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

  #241 (permalink)
Market Wizard
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General Assembly of VW

Today the postponed general assembly of VW will be held.

As @rleplae mentions in last post - now two members of the board are under investigation
by the State of Germany.
This morning "Der Spiegel" published that ALL members of the board of VW are
under investigation. (Watch the timing....)

But anyway - the families Piëch and Porsche are holding the main part of the company.
Therefore the board members will be approved again....

Main question is: WHEN will the board really be cleaned out to protect the ship
(former No 1 car maker) from sinking.

Changing only from Diesel (core business of VW) to electrical cars (newcomer VW)
will take a decade. While not making money with actual cars (like in the past) anyway this can be a lethal
period for VW to come. As known the company has taken back all non sold new cars in US. (Where are
they NOW?)
All those future fines of many battles in according countries not yet calculated nor included.

Time will tell!
GFIs1

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  #242 (permalink)
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US settlement I of II

After a Bloomberg article
VW will settle a 15 billion fine/compensation in California today - if the judge accepts.

This is the first of two tranches: only for the 2l cheating diesel VW vehicules sold in USA.

The next tranche for 85000 3l VW diesel sold in USA will come later.

Many juridic cases in other countries are still not finished.

300 stockholders of VW filed VW for 3 billion Euro in Germany.

GFIs1

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  #243 (permalink)
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VW US : 15B$

VW US emissions settlement reported to cost $15bn - BBC News

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  #244 (permalink)
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This is the first US fine for Diesel scandal of VW

for the 2l models:

14,7 billion $ - judge said

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  #245 (permalink)
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If European clients and from all other countries could profit the same as the US VW Diesel clients
from the first settlement (means ~10k per car) then VW needs another 43 billion dollars for the 2l models only.
But VW is "sure" that those clients will not see any money back

GFIs1

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  #246 (permalink)
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Now BOSCH under investigation

According to german "Spiegel" Bosch under investigation by US authorities.
Bosch is delivering the software for VW and many other car makers. From
letters and mails out of the VW investigation they found the proof that
Bosch very well knows what their software is doing on diesel cars: cheating.
Volkmar Denner, CEO of Bosch is the responsible. Bosch may face a fine
from 100 million up to billions - depending on the outcome.

German article:
VW-Abgasskandal: Bosch gerät ins Visier der US-Kläger - SPIEGEL ONLINE

GFIs1

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  #247 (permalink)
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EU versus US

European customers will not get the same settlement

Yahoo!

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  #248 (permalink)
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rleplae View Post
European customers will not get the same settlement

Yahoo!

Very true!

BUT

There are 3 real threats for VW with their German clients right now:

1) Some clients are bundling complaints via Holland, France, Luxemburg right now
2) As nothing happend until now - 9 months after scandal started, no repair, no money back, no plan at all -
but big loss on resale worth of the cars, clients want to buy a new car mostly from other countries and let the
case making its way. At least many generation VW customers are fed up and let starve VW from now on.
3) MANY leasing companies in Germany have the full damage on shrinking worth of the VW diesel cars they
handled to German leasers. That means those leasing companies are writing big losses on the resale as their
clients do not have that problem along with the contracts made in the past. As a result the leasing companies
lose clients for a new lot for leasing, lose worth in bought cars and will maybe get out of the market as
liquidity is lessening faster than ever calculated.

That is VW's strategy for their home continent!

GFIs1

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  #249 (permalink)
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From an article in Yahoo / Die Welt:

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GFIs1

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From an article in Yahoo / Die Welt:

GFIs1


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I would agree that the situation is not comparable: he is saying that he can get away with screwing the European customers, but not those in the US. Well, that's simple enough. Now I understand.

Bob.

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