Volkswagen has given employees with any information about the massive emissions scandal until November 30 to come clean.
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Later, news emerged that the issue has affected almost a lakh petrol vehicles as well. Figures let go Friday. showed sales within the USA – where the scandal 1st broke on September 18 – have been up zero. 2 %. The company is struggling with weakening sales, especially in emerging markets.
To weather expected expenses related to the Dieselgate emissions scandal, Volkswagen has gone to the financial community seeking 20 billion euros – $21.5 billion – to assure its liquidity.
Meanwhile, it sold 50% fewer cars in Brazil and saw its sales drop by 25% in Russian Federation.
Volkswagen has suffered greatly as a result of the emissions scandal, which is alleged to have affected more about 11 million of the company’s vehicles. The company has said there were also “irregularities” in its measurement of emissions of carbon dioxide, a greenhouse gas scientists say contributes to global warming. And for cars bearing the VW badge, sales fell 5.3 percent for the month. The crisis worsens as regulatory agencies promise to toughen up on tests, and both Volkswagen dealers and owners prepare rafts of lawsuits.
Stackmann commented on the current situation: “The entire company is working to restore the trust of our customers in the brand and our products”.
The legal proceedings have been filed before Castlebar District Court by the owner of a 2013 Skoda Superb, who is bringing the case against the local dealer, Monaghan and Sons (Castlebar) Ltd, VW Group Ireland, and ultimate parent firm Volkswagen AG.
“A well-diversified portfolio of funding tools gives us the necessary flexibility to offer appropriate and competitive financing options for our customers as well as our industrial investment needs”, Volkswagen said in an e-mailed statement to Bloomberg, declining to give further details.
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Volkswagen’s automotive division had €27.8 billion in net liquidity at the end of the third quarter, with the auto maker categorizing about €10 billion of that as a buffer to support credit ratings.
