• Sign in to follow this  
    Followers 0

    As the Diesel Emits: Volkswagen's Chairman Feels the Heat During Shareholders Meeting


    • Volkswagen's Shareholders are none too happy with the company

    Volkswagen's recent shareholder meeting could be best described as discordant as many shareholders spewed venom at various Volkswagen executives - most being laid on Volkswagen AG Chairman Hans Dieter Poetsch. Bloomberg reports that shareholders grilled various executives on the handling of the diesel emission scandal.

     

    Poetsch received the brunt of the criticism with many shareholders expressing concerns of him overseeing the internal investigation of a mess that began when he was the company's CFO.

     

    “You are a conflict of interest personified,” said Markus Dufner, managing director of the German Association of Ethical Shareholders meeting.

     

    The meeting also featured shouting, arguing, and shareholders trying to remove Poetsch as the chairman of the meeting (which didn't happen).

     

    To be fair to the shareholders, it hasn't been a good week for Volkswagen. On Monday, Reuters learned that German prosecutors were investigating former Volkswagen CEO Martin Winterkorn and an unidentified executive on market manipulation before the scandal broke. It was revealed later in the week the unidentified executive was Volkswagen Brand Chief Herbert Diess.

     

    Yesterday it was revealed that German financial watchdog Bafin filed a complaint with German prosecutors saying the previous management board should be investigated for how long it took the company to disclose the scandal.

     

    So while the fires are dying down on one coast, they are only beginning to heat up on another.

     

    Source: Bloomberg, Reuters

    0


    Sign in to follow this  
    Followers 0


    User Feedback


    My gut tells me we will see a much slimmer and smaller VW after this mess settles down.

    I don't think anyone will disagree with this. I'm wondering if Volkswagen will be able to do it quickly.

    0

    Share this comment


    Link to comment
    Share on other sites

     

    My gut tells me we will see a much slimmer and smaller VW after this mess settles down.

    I don't think anyone will disagree with this. I'm wondering if Volkswagen will be able to do it quickly.

     

    You think they can wrap this all up by the end of 2017 or will it drag into 2018 and really hurt the company long term.

     

    I wonder what Porsche thinks about tying up with VW now?

    0

    Share this comment


    Link to comment
    Share on other sites

     

     

    My gut tells me we will see a much slimmer and smaller VW after this mess settles down.

    I don't think anyone will disagree with this. I'm wondering if Volkswagen will be able to do it quickly.

     

    You think they can wrap this all up by the end of 2017 or will it drag into 2018 and really hurt the company long term.

     

    I wonder what Porsche thinks about tying up with VW now?

     

    The way things are going right now, I don't think all of this will be resolved till 2019 at the earliest.

    0

    Share this comment


    Link to comment
    Share on other sites

     

     

     

    My gut tells me we will see a much slimmer and smaller VW after this mess settles down.

    I don't think anyone will disagree with this. I'm wondering if Volkswagen will be able to do it quickly.

     

    You think they can wrap this all up by the end of 2017 or will it drag into 2018 and really hurt the company long term.

     

    I wonder what Porsche thinks about tying up with VW now?

     

    The way things are going right now, I don't think all of this will be resolved till 2019 at the earliest.

     

     Then based on your resolve date, then I am even stronger in my conviction that VW will be about 50% of who they are today by that time and could even be free of a name plate or two if it stretches much further.

    0

    Share this comment


    Link to comment
    Share on other sites

     

    My gut tells me we will see a much slimmer and smaller VW after this mess settles down.

    I don't think anyone will disagree with this. I'm wondering if Volkswagen will be able to do it quickly.

     

    Just saw on the AP VW is settles with buying back some cars, giving a choice of fixing or buying back other cars and paying fines and settling this whole mess.

     

    http://bigstory.ap.org/article/398cf8b79483423abf48d10f5f9848fd/source-vw-govt-ink-deal-pay-owners-cheating-diesels

    0

    Share this comment


    Link to comment
    Share on other sites

    The deception happened in something they had doubled down on to make up for a lack of investment in HEV technology.

     

    Now VW is trying to make a wholesale jump straight to EV's. 

     

    It's going to be very expensive, and without much fruit at first. But also...diesel days are now relegated to even more niche uses.

     

    Actually in GTA, and I presume all of Canada now, diesel is usually 10-15 cents cheaper per litre, so if you have a diesel vehicle now subject to the VW recall or diesels in  general, you're getting FANTASTIC mileage and paying less at the pump. But it's not a safe bet to hedge on for too long.

    0

    Share this comment


    Link to comment
    Share on other sites


    Your content will need to be approved by a moderator

    Guest
    You are commenting as a guest. If you have an account, please sign in.
    Add a comment...

    ×   You have pasted content with formatting.   Remove formatting

      Only 75 emoticons maximum are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor




  • Popular Stories

  • Today's Birthdays

    1. caddycruiser
      caddycruiser
      (31 years old)
    2. Keenaq8wwq
      Keenaq8wwq
      (28 years old)
    3. ohsnap
      ohsnap
      (39 years old)
  • Similar Content

    • By William Maley
      One question that we have found ourselves wondering is who blew the whistle on the software cheat Volkswagen was using on their TDI models. A new book says it was someone at Volkswagen of America.
      Automotive News got their hands on Faster, Higher, Farther: The Volkswagen Scandal by New York Times reporter Jack Ewing. In the book, Ewing reveals that the head of VW’s Engineering and Environmental Office in the U.S., Stuart Johnson revealed the existence of the cheat to federal authorities. Johnson was the primary contact for the various regulation agencies in the U.S. and would be one of the people on the front lines when the scandal unfolded.
      In the book, CARB deputy executive director Alberto Ayala named Johnson as the person who revealed the existence of Volkswagen's illegal software. This revelation took place prior to a key meeting between CARB and Volkswagen on August 19, 2015. By revealing this information, Johnson was violating orders given by VW's higher ups. This meeting is mentioned in the federal indictment of Oliver Schmidt, a former VW executive who is facing 11 federal charges dealing with the scandal. Johnson is mentioned in the indictment as “Cooperating Witness 1.”
      The indictment also states the witness “has agreed to cooperate with the government’s investigation in exchange for an agreement that the government will not prosecute CW1 in the United States.”
      Source: Automotive News (Subscription Required)

      View full article
    • By William Maley
      One question that we have found ourselves wondering is who blew the whistle on the software cheat Volkswagen was using on their TDI models. A new book says it was someone at Volkswagen of America.
      Automotive News got their hands on Faster, Higher, Farther: The Volkswagen Scandal by New York Times reporter Jack Ewing. In the book, Ewing reveals that the head of VW’s Engineering and Environmental Office in the U.S., Stuart Johnson revealed the existence of the cheat to federal authorities. Johnson was the primary contact for the various regulation agencies in the U.S. and would be one of the people on the front lines when the scandal unfolded.
      In the book, CARB deputy executive director Alberto Ayala named Johnson as the person who revealed the existence of Volkswagen's illegal software. This revelation took place prior to a key meeting between CARB and Volkswagen on August 19, 2015. By revealing this information, Johnson was violating orders given by VW's higher ups. This meeting is mentioned in the federal indictment of Oliver Schmidt, a former VW executive who is facing 11 federal charges dealing with the scandal. Johnson is mentioned in the indictment as “Cooperating Witness 1.”
      The indictment also states the witness “has agreed to cooperate with the government’s investigation in exchange for an agreement that the government will not prosecute CW1 in the United States.”
      Source: Automotive News (Subscription Required)
    • By William Maley
      If the Volkswagen diesel emission scandal hasn't swayed you from wanting one, then you'll be happy to hear Volkswagen will once again be able to sell brand-new 2015 model year TDI models. Green Car Reports says near 11,000 TDI models will soon be back up for sale once they are updated with new software, making them legal.
      Volkswagen does caution those interested in picking up a new TDI to call their nearest dealership to see if they have any in stock.
      But that's not all. Volkswagen is offering some massive discounts on these models. CarsDirect reports that Volkswagen is offering 0% APR for up to 72 months and $5,000 cash bonus if you decide to buy. Interested in leasing one? Volkswagen will offer a cash bonus of $8,500. 
      There are a couple of caveats to this offer. First, you need to have an excellent credit history to qualify for either offer. Second is that Volkswagen isn't advertising this offer.
      "We will not be advertising the available incentives from our financing arm as they [sic] vehicle availability will vary per dealership," said Volkswagen spokeswoman Jeannine Ginivan.
      Source: Green Car Reports, CarsDirect

      View full article
  • Recent Status Updates

  • Who's Online (See full list)