Volkswagen: 11 million vehicles worldwide fitted with … – The Huffington Post

AUTOMOTIVE – US authorities revealed Friday that Volkswagen would with some 482,000 vehicles rigged software. This Tuesday, September 22, we learn that the problem is much more serious. The German automaker said Tuesday that 11 million of its vehicles worldwide were equipped with software found in the US, and on several brands of the group.

“Internal surveys have shown that the software in question was also present in other Group diesel vehicles,” according to a statement from Volkswagen, the parent company of VW but also Audi, Skoda, Seat or Porsche again. The trick, designed to circumvent the emission tests, concerns all diesel engines type EA189, is “a total volume of about 11 million vehicles worldwide,” the statement said.

The impact on the share price were immediate and bleeding. After opening down 4 to 5%, it plunged more than 20% around noon. He remained at the very low levels throughout the day.

Having already collapsed by more than 18% Monday, the title of Volkswagen ended the session on 22 September down 19, 82% to 106 euros. A decline of 34% in 48 hours, and more than 25 billion in smoke part capitalization euros.

Le group will provide 6.5 billion euros of provisions in the third quarter. “The group’s earnings targets for 2015 will be adjusted accordingly,” added the company, the world leader in sales. The Frankfurt Stock Exchange was strongly pulled down on Tuesday at midday by the plunge of the action of Volkswagen, starring Dax index falling by around 3%.

Judicial suites ?

The European Union nevertheless considered it “premature” immediate surveillance measures “at European level”. “Investigations are underway in Volkswagen and in the United States and Germany,” responded a spokesman for the Commission, in a written reply to AFP. “It is therefore premature to comment on whether specific immediate surveillance measures are also needed in Europe and if the vehicles sold by Volkswagen in Europe are also affected,” added the spokesman, Lucia Caudet, ensuring that the Commission took the matter “very seriously”.

However, Italy has announced the opening of an investigation, said the Department of Transport. The Ministry, expressing “concern” the case, particularly wants to know “if the same illegal actions that occurred in the United States, where certification rules are different, have occurred about approvals (.. .) in Europe and that such vehicles were sold in Italy. ” The United States also opened a criminal investigation against the sign. This is conducted by the Division of the US Department of Justice (DoJ) in charge of issues related to natural resources. In France, the Minister of Ecology Ségolène Royal also called for “thorough” investigation. Below the statement of Minister of Ecology.

“ I took the Federal Agency of Environmental Protection for all relevant information, to assess the nature of fraud and the means used to detect it.

I asked also to UTAC (Union Technical Automotive, Motorcycle and Cycle), technical service designated by the French government to the European Commission for conducting approval tests, first to approach the US Federal Protection Agency the environment to deepen fraud schemes, and secondly to make me proposals for action.

I also asked national manufacturers to ensure that such acts have no current France “

German Chancellor Angela Merkel has called on his side” total transparency “and quick explanations. “The challenge now is to demonstrate full transparency, to explain the whole process (…) and I hope that the facts will come on as soon as possible table,” she said in effect.

“It was totally fucked up”

“Our company has been dishonest with the EPA (US Agency for Environmental Protection, ed) and CARB (California his counterpart, ed), and with all of you, and my words in German it looks like we ‘totally screwed up’, “admitted Michael Horn during a promotional event in New York late Monday night, according to a video from CNBC.

The latter égaleemnt promised to cooperate and “what to do with the government, the public, our customers, our employees, and also very important, with our dealers “<.40919037199125"

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