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Title: Vorsprung durch Technik Post by: TightEnd on September 22, 2015, 12:49:59 PM Volkswagen says 11 million vehicles worldwide are affected by the scandal that has erupted over its rigging of US car emissions tests.
It said it was setting aside €6.5bn (£4.7bn) to cover costs of the scandal. VW added this would pay for "necessary service measures and other efforts to win back the trust of our customers". The boss of Volkswagen's US business, Michael Horn, has admitted it "totally screwed up" in using software to rig emissions tests. VW shares were down more than 20% on Tuesday in Frankfurt. http://www.bbc.co.uk/news/business-34325005 ouch. Title: Re: Vorsprung durch Technik Post by: tikay on September 22, 2015, 12:52:12 PM Amazing story - it was said that the fine could be as high as $18 billion. Very surprised it happened, most unlike them to mis-step so badly. Title: Re: Vorsprung durch Technik Post by: Graham C on September 22, 2015, 01:03:54 PM Heard about it on the way home last night, what a balls up. $18bn!! wow.
Title: Re: Vorsprung durch Technik Post by: bobAlike on September 22, 2015, 01:12:51 PM I would be very surprised if other manufacturers don't do the same.
Title: Re: Vorsprung durch Technik Post by: Graham C on September 22, 2015, 01:14:11 PM What happens to the fine money? Will it go towards the US economy?
Title: Re: Vorsprung durch Technik Post by: doubleup on September 22, 2015, 01:23:10 PM What happens to the fine money? Will it go towards the US economy? Why would you think otherwise? The countries where they sold the other 10.5m cars will get their chance to feed on the carcass in due course. I wonder if VW had some sort of insurance? Title: Re: Vorsprung durch Technik Post by: doubleup on September 22, 2015, 04:09:25 PM Et tu VW YouTube: http://www.youtube.com/watch?v=KgHlAdSpn7Y Title: Re: Vorsprung durch Technik Post by: iangascoigne on September 22, 2015, 04:17:47 PM This is a truly remarkable story and a corporate failure of epic proportions. It's going to cost a lot more than VW have suggested once those American lawyers get their teeth into it.
Title: Re: Vorsprung durch Technik Post by: TightEnd on September 22, 2015, 04:24:46 PM i didn't realise VW own Wolfsburg too
3rd in the bundesliga and in the champions league suggestion VW could do a ch11/bankruptcy which would have enormous knock ons for the various entities owned by VW Title: Re: Vorsprung durch Technik Post by: byronkincaid on September 22, 2015, 06:20:11 PM Almost certainly not just VW doing this. If it turns out your car is affected you may have the choice of having it recalled where they remap it to hit the correct emissions but you lose 20 bhp and 10 mpg because of it. Or if you say no thanks I'll keep it as it is, your car tax goes up because the true emissions will put you in a higher band. Talk of ECUs on UK cars knowing when they are being tested for an MOT, bonnet up revs kept in a certain range for a certain amount of time etc.
Title: Volkswagen Group Shares Post by: Oxford_HRV on September 23, 2015, 10:33:28 AM Volkswagen currently going through the emission scandal. They were cheating the figures coming from their diesel cars and shares have dropped 20% for the biggest manufacturer of cars in Europe!? they have to recall 11 million cars and have set aside over €5bn to resolve the issue. Prior to this i'm sure they were in small discussions to purchase redbull? or was this all a decoy as they knew what was coming!? aaaanyway..
#value??? Discuss! http://www.theguardian.com/business/live/2015/sep/22/alexis-tsipras-forms-greek-cabinet-vw-emissions-business-live ~Just seen tightys thread in the lounge -_- ha Title: Re: Vorsprung durch Technik Post by: RED-DOG on September 23, 2015, 02:58:51 PM I want to know why Audi have been dragged into this.
Title: Re: Vorsprung durch Technik Post by: Nakor on September 23, 2015, 03:01:10 PM I want to know why Audi have been dragged into this. They are just another VW Brand. Title: Re: Vorsprung durch Technik Post by: RED-DOG on September 23, 2015, 03:06:18 PM I want to know why Audi have been dragged into this. They are just another VW Brand. Schweinhund! Title: Re: Vorsprung durch Technik Post by: StuartHopkin on September 23, 2015, 06:13:50 PM Almost certainly not just VW doing this. If it turns out your car is affected you may have the choice of having it recalled where they remap it to hit the correct emissions but you lose 20 bhp and 10 mpg because of it. Or if you say no thanks I'll keep it as it is, your car tax goes up because the true emissions will put you in a higher band. Talk of ECUs on UK cars knowing when they are being tested for an MOT, bonnet up revs kept in a certain range for a certain amount of time etc. Ha ha! If I lose another 10mpg I will be into single digits! Title: Re: Vorsprung durch Technik Post by: TightEnd on September 23, 2015, 08:27:24 PM Volkswagen chief executive Martin Winterkorn resigns
http://www.bbc.co.uk/news/business-34340997 Title: Re: Vorsprung durch Technik Post by: tikay on September 24, 2015, 10:54:48 AM Stunning story, this. How many other car manufacturers will be looking over their shoulders now? Title: Re: Vorsprung durch Technik Post by: RED-DOG on September 24, 2015, 03:17:46 PM I went to the car auctions today, cash on hip, looking for a Golf or a Polo. This shenanigans doesn't seem to have affected prices much.
Title: Re: Vorsprung durch Technik Post by: bobAlike on September 24, 2015, 08:43:09 PM I went to the car auctions today, cash on hip, looking for a Golf or a Polo. This shenanigans doesn't seem to have affected prices much. We don't know to what extent this affects UK cars at the moment. I fully suspect it will though. Title: Re: Vorsprung durch Technik Post by: mulhuzz on September 24, 2015, 10:16:40 PM I went to the car auctions today, cash on hip, looking for a Golf or a Polo. This shenanigans doesn't seem to have affected prices much. We don't know to what extent this affects UK cars at the moment. I fully suspect it will though. German govt agency today confirmed VW have admitted it affects Europe as well. Title: Re: Vorsprung durch Technik Post by: bobAlike on September 24, 2015, 10:37:04 PM I went to the car auctions today, cash on hip, looking for a Golf or a Polo. This shenanigans doesn't seem to have affected prices much. We don't know to what extent this affects UK cars at the moment. I fully suspect it will though. German govt agency today confirmed VW have admitted it affects Europe as well. I own a 2013 Scirocco 2.0 TDI. I imagine it's on the verge of a value decrease. Would it be right to claim if it is one of the affected models? Title: Re: Vorsprung durch Technik Post by: neeko on September 25, 2015, 08:06:50 AM I fear the question is are VW going to be lucky and have BP sized problem, hit by 30 to 50 billion in lawsuits, have to sell scania, Porsche, skoda etc or if it is an Arthur Anderson sized problem and even though they have assets the reputation effect is so bad it just collapses.
Title: Re: Vorsprung durch Technik Post by: mulhuzz on September 25, 2015, 08:09:20 AM I fear the question is are VW going to be lucky and have BP sized problem, hit by 30 to 50 billion in lawsuits, have to sell scania, Porsche, skoda etc or if it is an Arthur Anderson sized problem and even though they have assets the reputation effect is so bad it just collapses. Don't think it's Arhur Anderson sized, but certainly the potential fines could be up to 50% of their market cap I think, Title: Re: Vorsprung durch Technik Post by: tikay on September 25, 2015, 09:46:40 AM Somewhere, right now, VW's insurance company is getting there defences shored up. There's bound to be a claim by VW on them, & it's bound to be resisted. Across Europe & North America, law practices are celebrating years of fat fees to come. And the Board of every car manufacturer has urgently requested an audience with the guys in their test laboratories. What a story this is. When the dust has all settled, of course, the cars will be much as they are now - beautifully engineered, high quality, & reliable. It's a great product, & will continue to sell well. Shocker of an OG though. Title: Re: Vorsprung durch Technik Post by: tikay on September 25, 2015, 09:50:52 AM The Vorsprung durch Technik Wiki page is interesting, if only for this..... Vorsprung durch Technik; roughly "Advancement through technology" is a German language phrase and the main advertising slogan and company ethos for the German car maker Audi. It has been used in Audi advertising campaigns all over the world, except in the United States where the slogan "Truth in Engineering" is used. https://en.wikipedia.org/wiki/Vorsprung_durch_Technik (http://cartype.com/pics/121/full/audi_truth-in-enginerring_banner.jpg) Title: Re: Vorsprung durch Technik Post by: Doobs on September 25, 2015, 10:10:40 AM Somewhere, right now, VW's insurance company is getting there defences shored up. There's bound to be a claim by VW on them, & it's bound to be resisted. Across Europe & North America, law practices are celebrating years of fat fees to come. And the Board of every car manufacturer has urgently requested an audience with the guys in their test laboratories. What a story this is. When the dust has all settled, of course, the cars will be much as they are now - beautifully engineered, high quality, & reliable. It's a great product, & will continue to sell well. Shocker of an OG though. You think they have insurance against themselves deliberately defrauding the public? Suspect I can save them a few quid in lawyers already. I am also a bit sceptical about lots of other car manufacturers involved. Having just bought a diesel very recently I read around a bit. I know Mazda has had trouble meeting emissions standards there on their diesel and a fair few others don't even sell diesels there. I guess a few just filed meeting the emissions standards as too difficult for the likely sales. Somebody asked about buying the shares the other day. I am all for buying on bad news, but have restrained myself this time. I definitely wouldn't but one. I have always felt Audis are a bit overpriced, but now I know they aren't even as good as they claim. Why would I buy one? That is before we have to get past the fact most other drivers already assume Audi drivers are wankers... There was a bbc(?) story a few months ago where they tested diesels on the road for emissions vs the test. Pretty sure an Audi was worst. Will try and find it. I would be absolutely livid if I had bought a "clean diesel" from them a couple of weeks ago. I would be back at the showroom now saying you can take that back right now. Title: Re: Vorsprung durch Technik Post by: tikay on September 25, 2015, 10:22:27 AM Somewhere, right now, VW's insurance company is getting there defences shored up. There's bound to be a claim by VW on them, & it's bound to be resisted. Across Europe & North America, law practices are celebrating years of fat fees to come. And the Board of every car manufacturer has urgently requested an audience with the guys in their test laboratories. What a story this is. When the dust has all settled, of course, the cars will be much as they are now - beautifully engineered, high quality, & reliable. It's a great product, & will continue to sell well. Shocker of an OG though. You think they have insurance against themselves deliberately defrauding the public? Suspect I can save them a few quid in lawyers already. I am also a bit sceptical about lots of other car manufacturers involved. Having just bought a diesel very recently I read around a bit. I know Mazda has had trouble meeting emissions standards there on their diesel and a fair few others don't even sell diesels there. I guess a few just filed meeting the emissions standards as too difficult for the likely sales. Somebody asked about buying the shares the other day. I am all for buying on bad news, but have restrained myself this time. I definitely wouldn't but one. I have always felt Audis are a bit overpriced, but now I know they aren't even as good as they claim. Why would I buy one? That is before we have to get past the fact most other drivers already assume Audi drivers are wankers... There was a bbc(?) story a few months ago where they tested diesels on the road for emissions vs the test. Pretty sure an Audi was worst. Will try and find it. I would be absolutely livid if I had bought a "clean diesel" from them a couple of weeks ago. I would be back at the showroom now saying you can take that back right now. I would bet good money they'll at least try to claim something from their insurance, yes. It gets quite complicated, if the practice was part of Corporate policy, (I'd be extremely surprised if it were) is one thing, if some boffin fiddled the figures & kept that within his own department, its a different matter (as to Insurance). Title: Re: Vorsprung durch Technik Post by: EvilPie on September 25, 2015, 11:00:39 AM I have always felt Audis are a bit overpriced, but now I know they aren't even as good as they claim. Why would I buy one? That is before we have to get past the fact most other drivers already assume Audi drivers are wankers... I thought it was BMW drivers that most other drivers thought were wankers? YouTube: http://www.youtube.com/watch?v=SBjy4qqu1tU Title: Re: Vorsprung durch Technik Post by: tikay on October 01, 2015, 01:26:04 PM The Insurance companies start to face the VW music. http://www.thetimes.co.uk/tto/business/industries/banking/article4572438.ece |