VW in trouble

[stefan]

Re: VW in trouble

That would be purely speculation as they have not announced anything relating to a fix or compensation.

Not unreasonable though. Chrysler has the option to repair and resell the hundreds of thousands of pickups they were supposed to buy back this summer.
http://www.nbcnews.com/business/auto...ickups-n398911

**Convenient timing for VW to make the front page in the US, and take the heat off Chrysler, come to think of it

[Canadian Turbo]

Re: VW in trouble

Well I have read that in Europe things are getting pretty much back to normal for VW, with repairs being approved and sales getting back to normal levels but North America really is another beast.

I still get peoples frustration but how Toyota was made to only suffer for around $5 billion with around 30 deaths in their unintended acceleration issue and in this case everyone is trying to make VW bleed money is quite confusing to me. I really am still unsure I would like to see billions of dollars flowing into the EPA and such without a sound plan on what to do with it as I am not convinced that would be better than it being left with VW to be used for things like R&D, etc.

[stefan]

Re: VW in trouble

Well I have read that in Europe things are getting pretty much back to normal for VW, with repairs being approved and sales getting back to normal levels but North America really is another beast.

I still get peoples frustration but how Toyota was made to only suffer for around $5 billion with around 30 deaths in their unintended acceleration issue and in this case everyone is trying to make VW bleed money is quite confusing to me. I really am still unsure I would like to see billions of dollars flowing into the EPA and such without a sound plan on what to do with it as I am not convinced that would be better than it being left with VW to be used for things like R&D, etc.

They seem to be breaking sales records in Canada, by number of cars at least. With the extra incentives, I don't think they are bringing in much more cash. US is the big variable.
http://www.marketwired.com/press-rel...da-2085799.htm

[Tuna]

Re: VW in trouble

I would like to see some information to back that up.

I don't feel like scanning the letter I received so you'll have to believe me...

I received a letter telling me to submit my information to get the credit (as my vehicle was one of the cars identified) then a month later I received a letter saying that I would have to resubmit my information if it was submitted before December 7th. No explanation as to why was provided. The pessimist in me assumed it was to weed out people not paying enough attention but hopefully that's not it.

[Canadian Turbo]

Re: VW in trouble

The Dieselgate scandal isn't going away anytime soon as the California Air Resources Board (CARB) has rejected Volkswagen's proposed fix for models equipped with the 2.0-liter TDI four-cylinder diesel engine.

According to the organization, Volkswagen's plan "fell short in several areas." CARB was light on specifics but mentioned a lack of sufficient details. The organization also noted Volkswagen didn't provide enough information about the proposed repairs to complete a technical evaluation of the fix. In the end, CARB said the "proposals do not adequately address overall impacts on vehicle performance, emissions, and safety."

Besides rejecting the proposed fix, CARB slapped Volkswagen with 13 different violations of California regulations. These include using a defeat device, selling vehicles that do not meet emission standards, and failing to comply with emission standards and/or test procedures.

In a statement, CARB Chair Mary D. Nichols said "Volkswagen made a decision to cheat on emissions tests and then tried to cover it up. The result is thousands of tons of nitrogen oxide that have harmed the health of Californians." Nichols went on to say Volkswagen needs to "make it right" and the decision to reject the fix is a "step in the direction of assuring that will happen."

The rejection notice only applies to models equipped with 2.0-liter TDI engines that were sold between 2009 and 2015. Volkswagen is slated to submit its fix for the 3.0-liter TDI V6 engine on February 2nd and its fate is yet to be determined.

[e30mclow]

Re: VW in trouble

They seem to be breaking sales records in Canada, by number of cars at least. With the extra incentives, I don't think they are bringing in much more cash. US is the big variable.
http://www.marketwired.com/press-rel...da-2085799.htm

Looking at those Golf sales numbers, I reckon all 1600 sold in December were Rs...in Calgary...as they're everywhere (joke)

[BaggedGLI]

Re: VW in trouble

Looking at those Golf sales numbers, I reckon all 1600 sold in December were Rs...in Calgary...as they're everywhere (joke)

I need 2 hands to count the number of Blue Mk7 R's I've seen in the last 24 hours.

[Canadian Turbo]

Re: VW in trouble

A new scandal is about to hit the automotive industry as there are some suspicions Renault has its very own Dieselgate.

According to an official with the CGT union at Renault’s operations in Lardy, agents from the Economy Ministry’s fraud office visited several Renault sites that deal with standards testing and engine certification. This has fueled speculations the probe is actually about emissions standards as it was the case with the Volkswagen Group.
French anti-fraud detectives have apparently seized some computers from various Renault sites and right now it is believed an investigation is being conducted to find out whether Renault manipulated emissions tests.

After the news started spreading, Renault’s shares plummeted by 16 percent to €72.98 in Paris at local time 12:10 PM. At one point during the day, shares went down by 20% which represented the lowest value since 2008.

In the wake of what is shaping up to be a new scandal, shares of other European car manufacturers also took a hit, but less drastic. These include Peugeot (6.8%), BMW (4.6%), Daimler (5.7%), and VW (4.4%). Fiat Chrysler Automobiles (FCA) also suffered a loss of 7.87% later in the day. Keep in mind the value of a share is very dynamic and changes multiple times during a day.

[stefan]

Re: VW in trouble

A new scandal is about to hit the automotive industry as there are some suspicions Renault has its very own Dieselgate.

According to an official with the CGT union at Renault’s operations in Lardy, agents from the Economy Ministry’s fraud office visited several Renault sites that deal with standards testing and engine certification. This has fueled speculations the probe is actually about emissions standards as it was the case with the Volkswagen Group.
French anti-fraud detectives have apparently seized some computers from various Renault sites and right now it is believed an investigation is being conducted to find out whether Renault manipulated emissions tests.

After the news started spreading, Renault’s shares plummeted by 16 percent to €72.98 in Paris at local time 12:10 PM. At one point during the day, shares went down by 20% which represented the lowest value since 2008.

In the wake of what is shaping up to be a new scandal, shares of other European car manufacturers also took a hit, but less drastic. These include Peugeot (6.8%), BMW (4.6%), Daimler (5.7%), and VW (4.4%). Fiat Chrysler Automobiles (FCA) also suffered a loss of 7.87% later in the day. Keep in mind the value of a share is very dynamic and changes multiple times during a day.

Biggest problem - what the hell is the media gonna call it now that "Dieselgate" is already taken.

[100%VAGitarian]

Re: VW in trouble

Biggest problem - what the hell is the media gonna call it now that "Dieselgate" is already taken.

La Dieselgate.

America is broke. they can't afford to bail out another car company so they are gonna just rake VW over the coals.

[Canadian Turbo]

Re: VW in trouble

Volkswagen Group Quality Assurance chief Frank Tuch has decided to resign amid the huge emissions scandal involving multiple brands from the group.

While the official word from VW is that Frank Tuch is leaving “at his own request”, the truth according to Automotive News Europe is he was forced to quit after being suspended a few months back when the Dieselgate emerged. He held this job for six years and apparently he was actually one of the nine high-level managers put on leave towards the end of 2015.

Frank Tuch is going to be replaced as Volkswagen Group Quality Assurance chief starting February 15 by Hans-Joachim Rothenpieler, currently Board Member for Technical Development at the Volkswagen Commercial Vehicles brand. Rothenpieler is no stranger to this position which he held between 2007 and 2010 when he was replaced by Tuch. The latter is about to take “new responsibilities elsewhere”, but VW says he will continue to provide advisory support for the group.

In the press release issued this week, VW expresses its regret for Frank Tuch’s decision and also thanks him for what he has done for the group over the years.

The ongoing Dieselgate is far from being over which is why VW has apparently decided to delay the 2015 earnings report until April while the annual shareholders’ meeting will be held in early June, about 4-6 weeks later than the usual. As a measure to clean up the mess in United States, VW will reportedly provide “generous compensation packages” for around 600.000 owners of diesel-powered cars.

[Canadian Turbo]

Re: VW in trouble

The Dieselgate scandal is far from over and it appears Volkswagen could be prepared to sell off some of its brands to help cover the increasing costs.

According to The Detroit Bureau, a Volkswagen official has confirmed the company is considering a sale or IPO of Scania and MAN. As they explained, “We’re keeping all options open in regards to expanding overseas, about a possible takeover as well as about a stock market listing."

A decision isn't expected anytime soon but reports have suggested the company was considering the possibility of spinning off its truck division before the Dieselgate scandal occurred.

According to Citi analysts, the companies could be worth as much as $13.5 billion. This would go a long way in helping Volkswagen cover the costs associated with the Dieselgate scandal. The final cost is still being determined but some estimates have put the total at approximately $55 billion. Volkswagen has already set aside more than $7 billion to cover the costs of the scandal and has access to an additional $20 billion from European banks.

If the costs are greater than Volkswagen anticipates, the company could find itself in a pinch and rumors have suggested the automaker could sell Ducati if needed.

[Canadian Turbo]

Re: VW in trouble

The Dieselgate scandal has apparently claimed another victim as Volkswagen has announced the departure of Volkswagen Group of America President and CEO Michael Horn.

In a statement released minutes ago, Volkswagen AG said the departure was a result of a "mutual agreement." The company declined to elaborate but noted Horn will be leaving effective immediately.

Horn will be replaced by Hinrich J. Woebcken who will serve as Volkswagen Group of America President and CEO on an interim basis. Woebcken's name might not sound familiar but he has been serving as the Chairman of Volkswagen Group of America.

In a statement, Volkswagen brand CEO Herbert Diess said “I want personally to say ‘thank you’ to Michael Horn for the great work he has done for the brand and with the dealers in the United States." He went on to say Horn has "showed exemplary leadership during difficult times for the brand."

Horn has been serving as Volkswagen Group of America President and CEO for a little over two years and has spent over 25 years working at Volkswagen.

The departure comes at a bad time for Volkswagen as the company has until March 24 to disclose whether or not it has found a Dieselgate fix that will be accepted byU.S. regulators.

[Geobmx4life]

Re: VW in trouble

This is troubling about all of the upper management and engineers departing....anyone of them could be responsible for the debacle and the VW brand will be the ULTIMATE loser...as well as all of the innocent employees.

[Canadian Turbo]

Re: VW in trouble

People like to see heads roll...