Volkswagen Group plans to spend $66 billion over the next five years in its transition to electric vehicles, according to the German automaker with a production plant in Chattanooga.
Also, on the eve of the Los Angeles Auto Show, Volkswagen presented the seventh concept car of the ID. family - the ID. Space Vizzion, which VW says has the qualities of a Gran Turismo with the interior space of an SUV.
Last week, Volkswagen started construction of an $800 million plant expansion in Chattanooga where it plans to produce an all-electric SUV by 2022.
"We are resolutely pressing ahead with the transformation of the Volkswagen Group and focusing our investments on the future of mobility. This is part of our systematic and consequent implementation of the group's strategy," said Hans Dieter Potsch, chairman of the Supervisory Board of the group.
Espy Publishing buys Dade County paper
The publisher of the 130-year-old Summerville News has purchased the Dade County Sentinel in Trenton, Georgia.
Winston E. "Gene" Espy, the third generation president of Espy Publishing Co. Inc., said his family-owned publishing company acquired the Dade County Sentinel from Eddy Gifford. The new owner has shifted the printing of the 2,500-circulation weekly paper to their Summerville press, where they also print other papers along with their own 5,500-circulation Summerville News.
The Dade County Sentinel was started in 1965 and is the official legal newspaper for Dade County, Georgia.
The Summerville News once published a newspaper in Athens, Tennessee, but the purchase of the Dade County paper is the first acquisition by the Espy Publishing Co., which has owned the Summerville paper since 1911.
"The (Dade County) paper became available for sale so we decided to jump in with both feet," Espy said Wednesday. In an announcement of the sale, Espy said the new owners "look forward to working withthe citizens of Dade County to publish a local news-oriented newspaper of which they can be proud and want to read."
UAW president quits in corruption probe
United Auto Workers President Gary Jones resigned Wednesday amid a federal corruption investigation targeting him for embezzling more than $1.5 million in union funds, capping a steep fall for one of the country's most powerful labor leaders.
Jones' resignation was revealed by his lawyer to The Detroit News less than an hour after the union's governing International Executive Board moved to remove him and UAW Region 5 Director Vance Pearson from their elected positions and expel them from the union.
"After much discussion with his family and friends, Gary has elected to resign his position as UAW president and retire effective immediately," Jones' lawyer, Bruce Maffeo, told The News. "His decision to do so was reached before learning of the internal charges filed earlier today by the UAW and was based on his belief that his continuing to serve will only distract the union from its core mission to improve the lives of its members and their families."
PayPal to buy Honey Science
Payments platform PayPal says it is buying shopping and rewards company Honey Science Corp. for $4 billion.
Founded in 2012, Honey helps people find online coupons and discounts while they shop online. It has about 17 million monthly users.
PayPal Inc. said Wednesday the acquisition will help its merchants attract new customers by offering personalized deals and offers. It says it also hopes to reach shoppers earlier, not just when they are paying at checkout.
PayPal says Honey will keep its headquarters in Los Angeles and its co-founders will join PayPal, which is based in San Jose.
The acquisition comes amid growing competition in the online payments market.