#Dieselgate: Volkswagen makes official statement

Posted on 22-09-2015 at 12:17 by CasperH – 78 Comments”

Volkswagen has issued a press release thrown in with an official statement about the softwarefraude with their diesel engines.

Let’s not be too beat about the bush, below the statement.

Volkswagen is working at full speed to clarify irregularities concerning a particular software used in diesel engines. New vehicles from the Volkswagen Group with EU 6 diesel engines currently available in the European Union comply with legal requirements and environmental standards. The software in question does not affect handling, consumption or emissions. This gives clarity to customers and dealers.

Further internal investigations conducted to date have established that the relevant engine management software is also installed in other Volkswagen Group vehicles with diesel engines. For the majority of these engines and the software does not have any effect.

Discrepancies relate to vehicles with Type EA 189 engines, involving some eleven million vehicles worldwide. A noticeable deviation between bench test results and actual road use was established solely for this type of engine. Volkswagen is working intensely to eliminate these deviations through technical measures. The company is therefore in contact with the relevant authorities and the German Federal Motor Transport Authority (KBA – Kraftfahrtbundesamt).

To cover the necessary service measures and other efforts to win back the trust of our customers, Volkswagen plans to set aside a provision of some 6.5 billion EUR recognized in the profit and loss statement in the third quarter of the current fiscal year. Due to the ongoing investigations, the amounts estimated may be subject to revaluation.
Earnings targets for the Group for 2015 will be adjusted accordingly.

Volkswagen does not tolerate any kind of violation of laws whatsoever. It is and remains the top priority of the Board of Management to win back lost trust and to avert damage to our customers. The Group will inform the public on the further progress of the investigations constantly and transparently.

In short loves Volkswagen so 6.5 billion separately to repair the damage from the scandal, in the third quarter of the current fiscal year. The EU 6 diesel engines of the Volkswagen Group, which is currently available in Europe are to meet all standards, according to Volkswagen.

Or €6.5 billion is enough to repair all the injuries of the tampering with software is, however, still to be seen, the share of Volkswagen gets huge hits on the stock market again today. Yesterday, it lost share 20% of its value, and today, the also already quite in the min.

Update 22-09-15 14:30 – Martin Winterkorn flight is boarding, according to German media.

Check the latest news about the Volkswagen Dieselgate via this link.