Revelations from internal investigation could cost carmaker €2bn on top
of €6.7bn set aside for vehicle recall after emissions rigging scandal
Volkswagen has said an internal investigation had revealed “unexplained inconsistencies” in the carbon dioxide emissions from 800,000 vehicles that could cost the company a further €2bn (£1.4bn).
The revelation comes after the carmaker’s admission in September that it rigged emissions tests for four-cylinder diesel engines on 11m cars worldwide, including almost 500,000 in the US. VW has set aside €6.7bn to cover the costs of recalling those vehicles.
It was not immediately clear whether the 800,000 vehicles with the newly discovered CO2 emission problems were among those already affected. Volkswagen did not identify which models were affected.
The carmarker did say the 800,000 were “predominantly vehicles with diesel engines”, raising the possibility for the first time that some Volkswagens with petrol-powered motors may also have emissions problems.
A VW spokesman did not immediately return a phone call seeking clarification.
Its chief executive, Matthias Müller, who took over from Martin Winterkorn, who resigned because of the emissions scandal, said Volkswagen would “relentlessly and completely clarify what has happened”.
He added: “It is a painful process but for us there is no alternative. For us only one thing counts, and that is the truth.”
The investigation that revealed the inconsistencies in the CO2 emissions was undertaken by VW after the revelations of its cheating on US nitrogen oxide testing. The company assured customers that the safety of the vehicles in question “is in no way compromised”.
Analysis Has 'made in Germany' badge been harmed by the Volkswagen scandal?
It said Volkswagen “will endeavor to clarify the further course of action as quickly as possible and ensure the correct CO2 classification for the vehicles affected” with the responsible authorities.
In talks with the authorities – which VW did not identify – the company said it hoped to attain a “reliable assessment of the legal, and the subsequent economic consequences of this not yet fully explained issue”.
The news broke after Germany’s DAX index was closed for the day, but Volkswagen shares ended down 1.51% to €111.
Source : http://www.theguardian.com/business/2015/nov/03/vw-c02-emmission-problems-800000-vehicles
Note : If there any complain from author about the post then the post will be remove.
Volkswagen has said an internal investigation had revealed “unexplained inconsistencies” in the carbon dioxide emissions from 800,000 vehicles that could cost the company a further €2bn (£1.4bn).
The revelation comes after the carmaker’s admission in September that it rigged emissions tests for four-cylinder diesel engines on 11m cars worldwide, including almost 500,000 in the US. VW has set aside €6.7bn to cover the costs of recalling those vehicles.
It was not immediately clear whether the 800,000 vehicles with the newly discovered CO2 emission problems were among those already affected. Volkswagen did not identify which models were affected.
The carmarker did say the 800,000 were “predominantly vehicles with diesel engines”, raising the possibility for the first time that some Volkswagens with petrol-powered motors may also have emissions problems.
A VW spokesman did not immediately return a phone call seeking clarification.
Its chief executive, Matthias Müller, who took over from Martin Winterkorn, who resigned because of the emissions scandal, said Volkswagen would “relentlessly and completely clarify what has happened”.
He added: “It is a painful process but for us there is no alternative. For us only one thing counts, and that is the truth.”
The investigation that revealed the inconsistencies in the CO2 emissions was undertaken by VW after the revelations of its cheating on US nitrogen oxide testing. The company assured customers that the safety of the vehicles in question “is in no way compromised”.
Analysis Has 'made in Germany' badge been harmed by the Volkswagen scandal?
It said Volkswagen “will endeavor to clarify the further course of action as quickly as possible and ensure the correct CO2 classification for the vehicles affected” with the responsible authorities.
In talks with the authorities – which VW did not identify – the company said it hoped to attain a “reliable assessment of the legal, and the subsequent economic consequences of this not yet fully explained issue”.
The news broke after Germany’s DAX index was closed for the day, but Volkswagen shares ended down 1.51% to €111.
Source : http://www.theguardian.com/business/2015/nov/03/vw-c02-emmission-problems-800000-vehicles
Note : If there any complain from author about the post then the post will be remove.
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