The emissions crisis highlights serious corporate governance problems at Volkswagen, says a new report by Moody’s. While the ongoing management reshuffle is positive, the high turnover creates risks says the international business credit-rating agency. Yasmina Serghini-Douvin, vice president and senior credit officer at Moody’s said, “VW's emissions crisis has brought to light serious … [Read more...]
Car makers delay emissions enforcement for five years
European car-makers have won the first round of their fight to postpone tougher emissions testing despite Volkswagen’s deception over current limits. The European Union's industrial-policy chief scaled back proposed tougher tests on car pollution after member states said they were concerned about potential costs for automakers who employ hundreds of thousands of people. A tightening of the … [Read more...]
All clear given by Volkswagen to some diesel engines
Volkswagen said that no software constituting an improper defeat device is installed in vehicles with EA288 EU5 as well as EU6-engines in the European Union. Consequently, new vehicles of the Volkswagen Group offered within the European Union with those engines comply with legal requirements and environmental standards. Volkswagen AG is systematically reviewing this issue worldwide. The … [Read more...]
As costs soar, Volkwagen faces still further widening of cheating probe
Volkswagen is investigating whether cars using early versions of its EA 288 diesel engine may have contained software that could manipulate emissions test data. Euro 5 engines of this series, which is different to the first affected model, could have had the software installed but it is not in the Euro 6 versions. It has established about a quarter of the 11 million global recalled vehicles … [Read more...]
Volkswagen to lay off temporary staff
Volkswagen is considering a reduction in temporary workers as part of efforts to offset the cost of the emissions scandal, the automaker's works council said. VW said in a statement that the outlook for its sales and employment levels were unpredictable after the company reported on Friday lower September deliveriesfor its core autos division and the 12-brand group. It has also said it will … [Read more...]
Diesels, VW and the road ahead
Diesel still has a real future, despite the tirade of criticism, says economist Prof Garel Rhys, who in four decades studying the automotive industry, has seen in all before. The current furore over the fuel has raised a number of issues not only about the fuel itself but the way Governments have supported it, how carmakers have embraced it and how society has accepted it. The reality today … [Read more...]
Volkswagen issue intensifies
Germany's federal transport authority, the KBA, will force Volkswagen Group to recall 2.4 million vehicles in the country affected by the automaker's software that can cheat emissions tests. German Transport Minister Alexander Dobrindt today said the KBA had ordered VW to start a mandatory recall of the cars under its various brands at the start of 2016. It is thought the compulsory recall … [Read more...]
Innocent drivers to escape tax penalty on “doctored” cars
The government has announced that UK taxpayers will not incur higher Vehicle Excise Duty if their existing vehicles are found to be fitted with illegal software that manipulates emissions tests. Following VW’s admission of using ‘defeat devices’ in diesel cars, there is an ongoing UK government investigation which began last week into the extent of this practice. The government also … [Read more...]
VW recalled models hours before new law came in
Tough new UK consumer legislation has been successful on its first day. The Consumer Rights Act 2015 became law on Thursday and on Wednesday night Volkswagen UK announced it had withdrawn from sale about 4,000 pre-registered diesels now subject to the refit over their deceit diesel engines. About 11 million illegal VW Group cars are being re-examined, refitted or recalibrated around the … [Read more...]
VW to repay scrappage allowances
The UK Government may follow other European countries and insist Volkswagen repay scrappage allowances for old cars. In Spain, the government will receive money for Volkswagen models, mostly SEAT, that it paid out to buyers to encourage the move to cleaner cars. It offered subsidies of 1,000 euros (£738) for energy efficient cars and the VWs affected were no better than some of the cars … [Read more...]
