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Volkswagen Sets Aside 6.5B EUR for Fines, Admits Software Could be Present on 11M Vehicles

It seems that Volkswagen’s TDI issue may be a bit larger than we had all originally thought.  In a statement released today, Volkswagen says that while all TDI models currently sold in Europe meet EU 6 emissions standards, the EPA-beating code could be present on some 11 million vehicles currently on the road.  As such, the brand has already set aside 6.5 billion Euros for expected fines.  Now, although so many vehicles do have this coding in their ECU, Volkswagen says that on most cars, “the software does not have any effect.”  We certainly hope that this is the case.

Read the full statement below.

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 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.

The post Volkswagen Sets Aside 6.5B EUR for Fines, Admits Software Could be Present on 11M Vehicles appeared first on VWVortex.



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