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

  #171 (permalink)
Market Wizard
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75000 more 3l Diesel found

in USA with illegal software named AECD (Auxiliary Emissions Control Device). This is another software
than used in the Defeat Devices. This software was never officially announced to the US regulators.
At a meeting with EPA VW admitted to have models from 2009 to 2016 with this 3l motor plus AECD.
Before only the models from 2014 to 2016 were officially known.
So 75000 more cars from VW and Audi that were sold to USA are now to add.

The total amount of those cars sold worldwide is not known yet.

GFIs1

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  #172 (permalink)
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VW sees

more problems - be some more in USA and a lot more in Germany (regulators were kept off investigating motor software)

*With the latest revelations, “nobody can really say that it simply slipped through,” said Stefan Bratzel, director of the Center of Automotive Management at the University of Applied Sciences in Bergisch Gladbach, Germany. “VW has a cultural problem. It’s not just about individuals. It’s about structures that need to change.”*

More vehicules affected than admitted by VW before - now even 3l cars of Porsche included:

*Volkswagen is facing a scandal on three fronts: the cheating software installed in about 11 million vehicles with 1.2-, 1.6- and 2.0-liter diesel engines; irregular carbon-dioxide ratings on about 800,000 vehicles; and questionable software in 85,000 larger diesel engines targeted in the EPA’s latest probe. While Chief Executive Officer Matthias Mueller has vowed a thorough investigation, answers have been slow in coming.

The shares fell 0.9 percent to 107.55 euros at 2:36 p.m. in Frankfurt. Volkswagen has lost 34 percent, or 18.4 billion euros ($19.6 billion) in market value, since the cheating scandal became public on Sept. 18.

“The strategy of revealing only a little bit at a time is not what regulators want to see, and it’s unsettling for customers,” said Holger Schmidt, a Frankfurt-based analyst with Equinet. “At present, they still don’t seem to have the situation under control.”

Global deliveries at Volkswagen’s namesake brand dropped 5.3 percent in October, as the company lost market share in Europe, the U.S. and China.*


Full article:
VW's Bad News Drip Continues Two Months After Scandal Started - Bloomberg Business


The stock holder complaints in this article that are already on its way - are not outnumbered here: this can be
a big black hole for VW - not easy to digest.

GFIs1

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  #173 (permalink)
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The scandal widens on AUDI


On a meeting last thursday of AUDI engineers with EPA and CARB officials
AUDI mentioned 3 software packages built into the V6 TDI 3.0 diesel motor
that were not opened to the regulators. But NONE of these were illegal...
That affects all cars since 2009 with this motor: AUDI models A6, A7, A8, Q5 und Q7
sold in USA.

Yesterday
AUDI admitted finally that 2 sofware packages affected the heating process
as an emission control.
And the third package is a defeat device which finds out testing situations.
The latter is illegal in USA.

GFIs1

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  #174 (permalink)
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GFIs1 View Post
more problems - be some more in USA and a lot more in Germany (regulators were kept off investigating motor software)

*With the latest revelations, “nobody can really say that it simply slipped through,” said Stefan Bratzel, director of the Center of Automotive Management at the University of Applied Sciences in Bergisch Gladbach, Germany. “VW has a cultural problem. It’s not just about individuals. It’s about structures that need to change.”*

More vehicules affected than admitted by VW before - now even 3l cars of Porsche included:

*Volkswagen is facing a scandal on three fronts: the cheating software installed in about 11 million vehicles with 1.2-, 1.6- and 2.0-liter diesel engines; irregular carbon-dioxide ratings on about 800,000 vehicles; and questionable software in 85,000 larger diesel engines targeted in the EPA’s latest probe. While Chief Executive Officer Matthias Mueller has vowed a thorough investigation, answers have been slow in coming.

The shares fell 0.9 percent to 107.55 euros at 2:36 p.m. in Frankfurt. Volkswagen has lost 34 percent, or 18.4 billion euros ($19.6 billion) in market value, since the cheating scandal became public on Sept. 18.

“The strategy of revealing only a little bit at a time is not what regulators want to see, and it’s unsettling for customers,” said Holger Schmidt, a Frankfurt-based analyst with Equinet. “At present, they still don’t seem to have the situation under control.”

Global deliveries at Volkswagen’s namesake brand dropped 5.3 percent in October, as the company lost market share in Europe, the U.S. and China.*


Full article:
VW's Bad News Drip Continues Two Months After Scandal Started - Bloomberg Business


The stock holder complaints in this article that are already on its way - are not outnumbered here: this can be
a big black hole for VW - not easy to digest.

GFIs1

With this slow drip of information, Mr. Mueller will be out of a job sooner then later because it is becoming more obvious that a new broom is needed to sweep clean not one that is years with the company. I can't see how the non-Piech/State/Porsche big investors will stay quiet..there must be a reward for poor crisis management.

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  #175 (permalink)
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Porsche too...

Porsche admits now that on its 3l diesel motors are the same software packages installed
as in Audi's.

This motor is built in Porsche Cayenne models.

GFIs1

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  #176 (permalink)
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What is the impact?

Where are the main topics for the next year for the VW group?

As the scandal widens some thoughts:

- After VW also Audi and Porsche admitted to have cheating software in their diesel motors
- VW admits to have falsified CO2 numbers
- All companies have admitted to not reveal the concepts on their software to satisfy regulations
- The cheating is going on since 2009 at least - until today

What are the financial issues?
Cars in/or arriving to USA:
- All companies halted to sell their actual line in USA
- Resellers in USA have a large stock of unsellable cars
- New models are still exported but not admitted as:
- 2016 models of all cars have no license yet
- All 3 companies might to have buy back the cars that can not be modified within time - new and old ones
- Extra rebates have to be given to customers and future customers
- affected second hand models lose quite a bit of value
- lots of customers, resellers, stock holders are on the way to start legal cases against the producers

Important threats:
- Regulators will force now action on repair of the "illegal" cars in use plus the new not sold ones
- If the 3 companies do not repair the cars to fulfill the emission rules - those cars might lose the certificate
- Regulators will get more insights in the future - especially on used software (in Germany too)
- Image issues about "clean" vehicules
- Ecological departments may force new rules in even shorter time with less emission per car for all producers
- Cars and motors will be tested by the regulator BEFORE a first vehicule will be sold
- New and extended testing rules will apply soon

Other countries:
- There are a lot more diesel cars sold in Europe than in USA. The threat in line with above issues is much larger
- Some countries think of suing VW group to have taken profits on rebates (tax etc.), subventions and more (like green awards etc.)
- Some heavy fines to come
- In Germany cars and motors will be tested by the regulator and not by a private company anymore
- The total costs of the "repair" phase will sum up for more than one year
- Total of sold vehicules will come down until everything is settled
- Cutting costs of development (at least VW now) have a negative impact on new models to come
etc.

BUT - know WHAT?
The VW stock jumped up 5% this morning to 115

GFIs1

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  #177 (permalink)
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New investigation

The prosecutor of Braunschweig Germany opened yesterday a new investigation against VW.
Theme is tax fraud by cheating on CO2 emission of their cars. The state might have damage
by getting less taxes as were due over years.
Five responsibles of VW are in the view of the investigator.

GFIs1

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  #178 (permalink)
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Update

Bosch
The scandal widens to BOSCH who delivers the electronic parts on which VW put the "defeat software" and more.
Bosch in reply said they are not yet involved as the investigation still is on unknown companies...

VW
- Responsible VW top managers may have to pay for the damage done to customers, countries and to stock holders.
The costs may erase all the wealth of those managers and ex-CEO Martin Winterkorn.
- Sold vehicules: VW sold in total less vehicules in the world from january to november (-4,5%) but sold more cars in
Europe and Asia. Numbers in Europe will be more adequate in a few months as in Europe customers order
their car with special equipment many months in advance.
- Software update: has still not begun

Other affected cars
- In Germany the car testers (DUH) have found dozen more models from different companies having significant
difference in NOx and in CO2 than stated in prospects. The name of the models will be published very soon.
- The new real world testing will start for all new models from 2017 in Germany

GFIs1

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  #179 (permalink)
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GFIs1 View Post

Other affected cars
- In Germany the car testers (DUH) have found dozen more models from different companies having significant
difference in NOx and in CO2 than stated in prospects. The name of the models will be published very soon.
- The new real world testing will start for all new models from 2017 in Germany

GFIs1

For me this is like in sports, there are no miracles

If somebody is able to run/jump/cycle X in Y, then all others, unless extremely talented, will be able
to make a roughly similar performance. What bothered me in this car story, is that VW seemed to
be in need to cheat, in order to become compliant.. While other brands were able to meet the norm.

Now will all due respect, i thin all car technologies are +/- less or more roughly equivalent, i don't
believe VW is a crap and another brand is super clean, there might be subtle differences, but not to
that magnitude as stated...

I think there will be more fall-out.. and this is just the start of a wave...

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  #180 (permalink)
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GFIs1 View Post
Bosch
The scandal widens to BOSCH who delivers the electronic parts on which VW put the "defeat software" and more.
Bosch in reply said they are not yet involved as the investigation still is on unknown companies...

VW
- Responsible VW top managers may have to pay for the damage done to customers, countries and to stock holders.
The costs may erase all the wealth of those managers and ex-CEO Martin Winterkorn.
- Sold vehicules: VW sold in total less vehicules in the world from january to november (-4,5%) but sold more cars in
Europe and Asia. Numbers in Europe will be more adequate in a few months as in Europe customers order
their car with special equipment many months in advance.
- Software update: has still not begun

Other affected cars
- In Germany the car testers (DUH) have found dozen more models from different companies having significant
difference in NOx and in CO2 than stated in prospects. The name of the models will be published very soon.
- The new real world testing will start for all new models from 2017 in Germany

GFIs1

Thank you for this. This is an eye-opener regarding "other" car companies.

As @rleplae mentioned, you have to think that, in fact, the other companies are doing it too.

That never occurred to me. Perhaps I'm simply naive....

Bob.

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