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

  #131 (permalink)
Market Wizard
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How emission control works...

Just a good documentation here...
(in german - but original surely exists in english @ USEPA or ICCT):

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GFIs1

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  #132 (permalink)
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If you closely look at the NOx emissions, they depend on the test set up.

Even without cheating there is a significant difference between

-> NOx emissions for the steady velocity profile (as currently required by NEDC)
-> NOx emissions for the modified test (WLTC, starting from 2017)

Therefore some of the differences between tested emissions and real-world emissions are due to the selected test setup and others are due to non-compliance.

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If you look at the behaviour of Euro 6 cars over the new test cycle WLTC, Diesel models by Volkswagen seem to comply with the limits, outliers were rather found from other manufacturers.

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Source: White Paper September 2015, published by the ICCT (International Council on Clean Transportation)

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  #133 (permalink)
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VW 3rd quarter result


Third quarter result for VW was negative as foreseen: minus 3,5 billion EUR (EBIT)

For the fourth quarter negative results foreseen.
Interestingly the orders for Diesel from VW have not diminished in 3rd quarter.

VW lost the number one carmaker place. Now Toyota is again the leading manufacturer.

GFIs1


Last edited by GFIs1; October 28th, 2015 at 05:06 AM.
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  #134 (permalink)
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more info

regarding the impact on German economy, here is an extract from the GFK consumer climate report from this morning:

"Meanwhile, German consumers do not feel that the scandal surrounding Volkswagen's manipulation of emissions
data for its diesel vehicles currently presents much of a risk for the labor market. Only eight percent view this as a reason for the gloomy employment outlook."

The report:
VW scandal and impact on German economy-20151028_gfk-consumer-climate-october-2015_efin.pdf

Here is the actual VW 3rd Quarter Report. Some notes:
"Mindset will be changed" => funny, as if this is an on/off switch.
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the costs related for the scandal are expected to grow.
VW scandal and impact on German economy-file.pdf

oh, yes the costs of the scandal are tax deductible, which is perfectly in compliance with tax accounting.


Last edited by JohnS; October 28th, 2015 at 09:04 AM.
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  #135 (permalink)
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GFIs1 View Post
Third quarter result for VW was negative as foreseen: minus 3,5 billion EUR (EBIT)

GFIs1

hmmm...
As @JohnS pointed out - there was a "gain" in the third quarter. The real surplus/gain by selling all Suzuki shares
in that quarter was 1,5 billion Euro (which is not mentioned in the graphic).
THIS selling has nothing to do with daily business of VW and has to be seen as a external effect.

If the 3rd quarter is measured by VW's own business then the final quarter EBIT result is:
a total of minus 5 billion Euro.

Just to keep the things to where they belong.
As economist - without having seen the published 3rd quarter detailed results I assume:
That the set aside 6.5 billion Euro for the Diesel recall is NOT included in upper 3rd quarter result.
Thus this (first) sum is only set aside in the yearly numbers - from the current assets and do not touch
the monthly or quarterly results. The real costs will come into the next quarterly results as the invoices
for the recall will sum up.
And for 3rd quarter (scandal started in september 2015) had not stated any invoices concerning the case.

GFIs1

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  #136 (permalink)
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If you think that VW...

only cheats with some tchnical points - then read here:

News came out in Switzerland - that 4 VW retailers have been fined.
Because they had illegal price "upgrades" in 2013 and 2014.
The swiss WEKO (commission for illegal competition) now fined those
VW partners with fines from 10000 up to 320000 Swiss francs per
retailer.

It is well known that the swiss retailers normally push prices up to a third more
than in producing Germany...
Which is cheating foreign customers again.
No parallel imports allowed - etc... This is no working open market!

Things will come to surface now - and will be under surveillance.

GFIs1

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  #137 (permalink)
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Maybe Volkswagen will offer some of their newest models at a discount.

I am already waiting.


Last edited by Fat Tails; October 30th, 2015 at 11:10 AM.
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  #138 (permalink)
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Fat Tails View Post
Maybe Volkswagne will offer some of their newest models at a discount.

I am already waiting.

You do indeed need a new one !!!

mfg

p

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  #139 (permalink)
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podski View Post
You do indeed need a new one !!!

mfg

p


LOL.

It is not the one you know, that one is usually driven by my kids.

The current one is in good shape!

And it is not a Diesel.

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  #140 (permalink)
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podski View Post
You do indeed need a new one !!!

mfg

p

@Fat Tails what are we talking here? How old exactly is your VW bug?

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