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Post by Fletchsmile on Sept 22, 2015 10:23:16 GMT 7
VW’s U.S. Chief Apologizes for Diesel Cheating: ‘We Screwed Up’Volkswagen’s top U.S. executive was profusely apologetic for the diesel-emissions cheating scandal that emerged on Friday and vowed to win back the trust of the U.S. consumer. “Our company was dishonest with the EPA, and the California Air Resources Board and with all of you,” Michael Horn, the head of the brand in the U.S., said Monday night in Brooklyn, New York, where he was revealing a redesigned version of the slow-selling Passat sedan at an event featuring rock star Lenny Kravitz. “And in my German words: We have totally screwed up. We must fix the cars to prevent this from ever happening again and we have to make this right. This kind of behavior is totally inconsistent with our qualities.” www.bloomberg.com/news/articles/2015-09-22/vw-s-u-s-chief-apologizes-for-diesel-cheating-we-screwed-up-
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Post by Deleted on Sept 22, 2015 10:34:51 GMT 7
The cost of this is going to be quite staggering. $18Bn fine, 500,000 cars affected which if they can't meet emissions regulations will be written off.
VW's Deepwater Horizon moment.
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Post by Fletchsmile on Sept 22, 2015 10:46:56 GMT 7
The cost of this is going to be quite staggering. $18Bn fine, 500,000 cars affected which if they can't meet emissions regulations will be written off. VW's Deepwater Horizon moment. Yes, staggering story all round that they'd do that. Don't see how they can suddenly meet the emissions requirements in the US now if they had to cheat in the first place .Probably a business opportunity for someone buying up polluting VWs in the US and selling them on to China and the rest of Asia .
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Post by Deleted on Sept 22, 2015 10:50:03 GMT 7
The cost of this is going to be quite staggering. $18Bn fine, 500,000 cars affected which if they can't meet emissions regulations will be written off. VW's Deepwater Horizon moment. Yes, staggering story all round that they'd do that. Don't see how they can suddenly meet the emissions requirements in the US now if they had to cheat in the first place .Probably a business opportunity for someone buying up polluting VWs in the US and selling them on to China and the rest of Asia . Definitely and on a grand scale. Add in all those class actions which Merkins are conditioned to milking to the max.
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Post by Deleted on Sept 22, 2015 10:51:21 GMT 7
I have a Passat in Blighty. It feels like a quality motor but endless suspension and steering problems, electrical and other bits and bobs.
Never had a problem with my old Citroen. Awesome old tank.
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Post by Deleted on Sept 22, 2015 11:56:32 GMT 7
VW emissions probe spreads to AsiaThe South Korean government said that it will start an investigation into Volkswagen's (VW) diesel cars after the automaker admitted to rigging emissions tests in the US.www.bbc.com/news/business-34322016
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Post by Deleted on Sept 22, 2015 16:01:44 GMT 7
Volkswagen's brand is worth a lot less than it thinksVolkswagen has built up the value of its brand. Now that it has admitted to cheating, it will have to deflate that.fortune.com/2015/09/21/volkswagen-recall-goodwill/How is that even permissible in accounting? What a load of b oll ocks.
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Post by Deleted on Sept 22, 2015 17:14:23 GMT 7
VW cuts profit hopes after scandalVolkswagen says it is setting aside €6.5bn (£4.7bn) to cover costs arising from the scandal over its rigging of US car emissions tests.VW said this would pay for "necessary service measures and other efforts to win back the trust of our customers". It added that 11 million vehicles worldwide were affected. www.bbc.com/news/business-34325005
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Post by Deleted on Sept 26, 2015 11:00:45 GMT 7
Volkswagen models sale halted in SwitzerlandSwitzerland has temporarily banned the sale of Volkswagen (VW) diesel-engine models which could have devices capable of tricking emission tests.www.bbc.com/news/business-34365794Honestly, I don't think it's beyond the realm of possibilities VW could go pop.
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Post by Fletchsmile on Sept 26, 2015 19:18:33 GMT 7
Some serious damage to their brand. Reckon the CEO had no idea and it would have been the guy in the US under pressure who had to cheat to meet targets set.
Will have a knock on impact on German brands too. Not just cars.
Trust is hard to rebuild.
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Post by Fletchsmile on Sept 26, 2015 19:27:16 GMT 7
Volkswagen's brand is worth a lot less than it thinksVolkswagen has built up the value of its brand. Now that it has admitted to cheating, it will have to deflate that.fortune.com/2015/09/21/volkswagen-recall-goodwill/How is that even permissible in accounting? What a load of b oll ocks. It's always been a subjective and dodgy area of accounting. Goodwill on acquisition is simply the diff between the net book value and price paid which is largely an accounting treatment. Intangible assets is another grey area. Sometimes some valid reasons for both. But yes in this case 67 billion sounds like bollocks to me. Their management and financial accountants as well as auditors need a reality check. Even without this debacle it's a very high number to justify to anyone with common sense.
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Post by Deleted on Sept 26, 2015 22:07:51 GMT 7
I'm now starting to doubt if Herbie was a true story.
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Post by Deleted on Oct 12, 2015 13:36:41 GMT 7
EU bank chief 'could recall VW loans'The European Investment Bank (EIB) could recall loans it gave to Volkswagen, its president told a German newspaper.Werner Hoyer told Sueddeutsche Zeitung that the EIB gave loans to the German carmaker for things like the development of low emissions engines. He said they could be recalled in the wake of VW's emissions cheating. www.bbc.com/news/business-34501664
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Post by Fletchsmile on Oct 12, 2015 14:02:50 GMT 7
I remember from my German language days and TV ads that "Vorsprunch durch Technik" meant something like Advancement thru Technology. Can't remember what "Setbacks thru cheating" was though
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Post by Deleted on Oct 12, 2015 14:19:16 GMT 7
I remember from my German language days and TV ads that "Vorsprunch durch Technik" meant something like Advancement thru Technology. Can't remember what "Setbacks thru cheating" was though All the manufacturers are at. How do they achieve such stunning fuel efficiency? How does a Vauxhall Corsa achieve the same mpg as a 50cc moped?
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