By on October 10, 2016

Matthias Müller, Image: Volkswagen AG/Wikimedia Commons (CC BY 3.0)

Volkswagen Chief Executive Officer, Matthias Müller, had no prior knowledge of his company’s diesel cheating emission software, reports German newspaper Bild am Sonntag.

Jones Day, the law firm investigating the diesel scandal, has concluded the replacement CEO found out about the scandal on September 18, 2015, one week before taking over at VW and the very same day that U.S. regulators revealed to the rest of the world that Volkswagen pulled a fast one on the Environmental Protection Agency.

(Read More…)

By on October 10, 2016

Exhaust pipe of running vehicle, Image: By Ruben de Rijcke (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons

The German government has passed a resolution to ban the sale of internal combustion engines in the European Union by 2030.

Receiving bipartisan support in the German Bundesrat, the resolution calls on the EU Commission in Brussels to ensure only zero-emission passenger vehicles be approved for sale within the next fourteen years.

While the act has no direct legislative implications for Europe as a whole, German regulations could still undoubtedly influence and shape future automotive policies in the EU.

(Read More…)

By on November 16, 2015

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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…)

By on November 9, 2015

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Analysts have questioned whether newly hired Volkswagen CEO Matthias Müller will effectively navigate the automaker through a deepening scandal as more vehicles and more cheating is uncovered, Automotive News reported.

Müller, who took over as Volkswagen AG CEO from the top spot at Porsche, has yet to instill confidence in investors, according to analysts.

“It’s a like a virus that’s spreading,” Dave Sullivan, an analyst with AutoPacific, told Automotive News. “With every new bit of information that’s uncovered, it digs the knife in a little deeper and produces more doubt and skepticism that they have an understanding of how deep this crisis is.”

(Read More…)

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