Key Developments: Volkswagen AG (VOWG_p.DE)

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12 Feb 2016
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Latest Key Developments (Source: Significant Developments)

Volkswagen AG may offer discounts to owners of cars with illicit software -DPA says - Reuters
Tuesday, 19 Jan 2016 11:17pm EST 

Volkswagen AG:Volkswagen may offer VW owners in Germany discounts on new cars if they turn in certain old models affected by the emissions scandal that has rocked Europe's biggest carmaker, German news agency DPA reported on Sunday - RTRS.The group now expects the costs of the scandal, which include a recall of 8.5 million vehicles in Europe, to exceed 30 billion euros ($33 bln), German monthly Manager Magazin reported on Saturday - RTRS.It is seeking ways to cut costs and stabilise sales to cope with the fallout of the scandal. Incentives for VW owners to buy new vehicles could help buoy sales figures and take pressure off VW dealerships to implement fixes quickly. - RTRS.The special offers may focus on the owners of vehicles with 1.6-litre diesel engines, which require costly hardware upgrades rather than just software fixes, sources at Volkswagen and VW dealerships said, according to DPA. - RTRS.The offer would be available only in Germany, where around 2.4 million cars with the cheating software were sold. - RTRS.Volkswagen said in response that it was common for Volkswagen and its dealers to consider special offers for existing customers, declining to comment further. - RTRS.  Full Article

Volkswagen AG - S.Korea says to file suit against VW's local chief in emissions case - Reuters
Monday, 18 Jan 2016 07:13am EST 

Volkswagen AG:South Korea's environment ministry said it plans to file a criminal complaint later on Tuesday against the head of the South Korean unit of Volkswagen AG and Audi AG over an emissions test cheating scandal - RTRS.The complaint against Johannes Thammer, managing director of Audi Volkswagen Korea, says that a recall plan submitted by the German automakers failed to address key elements required under the country's environment law, the ministry said in a statement - RTRS.In November, South Korea, after conducting its own emissions test, fined the German automaker a record 14.1 billion won ($11.7 million) and ordered a recall of 125,522 vehicles. Volkswagen submitted a recall plan on Jan. 6 at the request of the ministry. - RTRS.  Full Article

Volkswagen AG - California board rejects Volkswagen's diesel fix plan - Reuters
Tuesday, 12 Jan 2016 01:22pm EST 

Volkswagen AG:The California Air Resources Board said on Tuesday it had rejected Volkswagen AG's plan to fix 2.0 liter diesel cars with software that allow them to emit up to 40 times legally allowable pollution. - RTRS.The state said VW's proposed fix was not adequate or fast enough, and that it would continue its investigation as well as talks with VW to find a fix - RTRS.The state did not assess any immediate penalties, but it issued a new notice that VW had violated California air quality regulations - RTRS.VW CEO Matthias Muller is meeting with Environmental Protection Agency chief Gina McCarthy on Wednesday to discuss the emissions scandal that impacts nearly 600,000 vehicles in the United States and up to 11 million vehicles worldwide - RTRS.  Full Article

Volkswagen AG - Italy consumer group to appeal after VW class action rejected - Reuters
Tuesday, 12 Jan 2016 08:44am EST 

Volkswagen AG:Italian consumer group Altroconsumo will launch an appeal after a court rejected its class action case against Volkswagen VOWG_p.DE in which it accused the carmaker of understating the level of carbon dioxide emissions in one of its models - RTRS.Altroconsumo filed the class action in September 2014, long before Volkswagen was engulfed in a scandal over its cheating of diesel emissions tests and before it admitted late last year to understating fuel consumption on about 36,000 cars - RTRS.Altroconsumo said in 2014 it had done laboratory tests on a Volkswagen Golf 1.6 TDI BM model, which resulted in emissions 50 percent higher than those declared by the carmaker.In the class action it asked that Volkswagen be ordered to pay around 500 euros ($542) in damages to each owner of the tested model. - RTRS.The class action was lodged with a court in Venice, whose catchment area covers the city of Verona, where Volkswagen has its Italian headquarters. - RTRS.  Full Article

Volkswagen AG may buy back some cars in emissions scandal - CEO on CNBC - Reuters
Monday, 11 Jan 2016 01:37pm EST 

Volkswagen AG:German automaker Volkswagen may end up buying back some cars affected by the emissions scandal, its chief executive told CNBC in an interview - RTRS."In some cases it's very easy to repair the cars, in other cases it's very expensive and in that case we have to negotiate whether it would be better to bring back some of the cars to Volkswagen," Matthias Mueller told CNBC at the Detroit auto show on Monday. - RTRS."In theory it's possible," he said. - RTRS.Some U.S. regulators and lawmakers have said VW may have to buy back older models. German daily Sueddeutsche Zeitung reported last week that VW assumed it would have to buy back about 115,000 cars in the United States - RTRS.  Full Article

Volkswagen AG blasted for shielding emissions documents from U.S. probe - Reuters
Friday, 8 Jan 2016 02:34pm EST 

Volkswagen AG:Three U.S. state attorneys general criticized Volkswagen AG on Friday for citing German law to withhold documents from a group of states investigating the German automaker's use of illegal diesel emissions software - RTRS.Connecticut Attorney General George Jepsen said it was "frustrating" that "despite public statements professing cooperation ..Volkswagen is, in fact, resisting cooperation by citing German law." - RTRS.Officials said VW is withholding emails between its executives and other communications from the group of 48 U.S. state attorneys general investigating excess emissions in 580,000 U.S. diesel cars. - RTRS.The U.S. Justice Department and German prosecutors are also investigating the automaker, which has said up to 11 million vehicles worldwide had the software - RTRS.With Volkswagen citing German privacy law, New York Attorney General Eric Schneiderman said the German automaker "has failed to pursue every avenue to overcome the obstacles" it has cited. "Our patience with Volkswagen is wearing thin. - RTRS.He complained that VW's cooperation has been "spotty." VW "has been slow to produce documents from its US files, it has sought to delay responses until it completes its ‘independent investigation’ several months from now," Schneiderman said in a statement. - RTRS.  Full Article

Volkswagen AG - VW faces billions in fines as U.S. sues for environmental violations - Reuters
Tuesday, 5 Jan 2016 01:28pm EST 

Volkswagen AG:The U.S. Justice Department has sued Volkswagen for up to $48 billion for allegedly violating environmental laws - a reminder of the carmaker's problems nearly four months after its emissions scandal broke. - RTRS.Although such U.S. lawsuits are typically settled at a fraction of the theoretical maximum penalty, analysts said the size of the claim meant Volkswagen (VW) could face a larger bill than previously anticipated. - RTRS."The announcement serves as a reminder/reality check of VW's still unresolved emissions issues," Goldman Sachs analysts wrote in a note, maintaining their "sell" recommendation on the stock. - RTRS.VW VOWG_p.DE shares fell as much as 6 percent to a six-week low in early Tuesday trade, the biggest drop on Germany's blue-chip DAX index - RTRS.The civil lawsuit, announced on Monday, reflects the growing number of allegations against VW since the German company admitted in September to installing devices to cheat emissions tests in several 2.0 litre diesel vehicle models. - RTRS.According to a Reuters review of the U.S. complaint, VW could in theory face fines of as much as $37,500 per vehicle for each of two violations of the law; up to $3,750 per "defeat device"; and another $37,500 for each day of violation. - RTRS.  Full Article

Volkswagen AG - German politicians fear hefty U.S. fine could hit VW jobs - Reuters
Tuesday, 5 Jan 2016 08:31am EST 

Volkswagen AG:A U.S. lawsuit against Volkswagen has sparked concern among German politicians that a multi-billion-dollar fine could endanger jobs at the country's biggest carmaker - RTRS.The U.S. Department of Justice said on Monday it has sued VW for allegedly violating environmental laws by installing devices to cheat emissions tests in several 2.0 litre diesel vehicle models - RTRS.While any fine is likely to be well short of the theoretical maximum of $48 billion, the claim has shone the spotlight back on the German company's problems just as Volkswagen (VW) had hoped it was starting to make progress in tackling the scandal. - RTRS.Germany has largely rallied around VW since the scandal was uncovered by the U.S Environmental Protection Agency (EPA) in a bid to try to limit the damage to a company that employs some 270,000 people in Germany. - RTRS.But Kerstin Andreae, deputy head of the opposition Green Party in parliament, which has criticised the coalition government's handling of the scandal, said the U.S. government's actions were to be expected. - RTRS."It's in nobody's interests that VW is crushed by this - but there can't be a legal vacuum for companies, even if they are firms which are of great significance to the economy like VW," she told Reuters, adding she also feared an impact on jobs - RTRS.  Full Article

Volkswagen AG - U.S. files civil suit against Volkswagen for environment violations - Reuters
Monday, 4 Jan 2016 01:01pm EST 

Volkswagen AG:The U.S. Justice Department on Monday filed a civil suit against Volkswagen AG VOWG_p.DE for allegedly violating the Clean Air Act by installing illegal devices to impair emission control systems in 600,000 vehicles. - RTRS.The allegations in the lawsuit carry penalties that could cost Volkswagen billions of dollars, a senior Justice Department official said. - RTRS."The United States will pursue all appropriate remedies against Volkswagen to redress the violations of our nation's clean air laws," said Assistant Attorney General John Cruden, head of the departments environment and natural resources division. - RTRS.The lawsuit will be filed in the Eastern District of Michigan and then transferred to Northern California, where class-action lawsuits against Volkswagen are pending. - RTRS.It does not preclude the Justice Department from pursuing criminal charges against Volkswagen, said a senior Justice Department official. - RTRS.  Full Article

Volkswagen AG - UAW says VW refuses collective bargaining for Tennessee workers - Reuters
Tuesday, 22 Dec 2015 10:39am EST 

Volkswagen AG:The United Auto Workers union has filed charges against Volkswagen AG , claiming the company is refusing to enter into collective bargaining for a portion of workers at its Chattanooga, Tennessee, factory, the union said on Tuesday - RTRS.The charges were filed with the National Labor Relations Board on Monday. - RTRS.On Dec. 4, more than 70 percent of the 161 skilled trades workers at the VW plant voted to join the UAW. There are about 1,450 auto assembly workers at the plant - RTRS.The outcome was seen as important for the union because it was the first time workers at an auto assembly plant in the southern U.S. owned by a foreign automaker voted to join the UAW - RTRS.VW fought against the election and filed with the NLRB to try to stop it. The company said it does not want a portion of its auto assembly workers to be represented while others are not. - RTRS."Volkswagen has refused to come to the bargaining table in violation of federal law," said Gary Casteel, UAW secretary-treasurer. - RTRS."By refusing to engage in collective bargaining after a successful election, Volkswagen is not only doing a disservice to its employees but now is thumbing its nose at the federal government as well." - RTRS.The UAW lost a close election of all of the plant's hourly auto assembly workers in February 2014. The union said the result was tainted by outside interference from anti-union lobbying groups and politicians.- RTRS.  Full Article

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Volkswagen group sales return to growth in January

FRANKFURT Volkswagen group sales returned to growth in January thanks to demand in China, where core brand VW posted its best month ever despite the furor over the German carmaker's cheating of U.S. diesel emissions tests.

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