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

  #251 (permalink)
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Harsh reaction in South Corea - all VW banned

From today all VW new to sell cars in South Corea are without any license.
Around 83 thousand cars of 80 VW models are taken out of the streets immediately.
A fine of 14.3 million $ is hitting VW in Germany.

Article:
https://www.theguardian.com/business/2016/aug/02/south-korea-halts-sale-of-80-volkswagen-models-over-emissions-scandal

GFIs1


Last edited by GFIs1; August 2nd, 2016 at 07:13 AM.
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  #252 (permalink)
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Small Bavaria (Bayern) in Germany is suing VW today: The region had invested into VW stocks
and lost 700 thousand € in their pension fund last september after knowing about the
diesel scandal and the tumbling stock price of VW stock.
Bavaria now wants this stock loss back from VW.
Of course the price for VW is not a real threat - BUT - others might follows this path...

MORE to come for sure
GFIs1

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more on the way....



GFIs1 View Post
Small Bavaria (Bayern) in Germany is suing VW today: The region had invested into VW stocks
and lost 700 thousand € in their pension fund last september after knowing about the
diesel scandal and the tumbling stock price of VW stock.
Bavaria now wants this stock loss back from VW.
Of course the price for VW is not a real threat - BUT - others might follows this path...

MORE to come for sure
GFIs1

....same today from Baden-Württemberg

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New large fine for criminal findings of VW on the horizon

According to The Wallstreet journal VW faces a new fine of 1.5 billion $.

"U.S. prosecutors and Volkswagen AG are negotiating a settlement that could result in significant financial penalties after Justice Department officials found evidence of criminal wrongdoing in the car company’s diesel-emissions cheating, said people familiar with the matter."

Full article:
U.S. Said to Uncover Evidence of Criminal Acts in VW Probe - WSJ

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VW Golf production on hold - threat of production stop on 5 sites

As two companies delivering parts for the Motor and parts for the seats stopped delivery
VW faces now a stop on 5 production sites and 20000 workers with no work...
A lawsuit with the 2 delivery companies against VW has stopped the relationship.

In extremis VW wants to enter the factory sites of the opponents to "fetch" themselves
the needed parts.

Article (german)
VW droht Kurzarbeit in Wolfsburg und Kassel wegen Streit mit Zulieferer - manager magazin

GFIs1

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GFIs1 View Post
As two companies delivering parts for the Motor and parts for the seats stopped delivery
VW faces now a stop on 5 production sites and 20000 workers with no work...

Interestingly VW has won a short fight today :
A german judge allows now that VW may "fetch those parts in the delivery production" themselves.

THIS means that IS the FIRST time to practice so in german industry

In fact - VW did cancel the contracts this year with both companies and still makes
pressure on them... - lets see what happens...

At least this is a clear view on how a "too big to fail" car maker operates.

GFIs1

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Unsealed papers in VW scandal reveal panic among engineers

As California regulators pursued Volkswagen to get to the bottom of its emissions scandal in the spring and summer of 2015, engineers at the carmaker who knew about the cheating were in a state of panic.

A US legal filing unsealed on Friday shows a group of VW employees attempting to cover up the cheating as questions from the California Air Resources Board became more and more detailed.

On April 28 2015, an unnamed VW employee wrote: “We only just need a plausible explanation as to why the emissions are still high!!!”

On May 12, one employee wrote about the emissions discrepancies between test conditions and real-world conditions: “We need a story for the situation!"

The emails are quoted in an indictment, dated June 1, against James Liang, 62, a veteran Volkswagen engineer who spent 30 years with the company. On Friday he pleaded guilty to a conspiracy to defraud US customers and regulators.

Full article on FT

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As California regulators pursued Volkswagen to get to the bottom of its emissions scandal in the spring and summer of 2015, engineers at the carmaker who knew about the cheating were in a state of panic.

A US legal filing unsealed on Friday shows a group of VW employees attempting to cover up the cheating as questions from the California Air Resources Board became more and more detailed.

On April 28 2015, an unnamed VW employee wrote: “We only just need a plausible explanation as to why the emissions are still high!!!”

On May 12, one employee wrote about the emissions discrepancies between test conditions and real-world conditions: “We need a story for the situation!"

The emails are quoted in an indictment, dated June 1, against James Liang, 62, a veteran Volkswagen engineer who spent 30 years with the company. On Friday he pleaded guilty to a conspiracy to defraud US customers and regulators.

Full article on FT

On the way up everybody just wants a piece of the pie, facts don't matter. On the way down everybody needs a story. Sound familiar?

Travel Well
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London mayor Sadiq Khan issues £2.5m VW congestion charge call

The mayor of London has claimed Volkswagen should pay £2.5m for missed congestion charge payments following the emissions-rigging scandal.

Sadiq Khan said 80,000 VW engines fitted with "defeat devices" were registered in London.

The devices, which detect when an engine is being tested, changed performance to improve results.

VW, the biggest carmaker in the world, admitted about 11 million cars worldwide were fitted with the device.

Transport for London calculated the £2.5m figure from the number of owners of affected VW vehicles claiming a discount for which they were not entitled.

"If you don't ask you don't get. I'm a champion for clean air, I'm a champion for London," said Mr Khan.

"Londoners, in good faith, bought these vehicles. They weren't clean. We've lost revenues from the congestion charge, they've got a case to answer."

The cars affected include Audi A1 and A3, Skoda Fabia and Octavia, Seat Ibiza and Leon and VW's Golf and Polo vehicles.

In a statement to the Sunday Times, VW said: "Volkswagen products perform well in independent real-world emissions testing against new cars in general.

"It is therefore difficult to understand why our products might be singled out for pollution penalties."

The scandal was exposed last September when America's Environmental Protection Agency (EPA) found many VW cars with diesel engines being sold in the States had software that could detect when they were being tested, changing the performance accordingly to improve results.

The German car giant has since admitted cheating emissions tests in the US.



From BBC News

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New plan


VW announces today to no longer sell diesel cars in USA...

GFIs1

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