Volkswagen scandal Outlines Impact of emission
VW taking 18 billion success that German carmakers are facing a recall.
April 22, 2016 by By David Mchugh And Frank Jordans.
Joyce Ertel Hulbert, who owns a 2015 Volkswagen Golf TDI, holds a sign in an interview outside Burton Federal Building in San Francisco Phillip, Thursday, April 21, 2016 An agreement will give consumers who bought nearly 600,000 Volkswagen rigged to cheat on emissions tests the possibility of having the car manufacturer buy back the car or fix, a judge said Thursday AP Photo Jeff Chiu.
The German automaker Volkswagen has crowned two dark days for the country's automobile industry by revealing his cheating diesel emissions, he claimed 16 EUR 2 billion chunky Feb. 18 billion for 2015 and is likely that only a part of the total bill.
The revelation last September by the environmental authorities of U that the company had cheated on the test emissions rocked one of the names of the most venerable brands in the automotive industry and the cost, its managing director and a crowd of goodwill.
It also raised questions about the practices of others.
On Friday, German government officials said five German brands, including Volkswagen, would conduct a voluntary recall on questions of emissions, a day after the owner of Mercedes-Benz Daimler said it was conducting an internal investigation its emission certificates at the request of authorities U S.
Volkswagen's announcement follows the agreement in federal court of a U in San Francisco on the outlines of an agreement with environmental authorities U.
Under the proposed agreement, Volkswagen would offer to buy back nearly 500,000 cars sold in the U S equipped with software that emissions controls disabled when the car was not tested 11 million cars in the world are affected.
The company had delayed its earnings announcement until he could get a better cost estimate now that he has revealed the cost of the scandal, Volkswagen announced Friday it is to post a massive net loss of 5 to 5 billion euros last year.
The reduction in value of 16 € 2 billion is more than double the 6 7 billion euros the company had previously estimated analysts of Warburg Research think direct cost of fines, reminders and settlements will the world end to 28 by 6 billion euros in fines and excluding any impact on sales and market share.
Volkswagen also said it is unable to publish the results of an internal investigation into the scandal this month as planned The company now says the probe conducted by Day US law firm Jones could be completed in late year, but the rapid release of partial results impede settlement negotiations in the US and could interfere with cooperation with the application of US law Some 450 interviews were viewed and 65 million documents submitted for review electronic.
On the advice of legal counsel, management and directors of the company, the company reported a disclosure of the provisional results of the investigation at this time would present unacceptable risks for Volkswagen and thus can not take place now .
Volkswagen CEO Matthias Mueller said as he released revenue figures as the company remains fundamentally healthy and he is convinced that Volkswagen has what it takes to overcome its challenges.
Volkswagen's announcement coupled with more negative news on German companies and automotive emissions that weighed heavily on stock prices during Volkswagen's share was down 1 percent at the end of trading in Frankfurt while Daimler's tanked 6 percent.
The scandal is not only limited to German automakers Mitsubishi Motors and Japanese company FIAT Italy also have questions to answer.
Yet the German car manufacturers seem to have the most problems at the moment.
On Friday, the Minister of Transport of Germany, Alexander Dobrindt, said that five German car manufacturers have decided to recall a total of 630,000 diesel vehicles in Europe following an investigation of their emission levels It identified the companies like Mercedes, Opel and Volkswagen and its subsidiaries Audi and Porsche.
The move follows a probe of 53 models by permission of the German Federal road transport which was triggered by last year's revelations about the Volkswagen emissions test cheating VW cars could tell when they were on the bench testing and emission controls, then off in real driving conditions to improve performance and mileage.
Dobrindt said that none of the recently scrutinized models were found to have rigged devices engine control software of the type used by Volkswagen, but they have high rates of nitrogen oxide in both laboratory tests and the real world.
Some models of the technology used to turn off the vehicle emission treatment systems at certain temperatures to protect the engine, he said.
Although this technology is legal, the investigators found that the temperatures at which the emission treatment systems have been strangled didn t seem to be justified in all cases, so that the five manufacturers agreed to voluntarily recall these vehicles also all motor protection functions should be reported and fully explained by the manufacturers in the future before their cars are approved by the German authorities, said Dobrindt.
Moreover, the Italian car manufacturer FIAT is being investigated following a parts supplier Bosch tip about possible emission irregularities, he said.
German dpa news agency reports that several car manufacturers of the country will recall a total of 630,000 cars following a survey on emission levels.
Swedish prosecutors launched the Volkswagen emitting probe.
Swedish prosecutors have launched a criminal investigation into the scandal emissions at German carmaker Volkswagen.
For German triggers recall of 8 5M VW cars in Europe Update.
German authorities on Thursday ordered a recall of all Volkswagen cars equipped with test cheating software programs, a decision that will affect Aug. 5 million diesel vehicles VW across the 28-nation European Union.
Mexico issued September 8 million fine against VW for emissions.
Mexico issued a Sept. 8 million fine against Volkswagen in Mexico for selling 45.494 vehicles for the 2016 model year certificate without proving that they comply with emissions standards.
Germany VW New problems with C02 800,000 vehicles.
Germany Volkswagen already reeling from energisation of fraud on the U-emission tests for nitrogen oxide, said Tuesday an internal investigation revealed unexplained inconsistencies in the emission of carbon dioxide.
Volkswagen scandal fallout cheating emissions intensified Wednesday as investors bailed and European regulators VW pressured to quickly disclose the findings of an internal investigation in the U S.
VW take hit $ 18 billion in German carmakers are facing a recall, billion, German carmakers.