Announcement Announcement Module
No announcement yet.
Volkswagen could face $18 billion penalties from EPA Page Title Module
Move Remove Collapse
Conversation Detail Module
  • Filter
  • Time
  • Show
Clear All
new posts

  • Volkswagen could face $18 billion penalties from EPA

    Volkswagen AG (VOWG_p.DE) faces penalties up to $18 billion after being accused of designing software for diesel cars that deceives regulators measuring toxic emissions, the U.S. Environmental Protection Agency said on Friday.

    "Put simply, these cars contained software that turns off emissions controls when driving normally and turns them on when the car is undergoing an emissions test," Cynthia Giles, an enforcement officer at the EPA, told reporters in a teleconference.

    Volkswagen can face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules. There are 482,000 four-cylinder VW and Audi diesel cars sold since 2008 involved in the allegations. If each car involved is found to be in noncompliance, the penalty could be $18 billion, an EPA official confirmed on the teleconference.

  • #2
    Volkswagen shares plunge the most in six years on U.S. emission issue

    Shares in Volkswagen (VOWG_p.DE) plunged the most in almost six years in early Monday trading after U.S. authorities accused the German carmaker of falsifying emissions data, which means it could face penalties of up to $18 billion.

    Europe's largest automaker is accused of designing software for diesel models of its core VW brand and luxury division Audi that deceives regulators measuring toxic emissions, the U.S. Environmental Protection Agency said on Friday.

    VW shares fell 13 percent to 140.95 euros by 0207 EDT, the biggest one-day drop since November 2009.


    • #3
      VW sets aside $7.3 billion to pay for emissions crisis

      Volkswagen AG plans to set aside 6.5 billion euros ($7.3 billion) in the third quarter to cover the costs of addressing irregularities in diesel engines installed in 11 million vehicles worldwide, as the scandal that started in the U.S. widens.

      “Volkswagen is working at full speed to clarify irregularities concerning a particular software used in diesel engines,” the Wolfsburg, Germany-based company said in statement. The manufacturer said it will adjust its earnings forecasts for 2015 accordingly. VW shares plunged for a second day after the announcement.



      • #4
        VW manipulated diesel emissions tests in Europe, says German minister

        Germany's transport minister says Volkswagen has admitted using the same fake emissions test in Europe as it used to falsify results in the US.

        Alexander Dobrindt said it was not known how many of the 11 million vehicles affected were in Europe.

        He also said other manufacturers' vehicles would be checked.

        The scandal began unfolding on Friday when the German car giant said it had used software in the US to provide false emission test results.



        • #5
          Volkswagen turns to Porsche boss to steer it out of crisis: source

          Volkswagen (VOWG_p.DE) will name Matthias Mueller, the head of its Porsche sports car brand, as its chief executive, a source close to the matter said on Thursday, as the fallout from the U.S. vehicle emissions test rigging scandal broadened.

          Mueller, 62, has been widely tipped to succeed Martin Winterkorn, who quit on Wednesday, when the German carmaker's supervisory board meets on Friday. He will take responsibility for steering Volkswagen through the biggest business crisis in its 78-year history.

          The crisis deepened on Thursday as officials in Europe and the United States stepped up their investigations.



          • #6
            VW: Prosecutors launch probe into former boss Winterkorn

            German prosecutors have begun an investigation against former Volkswagen chief executive Martin Winterkorn.

            The probe will look at "allegations of fraud in the sale of cars with manipulated emissions data", the prosecutor's office said.

            Mr Winterkorn quit last week after almost nine years at the helm of VW, saying he had no knowledge of the manipulation of emissions results.

            Regulators in the US had found "cheat" software in some diesel engines.