...

Author: /time Magazine | Title: In Berlin, a Gentrifying Neighborhood Under Siege | 2/25/2009 | See Source »

...surprise that the row revolves around cars, an industry badly hit by the downturn. Sarkozy's loan package was announced the day Peugeot Citroen revealed 11,000 job cuts worldwide. Sales at German firms such as VW, Europe's biggest carmaker, dropped 16% in January, BMW, the world leader in luxury autos, was down 22% and Daimler AG's Mercedes unit fell 35%. No surprise that European carmakers are pleading for an immediate $19 billion cash injection from...

Author: /time Magazine | Title: Amid Crisis, Cars Start to Drive Europe Apart | 2/16/2009 | See Source »

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