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VW scandal and impact on German economy


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VW scandal and impact on German economy

 
 GFIs1 
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German finance controller BaFin has started legal actions against the heads of VW and Porsche.
The case is about "market manipulation" where stock holders lost a lot of money.
All after announcing the diesel scandal of VW in September 2015.

The case has been opened by the BaFin at Stuttgart (Germany) and is against:
• Matthias Müller, CEO of VW
• Martin Winterkorn, former CEO of VW
• Hans-Dieter Pötsch, chairman of the VW board
• Philipp von Hagen, manager of VW daughter Porsche

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VW has accepted to pay to the 80 thousand owners of 3l diesel cars in USA a sum of
1.2 billion dollars in a comparison US judge Charles Breyer said yesterday.
The total payment in the dieselgate scandal in the USA has cost VW a sum above 24
billion dollars so far.

Bosch in the same case (3l) is willing to pay a sum of 327.5 million dollar.

Many cases in Europe are not yet solved.

GFIs1

sources: various news channels

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More than half a million VW are recalled in China to fix a
problem with the headlights.
Two models are affected: VW Golf and a chinese VW model.

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The US Department of Justice on Tuesday filed a civil lawsuit against the Italian-controlled Fiat Chrysler group over bypassing emissions tests in 104,000 vehicles since 2014.

Article:
https://global.handelsblatt.com/companies-markets/us-sets-eyes-on-fiat-chrysler-in-dieselgate-scandal-770987

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Yesterday 230 policemen and 23 prosecuting attorneys searched at many Daimler facilities in Germany to find evidence for cheating software in diesel cars...

More to come for sure.
Article (german):
Daimler: Ermittler durchsuchen mehrere Standorte

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In the USA GM is sued by clients after finding out that 700000 trucks are running
with manipulated software (defeat devices) causing more pollution than legal.
Affected are the heavy Pick-up-Trucks: Chevrolet Silverado and GMC Sierra Duramax
built between 2011 and 2016.

As a deliverer Bosch is again (like with VW, Audi etc.) involved and as such also sued.

A class action law suit in Detroit has been started by the well known lawyers of US office
Hagens Berman. This bureau has started such actions before against Volkswagen,
Mercedes-Benz and Fiat Chrysler.

The 700k US GM cars exceed the number of VW models (500k worldwide) by far.
VW had "only" 85000 US clients to fight again.
VW paid until now 24 billion US dollars as fines and to calm US clients.

Several sources.

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In english : "you can not trust every old lady, but every VW golf you can" ;-)

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Ministers from different EU countries discussed a plan to bring in rules for new cars
that are the valid and the same for all EU countries in the future.
This means a car that does not fulfill limits eg. for CO2 will get no admission.
Companies cheating further might be fined up to € 30'000 PER CAR.

The new plans need get through EU parliament first.

What impact will it have for German car makers?
• More controls before and while bringing in new cars in the market
• perhaps more problems for export - as the rules can be controlled from every importing country
• harsh fines eventually - from every importing country against the car maker
• Pricier development - thus higher price for the client
• etc.

Several sources (german) like
https://www.nzz.ch/mobilitaet/auto-mobil/abgas-richtlinien-eu-regelt-auto-zulassungen-neu-deutschland-bremst-ld.1298221

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After Stuttgart where during many weeks per year the air purity is awful
now Munich is planning a severe stop of diesel cars in the city.
That means all diesel cars not fulfilling at least Euro6 level are no longer
admitted on the Stuttgart and Munich streets.
By when this ban will be starting is not yet given.


GFIs1

PS: Many themes in german press about the dieselgate are on the plate.
A review about the new findings will be treated here in next posts.

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https://www.bloomberg.com/news/articles/2017-06-14/eu-says-vw-promises-extra-guarantee-for-diesel-car-owners

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Last Updated on June 27, 2023


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