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VW scandal and impact on German economy
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VW scandal and impact on German economy

  #111 (permalink)
Market Wizard
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Martin Winterkorn to step down from Porsche holding company...
now he needs to resign on
MAN (trucks)
Audi and
SEAT

that all influence on VW will be taken out.

He still wants to stay in the board of "Bayern Munich"
which is not connected (really? ) with VW

GFIs1

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  #112 (permalink)
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rleplae View Post
update : Board of VW and labour council of VW are studying options to lay-off staff

Temporarily and contractors will be first
but most likely some permanent staff will have to be cut also

A savings program that was already started before
will be executed in an accelerated way...

Coming back to the start of the thread, what would be the impact to the German economy ?

I think that is hard to say. The bad news keeps coming out but soon it will become old news and fall off the front page. So far no other German automaker or company has been snared in this mess. Actually all the money that VW will spend to fix the 11 million or so diesels will probably flow back in to other German manufacturers like BOSCH. The next shoe to fall off in this mess is when VW announces the total write off, which will be more then the 6-7 billion euros earmarked so far, considering the US tort system a la BP oil spill, and exactly how it will be paid for. But in the end I think VW is too big and important for Germany to be allowed to fail.

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  #113 (permalink)
Market Wizard
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JohnS View Post
But in the end I think VW is too big and important for Germany to be allowed to fail.

I think this is the most important fact about this issue: I do not think it will be allowed to fail, if for other reason than the hit the German economy would probably take if it did.

If so, the impact on the entire economy will be much less than it initially seemed.

There will be consequences for the company if the German public has to bail them out. I have no idea what those might be. They could be far-reaching, however.

Bob.


Last edited by bobwest; October 19th, 2015 at 04:51 PM.
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  #114 (permalink)
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Interesting article:
How Could Volkswagen?s Top Engineers Not Have Known? - Bloomberg Business

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  #115 (permalink)
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Just an unfortunate coincidence .... actually nobody was aware of the problem.

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  #116 (permalink)
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Fat Tails View Post
Just an unfortunate coincidence .... actually nobody was aware of the problem.

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LOL !!

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  #117 (permalink)
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1,6l worst motor type

The smaller Diesel engines of VW which were "tuned" with fraudulent software
will have a software "upgrade" which can be done by every VW retailer.
Only the VW motor 1,6l will need a supplement of new parts to build onto the motor.
This affects 3 million cars sold worldwide.
News came up this morning that only special retailers will be able to do this "upgrade".
As know the new parts will not be ready before september 2016.

It is highly probable that some countries will no longer let those VW diesel model with 1,6l
run and may cut the license on those cars in the near future until the reparation shows
good results.

GFIs1

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  #118 (permalink)
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Another VW manager on "holiday":
Today announced (Der Spiegel) that the head of motors of VW, Hanno Jelden
is set free. The prosecutor of Braunschweig Germany started investigation of fraud against
Jelden.

In another article is listed that several thousand VW cars of the german police
need to upgrade their diesel cars starting next year.
Some police departments decided already to shift new buys from VW to BMW.

GFIs1

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  #119 (permalink)
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GFIs1 View Post
The smaller Diesel engines of VW which were "tuned" with fraudulent software
will have a software "upgrade" which can be done by every VW retailer.
Only the VW motor 1,6l will need a supplement of new parts to build onto the motor.
This affects 3 million cars sold worldwide.
News came up this morning that only special retailers will be able to do this "upgrade".
As know the new parts will not be ready before september 2016.

It is highly probable that some countries will no longer let those VW diesel model with 1,6l
run and may cut the license on those cars in the near future until the reparation shows
good results.

GFIs1

Oh, it gets better in today's Frankfurter Allgemeine, VW is considering the idea of giving premiums to customers to buy a new car rather then repair the effected Diesel vehicle and either reselling them in non-EU lands (way to go VW for your "environmental" good will thinking) or sending them to the scrap heap.
VW-Abgasskandal: Eintauschprämien statt Diesel-Rückrufe - VW-Abgasskandal - FAZ

On the 28th of October is VW's 3rd Quarter Interim Report so it will be interesting to see if Management provide cost revisions for the scandal.
Volkswagen Group Investor Relations

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  #120 (permalink)
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JohnS View Post
Oh, it gets better in today's Frankfurter Allgemeine, VW is considering the idea of giving premiums to customers to buy a new car rather then repair the effected Diesel vehicle and either reselling them in non-EU lands (way to go VW for your "environmental" good will thinking) or sending them to the scrap heap.
VW-Abgasskandal: Eintauschprämien statt Diesel-Rückrufe - VW-Abgasskandal - FAZ

On the 28th of October is VW's 3rd Quarter Interim Report so it will be interesting to see if Management provide cost revisions for the scandal.
Volkswagen Group Investor Relations

So they'll just resell the cars somewhere else, I suppose where no one has heard of all this. This just gets more and more bizarre.

Instead of thinking how to try to respond in a way that will help to defuse the situation in the public's mind, and perhaps generate some good-will by acting responsibly, VW is just continuing to screw this whole thing up more, with more of the same type of under-handed thinking.

Bob.

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