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Volkswagen shares slide again on deepening scandal
Unlike the 2.0-liter engines used in the Volkswagen Jetta, Golf, and Beetle, and the Audi A3, the Audi and Porsche models with the diesel V-6 had already been certified for the 2016 model year. The cars involved produced as much as 40 times the allowed amount of nitrogen oxide, putting consumers at risk of asthma, bronchitis, and emphysema.
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Volkswagen said on Tuesday that engine software connected with a scandal over falsified US vehicle emission tests could affect 11 million of its cars worldwide as investigations of its diesel models multiplied.
“We’re getting loaded for bear”, said an EPA insider quoted by a source who asked to remain anonymous because his employer controls all interactions with the media. The crisis widened on Tuesday as the company made the stunning admission that 11 million of its diesel vehicles worldwide were fitted with same cheating software.
VOLKSWAGEN set aside £4.7billion yesterday to pay for the fallout of an emissions test scandal involving 11million cars. On Monday, Volkswagen reported a heavy loss of 15 billion euros ($16.68 billion) of its market value.
“These Volkswagen vehicles should never have been sold, and certainly should not have spent the past six years on American roads polluting our air”, said Eric Gibbs, one of the founding partners of Girard Gibbs and the lead attorney on the case.
Regulators in the USA said Volkswagen cheated on environmental standards by programming engine management software in some diesel cars to turn on emission controls only when being tested.
“I personally am deeply sorry that we have broken the trust of our customers and the public”.
Volkswagen said it is “working intensely” to solve the problem and that it “does not tolerate any kind of violation of laws whatsoever”.
The United States government announced it was widening the investigation to other manufacturers, while the European Commission (EC) has contacted VW and USA authorities over the findings.
“So let’s be clear, our company was dishonest with the EPA, with the California Air Resources Board, and with you”, said Michael Horn during the reveal of the 2015 Passat in New York.
Volkswagen recently overtook Toyota as the world’s largest automaker in July.
Like most Volkswagen diesel drivers, Gingi Cabot bought hers for the great gas mileage and power.
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Alexander said replacing the software will not be easy, and he fears some vehicle owners won’t have it fixed.