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VW cuts number of cars hit by CO2 issue to 36,000 | VW cuts number of cars hit by CO2 issue to 36,000 |
(35 minutes later) | |
Volkswagen has said that far fewer of its cars are affected by inaccurate carbon dioxide emissions and fuel usage measurement than it originally thought. | Volkswagen has said that far fewer of its cars are affected by inaccurate carbon dioxide emissions and fuel usage measurement than it originally thought. |
The firm now estimates that about 36,000 of the cars it produces each year are affected. | |
Last month, it said an internal investigation suggested that CO2 emissions and fuel consumption had been understated for 800,000 vehicles. | Last month, it said an internal investigation suggested that CO2 emissions and fuel consumption had been understated for 800,000 vehicles. |
It warned at the time that the problem could cost it about €2bn (£1.4bn). | It warned at the time that the problem could cost it about €2bn (£1.4bn). |
"Following extensive internal investigations and measurement checks, it is now clear that almost all of these model variants do correspond to the CO2 figures originally determined. | "Following extensive internal investigations and measurement checks, it is now clear that almost all of these model variants do correspond to the CO2 figures originally determined. |
"This means that these vehicles can be marketed and sold without any limitations," it said in a statement. | "This means that these vehicles can be marketed and sold without any limitations," it said in a statement. |
Shares rise | Shares rise |
VW suggested its findings meant that the charge was now likely to be lower. | VW suggested its findings meant that the charge was now likely to be lower. |
"The negative impact on earnings of €2bn that was originally expected has not been confirmed. Whether we will have a minor economic impact, depends on the results of the remeasurement exercise," it added. | "The negative impact on earnings of €2bn that was originally expected has not been confirmed. Whether we will have a minor economic impact, depends on the results of the remeasurement exercise," it added. |
The car firm has already put aside €6.7bn (£4.7bn) to meet the cost of recalling 11 million diesel vehicles worldwide that were fitted with so called "defeat devices" that circumvented tests for emissions of nitrogen oxides. | The car firm has already put aside €6.7bn (£4.7bn) to meet the cost of recalling 11 million diesel vehicles worldwide that were fitted with so called "defeat devices" that circumvented tests for emissions of nitrogen oxides. |
The scandal was revealed in September by US regulators, who said the software detected when vehicles were undergoing emissions tests and changed the way they operated. | The scandal was revealed in September by US regulators, who said the software detected when vehicles were undergoing emissions tests and changed the way they operated. |
Investors, who had feared that the CO2 problem could be as large as its "defeat devices" scandal, were clearly relieved by the statement. | Investors, who had feared that the CO2 problem could be as large as its "defeat devices" scandal, were clearly relieved by the statement. |
VW's shares, which have fallen almost 30% this year, rose almost 5% after the statement. | VW's shares, which have fallen almost 30% this year, rose almost 5% after the statement. |
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