The V6 TDI engine is employed in popular US models such as the Porsche Cayenne and Volkswagen Touareg. The bad news is that Volkswagen Group still needs a solution for the bulk of their millions of emissions-cheating vehicles. The EPA has suggested that software controlling “temperature conditioning of the exhaust gas cleaning system” (a sentence that only vaguely makes sense even to our auto-obsessed brains) is an emissions control defeat defeat device under USA environmental law. The culture of cost cutting and the need to comply with environmental standards eventually lead to the employment of defeat devices, though which individuals at Volkswagen were involved remains a mystery.
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Analysts have said the scandals could cost the company 40 billion euros or more in fines, lawsuits and vehicle refits.
Audi said it told United States regulators that its 3-liter diesel cars contained software that it had not previously revealed to authorities when obtaining regulatory approval.
Audi has announced a fix to correct the software in some 85,000 vehicles, some of which were initially named in a Notice of Violation (NOV) issued by the EPA at the beginning of the month, Automotive News Europe reports.
That raises two big questions.
“It will take several months before there are conclusive findings”, he said, according to a partial text of his remarks. If we learned anything from General Motors’ (NYSE:GM) massive recall scandal a year ago, it’s that GM CEO Mary Barra’s determination to get all of the information out in public as quickly as possible – no matter how damaging – was smart thinking. VW said it is cooperating with regulators. The loan, expected to close by the end of this week, is apparently meant to reinforce VW’s balance sheet and ease concerns about the company’s creditworthiness.
The cut in capital spending is VW’s first since the height of the financial crisis in 2009.
Volkswagen spokeswoman Jeannine Ginivan said the company is “unable to provide details of this meeting or of the proposal for potential remedies”.
Volkswagen will issue instructions for repairing vehicles equipped with software to deceive emissions tests, the subject of a scandal that has engulfed the German automobile maker since September. However, the VW boss indicated that the costs were “manageable”.
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VW’s stock has rallied in the past month, its shares rising 4.6% following a massive loss of about a third of their value following the EPA announcement.
