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Volkswagen scandal

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Volkswagen Drops 23% After Admitting Diesel Emissions Cheat

Volkswagen AG lost almost a quarter of its market value after it admitted to cheating on U.S. air pollution tests for years, putting pressure on Chief Executive Officer Martin Winterkorn to repair the reputation of the world’s biggest carmaker.

 

Top supervisory board members will convene on Wednesday, according to two people with knowledge of the plans, who asked not to be named because the meeting is private. Volkswagen plunged as much as 23 percent to 125.40 euros in Frankfurt, wiping out about 15.6 billion euros ($17.6 billion) in market value. The stock closed at 132.2 euros, its lowest in more than three years.

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VW said it’s cooperating with regulators probing gaps between emissions on the road and lab tests on some diesel models. According to the Environmental Protection Agency, the company insisted for a year that discrepancies were mere technical glitches. Winterkorn, who has led VW since 2007, was forced to halt sales of the cars on Sunday and issue a public apology, saying he’s “deeply sorry” for breaking the public’s trust and that VW would do “everything necessary in order to reverse the damage this has caused.”

Contract Renewal

Winterkorn, whose contract renewal is scheduled for a supervisory board vote on Friday, now faces a serious challenge to his leadership, said Arndt Ellinghorst, a London-based analyst for Evercore ISI.

 

“This latest saga may help catalyze further management changes at VW,” Ellinghorst wrote in a note Monday.

 

The U.S. charges are “grave” and must be clarified swiftly, said Stephan Weil, prime minister of the German state of Lower Saxony, which owns 20 percent of Volkswagen’s voting shares. “Possible consequences can be decided after that.”

 

The European Commission also said it’s taking VW’s cheating seriously and is in contact with U.S. regulators and the company about details of the case.

 

German competitors BMW AG and Daimler AG said on Monday they aren’t aware of a similar U.S. probe into their cars. Shares of both slipped the most in almost a month.

$18 Billion

Diesel and VW’s reputation for German engineering were cornerstones of Winterkorn’s effort to catch up in the U.S. market. The violations, which affect nearly half a million vehicles, could result in as much as $18 billion in fines, based on the cost per violation and the number of cars. Criminal prosecution is also possible.

 

“If this ends up having been structural fraud, the top management in Wolfsburg may have to bear the consequences,” said Sascha Gommel, a Frankfurt-based analyst for Commerzbank AG, whose share rating is under review.

 

The Wolfsburg, Germany-based company admitted to fitting some of its U.S. diesel vehicles with software that turns on full pollution controls only when the car is undergoing official emissions testing, the EPA said Friday. Affected are diesel versions of the VW Jetta, Golf, Beetle and Passat and the Audi A3.

Analysts at Kepler Cheuvreux cut their recommendation on Volkswagen stock to hold from buy, reducing their target price 27 percent to 185 euros. Volkswagen faces not only a short-term drop in sales and a hit to its reputation but also the longer-term risk of litigation in the U.S., the analysts wrote in a note on Monday.

 

The crisis is unlikely to trigger an immediate downgrade of the company’s debt rating, Fitch Ratings said on Monday. It may come under pressure if the situation deepens, Fitch said.

40-Fold Excess

During normal driving, the cars with the software -- known as a “defeat device” -- would pollute 10 times to 40 times the legal limits, the EPA estimated. The discrepancy emerged after the International Council on Clean Transportation commissioned real-world emissions tests of diesel vehicles including a Jetta and Passat, then compared them to lab results.

 

Volkswagen has struggled in the U.S. for years. Sales of VW-brand cars in the country dropped 10 percent last year to 366,970; the company aimed to almost double annual Audi and VW brand sales to 1 million vehicles by 2018.

 

“VW’s U.S. sales target for 2018 had been ambitious as is,” said Klaus Breitenbach, a Frankfurt-based analyst for Baader Bank AG. “Now I believe it is no longer reachable.”

 

source: http://www.bloomberg.com/news/articles/2015-09-21/volkswagen-drops-15-after-admitting-u-s-diesel-emissions-cheat

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Guest PatrickT

Thats a non issue. In a few weeks nobody will speak about. Its also done from evry car producer. Just wait and see. 

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I guess the US needs money.

What amazes me is that the Americans see issues with VW but they don't have any problems with "Rolling Coal" which has become a big thing, and is perfectly legal, here in Texas and some other states. There are some idiots who feel they have to make a statement against "Enviromentalism" ( and Obama ) so they modify their disel trucks to spew out black smoke. Google it.

 

CoalRollin.jpg

rolling-coal-prius.jpg

rollin-coal.jpg

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Guest eyoismos

EPA: 'Coal Rolling' Is Illegal

Coal rolling, a fad for trolling environmentalists, is against the law as far as the Environmental Protection Agency agency is concerned.

Anti-environmentalists have started rigging their trucks to expel more and darker exhaust than normal as a sort of counter-attack to environmentalists advocating lower emissions from vehicles. It's called "coal rolling."

TPM reached out to Liz Purchia, the press secretary for the EPA, about the changes. Purchia told TPM "the short answer is this is illegal."

Purchia pointed to two paragraphs on the air enforcement page of the EPA's website. One paragraph said:
 

It is a violation of the [Clean Air Act] to manufacture, sell, or install a part for a motor vehicle that bypasses, defeats, or renders inoperative any emission control device. For example, computer software that alters diesel fuel injection timing is a defeat device. Defeat devices, which are often sold to enhance engine performance, work by disabling a vehicle's emission controls, causing air pollution. As a result of EPA enforcement, some of the largest manufacturers of defeat devices have agreed to pay penalties and stop the sale of defeat devices.

The other paragraph said:
 

The CAA prohibits anyone from tampering with an emission control device on a motor vehicle by removing it or making it inoperable prior to or after the sale or delivery to the buyer. A vehicle's emission control system is designed to limit emissions of harmful pollutants from vehicles or engines. EPA works with manufacturers to ensure that they design their components with tamper-proofing, addresses trade groups to educate mechanics about the importance of maintaining the emission control systems, and prosecutes cases where significant or imminent harm is occurring.

 

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Not quite. Emission test are required only in about half of the States in the US. In some states, such as Texas emissions are regulated by county. In Bexar county for example, that's where San Antonio is, there are no emission tests. And coalers are perfectly legal here. A few Texas counties, such as Harris County, do requiere emission tests and running a Coaler there would be against the law since you wouldn't be able to obtain an emission sticker there. Anyhow those morrons are annoying, I see at least one a day and got "Coaled" once while out jogging. The guy went even out of his way to come around for a second serving. And the funny thing:

He had a big ass "Don't tread on me" sticker on his cabin window.

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Guest eyoismos

contrary to popular hillbilly belief, federal law undisputedly  supersedes redneck law

 

implementing and enforcing the law is supposedly undertaken by those allegedly represent the law, which is entirely another matter

 

places like texas may or may not have exemption of emissions requirements for diesel, for example, which is meant to "reward drivers of eco-friendly, 'green' vehicles" but you dont have to be a rocket scientist kojac with a kodak , when one sees so called "rolling coal" to pull them over for justified suspicion of circumventing the 2 paragraphs by the epa as stated above. either one or the other happening, and by definition illegal - in other words, and excuse the pun, when there is smoke, there is fire

 

furthermore, continuous bulling, (from prius owners to joggers etc) all the way to the other end, assault with intention to subject victims to bodily harm (depending on lawyers/prosecutor) may be viewed by rednecks and hillbillies as just a bit of fun, or even alleged valid protest,  but federal law says otherwise

 

and for the record san antonio, according to their dmv , DO have emission tests

http://www.txdps.state.tx.us/rsd/vi/VIactiveStationLocator/

choose location it it will point to those accredited to be capable of inspecting emissions and of course road worthiness/vehicle safety

 

more at : => http://www.dmv.org/tx-texas/smog-check.php

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contrary to popular hillbilly belief, federal law undisputedly  supersedes redneck law

 

implementing and enforcing the law is supposedly undertaken by those allegedly represent the law, which is entirely another matter

 

places like texas may or may not have exemption of emissions requirements for diesel, for example, which is meant to "reward drivers of eco-friendly, 'green' vehicles" but you dont have to be a rocket scientist kojac with a kodak , when one sees so called "rolling coal" to pull them over for justified suspicion of circumventing the 2 paragraphs by the epa as stated above. either one or the other happening, and by definition illegal - in other words, and excuse the pun, when there is smoke, there is fire

 

furthermore, continuous bulling, (from prius owners to joggers etc) all the way to the other end, assault with intention to subject victims to bodily harm (depending on lawyers/prosecutor) may be viewed by rednecks and hillbillies as just a bit of fun, or even alleged valid protest,  but federal law says otherwise

 

and for the record san antonio, according to their dmv , DO have emission tests

http://www.txdps.state.tx.us/rsd/vi/VIactiveStationLocator/

choose location it it will point to those accredited to be capable of inspecting emissions and of course road worthiness/vehicle safety

 

more at : => http://www.dmv.org/tx-texas/smog-check.php

You are such a know it all. Yeah I've been living here in San Antonio for 8 years renewed my registration last week and all it took was a break, lights and windshild wiper inspection but you KNOW that San Antonio requires emission inspections cause YOU KNOW everything. Did you even bother to read the link you posted?

As delusional, stupid and pig headed as always I see.

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and as always you read what you what to read
 
but its nice to now that in san antonio , a safety inspection only is a break, lights and wiper inspection
 
like i said .... implementing and enforcing the law is supposedly undertaken by those allegedly represent the law, which is entirely another matter
 

About the TX Inspection Programs

Safety Inspections
Your technician will check the basic safety components of your vehicle including, but not limited to, the vehicle's:

  • Brakes.
  • Lights.
  • Steering.
  • Tires.
  • Horn.

and no, i did not say SA requires emission inspections.....  I said that they DO have emission tests and i even pointed to who is certified to do such tests. subtle difference READ AGAIN !!!!!

 

furthermore, just because SA or any other county for that manner, doesnt have mandatory emissions inspections, does not mean that the diesel powered vehicles, or any other type vehicle for that matter,  are exempt from the EPA regulations mentioned above

 

this is the thing about the law .... just because an explicit mention is not made, on anything whatsoever, does not mean that it is not covered by something else somewhere else

 

but and again, i repeat: implementing and enforcing the law is supposedly undertaken by those allegedly represent the law, which is entirely another matter

 

like everything else, most matters are based on, and covered by, so called good faith, thus exemptions come into play -  all based on the fundamental in america premise of "innocent until proven guilty" -   But as always, it takes "human nature", that what it is,  to screw things up, thus the need for the law to show its ugly side, for the protection of others

 

bottom line!!!! IF THEY SO WANT, THE LAW ENFORCERS JUST NEEDS AN EXCUSE ..... IF THEY SO WISH OR DESIRE TO UPHOLD THE LAW

 

but its nice to know that, according to you, bald tires, dicky hooters and wonky steering racks,  are not part of safety regulations in San Antonio
 

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Meet John German: the man who helped expose Volkswagen's emissions scandal

oh the irony of his name ! :P

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and to think that some oxymoron had the audacity to say that greece was not european in culture

PFFT !

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and to think that some oxymoron had the audacity to say that greece was not european in culture

PFFT !

 

You are christian turks and thats it. 

 

I´m sure your own car producers cheat as well. Wait...you don´t produce cars. You produce not even olive oil and send olives to italy. You produce nothing. You are a big NOTHING. 

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Guest eyoismos

χαχαχαχαχα

 

το μουνοπανο μίλησε πάλι και όπως συνήθως τρολάρει μαλακίες απο τον κόλο του

 

είναι πραγματικά άξιος περιφρόνησης , αλλα τον κρατάμε εδώ για να γελάμε

 

αλλά τι να περιμένει κανείς απο τα σπλάχνα γερμανικού χαρακτήρα

 

0_14431735682663830102_news.jpg

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χαχαχαχαχα

 

το μουνοπανο μίλησε πάλι και όπως συνήθως τρολάρει μαλακίες απο τον κόλο του

 

είναι πραγματικά άξιος περιφρόνησης , αλλα τον κρατάμε εδώ για να γελάμε

 

αλλά τι να περιμένει κανείς απο τα σπλάχνα γερμανικού χαρακτήρα

 

0_14431735682663830102_news.jpg

 

learn german and drop your dead language. 

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Patrick no matter how you dice it, German companies have been cheating, bending the rules, paying bribes, ... Eventually shit piles up to high, and there is a price to pay.

 

Texas is another US state where the idiots outnumber the smart ones. Even if the 96-99% of scientists are wrong about global warming, you have to be 100% of an idiot not to believe that pollution is bad for us. I am OK with my US tax dollars spend to send every idiot truck driver that drives a so called "Rolling Coal" to jail for a weekend or 2.

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After Siemens we now have VW. German capitalism at its best! I guess that's the nature of the beast. Corporations need to show profits, and they'll do anything in their power - even cheat or bend the rules - in order to do this.

Funny thing is that Americans point the finger to the Germans about all this shit  :D

 

In Greece we say "είπε ο γάιδαρος τον πετεινό κεφάλα". The closest equivalent in english would be "the pot calling the kettle black"  :D

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Patrick no matter how you dice it, German companies have been cheating, bending the rules, paying bribes, ... Eventually shit piles up to high, and there is a price to pay.

 

Texas is another US state where the idiots outnumber the smart ones. Even if the 96-99% of scientists are wrong about global warming, you have to be 100% of an idiot not to believe that pollution is bad for us. I am OK with my US tax dollars spend to send every idiot truck driver that drives a so called "Rolling Coal" to jail for a weekend or 2.

 

 

delete his personal insult against me and spare me the nonsense. 

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Huh? What personal insult?

 

Dino is stating the facts. German companies have been cheating, bending the rules and paying bribes. All this is well documented. I don't think this is surprising to anyone. This is the nature of capitalism. Greed.

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Greek stupidity in all her glory.

 

VW cheated and is likely to have to pay fines. Great! How many of Greeces problems does that solve?

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Greek stupidity in all her glory.

 

VW cheated and is likely to have to pay fines. Great! How many of Greeces problems does that solve?

 

None, well maybe we push a little extra program on greece to press out the fines. :D

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Greek stupidity in all her glory.

 

VW cheated and is likely to have to pay fines. Great! How many of Greeces problems does that solve?

 

Who talked about VW's issues solving any of Greece's problems? I can't find any mention of this in any of the previous posts.

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Who talked about VW's issues solving any of Greece's problems? I can't find any mention of this in any of the previous posts.

 

 

Did you delete eyosimsus insult against me on the former page yet?

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You continue provoking users in this forum whenever they post something against Germany or against some German company. You called us "Christian Turks" and eyoismos retaliated with a Greek swear. Nothing wrong with it. If you don't want people swearing at you then stop provoking them.

 

As you can see I didn't delete your insults (you also talk about Greek being a "dead language" in a later post), the same way I'm not going to delete eyoismos' insults. I don't need to remind you, one more time, that this is a Greek and not a German forum. You're obviously welcome here to post your opinion about anything, but if you expect respect then you should show respect to this website and to this forum and its users.

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Who talked about VW's issues solving any of Greece's problems? I can't find any mention of this in any of the previous posts.

You certainly implied a connection with that picture you posted. Did you not?

 

a-SKITSO-640x468.jpg

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