Jump to content
William Maley

VW News: As the Diesel Emits: Volkswagen's Total Diesel Emission Scandal Bill Rises to $30 Billion

Recommended Posts

Volkswagen's decision to use illegal software on their diesel vehicles has been costing them dearly. Reuters reports that Volkswagen is setting aside an additional 2.5 billion Euros (about $2.95 billion) due to difficulties with fixing the affected diesel models, particularly with the hardware.

"The reason is an increase in provisions relating to the buyback/retrofit program for 2.0l TDI vehicles, which is part of the settlements in North America that is proving to be far more technically complex and time consuming," the company said in a statement.

This pushes the total bill to $30 billion.

The news comes a day after German prosecutors arrested Wolfgang Hatz, former r&d head of Porsche and head of powertrain development for Audi and Volkswagen. Hatz is being questioned by prosecutors for his involvement in the diesel emission scandal.

“Investors will understandably worry what else may be next,” said BNP Paribas analyst Stuart Pearson.

This news brought the share price of Volkswagen down three percent.

Source: Reuters


View full article

Share this post


Link to post
Share on other sites

AND In Breaking news we have More Black Eye's scheduled for VW!

Makes one wonder how fast all the Diesel's will Die and their EV product line will emerge. If they still have cash to create anything. :scratchchin:

Share this post


Link to post
Share on other sites
On 9/29/2017 at 3:53 PM, dfelt said:

AND In Breaking news we have More Black Eye's scheduled for VW!

Makes one wonder how fast all the Diesel's will Die and their EV product line will emerge. If they still have cash to create anything. :scratchchin:

Shouldn't that be "new's"?  :roflmao:

  • Haha 2

Share this post


Link to post
Share on other sites

VW is owned by Lower Saxony, a German Lander (similar to that of a province or a US state).  VW will not be allowed to die.  Daimler or BMW are far more likely to disappear since those two automakers are not owned by a state government.

Share this post


Link to post
Share on other sites

Seems VW is in the News again, this time someone had commissioned a study to debunk that Diesel is toxic or a carcinogen.

Seems they tested on live people and monkeys.

https://af.reuters.com/article/africaTech/idAFL8N1PO23X

OUCH.

Share this post


Link to post
Share on other sites

This could do more financial damage than cheat software.  Not because of fines, but because of public image. I saw the story on the news this morning. All they said was VW was testing diesel emissions on monkeys, then moved on. If the population only hears that and not the part about VW didn't promote or condone those tests, and took action against it, opinion could plummet doing real damage. I could talk to a room full of people and be surprised if anyone knew about the cheat software. However, in today's society, everyone is more than happy to jump on the latest cause.  And animal cruelty is the kind of thing that spreads like wild fire on social media. If this goes viral it would be hard to find someone that didn't hear about it.  That could be a bigger problem than government fines. 

  • Upvote 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

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

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Who's Online   0 Members, 0 Anonymous, 89 Guests (See full list)

    There are no registered users currently online



  • Social Stream

  • Similar Content

    • By Drew Dowdell
      The U.S. Security and Exchange Commission has filed suit in San Francisco on Thursday alleging that from April 2014 through May 2015, Volkswagen fraudulently issued more than $13 Billion in bonds and securities in the U.S. market.  During that time, the SEC alleges that Winterkorn and other senior management knew about the problem with over 500,000 diesel vehicles that exceeded legal emissions limits. 
      The suit says:
      Winterkorn resigned within days of the scandal braking in 2015. 
      Volkswagen said in a statement that the lawsuit is "legally and facturally flawed" and "the company will contest it vigorously".
      Volkswagen has already agreed to pay more than $25 billion in a settlement over the dieselgate scandal to buy back defective vehicles, paying fines, and setting up funds to help build out electric vehicle infrastructure. Winterkorn has already been charged in the US.

      View full article
    • By Drew Dowdell
      The U.S. Security and Exchange Commission has filed suit in San Francisco on Thursday alleging that from April 2014 through May 2015, Volkswagen fraudulently issued more than $13 Billion in bonds and securities in the U.S. market.  During that time, the SEC alleges that Winterkorn and other senior management knew about the problem with over 500,000 diesel vehicles that exceeded legal emissions limits. 
      The suit says:
      Winterkorn resigned within days of the scandal braking in 2015. 
      Volkswagen said in a statement that the lawsuit is "legally and facturally flawed" and "the company will contest it vigorously".
      Volkswagen has already agreed to pay more than $25 billion in a settlement over the dieselgate scandal to buy back defective vehicles, paying fines, and setting up funds to help build out electric vehicle infrastructure. Winterkorn has already been charged in the US.
    • By Drew Dowdell
      Volkswagen has announced it will cut between 5,000 to 7,000 jobs through attrition and early retirement at its headquarters in Wolfsburg, Germany.  Most of the job cuts will be administrative staff.  While cutting those job, VW will be creating 2,000 new software and electronics jobs.  The cuts are part of a cost savings plan to drive 3€ Billion in annual savings by 2020 and 5.9€ billion  by 2023. 
      The move comes the day after the company announced it will increase its EV plans to build 22 million units over the next decade.  Electric vehicles are less complex to build and require fewer workers.
      Volkswagen is building a new EV platform and the first vehicle to arrive on the market will be the I.D. Neo, expected sometime in 2020.  The I.D. Neo will be built at a plant in Zwickau, Germany.  Future electric vehicles will be built in 7 additional factories including Chattanooga, Tennessee. 

      View full article
    • By Drew Dowdell
      Volkswagen has announced it will cut between 5,000 to 7,000 jobs through attrition and early retirement at its headquarters in Wolfsburg, Germany.  Most of the job cuts will be administrative staff.  While cutting those job, VW will be creating 2,000 new software and electronics jobs.  The cuts are part of a cost savings plan to drive 3€ Billion in annual savings by 2020 and 5.9€ billion  by 2023. 
      The move comes the day after the company announced it will increase its EV plans to build 22 million units over the next decade.  Electric vehicles are less complex to build and require fewer workers.
      Volkswagen is building a new EV platform and the first vehicle to arrive on the market will be the I.D. Neo, expected sometime in 2020.  The I.D. Neo will be built at a plant in Zwickau, Germany.  Future electric vehicles will be built in 7 additional factories including Chattanooga, Tennessee. 
    • By Drew Dowdell
      Volkswagen has announced they are increasing their goal to build fully electric vehicles from 15 million to 22 million over the next decade. The company is moving to electric vehicles after a disastrous diesel emissions cheating scandal hit sales and resulted in record breaking government fines, and European and Asian government impose new restrictions on carbon dioxide emissions.
      The core Volkswagen brand saw profits fall, while the overall company profits rose 6% to 12.2€ Billion. 

      View full article
  • My Clubs

  • Recently Browsing

    No registered users viewing this page.

  • Reader Rides

About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets

facebook

×
×
  • Create New...