Volkswagen said it has found some data “inconsistencies” on emissions for 800,000 more cars. Thereby, the pit deepens for the company. 11 million vehicles and counting…
Another day, another worrisome news about Volkswagen. At least, this time, the company was the one who came upfront with the disclosure about 800,000 more cars found with data “inconsistencies” on carbon dioxide emissions. These new problematic vehicles are not connected to the fresh allegation in US about the V6 diesel engines used by Porsche and Audi. Instead, there are being targeted mostly small diesel engines and one gasoline one. Volkswagen said it faces about 2 billion euros (2,19 billion dollars) in economic risks from the newly disclosed issue and it would immediately start talking to responsible authorities about what to do about the latest findings. “From the very start I have pushed hard for the relentless and comprehensive clarification of events”, Volkswagen Chief Executive Matthias Mueller said in a statement. “We will stop at nothing and nobody. This is a painful process but it is our only alternative.”
Nevertheless, VW didn’t admit the allegations regarding the 3,0 litre engines made by the Environmental Protection Authority, saying no software had been installed to “alter emissions’ characteristics in a forbidden manner”. Reactions about the news occurred immediately: “VW is leaving us all speechless”, said Arndt Ellinghorst of banking advisory firm Evercore ISI. “It seems to us that this is another issue triggered by VW’s internal investigation and potentially related to Europe”. “Volkswagen has done a disservice to German industry”, Ulrich Grillo, the head of the Federation of German industries, said in a conference. VW’s supervisory board will hold a special meeting Monday to discuss the financial implications of the scandal, two sources with knowledge of the matter told Reuters.