The beleaguered company appointed Porsche boss Matthias Mueller, 62, as its new chief executive.
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As for the reputation of “clean diesel” technology in the USA, there’s no telling how far that stock will drop in the coming years.
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.
Volkswagen could face $18 billion in fines from the U.S. Environmental Protection Agency (EPA) after it admitted using software in diesel cars to cheat emissions tests.
In the past the EPA has been mostly focused on emissions from heavy-duty vehicles but it is improving testing of light-duty cars, agency officials said.
This comes after VW, the biggest carmaker in the world, admitted cheating on emissions tests in the US.
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 latest developments on the Volkswagen emissions scandal. “That’s 80 million people driving our cars worldwide”.
Yet investors hardly need proof when they consider what could be coming down the road for BMW, and a rapid selloff on German exchanges showed what suspicions could do when billions are at stake.
VW probably tried to avoid urea systems in the beginning because their cost would have driven Jetta and Golf prices above competitors, especially gas-electric hybrids, DeLorenzo said.
The close relationship between the German government and the country’s auto industry has been thrown into the spotlight by the Volkswagen scandal.
The appointment came as Swiss authorities said they were suspending sales of Volkswagen brand diesel vehicles that could contain devices capable of cheating emissions tests, including Audi, Seat, and Skoda vehicles built between 2009 and 2014.
The Justice Department says it’s “working closely” with EPA investigators. Attorneys general for almost 30 states and the District of Columbia have announced a coordinated investigation and said they are issuing subpoenas for company records.
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In this case, following the revelations about the rigged tests, prosecutors in Braunschweig, near VW’s headquarters in Wolfsburg, received about a dozen complaints, including one from Volkswagen itself, said spokeswoman Julia Meyer.
