ISSB's Sue Lloyd on Global Sustainability Standards
Sue Lloyd, Vice-Chair, International Sustainability Standards Board discusses global adoption of ISSB standards and proposed GHG emissions disclosure requirements with Bloomberg's Alastair Marsh at the Bloomberg Sustainable Business Summit 2025 in London. (Source: Bloomberg)
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Motor Trend
32 minutes ago
- Motor Trend
What's Next for the 1,340-HP Mercedes-AMG GT XX Concept? Intentional Nauseation, Technological Sensation
The next Mercedes-AMG halo car, a 1,340-horsepower electric four-door coming next year, can make you sick. And that is a good thing. The Mercedes-AMG GT XX concept previews a 1,340-HP electric car set for 2026. It features axial flux motors, advanced tech, and promises emotional driving. Aimed at breaking track records, it will have staggered global launches and focus on exclusive AMG features, not for regular Mercedes models. This summary was generated by AI using content from this MotorTrend article Read Next Mercedes unveiled the Mercedes-AMG GT XX concept, an electric car that is the future of the AMG performance brand, at an event in Stuttgart. That kind of horsepower puts it in hypercar territory—with a top speed of 225 mph approaching Formula One record speeds. Perhaps its highest praise: 'the sheer sensation from driving this, with the incredible amount of torque and power is really something. You can get sick as a driver in this car because it is so overwhelming a sensation,' says Joerg Miska, the CEO of Yasa Ltd., the British subsidiary that developed the axial flux motors that power the car. And boy do they power it, delivering 300 more horsepower than the Mercedes AMG One hypercar and an undisclosed but huge amount of torque. But don't worry about it being too fast or nausea-inducing. The automaker brought in hardcore V-8 enthusiasts to try the prototype as part of its testing, knowing they presented the biggest challenge to win over, and a regular EV wouldn't do it. They all emerged from the prototype experience with big smiles, said Mercedes-Benz Group Chief Technology Officer Markus Schäfer, and none suggested it be toned down when it goes into production in 2026. 'It is one of the most emotional cars we have ever built,' said Schäfer. 'It continues to put motorsports on the road.' Next Step: Track Records The first production car on the new AMG-EA architecture launches next year, likely mid- to late 2026, but if the program must be delayed a few months to make sure the vehicle is done right, it will be to ensure a strong first impression, says CEO of Mercedes-AMG Michael Schiebe. The team is working on the launch plans now, including the need to train dealers and get them behind the wheel so they will become enthusiastic ambassadors. It will be a staggered global launch with key markets like Europe and the U.S. likely first. Schiebe also sees potential in China for growth in the sports car segment. The production car has a name, and that is expected to include the letters GT, but Schiebe is not revealing what it will be until next year. It will not have the letters EQ in it. Mercedes-AMG GT E perhaps? Asked what its competitors are, Schiebe said its size makes a 1:1 comparison difficult. It is a large, high-performance, four-door coupe that must also work as a daily driver. The prototypes have already undergone a lot of testing and Schäfer said he was in one a few months ago, chasing down an AMG One. The next step is for the AMG GT XX to prove itself on the track, which is going on right now. As the modern version of the C111 experimental car from the seventies, the GT XX is expected to break track records. Schiebe will not say which tracks or expected outcomes but says he is confident records will be shattered. Electric AMGs Must Be Better Schiebe says because AMG V-8s are legendary, an electric AMG must be forged from the same DNA but be even better and push the limits. That is why the first vehicle on the new AMG-EA architecture could not use conventional motors. Instead of a radial axial motor, engineers found a way to bring axial flux motors to production, which are a third the size and weight but with double the torque density and three times the overall density. The axial flux motor is the V-8 of the electric world, says Schäfer. It provides the required emotional experience, acoustics, NVH, and shifting sensation you expect from a V-8 or V-12 race-oriented AMG. Others may claim to offer an axial flux motor, but Schäfer says no one will have one with the specs that Mercedes-AMG will offer in terms of weight, torque, and output. The unique tall, thin cylindrical battery cells that are individually cooled create a battery that offers continuously high performance. The battery was developed in-house and is not much more expensive to produce than a conventional one; the cooling aspect is what adds extra cost, says Senior Manager R&D High Voltage Batteries developer Denis Blanusa. The unique powertrain and other aspects of the AMG concept will end up in future AMG models. But they will not migrate to Mercedes-brand vehicles, Schiebe says. There will be greater differentiation between Mercedes and AMG models in the future so that customers who pay the premium will have something to show for it. Buying an AMG is always an emotional experience, says Schiebe. He will ensure they get it with an EV, even more so than if they were buying a car with a V-8. 'I'm 100 percent confident I'm not promising too much.' Sound is Important To get the artificial sound right, executives gathered at the proving grounds near Sindelfingen and listened to some of the company's greatest cars. Then they met at a sound engineering studio and listened again to the sounds, analyzing it, and coming to a unanimous decision on which one they liked best. Schiebe said he also recognizes that some customers might not want a roaring engine sound. The first AMG-EA production vehicle will also be the brand's first software-defined vehicle, going further than the Mercedes-Benz CLA which is the first SDV for the Mercedes brand. The AMG will use Mercedes software for basic functions and add more sophisticated code for the high-performance vehicles, said Schiebe. AMG has a new building under construction in Affalterbach, Germany, that will house 700 software and hardware engineers together when it opens early next year. Lightning Fast Charging Mercedes is also working with Alpitronic on a charger with more than 850 kW of charging power to add 250 miles of range in five minutes. There is a prototype charger at this point and the hope is they will be in production starting in 2026 with thousands to come. Schäfer says he is convinced charging performance globally will evolve to higher voltages. The world is moving to 350 kW, China is moving to 450 and 480 kW. He believes networks will adapt alongside vehicles, and automakers like Mercedes are also charger providers, which will propel synchronous development. High-performance chargers are only needed for public networks, he says, you don't need 850 kW charging at home where the vehicle has all night to replenish itself. Creating the Mercedes-AMG GT XX Designing the GT XX was a relatively short program: a year from sketches to locking in the design, said chief design officer Gordon Wagener. But it has taken many years for the production model because of the amount of new technology it introduces. It was a tech program unlike any other, a challenge for the automaker's 20,000 engineers, says Schäfer. The goal: create the fastest electric car. It was on the heels of the challenge to create the most efficient EV, which led to the Mercedes-Benz Vision EQXX concept that proved its ability to travel more than 1,200 km (745 miles) miles on a single charge. Mercedes had the idea to use axial flux motors long ago, but not everything works at scale, Schäfer says. They went to the U.K. where they work with the F1 team, universities, and other partners. They found Yasa and were fascinated by how far advanced the British company was in bringing the technology to production, albeit for hybrids for Italian automakers. There was still much work to be done to use it for a pure battery-electric vehicle. The program needed new core technology, manufacturing processes and machines. It led to the filing of 35 patents. When the production car goes on sale, it will be offered with different battery sizes, which will have different ranges, Schäfer says. Schiebe says AMG will also continue to invest in its internal combustion engines with a next-generation V-8 in production, as well as upgrades to its four- and six-cylinder engines. The brand will continue to offer hybrids as insurance for cities where you cannot enter the city center with just a gas engine-powered car.
New York Times
35 minutes ago
- New York Times
U.S. soccer investor fighting extradition from Spain, wanted on multiple allegations of fraud
Prominent multi-club investor Paul Conway has been in a Barcelona prison for more than five weeks and is fighting extradition to Belgium, where he is wanted for questioning in relation to six allegations of fraud linked to the 2024 bankruptcy of KV Oostende. The American has strongly denied any wrongdoing and his wife has described the experience as a 'nightmare', likening it to a scene from Victor Hugo's novel Les Miserables. Advertisement Conway, 55, is the co-owner of Pacific Media Group (PMG), a Hong Kong-based sports and entertainment firm that combined with other Chinese and U.S.-based investors to build a stable of European clubs that numbered seven at its peak. He has either sold or lost control of three of those clubs now, though, with Oostende being his most acrimonious exit, as a local administrator seized control in early 2024 but could not prevent the Belgian side from collapsing that summer. The club's demise, however, sparked an investigation by the Belgian federal police's Sports Fraud Team and, in March this year, an investigating judge at the District Court of West Flanders issued a European Arrest Warrant (EAW) for Conway. It was done 'in absentia', which means the Florida-based Conway was not present. As a result, Conway was blindsided when he was arrested on arrival in Spain on May 20 for a short non-football-related business trip. He was immediately taken into custody and had his first court hearing, via video link, with a judge in Madrid the following day. His lawyers managed to block his immediate transfer to Belgium, but he has remained in prison while the legal arguments have continued, causing great concern to his family and friends. Speaking to The Athletic, his wife, Louisa Conway, explained that the first she knew of it was when her husband's Spanish lawyer informed her. She had been expecting him to return to Florida on May 23 to take one of their daughters on a college-visiting tour. 'It was a shock and the beginning of a nightmare for our family,' she said. 'Paul has no criminal record, so we struggle to comprehend why the Belgian government issued the EAW. 'The best way to describe this nightmare is to say it's like waking up in Victor Hugo's Les Miserables, where a person is thrown in jail for stealing bread. No facts, just emotional allegations.' Advertisement This is a reference to the family's view that the Belgian authorities want a scapegoat for the death of a community asset that was much loved but had been in well-publicised financial difficulties before Conway's group of investors arrived, then went bust after they were removed from power. While there is no disputing how unpopular Conway was by the end of his time at Oostende, he was initially greeted as a saviour. The Belgian police and investigating judge have not responded to requests for comment. The EAW outlines the six crimes it believes Conway may have committed, with the central allegation relating to Oostende's 2021 purchase of striker Mikael Biron from French team AS Nancy, another of the clubs in the PMG portfolio. Biron, now 27, cost a reported €5million (£4.25m), but was promptly loaned back to Nancy and then sold to Belgian team RWD Molenbeek a year later for €2.5m. The initial transfer raised eyebrows and many Oostende fans thought it was done to boost Nancy's finances when they were struggling to obtain a licence to continue as a professional side in France. The EAW explains that the football fraud squad were alerted to the issue by a July 2022 article in Belgian newspaper Het Nieuwsblad. The EAW also refers to other 'unusual costs' incurred by Oostende for Nancy's benefit, as well as a €1m (£850,000) payment made to a French law firm's client account that was later 'partially reimbursed' by some of Nancy's shareholders. Conway's family, however, in strenuously denying his involvement in any possible fraud, point out that Conway never had sole control at either Oostende or Nancy and his personal shareholdings at the clubs amounted to 7.5 per cent and 2 per cent, respectively. They also note that Oostende's local shareholders appear to be blaming PMG for the collapse of a proposed rescue by a group led by Mark Campbell, a British businessman who had previously failed with bids to buy Stirling Albion, Sunderland and West Bromwich Albion in the UK. As previously reported by The Athletic, Campbell was declared bankrupt in 2010 and has been involved with dozens of dissolved businesses in England and Spain. Advertisement Describing the Belgian authorities' action as 'mind-boggling' and 'an arbitrary abuse of power', Louisa Conway believes they are 'weaponising their judicial system to settle financial disputes related to a bankrupt soccer club'. '(They) have the right to conduct an investigation into Oostende's bankruptcy, but, oddly, they have only issued one arrest warrant,' she said. 'The club had a board of directors, which my husband was a member of between 2000 and 2023, and it was managed by several locals. Why is the Belgian management team not under investigation (too)? 'Belgium's use of the EAW here is truly frightening, and they have incarcerated my husband on the musings of a blogger. If they want to investigate, that's their prerogative. But why not call him? Why issue this arrest warrant? 'I still cannot believe this mess is emanating from Belgium, the 'heart of Europe', a land of diplomacy and cooperation. The USA needs to pay close attention to how American business people could be wrongfully detained by these EAWs.' While her anger at her husband's plight is understandable, there will be fans at the clubs Conway has invested in who will be thinking there is no smoke without fire, although Conway has strongly denied any wrongdoing. PMG, which is co-owned by Hong Kong-based businesswoman Grace Hung, first teamed up with Chinese-American hotelier Chien Lee to buy a majority stake in OGC Nice in 2016. A year later, after looking at several other British clubs, it bought struggling Championship side Barnsley, with famous Oakland Athletics executive vice-president Billy 'Moneyball' Beane joining the investment group. Barnsley were relegated that season, but Nice enjoyed some success and PMG and Lee's New City Capital were able to quadruple their initial investment when they sold the French club to Sir Jim Ratcliffe in 2019 for €100m (£85m). But it is what they did with that money over the next three years that catapulted them to wider attention, as they bought stakes in Swiss side FC Thun, Oostende, Nancy, Danish team Esbjerg, Den Bosch in the Netherlands, Germany's Kaiserslautern, and GKS Tychy in Poland. Advertisement In 2021, with Oostende flying high in the Belgian top tier and Barnsley reaching the Championship play-offs, it looked like the group's strategy of playing high-energy, hard-pressing football, with German coaches and young players, was working. The aim, Conway freely admitted, was to fund the group's activities by regularly selling its best young talent. However, problems hit in 2022 when Barnsley, Esbjerg and Nancy were all relegated in varying states of financial difficulty. The ownership group, which had evolved as more clubs were added, also started to fracture. Conway and Lee were pushed out at Barnsley in 2022 — and later fined by the EFL for failing to fully disclose who all of their partners were in 2017 — and lost control at Esbjerg in 2024, the same year they sold their Den Bosch shares to a Chinese group. With Oostende declared bankrupt last summer, PMG now only holds tiny stakes in Barnsley and Nancy, and larger but not controlling stakes in Kaiserslautern, Thun and Tychy. These five clubs are on firmer footing, but there is little sign of them operating as a multi-club group anymore. In the meantime, Conway is approaching his 40th day in custody, while lawyers in Belgium, Spain and the U.S. argue about his fate.
New York Post
36 minutes ago
- New York Post
Elon Musk reportedly fires longtime ‘fixer' Omead Afshar as Tesla sales slump
Tesla boss Elon Musk has reportedly fired longtime 'fixer' Omead Afshar, the head of the company's North American and Europe operations, after a prolonged sales slump in the key regions. Afshar was long considered one of Tesla's most powerful executives and had been promoted to oversee sales and manufacturing in the two regions last year. Forbes was first to report on the firing, citing people familiar with the matter. Tesla did not immediately return The Post's request for comment. Musk, who frequently provides business updates on his X account, has yet to address Afshar's status. 3 Elon Musk has reportedly fired longtime aide Omead Afshar. Bloomberg via Getty Images The exact timing of Afshar's exit was not immediately clear, though news of his departure has reportedly been discussed by some Tesla employees in recent days, Bloomberg reported. Afshar's name has also been removed from an internal employee directory. Afshar's reported ouster is the latest sign of turmoil at Tesla, with shares down more than 13% since the start of the year. Tesla will report its second-quarter delivery numbers next week – an announcement that will be closely watched by investors. Tesla's sales in Europe plunged 28% in May, marking the fifth straight month of declines as Musk's firm cedes ground to BYD and other Chinese electric car makers, according to data from the European Automobile Manufacturers Association. As recently as Tuesday, Afshar posted on X touting progress in the performance of Tesla's Robotaxis in Austin, Texas. On Monday, he described the Robotaxi rollout as an 'absolutely historic day for Tesla.' 3 Tesla is in the midst of a sales slump. Getty Images 'This has been *years* of hard work and focus by so many people within the company. Thank you, Elon, for pushing us all!' Afshar wrote. A 2024 Wall Street Journal profile referred to Afshar as Musk's 'fixer' and one of the most powerful executives at Tesla. Notably, he oversaw the construction of Tesla's massive Gigafactory in Texas. He also once ran the office of the CEO at Tesla. Several top executives left Tesla then, amid restructuring and layoffs, including CFO Zach Kirkhorn, chief battery engineer Drew Baglino, and Rebecca Tinucci, who led the Supercharging division. Milan Kovac, who led engineering on the company's Optimus robot, resigned to spend more time with his family. Separately, Jenna Ferrua, who headed human resources operations in Austin, has also quit, according to latest media reports. 3 Afshar had praised Tesla's Robotaxi program on X as recently as Tuesday. x/omead Wall Street has been concerned about Tesla's aging car lineup and increased competition abroad, while Musk's work with President Trump and the Department of Government Efficiency contributed to a brand crisis. Tesla backers say self-driving Robotaxis will have a transformative impact on the company's business. For the limited rollout in Texas, Tesla placed safety officers in the front seat to monitor the vehicle's behavior. Despite the safety measures, some Robotaxis experienced glitches and even appeared to violate local traffic laws.
