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Key Developments: Volkswagen AG (VOWG_p.DE)

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Latest Key Developments (Source: Significant Developments)

Volkswagen AG recalls 5,600 U.S. electric vehicles for stalling issue - Reuters News
Monday, 28 Mar 2016 06:58am EDT 

Volkswagen AG:Volkswagen AG is recalling nearly 5,600 electric e-Golf cars in the United States to address a battery problem that can cause stalling, the company said Monday. - RTRS.VW said the recall covers all electric vehicles it has sold in the United States since it launched it in November 2014.The National Highway Traffic Safety Administration said Monday that the German automaker is recalling its 2015-2016 e-Golf electric vehicle.because software in the "high-voltage battery management system may inadvertently classify a brief internal electrical current surge/peak as a critical battery condition.which could cause the car to shut down.Volkswagen, facing lawsuits and criticism after it admitted to installing software to allow 580,000 diesel U.S. vehicles to emit excess emissions, has been touting its electric vehicle efforts. This month, the German automaker said its top U.S. executive was stepping down.Dealers will install updated software in the electric vehicles. VW sold 4,232 e-Golf cars in the United States last year, up from 357 in 2014. VW has sold 526 in the first two months of the year.The recall also includes 157 unsold vehicles in dealer hands. Volkswagen said in documents filed with NHTSA that the issue can "cause an emergency shutdown of the high-voltage battery, which in turn deactivates the vehicle’s electrical drive motor." Volkswagen said in early 2015 it received the first information about a single stalling event.  Full Article

Volkswagen AG, Porsche recall about 800,000 SUVs to check pedals - Reuters News
Thursday, 24 Mar 2016 07:23am EDT 

Volkswagen AG:Volkswagen and its Porsche unit on Thursday said they were recalling more than 800,000 VW Touareg and Porsche Cayenne sports utility vehicles as a precautionary measure, to fix a potentially faulty component on the pedal mechanism. - RTRS.The carmakers said 391,000 Touaregs and 409,477 Cayennes built between 2011 and 2016 would be recalled because "a circlip could be loose on the bearing bracket for pedals".  Full Article

Kentucky sues Volkswagen AG over diesel emissions cheating - Reuters News
Tuesday, 22 Mar 2016 11:04am EDT 

Volkswagen AG:Kentucky sued Volkswagen AG and its luxury units on Tuesday claiming the German automaker's diesel emissions cheating scheme violated the state's Consumer Protection Act. - RTRS."Volkswagen must be held accountable for its false and misleading promotion and sales of its vehicles in the Commonwealth," Kentucky Attorney General Andy Beshear said in a statement.The automaker has admitted installing diesel emissions software to allow 580,000 U.S. diesel vehicles sold since 2009 to emit up to 40 times legally allowable emissions.It faces a continuing U.S. ban on selling 2016 diesel models. Beshear's suit filed in Franklin Circuit Court also names VW's Porsche and Audi units and seeks civil penalties for violations of the state's Consumer Protection Act and an injunction barring similar future practices by the company.Kentucky is at least the fifth U.S. state to sue VW, along with New Jersey, Texas, New Mexico and West Virginia. Harris County, Texas, is also suing Volkswagen.  Full Article

Volkswagen AG said in talks with U.S. over two funds to pay for pollution - Bloomberg - Reuters News
Thursday, 17 Mar 2016 05:17am EDT 

Volkswagen AG:Volkswagen AG is in talks with U.S. authorities to establish a national remediation fund and a separate one for California as punishment for pollution from its cars after the automaker cheated on diesel-emissions tests, said people familiar with the matter - Bloomberg.One fund would be administered by the Environmental Protection Agency and used to promote clean transportation throughout the U.S.; the other would be run by California to promote zero-emission vehicles in the state, said the people, who asked not to be identified because the talks are private.Negotiations are continuing and many details are in flux, the people said.A deal would help settle a U.S. Department of Justice civil lawsuit and clear a key obstacle as the German automaker tries to emerge from a scandal affecting 11 million of its vehicles worldwide.Volkswagen, which faces billions of dollars in regulatory fines and legal compensation, has a March 24 court deadline in California to present a solution for nearly 600,000 U.S. cars whose diesel engines were rigged to pass emissions tests while polluting more than allowed.Representatives for VW, the EPA, the Department of Justice and the California Air Resources Board declined to comment on the details of the negotiations.  Full Article

Volkswagen AG nstitutional investors file multi-billion euro suit in Germany - Reuters News
Monday, 14 Mar 2016 11:03am EDT 

Volkswagen AG:Almost 300 institutional investors in Volkswagen have filed a multi-billion euro suit against the carmaker for what they see as breaches of its capital markets duty in the emissions scandal, the law firm representing them said - RTRS.The lawsuit, for damages of 3.256 billion euro ($3.61 billion), was filed at a regional court in Braunschweig in VW's home state of Lower Saxony on Monday and is being brought by 278 investors from all over the world, including German insurers and U.S. pension fund Calpers.Law firm TISAB said the lawsuit was over whether VW neglected its duty to the capital markets regarding the timeframe between June 2008 and Sept. 18, 2015.A spokesman for VW said the carmaker could not comment because it had not been sent the suit.Volkswagen earlier this month published an account of the events leading to the violation of U.S. emissions law being publicly announced by the U.S. Environmental Protection Agency.The law firm has also filed a motion for a so-called model claims, a German legal procedure which - for lack of U.S. style class-action lawsuits - uses court rulings won by individual investors as templates to set damages for others that are equally affected.  Full Article

Volkswagen AG - Ex-VW employee sues VW in U.S. over data deletion- German media reports - Reuters News
Sunday, 13 Mar 2016 06:24am EDT 

Volkswagen AG:A former employee of Volkswagen's U.S. subsidiary is suing the company for damages, claiming he was unlawfully fired after flagging internally what he alleged was illegal deletion of data, a group of German media outlets said on Sunday - RTRS.The former employee at Volkswagen Group of America's data processing centre in Michigan is seeking unspecified damages for losing his job after he tried from Sept. 18 last year to stop a co-worker from deleting data, German broadcasters WDR and NDR as well as newspaper Sueddeutsche Zeitung.The reports did not say what kind of data was being deleted.However, the media reports said that the former VW employee was alleging that VW in the United States had destroyed evidence in relation to the emissions scandal.VW is facing a series of legal complaints and regulatory investigations after revelations on Sept. 18 last year that the German carmaker manipulated engine control software to understate emissions during tests.A German spokesman for Volkswagen said: "These are legal proceedings concerning labour law on which we don't comment as a matter of principle." The media reports said the former VW employee said he was following his manager's orders in trying the stop the deletions but he also said an ensuing row over the matter and VW's fears he would alert the authorities led to his dismissal.The legal complaint from the former VW employee claims protection from retaliation under a Michigan whistleblower law.  Full Article

Volkswagen AG - VW to cut 3,000 office jobs in Germany by end 2017 - sources - Reuters News
Thursday, 10 Mar 2016 05:40am EST 

Volkswagen AG:Volkswagen plans to cut about 3,000 office jobs in Germany by the end of 2017 as the carmaker strives to offset the cost of its emissions test-rigging scandal, two sources at the company said on Thursday. - RTRS.Europe's largest automaker is cutting investment by 1 billion euros ($1.1 billion) in 2016 compared with last year and aims to shed hundreds of temporary jobs and cease unprofitable models in a bid to reduce costs in the wake of the scandal.VW employs about 120,000 workers at its Western German plants and its financial services division, with about a third of those being office positions.The sources did not give more specific information about the job losses. German news agency dpa first reported the cuts."The Volkswagen brand has initiated an efficiency programme that is affecting all areas, including personnel costs," a VW spokesman said.Costs can be cut by reducing temporary work contracts, filling vacancies internally and making fewer hirings, the spokesman added, declining to be more specific. VW's works council did not return calls seeking comment.  Full Article

Volkswagen AG shares fall as regulatory probes intensify - Reuters News
Tuesday, 8 Mar 2016 10:59pm EST 

Volkswagen AG:Volkswagen shares fell as much as 4 percent on Wednesday, as an analyst warned the carmaker might need to make a big cut to its dividend to help pay for the growing number of regulatory and judicial probes over its emissions test cheating - RTRS.On Tuesday, a source briefed on the matter told Reuters that the U.S. Justice Department had sent Volkswagen (VW) a subpoena under a bank fraud law as part of its investigations into the scandal. The law allows the government's civil division to investigate fraud over the last 10 years.At 0930 GMT, the shares were down 1.8 percent at 110.25 euros, paring earlier losses of as much as 4 percent.VW faces investigations around the world after it admitted in September to installing software in up to 11 million vehicles that allowed them to emit up to 40 times legally allowable pollution on the road.DZ Bank analyst Michael Punzet said the subpoena, combined with news that prosecutors in the city of Braunschweig had widened their probe to include a greater number of suspects, had spooked investors."Taken into account the possible higher financial burdens due to extended investigations could lead to a deeper dividend cut than currently expected by the market," Punzet said in a note, reiterating his 'sell' rating on the stock.  Full Article

Volkswagen AG - Russian agency says Volkswagen to recall 368 Golf, 138 Audi A3 cars - Reuters News
Tuesday, 8 Mar 2016 05:36pm EST 

Volkswagen AG:Volkswagen will recall 368 Volkswagen Golf and 138 Audi A3 cars in Russia, Russia's technical safety watchdog Rosstandart said on Wednesday. Rosstandart said the reason for the recall was the potential for fuel pumps in the cars to fail. - RTRS.  Full Article

Volkswagen AG - U.S. subpoenas Volkswagen under bank fraud law in emissions probe -source - Reuters News
Tuesday, 8 Mar 2016 04:54pm EST 

Volkswagen AG:The U.S. Justice Department sent German automaker Volkswagen AG a subpoena under a bank fraud law in its diesel emissions probe, a person briefed on the matter said Tuesday. - RTRS.The government is using the Financial Institutions Reform, Recovery and Enforcement Act to issue the civil subpoena, a 1989 law used in investigating large financial institutions, said the source who requested anonymity, citing the sensitivity of the ongoing probe.The law allows the government's civil division to investigate fraud over the last 10 years.VW spokeswoman Jeannine Ginivan declined to comment on talks with regulators, but said the automaker "will continue to cooperate with all relevant government agencies.".The Wall Street Journal reported the subpoena earlier Tuesday. The law has been used to subpoena auto loan finance companies in recent years, among other companies.VW faces investigations around the world after it admitted in September to installing software in up to 11 million vehicles that allowed them to emit up to 40 times legally allowable pollution in real world driving.Last month, a federal judge imposed a March 24 deadline for Volkswagen to state whether it has found an emissions fix for 600,000 U.S. diesel vehicles that is acceptable to U.S. regulators.Settlement talks are still ongoing between the Justice Department, EPA and California Air Resources Board that could include buyback offers and fixes for vehicles.  Full Article

Continental expects no major hit from carmakers' price cuts -CFO

BERLIN, May 4 Continental is bracing for tough talks with Volkswagen and other carmakers over prices, though it does not expect to take a major hit on its results, finance chief Wolfgang Schaefer said.

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