Find Reviews by Make:
Volkswagen has Adolf Hitler to thank for its start. In 1933 Hitler asked Ferdinand Porsche (yes, that Porsche) to discuss the idea of an affordable car that could carry five people. Prototypes appeared shortly and the KdF-Wagen was released in 1938. The KdF-Wagen would later become known as the Beetle and go on to sell in the millions.
On Friday, Barclays Plc announced it estimates the near-term costs of Volkswagen’s seemingly ever expanding emissions scandal will be about $27 billion USD (25 billion Euros).
Volkswagen’s automotive group had $29.6 billion in net liquidity at the the end of the third fiscal quarter of this year. About $10.8 billion is allocated to protect the company’s credit ratings. That leaves about $19 billion in cash for the company to work with.
There are fines that will be paid in a number of countries, along with goodwill gestures to owners of affected VW vehicles and incentives needed to sell cars from a tainted brand. Then there will the cost of litigation and any judgments or settlements that come out of those lawsuits.
About the same time as Barclays’ announcement, Automotive News and Bloomberg reported Volkswagen AG will be meeting in Wolfsburg this week with representatives of about a dozen banks to secure as much as $21.5 billion in loans by the end of this year. Those meetings aim to shore up the company’s financing and show the credit markets that VW has enough liquid assets to cover emissions-related costs. Read More >
Update: A spokesman for Volkswagen of America said U.S. cars aren’t affected.
Volkswagen announced Friday that more than 400,000 of its cars with “irregularities” in reported carbon dioxide emissions were new cars, which could shed new light on how many more cars the beleaguered automaker would have to pay for.
This month, Volkswagen announced 800,000 cars emitted more carbon dioxide than reported to regulators. Of those cars, Volkswagen announced Friday that 430,000 were 2016 models across many of the automaker’s brands including Volkswagen, Audi, Skoda and Seat. It’s unclear how many older models may be added to the list of cars that emit more carbon dioxide. Read More >
How many among Volkswagen’s ranks were involved in the automaker’s ongoing diesel scandal? Works council boss Bernd Osterloh says it’s anyone’s guess.
In a joint interview with VW brand CEO Herbert Diess, Osterloh told Reuters the scandal could involve 10, 50, or 100 people, if not more. He added those involved would still “remain a limited group” out of a global workforce of 600,000.
Read More >
Former Volkswagen CEO Martin Winterkorn announced Wednesday that he would resign his position as chairman of Audi’s supervisory board following revelations two months ago that those cars may have been illegally polluting, which threw the automaker into a tailspin.
Winterkorn stepped down from his role as chairman from Volkswagen in September after the scandal broke and resigned his position at Porsche Automobil Holding SE, VW’s largest shareholder, in October. Winterkorn may have stepped down from his position at Audi because what took him so long? Read More >
The New York Times is reporting that a loophole in emissions regulations for European cars could keep Volkswagen from paying billions to governments for illegally polluting cars. Regulators considered closing the loophole in 2011, but ultimately failed to do so, which could leave the escape hatch ever-so cracked for Volkswagen to run through.
According to the report, which cites internal meeting notes of European regulators in Geneva, automakers can send through testing cars programmed for special circumstances that daily drivers can’t access.
“A manufacturer could specify a special setting that is not normally used for everyday driving,” British regulators warned in 2011, according to the New York Times. Read More >
Volkswagen will announce Thursday a deadline for whistleblowers to come forward with information related to the ongoing diesel scandal without reprisal.
According to the CBC, German newspaper Sueddeutsche Zeitung reported Wednesday the automaker is working to gather as much information on the scandal as possible by applying more pressure to employees who may have known anything about what happened regarding the rigging of diesel emissions through software.
Read More >
Babies are tough. Bosses can be tougher. But the indisputable boot camp of bare knuckled stress inducers has to be a young dog that hasn’t been given the care, love, and discipline it needs and deserves.
Not even the Volkswagen Passat W8 I bought last year can compare to the ball busting doled out by an 8-month-old female boxer named Luna, a hyper-cute animal that ruthlessly channeled all of my inner Cesar Millan this past weekend, and defecated it right on the carpet.
Read More >
Volkswagen’s Goodwill Program in the U.S., which may cost the company nearly half a billion dollars all told, may be a form of corporate apology that could insulate the automaker from further lawsuits.
Michael Siebecker, a professor of law at the University of Denver, says the company’s gift cards could be a form of “corporate apology” that studies have shown help shield some doctors from medical malpractice lawsuits.
“I believe that this is a type of watered-down apology. They may be saying ‘You must be hurting, here’s a little something to get by.’ I don’t know what exactly they think consumers need right now,” Siebecker said.
Read More >
As Volkswagen works to make amends with customers and the public, TDI owners ready to give up their illegally polluting cars are hearing conflicting messages from some Volkswagen dealers who are either unwilling to or begrudgingly taking in those cars on trade.
A TDI owner said when he took his car into Flow Motors Volkswagen in North Carolina last month the dealership told him it wouldn’t initially accept his vehicle for trade. The dealer originally had asked if the owner had found a willing dealership to take his car.
“ … Let me know as I have a couple of other diesel owners I will send if things worked out for you,” the dealer wrote in an email after they turned down the man’s diesel car.
“To say I’m irritated is an understatement,” the TDI owner wrote.
Read More >
Increased scrutiny on diesel-powered cars’ emissions hasn’t revealed any other cheating cars beyond Volkswagen’s models, German magazine Wirtschaftswoche reported (via Reuters).
In an interview with California Air Resources Board Chairwoman Mary Nichols, the German outlet reported that Nichols said Volkswagen appeared to be alone in cheating so far.
“Up until now we have found no fraudulent defeat device in vehicles of other brands,” she told the magazine. “There is nothing that comes close to the magnitude of the excess in VW vehicles. “ Read More >