Volkswagen on Friday said it was setting aside another 2.5 billion euros to deal with the fallout from the "dieselgate" scandal in the United States as its efforts to recall tainted cars there proved to be more "complex" than expected. The latest provisions bring the total sum set aside by VW to deal with fines and costs over the diesel scandal to €25.1bn.
The EU consumer authorities and the European Commission on September 7 sent a joint letter to the CEO of Volkswagen urging the group to swiftly repair all cars affected by the “dieselgate” scandal, the Commission said, adding this is part of a coordinated action by EU consumer authorities to make sure that the Volkswagen group respects consumer law in the aftermath of the scandal and is proactive towards the consumers concerned.
After a two-year avalanche of revelations – from diesel emissions manipulation to claims of cartel collusion – German politicians will give car executives an unusually chilly reception in Berlin on Wednesday. At an emergency “diesel summit” increasingly jittery federal politicians and leaders of car-building states – Bavaria, Lower Saxony and Baden Württemberg – will read auto executives the riot act over their handling of a scandal with growing political and economic consequences.
German newspaper Spiegel cited documents submitted by VW and another by Daimler, purportedly revealing that Volkswagen, Daimler and BMW are being investigated by Germany’s Federal Cartel Office on suspected antitrust collusion over decades on technology relating to exhaust gas measures on diesel vehicles. The report shows that the companies have been secretly meeting in various working groups since the 1990s, where they agreed on technologies, costs, suppliers and even how to work on emissions from diesel engines.
The European Union plans to launch legal action against Italy for failing to properly police allegations of emissions-test cheating by Fiat Chrysler following the Volkswagen scandal, EU sources said. EU regulators say Italy has failed to convince them that the so-called defeat devices used to modulate emissions on its vehicles outside of narrow testing conditions are justified. "The Commission decided today to send a letter of formal notice asking Italy to respond to concerns about insufficient action taken regarding the emission control strategies employed by Fiat Chrysler Automobiles group (FCA)," a statement said.
French investigators will probe Renault over suspected "cheating" in emissions tests of diesel motors, the Paris prosecutors office said today. Renault shares fell sharply on the news, which comes about two months after the government passed to the prosecutor the findings of an investigation by its consumer fraud agency. Renault insisted its engines complied "with French and European regulations". "Renault vehicles are all and have always been homologated in accordance with the laws and regulations. They are compliant with the applicable standards. "Renault vehicles are not equipped with cheating software affecting anti-pollution systems."
The former CEO of Volkswagen Martin Winterkorn will receive, as of 2017, a pension of approximately € 1.2 million per year, or € 3,100 per day, despite the dieselgate, as reported today by the German newspaper Bild. The Winterkorn contract, forced to step back because of emissions scandal that ran over the Vw in the US and then in Europe, is officially expired at the end of 2016, and former top manager, who has 69 years, has entitled to a hefty pension.
Volkswagen will face claims for 8.2 billion euro over Dieselgate. About 1,400 lawsuits have been lodged at the regional court in Braunschweig near VW’s Wolfsburg headquarters, the court said. The facts date back to last year, when from United States emerged that the Wolfsburg automaker used a software to make up the data on harmful emissions of its cars. Overall about two billion requests come from institutional investors, while the remaining 6.2 billion come from private investors.
Volkswagen has reached an agreement with 652 American dealers for losses incurred due to the emissions scandal, the so-called Dieselgate. The Deutch company has not specified the amount of the transaction "in cash" and probably until "late September" will work to develop "details" of the cartel which in any case must be examined by a Court of San Francisco. For about a year the American dealers were forbidden to sell the VW diesel cars manufactured during the period affected by the scandal. The company, in a statement, confirmed that the agreement provides "cash payments and other benefits that will be granted to retailers."
The Bavarian Government will cause to Volkswagen. The fall in the price of the automaker's shares in Wurzburg, it said in a statement, determined by dieselgate damages the Bavarian pension funds. Bavaria's state pension fund for civil servants lost as much as 700,000 euros ($ 783,580.00) after VW shares plunged in the wake of the Sept. 18 revelation by U.S. regulators of the carmaker's manipulation.
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