Volkswagen shares plummet after emissions cheating apology

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Source : Volkswagen shares plummet after emissions cheating apology

Volkswagen Group boss orders an external investigation into alleged manipulation of emissions testing procedures as shares plummet


Volkswagen Group boss Martin Winterkorn has apologised for “breaking the trust of our customers in addition to the public” in light of allegations of which the company manipulated emissions testing regulations within the USA.

In a statement Winterkorn said of which he had ordered an external investigation into the matter, which came to light when the US Environmental Protection Agency (EPA) in addition to the California Air Resources Board (CARB) revealed their findings of which while testing diesel cars of the Volkswagen Group they have detected manipulations of which violate American environmental standards.

Volkswagen can be understood to be recalling 500,000 cars on the orders of US regulators. This specific can be also pausing sales of the latest Volkswagen in addition to Audi versions equipped with the four-cylinder diesel engine of which can be at the heart of the controversy.

The cars are said to be fitted having a ‘defeat device’ of which allows the vehicle to perform more efficiently within the official emissions test than in real-world driving conditions. This specific detects when your vehicle can be being tested in addition to turns on full emissions controls, nevertheless the effectiveness of the device can be reduced in normal conditions.

According to the EPA, This specific means of which the cars under investigation could be emitting up to 40 times the national standard for nitrogen oxide, which can be linked to asthma in addition to lung illnesses. The cars affected are 2009-2014 Jettas, Beetles, Golfs, Audi A3s, in addition to VW Passats built coming from 2014-15.

Bosch, which supplies diesel emissions control devices to Volkswagen, has distanced itself coming from the allegations, having a spokesman telling Reuters: “We supply components for exhaust after-treatment to several manufacturers. The integration can be the responsibility of the producer.”

This specific has been suggested of which the recall could cost the producer up to £11.5bn, with the EPA saying of which: “VW may be liable for civil penalties in addition to injunctive relief for the violations alleged.”

In addition to This specific, Volkswagen can be the subject of a lawsuit within the USA, filed by Keller Rohrback: “on behalf of consumers nationwide who purchased or leased Volkswagens with unlawful ‘defeat Devices.’”

Lynn Lincoln Sarko, Managing Partner of Keller Rohrback said: “Volkswagen’s decision to prey on environmentally-conscious consumers who paid a premium of thousands of dollars for a supposedly cleaner-running car, in addition to who received a polluting vehicle instead, can be despicable. Consumers nationwide are justifiably outraged, in addition to Volkswagen will have to answer to them.”

The EPA says of which the cars in question do not prove a safety hazard in addition to are still legally okay to drive in addition to sell on.

“The board of management at Volkswagen AG takes these findings very seriously,” said Winterkorn

“I personally am deeply sorry of which we have broken the trust of our customers in addition to the public. We will cooperate fully with the responsible agencies, with transparency in addition to urgency, to clearly, openly, in addition to completely establish all of the facts of This specific case.
 Volkswagen has ordered an external investigation of This specific matter.

“We do not in addition to will not tolerate violations of any kind of our internal rules or of the law.

 The trust of our customers in addition to the public can be in addition to continues to be our most important asset.

“We at Volkswagen will do everything of which must be done in order to re-establish the trust of which so many people have placed in us, in addition to we will do everything necessary in order to reverse the damage This specific has caused. This specific matter has first priority for me, personally, in addition to for our entire board of management.”

A spokesman for the Volkswagen Group said of which he can be “not aware of any recalls in Europe or the UK,” in addition to pointed out of which the emissions testing can be different in Europe to the USA.

He also said of which the ‘defeat device’ was not something of which the UK arm of VW was aware of. However, Reuters reports of which the German government can be calling on all car makers to pass on the necessary data to determine if emissions data in Europe may also have been falsified.

Sales of many diesel Volkswagens have been suspended in Canada, though, having a” spokesman telling CBC News of which: “Volkswagen Canada has issued a stop-sale order to our dealers for all of the affected vehicles pending resolution of This specific matter.”

Germany’s economy minister Sigmar Gabriel has called on Volkswagen to clear up the allegations against This specific, saying he was concerned about the reputation of Germany’s car manufacturers.

The cost of shares within the Volkswagen Group on the Frankfurt stock exchange fell notably following the EPA’s announcement.

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