VIDEOS – The group will spend a provision of 6.5 billion euros in its accounts. The title shows a further fall in stock market by 20%. A criminal investigation could be opened in the US, while France is calling for an investigation at European level in the case of adulterated diesel.
The scandal of adulterated diesel Volkswagen runs on Tuesday with a possible opening of a criminal investigation in the United States, call the manufacturer’s representatives by Korea and the request for a European survey by France. The goupe just announced that it is 11 million vehicles that are equipped with this special effect software. An impressive figure. The group will already spent a provision of € 6.5 billion to deal with the scandal. As for investors, they do not appreciate at all these figures and the VW share price is nouveaeu massacred. He loses 20% Tuesday having already sold over 15% Monday.
On Tuesday morning, a day after a historic collapse of the action VW in Frankfurt (-17%), the French Finance Minister Michel Sapin requested an investigation “at European level” on this matter that erupted Friday when the US authorities have announced that the world’s leading manufacturer had cheated on the quality of its diesel engines. According to the NGO that helped reveal the scandal, the International Council on Clean Transportation, it is “not excluded” that Volkswagen has used the same concealment techniques in Europe, said its Executive Director Drew in a Kodjak told AFP: “It is up to the regulators on the continent to determine whether they are or not in the presence of misleading + software + as the US”
Dorothee Saar, of the. environmental protection NGO Deutsche Umwelthilfe, said that in Europe, “the builders know that there is no posterior control.” The likelihood of cheating is even stronger Surb the Old Continent.
Berlin has already ordered “extensive testing” on all diesel models of the Volkswagen brand. Italy, for the voice of the Ministry of Transport announced the opening of an investigation. In Asia, “we convened representatives and Volkswagen engineers to a meeting at the ministry on Wednesday afternoon,” said AFP Pan-Kyu Park, Deputy Director of the South Korean Ministry of Environment. “We will start from next month to conduct tests and we will announce the end results in November,” said he said.
In the US, the authorities, according to media, open a criminal investigation against the manufacturer. Contacted by AFP, neither the Justice Department nor Volkswagen had to comment. If confirmed, would add to this investigation including one conducted by the Federal Environment Agency (EPA), the US authorities have announced earlier Monday that extended their investigations to other manufacturers to “detect” the presence such software in cars already in circulation in the country. Monday will go down as a black day for the world champion of the automobile, a symbol of the quality of German industry: more than 15 billion euro market capitalization, which went up in smoke at the Frankfurt Stock Exchange. Securities and other automotive equipment manufacturers in Europe have also accused the coup.
The case “will have significant financial consequences for Volkswagen, which are not yet calculable,” says Ferdinand Dudenhöffer specialist automotive, told AFP. “The image and credibility of Volkswagen worldwide are now begun.”
is also the reputation of a flagship of German industry, with close links to politics since the regional state of Lower Saxony is shareholder with 20%.
Excellent products
The Minister of Economy of the Land Olaf Lies, member of Volkswagen’s supervisory board, argued Tuesday that the problem concerned “to his knowledge” that diesel engines. “It is not (deception) widespread”, he assured, calling not to discredit “the 600,000 Volkswagen employees who manufacture excellent products.”
” It will be to establish who knew what, who took the decisions, “he said, and it is clear that heads will roll. According to the daily Handelsblatt, Volkswagen boss Martin Winterkorn will be accountable at a meeting Wednesday of part of the supervisory board. Theoretically his contract should be extended Friday until the end of 2018, but nothing is less certain in the current context.
According to the US authorities, 482,000 Volkswagen and Audi brand vehicles built between 2009 and 2015 and sold in the US were equipped with software that can automatically detect emission measurement tests to skew the results.
The German juggernaut recently crowned world number one in sales to Toyota, is exposed not only to fines of up to $ 18 billion (€ 16 billion), but also the cost of the recall all vehicles concerned, or millions or even billions of dollars, and possible lawsuits. Volkswagen stopped until further notice to market the four-cylinder diesel models of its VW and Audi brands in the United States. The manufacturer will become “a pariah for the government and perhaps also for American consumers,” Judge Max Warburton, analyst at Bernstein.
No comments:
Post a Comment