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Volkswagen shares plunge 18%

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Volkswagen shares plunge 18%

Post by Ukboy on Tue Sep 22, 2015 12:02 pm

VW may not clean as we think.
VW share price fell almost 20% over its admission that it cheated on US emission tests. They had fitted "defeat devices" to bypass environmen standards.

A bit dodgy story isnt it? Guess Volkswagen wont be the only one

http://www.bbc.co.uk/news/business-34311819

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Re: Volkswagen shares plunge 18%

Post by slstock on Tue Sep 22, 2015 12:12 pm

Hmm. Interesting. What is more interesting is that they came clean after the bad "gimmick". Didn't they have any option to cover it up to save multi billion $$.

I am not justifying anything VW did.

But if something bad is done, how many Sri Lankan people will then try to cover it up , blame another, sacrifice another. Just a curios.

Committing an offence is wrong. But it even more wrong to not admit it , slip away , and maybe sacrifise anothe to save skin and keep making the offence.

Thats double crime.

Just a thought

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Re: Volkswagen shares plunge 18%

Post by කිත්සිරි ද සිල්වා on Tue Sep 22, 2015 12:48 pm

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Re: Volkswagen shares plunge 18%

Post by කිත්සිරි ද සිල්වා on Wed Sep 23, 2015 1:41 am

VW CEO: 'I am endlessly sorry' brand is tarnished

Volkswagen AG's smog-test scandal escalated Tuesday as the company issued a profit warning, set aside billions to cover the fallout and lost billions more in market value. VW's CEO said he is "endlessly sorry" that the world's top-selling carmaker has squandered worldwide trust in its brand.

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Re: Volkswagen shares plunge 18%

Post by කිත්සිරි ද සිල්වා on Wed Sep 23, 2015 9:35 am

Will this incident affect their proposed factory in Sri Lanka?
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Re: Volkswagen shares plunge 18%

Post by කිත්සිරි ද සිල්වා on Thu Sep 24, 2015 1:16 pm

Volkswagen shares open 4.6% higher after CEO resigns

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Re: Volkswagen shares plunge 18%

Post by Ukboy on Thu Sep 24, 2015 4:47 pm

කිත්සිරි ද සිල්වා wrote:Will this incident affect their proposed factory in Sri Lanka?
Yes that's exactly what im worrying as well.

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Re: Volkswagen shares plunge 18%

Post by Hybrid on Thu Sep 24, 2015 6:12 pm

කිත්සිරි ද සිල්වා wrote:Read more

Yes. Out of Four greatest corporate disasters only Nestlé came clean with loss of revenue and trust.

The rest were penalised n the millions, lost trust of consumers and one CEO imprisoned and one CEO resigned.

Now the name of VW should be changed from Volkswagen to " Vile Wain".

Check the dictionary for the meaning of these words!



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Re: Volkswagen shares plunge 18%

Post by කිත්සිරි ද සිල්වා on Sat Sep 26, 2015 10:07 am

Scandal-hit Volkswagen names Porsche boss new CEO

Embattled carmaker Volkswagen tapped Porsche chief Matthias Mueller to steer it out of the wreckage of a widening scandal over pollution test rigging, as Washington said it would check all diesel cars for devices that fool emissions tests.

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Re: Volkswagen shares plunge 18%

Post by slstock on Sat Sep 26, 2015 10:09 am

Hmm, Hybrid are you a great big fan of Nestle by chance? haha


ie : As per my view Nestle is not a bad company.



Hybrid wrote:
කිත්සිරි ද සිල්වා wrote:[url=/south-korea-says-investigate-volkswagen-audi-diesel-cars-010242130--finance.html]Read more[/url]

Yes. Out of Four greatest corporate disasters only Nestlé came clean with loss of revenue and trust.

The rest were penalised n the millions, lost trust of consumers and one CEO imprisoned and one CEO resigned.

Now the name of VW should be changed from Volkswagen to " Vile Wain".

Check the dictionary for the meaning of these words!




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Re: Volkswagen shares plunge 18%

Post by Hybrid on Sun Sep 27, 2015 5:55 pm

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Re: Volkswagen shares plunge 18%

Post by Ukboy on Tue Oct 13, 2015 4:58 pm

Volkswagen to cut investment by €1bn a year

Volkswagen has said it will cut investment by €1bn ($1.1bn; £750m) a year as a result of the diesel emissions scandal.

The troubled German carmaker said efficiency and technology would be the company's watchwords as it "repositioned itself for the future".

It added that all new diesel cars would be fitted with the "best environmental technology".

There will also be greater focus on hybrid and electric vehicles.

"We are becoming more efficient, we are giving our product range and our core technologies a new focus, and we are creating room for forward-looking technologies by speeding up the efficiency programme," said VW's Dr Herbert Diess.

http://www.bbc.com/news/business-34516645

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Re: Volkswagen shares plunge 18%

Post by Hybrid on Tue Oct 13, 2015 8:15 pm

1.8 Billion Euro loan by Govt. to VW to be recalled.
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Re: Volkswagen shares plunge 18%

Post by කිත්සිරි ද සිල්වා on Thu Oct 15, 2015 7:15 pm

Germany says has ordered VW to recall cars at start of 2016

German Transport Minister Alexander Dobrindt said on Thursday that the country's automotive watchdog had ordered Volkswagen (VOWG_p.DE) to start a mandatory recall of 2.4 million affected cars at the start of 2016.

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Re: Volkswagen shares plunge 18%

Post by Hybrid on Sun Oct 18, 2015 7:13 pm

There are many more VW executives who will be sacked soon. Its a matter of time.

When will merkel go?
Or is it for another reason as the refugee crisis in the EU and the unhappy Germans?
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Re: Volkswagen shares plunge 18%

Post by කිත්සිරි ද සිල්වා on Wed Nov 04, 2015 10:41 pm

VW CEO Vows Thorough Investigation of Emissions Crisis

Volkswagen AG Chief Executive Officer Matthias Mueller last week declared it was time to make the company “more fun to work for,” then on Saturday he headed to the Leipzig Opera Ball -- where he was photographed smiling in a tuxedo, with a bottle of champagne on the table and his arm around a former tennis star.

On Tuesday, the fun ended.

That evening, the automaker said some gasoline cars and more diesels beyond the ones already under scrutiny had worse-than-reported emissions of carbon dioxide. The revelation, which came six weeks into the crisis, sent its stock down 9.5 percent Wednesday. VW’s supervisory board issued a sharply worded statement saying it was “deeply concerned” and would meet soon to consult on “further measures and consequences.”


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Re: Volkswagen shares plunge 18%

Post by කිත්සිරි ද සිල්වා on Thu Nov 05, 2015 6:15 pm

VW emissions-cheating scandal widens with new CO2 revelations

Germany's Volkswagen said Tuesday an internal probe had found that 800,000 more vehicles showed "inconsistencies" on carbon emissions, including the first petrol engines, as the auto giant sank deeper into a massive pollution cheating scandal.

Separately, Porsche SE, the investment company which owns 32.4 percent of VW's capital, said Tuesday's revelations could have a "negative impact" on its own results, although it maintained its projections for 2015.

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Re: Volkswagen shares plunge 18%

Post by Future123 on Thu Nov 05, 2015 8:45 pm

When are we getting VW plant in SL?

Can we buy VW vehicles bit cheaper without duty if produced in SL?

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Re: Volkswagen shares plunge 18%

Post by කිත්සිරි ද සිල්වා on Thu Nov 05, 2015 10:09 pm

My first vehicle was a VW and I know their quality standards.
If they give out with less taxes, I am sure it will be boon.  Very Happy
Future123 wrote:When are we getting VW plant in SL?
Can we buy VW vehicles bit cheaper without duty if produced in SL?
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VW Memo Warned of Emission Issues in 2014

Post by කිත්සිරි ද සිල්වා on Tue Feb 16, 2016 7:00 am

A senior Volkswagen AG executive commissioned with troubleshooting and known internally as “the fireman” warned the company’s top management in May 2014 about an impending investigation by U.S. environmental authorities into whether the German car maker was using “test recognition” on some of its diesel engines.

The warning, communicated in a note to then-Chief Executive Martin Winterkorn, came from Bernd Gottweis, a quality-control executive who ran a team of product sleuths that Volkswagen management dispatched around the world to put out quality flare-ups before they grew into a full-fledged blaze.

The memo makes the first known reference to a defeat device in the investigation into Volkswagen’s emissions-cheating scandal and might suggest that the company’s top executives knew more than they are saying now. It isn’t known whether Mr. Winterkorn saw the memo.

“There was a short memo from Mr. Gottweis about this issue, but it would be a mistake to assume that it was clear back then that we knew it was cheating software. That was not clear,” a person familiar with the situation said. “We don’t know if Winterkorn read the memo or not.”

Mr. Winterkorn couldn’t be reached through his attorney for comment.


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Re: Volkswagen shares plunge 18%

Post by Hybrid on Tue Feb 16, 2016 7:55 am

I am the best person to categorically state that the entire management knew of the whole damn scandal.

The CEO's salaries and top management salaries are increased not based on COL / Inflation. It's based on five other factors: Growth, Top Line, Bottom Line, Market Share and Contribution to the GROUPS totals.

So the greed caused and offered by VW and other companies alike make it difficult for the management to think straight. As Upton sInclair put it: ' When a man works for a salary he is paid NOT to UNDERSTAND'.

The managers values are thrown out of the window and selfishness takes over and honesty becomes rare. (Saradharmaya Heenasenawa)

I say that the entire VW team knew about it and proudly joked about their smart high- tech guys and R&D department head must have got the best raise and perks.

Money talks, values balk!
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Re: Volkswagen shares plunge 18%

Post by Backstage on Tue Feb 16, 2016 12:31 pm

I am the best person to categorically state that the entire management knew of the whole damn scandal.

Why? Smile
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Re: Volkswagen shares plunge 18%

Post by Hybrid on Tue Feb 16, 2016 1:26 pm

I am an investor that buys 100 shares and is given permission to be present at the AGM. This affords me the privilege and freedom to question the Management on the on-goings of the company and performance both when it is too good and when it has GAPS and crevices.

There is a new breed of investors who are now required to save the country, environment and general society.

In lighter vein shall I say that I am the insider!
 Like a Star @ heaven
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Re: Volkswagen shares plunge 18%

Post by Backstage on Tue Feb 16, 2016 2:35 pm

An activist investor, cool. But then, how come you are soft and woozy on Nestle' ? scratch
( just curious, not adversarial)
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Re: Volkswagen shares plunge 18%

Post by HAL9000 on Tue Feb 16, 2016 8:46 pm

In Kuliyapitiya Volkswagen premises is being cleared in a rush. Ground breaking ceremony to occur probably in next month. Just got an unofficial news from the site.
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