. >> what has vw been up to? essentially, the car company was cheating on the very strict emissions tests by getting cars to give false tests. andrew: here is mary nichols. ms. nichols: the air resources board and our engineers are the ones who uncovered the fraud and figure out how it actually worked, and we immediately brought in the federal environmental protection agency and, in turn, the department of justice. >> volkswagen reaches a deal to buy back or fix half a million cars. the company says the price tag for the crisis is double its original estimate. it set aside about $18 billion to deal with the cost of the scandal. andrew: former california state attorney general kamala harris. ms. harris: it is the largest settlement ever for an automaker. it is the largest settlement ever in the context of the clean air act and in the context of enforcement of our environmental law. andrew: as part of the settlement, vw created a new $2 billion zero emission vehicle initiative. the move helped spark ev investment t

vw is stepping up plans to expand in china. build a factory near shanghai with production expected to start in early 2022. the strategy is part of a global push as vw looks to gain ground in asia and north america. two weeks ago they brought -- bought an american truck company for $3.7 billion. coming up, we are assessing the outlook of hong kong as carrie lam prepares a delayed policy address. we get the view of richard harris from port shelter investment management. before that, we will be asking dalton investments ceo belita ong for her top picks. this is bloomberg. ♪ businesses today are looking to tomorrow. adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. shery:

and now vw is having to defend itself.and we have checked whether any of our supply chains are affected or any of our people are affected, and so far we haven't found evidence. can you be absolutely certain that none of your employees in that xinjiang plant has been through a camp? i would say no company could ever make sure. the only thing that we do, we apply the procedures. if you can't be sure, shouldn't you just not be there? i'm not sure. i guess we have a footprint all over the world in different countries. the situation is not always how we would like to have it in volkswagen. but xinjiang is not just any other place, and the re—education camps and work camps, however much they are denied by china, raise tough questions for a company founded by the nazis and one which relied heavily on forced labour during the war. one prominent german politician described your company as "a company without a conscience, complicit in upholding a totalitarian hell in xinjiang." with comments like that, isn't it time to close that pl

>> it is hard to sayither way it is that historians vw to say it's hard to say either way the government has a variety of powers could only in a very useful way to shape the response to the pandemic to help solve national problems so for exame in the acquisition of ppe the federal government for the competiti but in a moment in a pandemic there is a regional variation so the capacity to have differing rules is quite uful and if we do that from the top of the bottom there are pluses and minuses to make tt judgment.. >> as our listeners will remember weave states competing and that seems to be so counterproductive to the societies around the world that it performs very well and some are not so well one of the things on top of a lot of people's mind former fda commissioner where he called for a national mask mandate and biden has himself i wrote an article in the journal american medical association to say the president has the power to do that and even with congress to those powers testify to we get more uniformity than other protective and preventive mechanisms we try to promote. >> and i

is drawn out process that the president has,ou know, put -- that republican base voters is in their vw advantageous to what's going on in the state of georgia. you know, i willay most democrats candidly are not particularly optimistic about the odds. we talked to them about the senate and thewill say it -- it will be a challenge. and i think there is a widespread recognition inhe democratic party that joe biden will likely haveea to with divided government. that is sort of the conventional wisdommomong most ats. robert: and i wrote this week for the post about how georgia senator david perdue on a private phone call with donors said maybe he and senator re loeffler down t are going to have to be quote alone that they can't count on president trump like vice president pence today to come down to georgia to involved, to boost republicans down there. paula, i saw you nodding. yonwant to jump i for a moment? paula: absolutely. the president has shown no interest i doing anything other than remaining here at the white house and tweeting, even as -- his thanksgiving plans were canceled. some

and now vw is having to defend itself.ion and it certainly very much concerns us, and we have checked whether any of our supply chains are affected or any of our people are affected, and so far we haven't found evidence. can you be absolutely certain that none of your employees in that xinjiang plant has been through a camp? i would say no company could ever make sure. the only thing that we do, we apply the procedures. if you can't be sure, shouldn't you just not be there? i'm not sure. i guess we have a footprint all over the world in different countries. the situation is not always how we would like to have it in volkswagen. but xinjiang is not just any other place, and the re—education camps and work camps, however much they are denied by china, raise tough questions for a company founded by the nazis and one which relied heavily on forced labour during the war. one prominent german politician described your company as a company without a conscience, complicit in upholding a totalitarian hell in xinjiang. with comments

and now vw is having to defend itself.ur people are affected, and so far we haven't found evidence. can you be absolutely certain that none of your employees in that xinjiang plant has been through a camp? i would say no company could ever make sure. the only thing that we do, we apply the procedures. if you can't be sure, shouldn't you just not be there? i'm not sure. i guess we have a footprint all over the world in different countries. the situation is not always how we would like to have it in volkswagen. but xinjiang is notjust any other place, and the re—education camps and work camps, however much they are denied by china, raise tough questions for a company founded by the nazis and one which relied heavily on forced labour during the war. 0ne prominent german politician described your company as a company without a conscience, complicit in upholding a totalitarian hell in xinjiang. with comments like that, isn't it time to close that plant and leave? i would say leaving a plant is a serious decision and i guess our

by comparison, toyota and vw will do 10,000 vehicles a piece.ley is looking beyond the vehicle and looking for the topline growth tesla could see, which is an area where they could lead in terms of robo tacxis. other automakers are looking at that space. in the future, there are other products that come along with electrification, the computing capabilities of these cars. there's a lot in the valuations that investors are finding in companies like tesla that go beyond producing cars with four wheels with a battery electric powertrain. taylor: thank you to bloomberg's ed ludlow. one day you will give hius more than just tesla on this program, but i love it. continue to stay with us because it is done with this edition of bloomberg technology. i'm taylor riggs. and bloomberg daybreak: asia is coming up next. this is bloomberg. ♪ ♪ haidi: good morning. we are counting down to asia's major market open. shery: welcome to daybreak asia. our top stories this hour. asian stocks set for gains with astrazeneca, the latest pharma company to deliver positiv

anna: what about vw? dani: vw is signing off on their heavy truck unit, traton-navistar deal.lot of exposure to the north america market. really big there. they are giving a loan of about 3.3 billion euros to fund this transaction. asnwhile, trade itself is about $44.50 a share. overwhelmingly on commentary that has come out about this deal has praised the logic of it. anna: dani burger with your stocks to watch. another couple names to throw afterep an eye on adidas assets gained strong guidance and sent shares in that sector moving strongly to the upside. coming up, it is the market open, futures pointing to the upside. the first full day where we factor in a president-elect joe biden. futures point up by 1.5%. european equity markets expected to move to the upside. how long will this biden bump last? this is bloomberg. ♪ businesses today are looking to tomorrow. adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced techn

the -- of making it keep in mind the production partnership is with -- we have a joint venture with vwhere we jointly will make the batteries to scale vw knows how to make very high volume, very high quality products in the marketplace. so, yes, i think we're pretty comfortable that we're going to be able to scale this now that the technology works >> jagdeep, a lot of players in this space in particular making great strides in terms of battery efish ficiency tesla is hiring now for its aggressive push, and solid power bills itself as all solid state. can you speak to the technology? are you completely solid state or some sort of hybrid that uses a liquid or gel for its electric t electrolytes and where does it stack up with efficiency and power compared to an equivalent lithium ion. >> the key characteristic that defines a solid state cell is the material that keeps the capital apart is entorely solid state. it doesn't burn. once you that separated, that is a solid ceramic, you can eliminate the traditional carbon or silicone and you get all the benefits you referred to earlier, densi

results, they sad they were so happy with what they were offer the real vaccine to the people in the play vw seibo grou i'm going for my two-month check-in tomorrow, so i'm going to athem if they're going to tell me ich group i'm in and if i am in the placebo, whether they will offer me the real vaccine. >> woodruff: so helpful to hear your story. i think everybody has to say enu're making a sacrifice for everybody else wyou offer to do something like this, and we john yang.r that. >> thank you. >> >> woodruff: the re to develop a vaccine, or more accurately, a number of vaccines, is a sprint we have not tried on this ale ever before. president trump, his team and longtime public health leaders who were not political hires say the latest news about modernaws and pfizer shis approach is working. but there are questions about ramping up an effort like this. miles o'brien has been reporting on the larger prograthose concerns. >> reporter: in a factory built to fight pandemics, they are going faster and working harder than ever to build the vats and turn on the spigots for coronavirus vaccines.

we get used in a democracy, everybody gets to have their point of vw .people are very mad at the educated elite for trying toun things based on prinples and so on and so forth . against the y they would want to do it so you need to have a persuasive argument about and in addition to that you take all the groups that you say what is it that we have in common? one of t things we've learned over the years is that it's all right if we educe women. it's not going to be the en of society in fact our societyis now better . it's not bad if we educa, all kinds of people, everybody should be educed. anybody who doesn't want to be educated that's another argumentbut if they don't want to that's fine area but you have a certain element of what it is that we can have in common and say if that's our goal and we a agree, noall but 70 percent agree on those goals, anwe can trust each other if we just stick to those goals are and this is what we workon together but people in politics want to promise what they're going to accomplish. nobody canromise what they're going to

your platform host more t the world vws to stay informed, so you're on the frontine of both domestic and foreign disinformation campaigns, and you have to balance american ideals like freedom of speh, ou have to eliminam limit hate you have to limit meaningless information. that's a significant challee. i saw one of the people w came hereo demonstrate last weekend in washington saying they're there because they found out that china had, e minute before th polls closed, dumped llions of votes for joe biden. somebody sa, well, what do you mean? they said, ell, it was on the internet. it's got to be curate. but now your platforms have taken some positive eps. i mentioned that one thing and i heard that people are tang seriously some of this misinformation, sometimes dangerous misinformation, they've gotten it from your platforms. i often think you can and mus dobetter. our security, i think even our democracy, the basic truth depend on you doing abetter job. president obama described this erosion of the acceptance of facts and scnce as clear evidence as tooth decay you know, it's hard e

own gm or ford, but i own active, an auto parts company. 20% of its total revenues gom from gm and vwhnology inside. its anything connectivity they are doing. they have the best free cash flow, the best margins, the best growth in the any and a fabulous management team. they were smart during the downturn they did secondary at $75 a share. look at where the stock is now that's the wi i am going to play this team. and i will continue to buy on digs. >> da davidson upgrading wells fargo to buy saying the stock has upcoming cat lests including the reemergence of buybacks in 2021 citi also getting an upgrade at kbw. the firm estimates the unemployment rate will fall to 5% by year end 2022 and says lower unemployment will be correlated to lower credit loss force citi jp morgan downgraded to market perform today saying it has no i think hower the upside to warrant outperform rating for jp morgan of course it still trades on a premium to the other banks. steph have you been particularly encouraged i would imagine by wells fargo, up 4.6% today but up 9% this week, well ahead of the market, ev

compete with tesla you just mentioned that hummer from gm, the electric battery powered hummer, you know, vwed on this, $86 billion they're putting in in the next five years into developing electric vehicles so you know, this is -- you reference, i actually think this charismatic, so much has to do with the charisma of elon musk you actually mentioned earlier, joe, you know, henry ford, people are trying to get the next henry ford. i actually think a lot about steve jobs you know, i've been around long enough to remember when he left app and will th apple and came back. a lot of people were scratching their heads, the customers who brought the products were rabid. it was a cult. they loved the charisma of the guy, and i think that is also the big unknown with tesla because, you know, on the one hand, you've got this charismatic guy with this massive following, but on the other hand, you have to be able to separate the company from the founder and the kind of sometimes crazy things he says i mean, he just said a couple of weeks ago that they are going to be building 20 million cars a year wit