This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.theguardian.com/business/2015/sep/29/vw-owners-can-expect-recall-information-this-week
The article has changed 6 times. There is an RSS feed of changes available.
| Version 4 | Version 5 |
|---|---|
| VW owners can expect recall information this week | VW owners can expect recall information this week |
| (about 5 hours later) | |
| Volkswagen is poised to recall up to 11m vehicles as the carmaker prepares its response to the emissions scandal that has rocked the automotive industry. | Volkswagen is poised to recall up to 11m vehicles as the carmaker prepares its response to the emissions scandal that has rocked the automotive industry. |
| Matthias Müller, the new chief executive of VW, told a meeting of the company’s top 1,000 managers that a comprehensive plan has been drawn up to ensure vehicles fitted with a defeat device meet emissions standards. | Matthias Müller, the new chief executive of VW, told a meeting of the company’s top 1,000 managers that a comprehensive plan has been drawn up to ensure vehicles fitted with a defeat device meet emissions standards. |
| This plan will now be submitted to regulators, and customers will be contacted “in the next few days”, Müller said. VW motorists will be told to visit a local mechanic to have their vehicles refitted. | This plan will now be submitted to regulators, and customers will be contacted “in the next few days”, Müller said. VW motorists will be told to visit a local mechanic to have their vehicles refitted. |
| VW revealed its plan as Fitch, the credit rating agency, said the scandal could be a “turning point” for the global car industry and have “profound and lasting repercussions”. | VW revealed its plan as Fitch, the credit rating agency, said the scandal could be a “turning point” for the global car industry and have “profound and lasting repercussions”. |
| Müller told leading staff at VW’s headquarters in Wolfsburg, Germany, that the business was “facing the severest test in its history” and “a long trudge and a lot of hard work”. | Müller told leading staff at VW’s headquarters in Wolfsburg, Germany, that the business was “facing the severest test in its history” and “a long trudge and a lot of hard work”. |
| The company has brought in Jones Day, a US law firm, to lead an internal investigation into the scandal. | The company has brought in Jones Day, a US law firm, to lead an internal investigation into the scandal. |
| “We will only be able to make progress in steps and there will be setbacks,” said Müller, who added that the scandal must be cleaned up “ruthlessly”. | “We will only be able to make progress in steps and there will be setbacks,” said Müller, who added that the scandal must be cleaned up “ruthlessly”. |
| The recall would be one of the biggest ever in the automotive industry, ahead of the 10m recalled by Toyota in 2010 over a fault with its accelerator pedal. | The recall would be one of the biggest ever in the automotive industry, ahead of the 10m recalled by Toyota in 2010 over a fault with its accelerator pedal. |
| VW has admitted that 11m diesel vehicles worldwide were fitted with defeat devices and all of them are likely to require a technical fix. Out of these affected, 5m are Volkswagen-branded cars, including the sixth-generation Golf, the seventh-generation Passat and the first-generation Tiguan. The other vehicles include 2.1m Audis, 1.2m Skodas, 700,000 Seats, and 1.8m light commercial vehicles. | VW has admitted that 11m diesel vehicles worldwide were fitted with defeat devices and all of them are likely to require a technical fix. Out of these affected, 5m are Volkswagen-branded cars, including the sixth-generation Golf, the seventh-generation Passat and the first-generation Tiguan. The other vehicles include 2.1m Audis, 1.2m Skodas, 700,000 Seats, and 1.8m light commercial vehicles. |
| German authorities have given VW a deadline of 7 October to produce a plan for the 11m vehicles affected. | German authorities have given VW a deadline of 7 October to produce a plan for the 11m vehicles affected. |
| In a statement, VW said it would set up websites for every country affected to keep customers informed about what they need to do. | In a statement, VW said it would set up websites for every country affected to keep customers informed about what they need to do. |
| VW’s share price has fallen by almost 40% since allegations first emerged in the US that it had cheated emissions tests on diesel cars. The company faces fines of up to $18bn (£11.9bn) and also one of the biggest legal claims in history from customers and shareholders around the world. | VW’s share price has fallen by almost 40% since allegations first emerged in the US that it had cheated emissions tests on diesel cars. The company faces fines of up to $18bn (£11.9bn) and also one of the biggest legal claims in history from customers and shareholders around the world. |
| Prosecutors have also opened an investigation into Martin Winterkorn, the former boss of the world’s second biggest carmaker, over the emissions scandal. | Prosecutors have also opened an investigation into Martin Winterkorn, the former boss of the world’s second biggest carmaker, over the emissions scandal. |
| Winterkorn is the subject of a preliminary inquiry by prosecutors in Braunschweig, close to VW’s headquarters, into possible fraud relating to the sale of vehicles with manipulated emissions data. | Winterkorn is the subject of a preliminary inquiry by prosecutors in Braunschweig, close to VW’s headquarters, into possible fraud relating to the sale of vehicles with manipulated emissions data. |
| The first research into customers’ reactions to the scandal suggest the VW brand has been damaged. YouGov said that a survey of 2,000 German consumers found VW’s image has been weakened significantly and the brand is now seen as no better than Smart, the small-car brand owned by Daimler. | The first research into customers’ reactions to the scandal suggest the VW brand has been damaged. YouGov said that a survey of 2,000 German consumers found VW’s image has been weakened significantly and the brand is now seen as no better than Smart, the small-car brand owned by Daimler. |
| Meanwhile, two-thirds of financial institutions say they would not invest in VW for the next six months owing to concerns about the impact of the crisis, according to advisory group Evercore. | Meanwhile, two-thirds of financial institutions say they would not invest in VW for the next six months owing to concerns about the impact of the crisis, according to advisory group Evercore. |
| After VW admitted for the first time that commercial vehicles were part of the 11m fitted with defeat devices, the British Vehicle Rental and Leasing Association (BVRLA) said there would “undoubtedly” be some impact on commercial fleets. | After VW admitted for the first time that commercial vehicles were part of the 11m fitted with defeat devices, the British Vehicle Rental and Leasing Association (BVRLA) said there would “undoubtedly” be some impact on commercial fleets. |
| The trade body said its members and their customers were “concerned as to the potential ramifications [the VW scandal] will have for the UK fleet sector”. | The trade body said its members and their customers were “concerned as to the potential ramifications [the VW scandal] will have for the UK fleet sector”. |
| Its members – vehicle rental and leasing companies – own and operate more than 3m cars, 80% of which are diesels. Volkswagen Financial Services is one of the association’s biggest members. | Its members – vehicle rental and leasing companies – own and operate more than 3m cars, 80% of which are diesels. Volkswagen Financial Services is one of the association’s biggest members. |
| The BVRLA said: “Numerous investigations are now underway, so we will be watching closely to see if the scope widens further to include other manufacturers and vehicles. It is difficult to comment any further about potential impacts until we have a better understanding of how governments, manufacturers and customers react.” | The BVRLA said: “Numerous investigations are now underway, so we will be watching closely to see if the scope widens further to include other manufacturers and vehicles. It is difficult to comment any further about potential impacts until we have a better understanding of how governments, manufacturers and customers react.” |
| The association has been calling for some time for the introduction of more accurate, real-world testing regimes for both CO2 and NOx (carbon dioxide and nitrogen oxides). | The association has been calling for some time for the introduction of more accurate, real-world testing regimes for both CO2 and NOx (carbon dioxide and nitrogen oxides). |
| Analysts at Fitch said the VW crisis was likely to affect the entire automotive industry, with petrol cars potentially enjoying a revival in Europe and greater investment being poured into electric cars. | Analysts at Fitch said the VW crisis was likely to affect the entire automotive industry, with petrol cars potentially enjoying a revival in Europe and greater investment being poured into electric cars. |
| Fitch said: “Regulators will reassess the timeline to reach planned, more stringent emission limit targets and could review the targets themselves. Test protocols will undoubtedly also be toughened and the move towards real driving emission testing cycles will accelerate. | Fitch said: “Regulators will reassess the timeline to reach planned, more stringent emission limit targets and could review the targets themselves. Test protocols will undoubtedly also be toughened and the move towards real driving emission testing cycles will accelerate. |
| “The scandal could accelerate the underlying growth of vehicles with alternative powertrains, including fuel cells, electric and hybrid engines. It could also lead to a shift back towards petrol engines in Europe, where diesel engines now account for more than half of sales.” | “The scandal could accelerate the underlying growth of vehicles with alternative powertrains, including fuel cells, electric and hybrid engines. It could also lead to a shift back towards petrol engines in Europe, where diesel engines now account for more than half of sales.” |
| The agency added that a shift away from diesel would have a bigger impact on European manufacturers than on US or Asian competitors. However, the consequences of the scandal could spread to the entire transportation sector if it fundamentally affects consumers’ and regulators’ attitudes towards cars and pollution, it said. |