Key Developments: Volkswagen AG (VOWG.DE)

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27 Nov 2015
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Latest Key Developments (Source: Significant Developments)

German prosecutors launch tax evasion probe at Volkswagen AG - Reuters
Tuesday, 24 Nov 2015 03:02am EST 

Volkswagen AG:German prosecutors have launched an investigation into suspected tax evasion in connection with cheating on emissions tests by Volkswagen, adding to the intense scrutiny of Europe's biggest carmaker - RTRS.The investigation focuses on five Volkswagen employees, a spokesman for the prosecutor's office in the northern German city of Braunschweig, near Volkswagen's Wolfsburg headquarters, said on Tuesday, confirming an earlier media report - RTRS.The main focus of the investigation is tax evasion, but it could also involve fraud, he said - RTRS.This investigation will run alongside an ongoing separate probe, in which Braunschweig's prosecution is investigating several people connected with Volkswagen on suspicion of criminal offences like fraud or violation of competition rules - RTRS.  Full Article

Volkswagen AG emissions issue extends to additional 75,000 vehicles - Reuters
Friday, 20 Nov 2015 02:14pm EST 

Volkswagen AG:Volkswagen AG has told U.S. regulators that emissions issues in larger luxury cars and SUVs extend to an additional 75,000 vehicles dating back to 2009, the U.S. Environmental Protection Agency said on Friday - RTRS.The disclosure widened the VW scandal, which had previously focused mainly on smaller-engined, mass-market cars, and raised the possibility that engineers at both the Audi and VW brands could have been involved in separate emissions schemes - RTRS.The EPA and California Air Resources Board on Nov. 2 accused VW of evading emissions in at least 10,000 Audi, Porsche and VW sport utility vehicles and cars with 3.0-liter V-6 diesel engines. VW initially denied the findings - RTRS.During a meeting on Thursday, VW and Audi officials told the EPA that the issues extend to all 3.0-liter diesel engines from model years 2009 through 2016. The new disclosure covers a total of 85,000 vehicles, the EPA said - RTRS.  Full Article

Volkswagen AG works council sees job loss risk at individual sites - Reuters
Friday, 20 Nov 2015 01:02pm EST 

Volkswagen AG:We will continue to keep a particularly vigilant eye on the job situation. In these times we must be somewhat cautious, as much as we were during the financial crisis in 2008.We see risks here at individual sites, especially in the area of temporary employment.  Full Article

Volkswagen AG to recall 767 Bentley cars in Russia - technical safety agency - Reuters
Thursday, 19 Nov 2015 10:12pm EST 

Volkswagen AG:German carmaker Volkswagen will recall 767 Bentley cars in Russia, Russia's technical safety watchdog Rosstandart said on Friday - RTRS.The recall will affect Bentley Continental GT, Continental GTC and Flying Spur models sold between 2011 and 2014 due to concerns related to the accumulator system, in which two nuts should be changed, Rosstandart said - RTRS.  Full Article

Volkswagen AG - UAW says it wins right to have union representation vote at VW Tennessee plant - Reuters
Thursday, 19 Nov 2015 02:21am EST 

Volkswagen AG:Volkswagen AG skilled trades workers at the company's lone U.S. auto assembly plant will vote Dec. 3 and Dec. 4 whether to be represented by the United Auto Workers, the UAW said on Wednesday - RTRS.Volkswagen, which had earlier been the most supportive of the UAW among foreign automakers with U.S. plants, fought against the petition by the UAW for a vote of 165 skilled trades workers at the plant in Chattanooga, Tennessee - RTRS.The petition for an election of a fraction of the plant's 1,500 hourly workforce was granted by the NLRB on Wednesday, a UAW spokesman said - RTRS.  Full Article

Volkswagen AG to recall 1,906 cars in Russia over engine worries - standards agency - Reuters
Wednesday, 18 Nov 2015 10:40pm EST 

Volkswagen AG:German carmaker Volkswagen will recall 1,906 cars in Russia because of possible engine problems, Russian state standards agency Rosstandart said on Thursday - RTRS.The recall will affect Volkswagen Jetta, Beetle and Golf models built in the last two years because of concerns about the valvetrain component used in their engines, Rosstandart said - RTRS.  Full Article

Australian law firm files $72-mln class action against Volkswagen AG - Reuters
Wednesday, 18 Nov 2015 06:47am EST 

Volkswagen AG:Law firm Maurice Blackburn will launch a class action lawsuit on Thursday on behalf of Australian owners of scam-tainted Volkswagen AG seeking total damages "well north" of A$100 million ($71.59 million) - RTRS.More than 10,000 Australian owners have already registered for the class action that targets the German parent companies involved in the emissions scam, not just the local subsidiaries, Maurice Blackburn said - RTRS.Maurice Blackburn Principal Jason Geisker said the litigation, on behalf of more than 90,000 car owners, will seek to recover the full cost of the vehicle, plus damages for misleading and deceptive conduct, among others - RTRS.  Full Article

Volkswagen AG says CO2 cheats affect more petrol engines than previously disclosed - Reuters
Monday, 16 Nov 2015 06:15am EST 

Volkswagen AG:Volkswagen said its manipulations of carbon dioxide emission levels affect more petrol-powered engines at the German carmaker than it had previously disclosed - RTRS.VW said on Nov. 3 it had understated the level of CO2 emissions in around 800,000 predominantly diesel-powered vehicles, with some models using a 1.4 litre petrol engine - RTRS.A spokesman said on Monday that more petrol engines were implicated by the CO2 violations, adding to a statement the carmaker had released after business hours on Friday - RTRS.  Full Article

Volkswagen AG - German ministry says 540,000 VW cars with 1.6 litre engines require fixes - Reuters
Monday, 16 Nov 2015 04:49am EST 

Volkswagen AG:Roughly 540,000 Volkswagen cars with 1.6 litre engines will require software and hardware fixes as part of a recall of vehicles affected by the carmaker's diesel emissions scandal, the German transport ministry said on Monday - RTRS.  Full Article

Volkswagen AG - Belgian prosecutor probes VW following reports it cheated emissions tests - Reuters
Tuesday, 10 Nov 2015 06:28am EST 

Volkswagen AG:The Brussels prosecutor's office has opened an investigation into German carmaker Volkswagen following its admission it understated the emissions of vehicles in Europe, the prosecutor's office said in a statement on Tuesday - RTRS.The cabinet of the Flemish environment minister brought the case against Volkswagen, the prosecutor said in a statement - RTRS.The European Commission has asked all 28 EU member states to investigate potential breaches of vehicle emissions rules in the light of the Volkswagen emissions scandal - RTRS.  Full Article


Toyota leads global car sales in October, outsells VW for fourth month

TOKYO Toyota Motor Corp outsold Volkswagen AG for the fourth straight month in October to remain the world's top-selling automaker so far this year, after sales at the German carmaker suffered following the diesel emissions scandal.

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