Volkswagen CEO Apologizes for Diesel Emissions Scandal

Strategic Insights -

Volkswagen's CEO, Martin Winterkorn, has apologized for the company's diesel emissions scandal, citing "endless" regret and promising a thorough and fast investigation. The crisis has escalated with a profit warning issued by Volkswagen, following the revelation that 11 million of its diesel vehicles worldwide were fitted with software designed to cheat emissions tests. The company faces significant financial penalties, including a potential fine of up to $18 billion in the US, and regulatory probes across the world.

Key Takeaways:

  • Volkswagen's CEO, Martin Winterkorn, has apologized for the company's diesel emissions scandal, expressing "endless" regret and promising a thorough investigation.
  • The company has admitted that 11 million of its diesel vehicles worldwide were fitted with software designed to cheat emissions tests.
  • The software, known as a "defeat device," allowed cars to switch to a cleaner mode during official emissions testing, but produced up to 40 times the legal standard of nitrogen oxide pollutants when on the road.
  • Volkswagen faces significant financial penalties, including a potential fine of up to $18 billion in the US.
  • The company is working with authorities, including the German government and the European Commission, to eliminate the discrepancies found in the software.
  • An inquiry is under way in South Korea, covering several models, and there are calls for a Europe-wide investigation into Volkswagen and other French car-makers' practices.
  • French President Emmanuel Macron has called for a European investigation into the scandal.

Statistics:

  • 11 million: The number of Volkswagen diesel vehicles worldwide fitted with software designed to cheat emissions tests.
  • $18 billion: The maximum fine Volkswagen could face in the US for the scandal.
  • 40 times: The amount by which Volkswagen's diesel vehicles produced nitrogen oxide pollutants when compared to the legal standard during official emissions testing.
  • 40 times: The legal standard where Volkswagen's diesel vehicles produce nitrogen oxide pollutants when not in a cleaner mode during official emissions testing.

Sources:

  • "Volkswagen admits 11 million cars were fitted with emissions cheat software." The Independent.
  • "Volkswagen crisis: Firm faces €13 billion fine over emissions scandal." The Telegraph.
  • "Volkswagen's emissions scandal widens as Germany investigates." Reuters.
  • "Patent application reveals Volkswagen's secret emissions cheat device." CarScoops.