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Will Volkswagen Be Able To Recover From Its Diesel Scandal?

Volkswagen's CEO resigned amidst his involvement in the diesel emissions scandal. VW has already lost almost $30 billion in market value, with more expected. Will Volkswagen be able to recover?

86% of writers and pundits say no
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Will Volkswagen Be Able To Recover From Its Diesel Scandal?  

Writers and pundits who say or about the topic, "Will Volkswagen Be Able To Recover From Its Diesel Scandal?"
last 24 hours | washingtonpost
The Volkswagen scandal threatens to undermine the reputation of German engineering

"...A widening emissions scandal at Volkswagen an engineering feat of a more sinister kind, in which cars were wired to deceive air pollution tests has now cost the company's top executive his job. It has enraged customers and devastated the company's stock price. Analysts are warning the fallout could infect Germany's economy, and the fragile eurozone with it.In less than a week, the scandal has battered the reputation that the entire Germany auto industry guarded carefully for decades. This has tarnished a huge, iconic company, so it's going to be a long and slow process to restore this company, said Karen Brenner, a business professor who is executive director of law and business initiatives at New York University. The damage is only beginning to unfold. ..." see full article

1239 days ago | economist
Why Volkswagens share price has fallen so far
"...Yet the fall in the firm's share price is not entirely caused by the threat of a big EPA fine. Indeed, the final figure may well be much lower, particularly if VW co-operates with regulators. And VW has tried to limit the damage to its balance-sheet by earmarking 6.5 billion to pay off fines and litigious customers. But that does not solve VW's other problems. The latest scandal has only made them worse.VW has been aiming to build more than 10m cars a year, in order to take advantage of the big economies of scale that exist in the industry. But its efforts to grow have faltered. Its market share in America which at 3.5% last year is smaller than Subaru's is shrinking. So is its turnover in China. Even the sales it is making on its main Volkswagen brand are not particularly remunerative. Most of its profits now come from other brands it owns. Margins on Audis are six times higher per vehicle than those of VW-badged ones. Sales from Porsche-branded cars accounted for a larger share of overall profit than those from VW, which sold 25 times as many units...." see full article

1239 days ago | motherjones
Here's How Much Pollution Volkswagen's Smog Scandal Produced

"...If US officials absolutely throw the book at VW, EPA rules stipulate a maximum fine of $37,000 per affected car. At 482,000 cars on American roads, that comes to $18 billion. But according to attorneys who work on these kind of cases, that number is way too high for what'll actually happen. The biggest fine of this kind to date was $1.2 billion, a criminal penalty that Toyota paid in 2014 for concealing information about faulty ignition switches that triggered sudden accelerations.But that was for a mechanical breakdown. For a closer analogy we could look back to 1998, when seven truck manufacturers including Caterpillar and Mack together paid $1 billion for installing defeat devices sounds familiar in tractor trailer and pickup trucks. A year before, Ford paid a relatively paltry $7.8 million to settle allegations the company violated the Clean Air Act by yes, installing defeat devices this time in Econoline vans. But the company also paid $2.5 million in emissions offsets and $1 million to study new technology that fought emissions. So it's possible VW might have to pony up for regulatory violations as well as smog offsets for what they actually emitted...." see full article

1239 days ago | hbr
Assessing the Sins of Volkswagen, Toyota, and General Motors - (blog)
"... VW's case is a different animal entirely. It did not involve a failure to recall defective vehicles that could cause safety issues. Rather, the company's engineers intentionally added software designed to allow its diesel engines to evade emissions standards and then, in normal driving, emit 40 times the acceptable levels. This was a deliberate, and quite ingenious, way to break the law and avoid detection. It was a fluke that Volkswagen got caught. This could lead to the most severe penalties in the United States, where VW is dealing with the Environmental Protection Agency (EPA) and not NHTSA. The very powerful EPA could fine Volkswagen up to $18 billion. Add to that a U.S. Department of Justice settlement, along with investigations in other countries, and the sky is the limit on the cost. It was enough to make VW stock plummet 20% in just one day. There was no immediate harm to individual drivers in the VW case, but the disclosure of the excessive emissions comes at a time when there is grave concern about climate change...." see full article

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1239 days ago | fortune
Everything to know about Volkswagen's outgoing CEO - Fortune
"...Volkswagen's future sans Winterkorn is unclear. While he denies any knowledge of the diesel deception, internal investigations are underway to find those responsible for installing the software cheat. Meanwhile, the company has yet to name a replacement CEO. Whoever takes the job will face a tough road ahead: VW has set aside $7.3 billion to cover the costs of addressing this scandal, costs that in combination with fines and potential lawsuits could undo the work done by Winterkorn up to this point...." see full article

1240 days ago | nytimes
What Was Volkswagen Thinking?

"...A reason for the cheating was evidently to buttress Volkswagen's effort to expand sales of diesel-powered cars in the United States, where the oil-burning engines have never had much popularity. Volkswagen's claim was that its diesels were as clean and powerful as gasoline-powered cars, but with far higher torque and better gas mileage. In Europe, VW's biggest market, diesels account for more than half of car sales and are promoted because their energy efficiency makes for fewer global-warming gases.The discovery of VW's machinations raises many questions. Why was the discrepancy first discovered by private researchers? Is VW unique, or do other manufacturers of diesel cars use similar tricks? VW's chief executive, Martin Winterkorn, has pledged a thorough internal inquiry and full cooperation with outside investigators. The E.P.A. and the State of California have announced their own investigations; in Europe, Germany, Britain and European Union agencies have indicated they will also be looking into VW's practices. Given the scope of the damage VW has done and the gravity of the questions it raises, it is imperative to get to the bottom of this matter...." see full article

1240 days ago | vox
Volkswagen's appalling clean diesel scandal, explained - Vox

"...Meanwhile, Volkswagen could face criminal prosecution not to mention billions of dollars in fines. The Clean Air Act allows a fine of $37,500 per noncompliant vehicle. If the Obama administration really wanted to lower the hammer, that could total some $18 billion. (To put that in context, the company made a total profit of about $12 billion last year.) Volkswagen is the world's biggest automaker by sales, but it's not quite as profitable as competitors like Toyota and has struggled to gain a foothold in the US market. This could be a huge deal for the company.This episode also raises questions about the future of clean diesel vehicles. Clean diesel appears to be a genuinely promising technology in theory, such vehicles could get both excellent mileage and lower emissions. But this whole scandal raises serious questions about how well automakers can actually achieve both goals in practice...." see full article

1240 days ago | washingtonpost
Volkswagen CEO quits amid emissions cheating scandal - Washington Post

"...The potential cost of the scandal to VW is still spreading. It could be subject to up to $18 billion in fines from the EPA and is under investigation by the Justice Department. Government officials in Germany and other parts of Europe have launched separate probes. The company said earlier this week that it had set aside more than $7 billion to fix the problems with its cars and begin to repair its reputation with customers. This is going to cost the company a fortune, and that's not what's supposed to happen under a CEO's leadership, said Charles Elson, director of the University of Delaware's Weinberg Center for Corporate Governance...." see full article

1240 days ago | fortune
Volkswagen's emissions crisis is hurting this tiny country - Fortune
"...The QIA also owns a good chunk of shares in Glencore, which has been suffering lately as well, adding another $354 million to Qatar's losses.After admitting to the scandal, VW potentially faces $18 million in penalties and has set aside $7.3 billion to cover costs. The company also has to deal with a damaged reputation with consumers, which will likely affect sales. Its stock dropped 20% on Monday followed by an additional 20% on Tuesday, bringing it to a four year low...." see full article

1240 days ago | huffingtonpost
Volkswagen May Never Recover From This Mess - Huffington Post

"...It's not clear if the automaker will ever recover its good name. A longtime company insider and the highest-paid CEO in Germany, the 68-year-old Winterkorn is known to be extremely attentive to details; his organization was run in a very top-down, centralized manner...." see full article

1240 days ago | timesfreepress
Will pollution scandal ruin Volkswagen in the United States? | Times ...
"...Volkswagen's stunning admission that it sold diesel-powered cars that intentionally faked emissions testing results has left many of their owners who thought they were buying fuel-efficient and environmentally friendly vehicles angry and feeling betrayed.The deception could prove a major threat to Volkswagen's reputation in the United States and could break the trust that the German automaker had cultivated with car owners over the years. It could also have lasting consequences for the future of diesel-powered technology championed by Volkswagen, which has been seeking to make a comeback in the United States...." see full article

1241 days ago | theverge
Volkswagen's $7.3 billion diesel deception is a blessing in disguise ...
"...Volkswagen's snowballing diesel emissions scandal is a nightmare on virtually every level. For the company, lawsuits will follow, heads will roll, and billions of dollars will be paid in fines and damages. (As of this writing, Volkswagen had already earmarked 6.5 billion to deal with the fallout and that may not be enough, considering that at least 11 million vehicles are affected, owners will rightfully demand modifications or replacements, and regulatory agencies worldwide could levy billions in penalties.) If the situation is as egregious as the EPA and Volkswagen have suggested, all of this will be justified. Meanwhile, owners are stuck owning a disgraced car: resale values plummet, and until (if?) Volkswagen issues a software update, they're driving around carrying the guilt of knowing their "clean diesel" isn't clean at all.If I owned a Volkswagen affected by this, I'd be livid. If I owned any Volkswagen, I'd be livid, actually, knowing that my purchase helped underwrite a systematic campaign of deception at the highest levels. But there's a silver lining here: in the discrediting one of the world's most prolific light-duty diesel engines, automakers have lost a crutch slowing their deployment of emissions-free powertrains. There are now fewer excuses than ever to delay full-on deployment of electric vehicles...." see full article

1241 days ago | chicagotribune
Volkswagen owners should be nervous about emissions scandal, experts say - Chicago Tribune

"...For consumers, whether diesel Volkswagens from seven model years will really have less value is an open question.During recent high-profile recalls by GM, Toyota and Honda, there has been very little, if any, impact on sales, said officials from Kelley Blue Book, Black Book and Edmunds."With so many recalls in the news, they easily become white noise for a lot of consumers, and they don't appear to have much of an influence on shopping decisions," according to" see full article

1242 days ago | autocar.c
Emissions testing scandal could sink Volkswagen's US ambitions ...
"...Perhaps it's also an indication of how difficult it is for car makers to adhere to ever-more stringent emissions regulations with standard, non-hybrid powertrains.Winterkorn's statement in response to the EPA's claims is contrite, and with good reason, for this scandal also risks affecting Volkswagen's global reputation, robbing it of consumer trust. As I write this, the firm's share price on the Frankfurt stock exchange has plunged.Recovery will be a painful process that its rivals including Toyota with its involvement in Takata's defective airbag recall and General Motors with its faulty ignition switch scandal know all too well.The EPA is talking about hefty fines on Volkswagen. However, while any financial penalties will be hard to swallow, as will the attendant losses in terms of car recalls and sales, it is the loss of confidence from consumers that will hit it hardest, and for longest...." see full article

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