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Volkswagen AG (VOWG_p.DE)

VOWG_p.DE on Xetra

22 Jul 2016
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Latest Key Developments (Source: Significant Developments)

Volkswagen AG - German opposition wants inquiry into government response to dieselgate - Reuters News
Thursday, 28 Apr 2016 11:44am EDT 

Volkswagen AG:German opposition parties called on Thursday for a parliamentary committee to investigate the government's response to Volkswagen's diesel emissions scandal, saying Berlin had been too lax in its treatment of the car industry - RTRS.Volkswagen, admitted in September it had used sophisticated secret software to cheat exhaust emissions tests, deceiving regulators and customers about pollution from its diesel engines."The federal government has remained extremely timid (in the scandal) and there must be a reason for this," Dietmar Bartsch, the parliamentary group leader of the far-left Linke said."There has been bluffing and trickery for far too long.".Anton Hofreiter, parliamentary group leader for the Greens, said that while the United States was cracking down on Volkswagen and emissions test manipulations, little was happening on this front in Germany."The German transport ministry has been involved in sweeping problems under the carpet," Hofreiter said.A transport ministry report found that while no automakers other than Volkswagen had cheated emissions tests, others had made maximum use of EU exemption clauses for protecting motors.Volkswagen last week said it booked a 16.2-billion-euro provision related to the scandal to cover potential legal costs and technical modifications.  Full Article

Volkswagen gives FY 2016 sales outlook below analysts' estimates, proposes dividend
Friday, 22 Apr 2016 09:03am EDT 

Volkswagen AG:Depending on economic conditions - particularly in South America and Russia - and exchange rate developments and in light of emissions issue, expects 2016 sales revenue to be down by as much as 5 percent on the prior-year figure.In terms of Group's operating result, anticipates that operating return on sales will be between 5.0 percent and 6.0 percent in 2016.Proposes a dividend of 0.11 euros per ordinary share and of 0.17 euros per preferred share.FY 2015 reported sales revenue at 213.3 billion euros.FY 2016 revenue estimate 212.3 billion euros - Thomson Reuters I/B/E/S.  Full Article

Volkswagen AG expected to offer to buyback U.S. diesel vehicles - Reuters News
Thursday, 21 Apr 2016 12:09am EDT 

Volkswagen AG:Volkswagen AG and U.S. officials have reached the framework of a deal ahead of a Thursday court deadline, to remedy problems caused by hundreds of thousands of vehicles that are emitting up to 40 times legally allowable pollution, two sources briefed on the matter said Wednesday - RTRS.The German automaker is expected to tell a federal judge in San Francisco Thursday that it has agreed to offer to buy back up to 500,000 2.0-liter diesel U.S. vehicles that used sophisticated software to evade U.S. emission rules.Volkswagen may also offer to repair polluting diesel vehicles if U.S. regulators approve the fix as workable at a future date, the sources said.But it is not certain if those vehicles will be deemed fixable by the U.S. Environmental Protection Agency.Separately, Germany's Die Welt newspaper reported Wednesday that the deal to settle the case would involve it paying each affected customer $5,000.  Full Article

Volkswagen AG to offer to buy back nearly 500,000 U.S. diesel cars - sources - Reuters News
Wednesday, 20 Apr 2016 06:35pm EDT 

Volkswagen AG:Volkswagen AG and U.S. officials have reached a framework deal under which the automaker would offer to buy back almost 500,000 diesel cars that used sophisticated software to evade U.S. emission rules, two people briefed on the matter said on Wednesday - RTRS.The German automaker is expected to tell a federal judge in San Francisco Thursday that it has agreed to offer to buy back up to 500,000 2.0-liter diesel vehicles sold in the United States that exceeded legally allowable emission levels, the people said.That would include versions of the Jetta sedan, the Golf compact and the Audi A3 sold since 2009. The buyback offer does not apply to the bigger, 80,000 3.0-liter diesel vehicles also found to have exceeded U.S. pollution limits, including Audi and Porsche SUV models, the people said.  Full Article

Volkswagen AG to recall 44,055 Touareg cars in Russia - Rosstandart - Reuters News
Monday, 18 Apr 2016 11:27am EDT 

Volkswagen AG:Volkswagen will recall 44,055 Volkswagen Touareg vehicles in Russia due to possible faults in the car's pedal mechanisms, Russia's technical safety watchdog Rosstandart said on Monday. - RTRS.Rosstandart said the recall would affect cars sold between 2010 and 2016.  Full Article

Volkswagen AG delays recall of 160,000 cars due to software glitch - Reuters News
Monday, 11 Apr 2016 07:44am EDT 

Volkswagen AG:Volkswagen will slightly delay the recall of 160,000 Passat and Skoda cars in Europe after software updates aimed at fixing emission violations failed to work, it said on Monday. -RTRS.Checks by the German Federal Motor Transport Authority (KBA) showed that fuel consumption of some 2.0 litre diesel engines had increased following a software update to fix the problems, a spokesman for the company said."We have to go back to work on the software again," he said, adding 160,000 Passat and Skoda Superb cars were affected.He also said the recall of 90,000 A4, A5, Q5 and Seat Exeo cars with 2.0 litre engines had started.Overall, Volkswagen has to recall about 2.5 million cars in Germany by the end of the year after the carmaker admitted using software to cheat emissions tests.  Full Article

Volkswagen AG - Lower Saxony criticises bonus payments to VW managers - Reuters News
Friday, 8 Apr 2016 04:08am EDT 

Volkswagen AG:The German state of Lower Saxony on Friday criticised Volkswagen's plans to pay bonuses to top managers when the carmaker is dealing with the diesel emissions crisis and set to cut costs. - RTRS.Bonuses for senior managers have become a flashpoint in an escalating dispute with the powerful labour leaders at Europe's biggest carmaker as it prepares to finalise a new strategy."The state of Lower Saxony is keenly aware of the problematic nature of flexible bonuses," a spokeswoman for Lower Saxony, a major Volkswagen shareholder, said on Friday.Lower Saxony has clout at VW thanks to a 20 percent stake and its two seats on the 20-member supervisory board, the body which signs off on executive pay."It is ultimately a decision for the supervisory board. Opinions on the matter have not yet been finalised," the spokeswoman added.Lower Saxony is home to over 100,000 jobs at VW and the carmaker's largest factory.German magazine Der Spiegel cited company sources as saying management board members were refusing to voluntarily give up bonus payments, agreeing instead to cuts.A Volkswagen spokesman said giving up bonuses was currently not up for discussion.  Full Article

Volkswagen AG recalls 91,000 Passat sedans in U.S. to fix cable insulation - Reuters News
Friday, 1 Apr 2016 01:09pm EDT 

Volkswagen AG:Volkswagen is recalling 91,000 Passat sedans in the United States to fix insufficient cable insulation that could cause short circuits, it said on Friday. - RTRS.The cars were assembled between 2012 and 2014, VW said. Vehicles in other markets were not affected by the fault, a spokesman said.The embattled German carmaker, which has for months been working on a fix for the nearly 600,000 diesel vehicles on U.S. roads caught up in the company's massive emissions cheating scandal, has had a string of recalls lately due to various technical glitches.On Monday, VW recalled nearly 5,600 electric e-Golf cars in the United States to address a battery problem that can cause stalling.  Full Article

Volkswagen AG to recall 3,877 Vento cars in India - Reuters News
Thursday, 31 Mar 2016 03:26pm EDT 

Volkswagen AG:Volkswagen AG will recall 3,877 Vento sedan cars in India after tests by Automotive Research Association of India (ARAI) found that the emission of carbon monoxide was sometimes exceeding the threshold limits - RTRS.Volkswagen Group India will also temporarily stop sales of the affected Vento cars that have a 1.5-litre diesel engine and a manual gearbox, the company's local unit said in an emailed statement on Friday."Volkswagen India is analysing the issue and will propose technical measures to ARAI to solve this inconsistency at the earliest," it said in a statement.However, the problem is not connected to Volkswagen's global emissions issues, the company added."Once approved and confirmed by the competent authorities, Volkswagen India will implement the measure and resume the production and sales of the relevant vehicle," the company said.  Full Article

U.S. FTC sues Volkswagen AG over diesel advertising claims - Reuters News
Tuesday, 29 Mar 2016 10:32am EDT 

Volkswagen AG:The U.S. Federal Trade Commission filed suit Tuesday against Volkswagen AG for falsely advertising that hundreds of thousands of diesel vehicles were environmentally friendly, when they were secretly emitting excess pollution. - RTRS.The FTC filed suit in U.S. District Court in San Francisco, saying that U.S. consumers suffered "billions of dollars in injury" as a result of the deception.VW has admitted to using undeclared software that allowed 580,000 diesel vehicles built since 2009 to emit up to 40 times legally allowable pollution.The Justice Department sued VW for up to $46 billion in January for violating environmental laws and VW faces more than 500 civil lawsuits related to excess emissions, along with suits from some U.S. states.Last week, a federal judge set an April 21 deadline for VW to remedy the vehicles. VW spokeswoman Jeannine Ginivan said the automaker has received the FTC complaint and "continues to cooperate" with all U.S. regulators.  Full Article


Volkswagen halts sales of most vehicles in South Korea ahead of ministry review

SEOUL/FRANKFURT German carmaker Volkswagen will suspend sales of most of its models in South Korea from July 25 as pressure builds on the company over its falsified emissions tests.