Volkswagen C.E.O. Martin Winterkorn Resigns Amid Emissions Scandal

[apples]

http://www.nytimes.com/2015/09/24/business/international/volkswagen-chief-martin-winterkorn-resigns-amid-emissions-scandal.html

FRANKFURT ? Martin Winterkorn resigned as chief executive of Volkswagen on Wednesday, taking responsibility for an emissions cheating scandal that has gravely damaged the carmaker?s reputation and may spread to the German economy.

?As C.E.O. I accept responsibility for the irregularities that have been found in diesel engines,? Mr. Winterkorn, 68, who had headed the company since 2007, said in a statement.

But he continued to insist that he personally had committed no misconduct. ?I am not aware of any wrongdoing on my part,? he said.

Volkswagen shares, which had been up on Wednesday after two days of steep declines, remained nearly 6 percent higher on the news late in the day in Germany. But they were still about 25 percent below the closing price in Frankfurt on Friday, before news of the scandal broke.

[jafo2010]

Yes, decisions under his watch could result in VW going under.  Ha!  Biggest company in the world for car sales goes belly up maybe.

What a hoot!

[apples]

German ministers were reportedly warned of VW test-beating software

http://www.foxnews.com/world/2015/09/24/german-ministers-reportedly-were-warned-vw-test-beating-software/?intcmp=hplnws

German government ministers reportedly turned a blind eye to Volkswagen installing cheat devices to fool U.S. diesel emissions tests, raising the possibility that the mushrooming scandal could cause embarrassment for Chancellor Angela Merkel.

Britain's Daily Telegraph, citing a German parliamentary answer, reports that German ministers were warned months ago of "defeat device" software installed on Volkswagen?s diesel cars. The transport ministry answered a parliamentary question about the country's car industry on July 28 saying, "The federal government is award of (defeat devices), which have the goal of (test) cycle detection," according to The Telegraph.

The paper reported that while the government's statement did not specifically mention Volkswagen, the question that precipitated it, from a member of the country's Green Party, implied that the carmaker engaged in such practices.

?The government told us in July that it knew about this software, which has been used in the U.S.A.,? Green Party Deputy Leader Oliver Krischer told Germany's N24 television Wednesday. ?It?s clear they knew the software was widely in use."

[apples]

German official: VW cheated on emissions testing in Europe, too

http://www.foxnews.com/leisure/2015/09/24/german-official-vw-cheated-on-emissions-testing-in-europe-too/?intcmp=hplnws

Volkswagen manipulated emissions tests in Europe as well as the United States, Germany's transport minister has said.

Alexander Dobrindt said: "We have been informed that also in Europe, vehicles with 1.6 and 2.0 liter diesel engines are affected by the manipulations that are being talked about," adding it is unclear how many vehicles in Europe were affected.

Mr. Dobrindt added random tests would be carried out on cars made by other manufacturers.

The controversy involving VW is centered on "defeat devices" it used to fool U.S. emissions tests on diesel cars into believing the vehicles met environmental standards.

[apples]

Dealers, owners feel frustrated and betrayed by VW scandal

http://apnews.myway.com/article/20150924/us--venting_about_volkswagen-3dec04083f.html

LOS ANGELES (AP) ? Bob Rand bought his Volkswagen Passat last year for its clean emissions and high gas mileage. He liked the car so much he convinced his son and a friend to buy one, too.

Now, as Volkswagen comes clean about rigging diesel emissions to pass U.S. tests, Rand is desperately trying to sell the fully loaded model with white leather seats for $10,000 below what he paid. His sole bite has been from a man who offered $7,500 on speculation that he could resell it in Mexico.

"Volkswagen was somebody that you could rely on for cutting-edge products and quality and all those things and now you find out that they're not above lying just flat out," said Rand, who plans to join a class-action lawsuit against VW. "That's probably about as bad a thing as a company can do is lie to your face when you're buying a $35,000 car."

Rand's anger at the world's top-selling car company was echoed Wednesday by private dealers, auto wholesalers and owners across the U.S. as fallout from the smog test trickery mounted.

[jafo2010]

Former top selling auto maker.  They won't be able to give them away for awhile.

[apples]

Former top selling auto maker.  They won't be able to give them away for awhile.

This will screw them.