Things are going from bad to worse for Volkswagen. After getting caught using software to cheat on emissions tests, VW is now facing investigations in various parts of the globe. If that’s not bad enough, VW now says that 11 million cars could be affected. Here’s what the Globe And Mail had to say:
Volkswagen AG said irregularities on diesel-emission readings extend to 11 million vehicles around the world, forcing the German car maker to set aside €6.5-billion ($7.3-billion) in an initial tally of the potential costs.Volkswagen extended its slide after the announcement, falling as much as 30.85 euros and bringing the drop in two days to 37 per cent.
That has wiped out €24-billion in market value, as the probe into rigged air-polution widens. Regulators from Germany, France, South Korea and Italy have vowed to scrutinize the German automaker’s vehicles. To address the growing crisis, the executive committee of the car maker’s supervisory board will meet Wednesday, said people familiar with the matter.
Lovely. To add to this mess. the Environmental Protection Agency in the US will be testing other diesel powered cars to see if they cheated. Now in the US a lot of those cars will be German, so that won’t cast the German car industry in the best light if anything else is found to be nefarious.
Stay tuned to this story as it is likely to develop further.
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This entry was posted on September 22, 2015 at 8:56 am and is filed under Commentary with tags Volkswagen. You can follow any responses to this entry through the RSS 2.0 feed.
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Das Uh Oh! Volkswagen Under Further Scrutiny Because Of Emissions Cheating
Things are going from bad to worse for Volkswagen. After getting caught using software to cheat on emissions tests, VW is now facing investigations in various parts of the globe. If that’s not bad enough, VW now says that 11 million cars could be affected. Here’s what the Globe And Mail had to say:
Volkswagen AG said irregularities on diesel-emission readings extend to 11 million vehicles around the world, forcing the German car maker to set aside €6.5-billion ($7.3-billion) in an initial tally of the potential costs.Volkswagen extended its slide after the announcement, falling as much as 30.85 euros and bringing the drop in two days to 37 per cent.
That has wiped out €24-billion in market value, as the probe into rigged air-polution widens. Regulators from Germany, France, South Korea and Italy have vowed to scrutinize the German automaker’s vehicles. To address the growing crisis, the executive committee of the car maker’s supervisory board will meet Wednesday, said people familiar with the matter.
Lovely. To add to this mess. the Environmental Protection Agency in the US will be testing other diesel powered cars to see if they cheated. Now in the US a lot of those cars will be German, so that won’t cast the German car industry in the best light if anything else is found to be nefarious.
Stay tuned to this story as it is likely to develop further.
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This entry was posted on September 22, 2015 at 8:56 am and is filed under Commentary with tags Volkswagen. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.