Afternoon Coffee: FTC Sues VW for False Advertisement, No IPO for Uber

Hoda-Bogdan/Adobe Stock Hoda-Bogdan/Adobe Stock

The U.S. Federal Trade Commission is suing Volkswagen AG for allegedly misleading consumers. The FTC said the automaker falsely advertised its diesel engine cars for being environmentally friendly — the cars that are now the center of a the VW emission scandal.

Uber’s CEO Travis Kalanick said he does not expect his company to go public in the near future. He told CNBC he would make sure an IPO would happen “as late as possible.”

Tesla Motors Inc. is gearing up to fight bans in six states that prohibit the electric car maker from selling its vehicles directly to consumers. The Wall Street Journal reported Tesla is for now hoping new legislation and potential car dealerships can provide avenues for the company to sell in the six states, but is ready to argue against the state laws in court if necessary.

Consumer confidence rose more than expected in March, hitting 96.2, according to data from The Conference Board. The group said consumers do not expect the economy to worsen or gain any significant momentum in the near-term.

 

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