German Big 3 automakers emissions cheating disaster Master Thread

[IS-SV]

The high for the stock was $255 around March. It is now $108 and still going down. It was last $108 in 2010.

Yep, and the $7.25 billion provision they took in Q3 is an inadequate joke. External auditors will pressure them to take much bigger provision before year end.

VW's claim to fame is now the biggest fraud in automotive history. (The legendary Bug was certainly a more positive claim to fame prior to this fiasco)

 

[mikeavelli]

SELL MORTIMER SELL!!!!

 

[Och]

I'm surprised this wasn't discovered sooner. With other manufacturers not being able to make a clean diesel without SCR, they had to study VW's engine to figure out how they accomplished it, and discover the lies.

 

[Tragic Bronson]

 

[mmcartalk]

The high for the stock was $255 around March. It is now $108 and still going down. It was last $108 in 2010.

Problem is......the more that shareholders panic and sell, the worse the price will drop. To be honest, though, under the circumstances, I'd probably be hard-pressed to hang onto any shares myself (no, I don't actually own any). And, with this huge sell-off going full-steam, it also begs the question of who is actually buying those now-cheap shares. Obviously, in order for them to sell, someone has to buy.

 

[Gecko]

And, with this huge sell-off going full-steam, it also begs the question of who is actually buying those now-cheap shares. Obviously, in order for them to sell, someone has to buy.

People on VW Vortex

 

[mmcartalk]

People on VW Vortex

Well, yes, they do have some interesting reactions over there to this whole affair.

 

[IS-SV]

CEO of VW resigned, he had held position since 2007.

 

[Tragic Bronson]

People on VW Vortex

I thought I was the only one who read that site (I believe Mike was 'banned'), at least just The Car Lounge.

 

[mmcartalk]

The high for the stock was $255 around March. It is now $108 and still going down. It was last $108 in 2010.

Might (?) be too early to say that it has bottomed out (we'll see) ....but note that VW AG stock closed at $112 American dollars this afternoon.......a slight upward tick.

 

[CIF]

We don't know what the bottom is yet, or where and how this ends.

In the news everywhere today is that VW has admitted to German authorities they cheated on European emissions as well. VW admitted that they cheated with two engines on European emissions, a 1.6L and 2.0L diesel. German prosecutors are considering a criminal investigation as well. The head of VW USA also got sacked, as did the R&D bosses for Porsche and Audi.

 

[IS-SV]

The scale of this fraud is bigger than I ever imagined, and the stink extends to home country and its biggest main markets in Europe. This has severe implications for financial stability/health of VW.

 

[Och]

 

[IS-SV]

From what I've read new 2016 TDI with SCR/urea failed EPA testing miserably, although not as badly as non-SCR version. Cars are being held at port. So did these new 2016 TDI's have cheating software too?

 

[mmcartalk]

From what I've read new 2016 TDI with SCR/urea failed EPA testing miserably, although not as badly as non-SCR version.

So even their own cheating isn't working any more? LOL

 

[IS-SV]

Sadly VW is way behind with automotive technology after years of cheating with outdated "clean" diesels (while criticizing competition's advancements).

 

[mikeavelli]

I thought I was the only one who read that site (I believe Mike was 'banned'), at least just The Car Lounge.

That place is a Lexus bashing joke and they will go to any lengths to insult anyone who takes up for Lexus. It is good comedic reading though with the random jem of a thread in regards to quality.

 

[CIF]

From what I've read new 2016 TDI with SCR/urea failed EPA testing miserably, although not as badly as non-SCR version. Cars are being held at port. So did these new 2016 TDI's have cheating software too?

I thought EPA said they were refusing the certify 2016 TDI models due to the scandal?

 

[IS-SV]

I thought EPA said they were refusing the certify 2016 TDI models due to the scandal?

Yes, cars are being held at port.

I'm somewhat surprised that even with SCR the new TDI's don't run clean, which implies cheating software on 2016's still. But maybe I should not be surprised given the unethical way VW has operated for last 6 years....

Note: VW US websites now have all TDI-related models (and fraudulent claims) removed, like TDI doesn't exist.

 

[corradoMR2]

The Latest: 2.1 million Audi vehicles have suspect software

BERLIN — The latest developments on the Volkswagen emissions scandal. All times local.

___

12:15 p.m.

Volkswagen AG's upmarket Audi brand says 2.1 million of its vehicles are among those with the engines affected by the emissions-rigging scandal.

Audi said Monday that the engine in question was built into 1.6-liter and 2-liter turbo diesel models in the A1, A3, A4, A6, TT, Q3 and Q5 ranges, news agency dpa reported. The cars involved have engines in the "euro 5" emissions category; those with the newer "euro 6" engines aren't affected by the emissions scandal.

Volkswagen said last week that 11 million vehicles worldwide contain software involved in the emissions-rigging scandal, and later added that 5 million of those were cars were produced by its core VW brand. The group hasn't yet given a full listing of what cars were involved.

___

11:00 a.m.

A European environmental organization says it has found some new models of Mercedes, Volkswagens, BMWs and other new cars consume much more gasoline than lab tests claim.

The organization, Transport & Environment, said Monday it had found no proof the cars are equipped with the same sort of "defeat devices" installed on diesel-powered Volkswagens to enable them to cheat on emissions tests.

But the group called on European Union governments to broaden their probes into the "defeat devices" to cover gasoline cars as well.

Transport & Environment said according to its research, the gap between lab test results for fuel economy and real-world performance rose last year to 40 percent on average, from 8 percent in 2001.

It said the difference for Mercedes A, C and E class models is over 50 percent.

http://www.bostonherald.com/busines...1_million_audi_vehicles_have_suspect_software