Last quote about Volkswagen scandal
All quotes about Volkswagen scandal
This is a very, very serious offense.
I only found out through media reports. Nothing that I didn't already know based on the information from the transport minister and the media. I don't have any explanation for that.
In the past Opel and PSA have been our accepted and well-respected competitors and they will be in the future as well. So we'll be excited to see how competition changes in that environment. Obviously we have our own homework to do and we're going to do that in a very single-minded way and therefore we are very positive about the future.
Last year, we welcomed the Opel Astra's win, because they made a great car and I'm happy to see we'll continue the adventure together, it's great.
It has no influence on our plans initially. We have our own ideas and thoughts and will thoroughly work with them. We took Opel and PSA seriously as competitors in the past. These were two brands and now they're under a single roof. I don't believe that a great deal will change there.
The top sensors create a sensing 'curtain' around the vehicle. The lower ones scan further ahead and create a 25cm-high, flat-scan of the world.
Then you tell it where to go and it takes you there. It then drives away and parks, perhaps recharging itself. It could even be programmed to go down to the supermarket and collect your shopping for you.
We've been looking at autonomous driving technology for over 20 years.
Good emissions numbers translate to sales these days. If one does it, they all have to at least seriously consider it.
It ends up being about a one percent extra risk of dying early in a given year, per microgram per meter cubed of fine particles you're exposed to. Typically that means that someone who dies early from air pollution ends up dying about a decade early. It seems unlikely that Volkswagen is the only company with issues with excess emissions.
Fluctuation is normal and within the usual boundaries and was even lower in January compared to the previous year.
The rest will hopefully be largely dealt with by the end of the year.
As the figures show, Volkswagen is very solidly positioned in both operational and financial terms. This makes us optimistic about the future.
Above all we must implement the future pact swiftly and consistently.
2017 will be a good but strenuous year.
(We) will go to Berlin next month to meet the minister ... to request that we're provided the detailed technical information that will allow us then, if we chose to, to take further steps.
Out of 1.2 million technical measures which have to be applied, as of today, we have applied 470,000 and at the current rate we are applying these measures to 20,000 cars a week.
We as group management and I personally will continue to do everything, so that disputes are solved in a constructive way and Volkswagen will be protected from damage.
The Volkswagen agreement is a turning point. [T]he agreement provides a framework for industry-wide cooperation between automobile manufacturers to jointly produce the map contents that are needed for autonomous driving.
Neither of them (Bernard nor Diess) have been given the time to harvest the fruits of restructuring. To a large extent that has to do with co-determination.
There was no purposeful omission in having done that test only on a few of the vehicles, it was the inspectors' choice to add it or not.
Bad rules are also applied in a different way in every country, creating the worst solution that could be invented.
We don't know what more we could have done.
I spoke with Mr Piech only concerning this university project.
"The allegations are untrue. Had Dr Piech informed us, we may have been able to spare the company and its workforce from substantial harm. We now expect the management board to thoroughly evaluate whether steps need to be taken against Piech,"
"I can swear in any court in the world that Piech did not talk to me about the matter."
VW has been in turbulence for some time and Piech has no more say.
VW works hard on its own disruption.
I can swear in any court in the world that Piech did not talk to me about the matter.
Berthold Huber - Volkswagen Group
The allegations are untrue. Had Dr Piech informed us, we may have been able to spare the company and its workforce from substantial harm. We now expect the management board to thoroughly evaluate whether steps need to be taken against Piech.
It is a very fast and furious project.
It's imperative that we break this cozy relationship between national testing authorities and their domestic carmakers. This problem is at the heart of Dieselgate.
We have decided that, as there is a large probability that a defeat device was used, to launch a lawsuit against unknown persons.
We have decided to launch penal lawsuit against unknown.
If prices go up, there has to be some sort of impact. This is a price-sensitive industry.
With the court-approved two-litre TDI programme well under way and now this proposed three-litre TDI programme, all of our customers with affected vehicles in the US will have a resolution available to them. We will continue to work to earn back the trust of all our stakeholders and thank our customers and dealers for their continued patience as this process moves forward.
All of our customers with affected vehicles in the United States will have a resolution available to them.
We will continue to work to earn back the trust of all our stakeholders.
After carefully weighing up all the factors, we decided to reach a settlement.
We wish to devote our attention and our resources to the transition in mobility and in other areas of activity.
We will be prepared to brief him and his team on the work we did. We aim with our enforcement to make sure the cost of non-compliance is always much higher than the cost of complying with our laws.
We want to discourage manufacturers from simply designing to the tests.
Without a broad expectation of accountability, we know the inevitable result will be a race to the bottom -- to whatever level is the lack of EPA oversight will allow.
It gets everybody's attention.
I, too, am looking for satisfactory answers.
It's incomprehensible why I wasn't informed early and clearly. I would have prevented any type of deception or misleading of authorities.
I have no reason to think that Renault cheated like Volkswagen.
It is a matter of justice and I do not interfere.
A number of anomalies were noted on Renault vehicles. The controls performed far exceeded the permissible standards. This is also the case for other carmakers to a different extent. So there could be other investigations.
We want to reignite America's love for Volkswagen.
It's not identical to the Volkswagen situation, or at least it isn't yet. It's an inconclusive situation. There's still work going on. In the case of Volkswagen, it was deliberate cheating. They knew they were doing this. It's not clear at all that that's the situation here.
Our base case is that the current violation notice is settled as a reporting violation of US$140 million, a very manageable figure for FCA. However, until the issue is settled, emissions uncertainty is likely to remain a significant overhang to the shares and break the stock's impressive recovery since Trump's election.
The investigation is still open and it is ongoing. Volkswagen knew of these problems and when regulators expressed concern Volkswagen obfuscated, they denied, and they ultimately lied.
Once again, a major automaker has made the business decision to skirt the rules and got caught. CARB and U.S. EPA made a commitment to enhanced testing as the Volkswagen case developed, and this is a result of that collaboration.
(The vehicles) do not distinguish between test cycles and running a normal running operation, so the cases fundamentally different, and it is important for us to distinguish ourselves from the current state of the art in this area.
It's no surprise that another big auto maker is implicated for this was always going to be much bigger than just Volkswagen ...Fines and costs could be crippling if Volkswagen's experience is anything to go by. One thing is now clear - this scandal goes well beyond VW and Fiat Chrysler's involvement raises the possibility that other big carmakers are involved.
What is most disturbing ... is the pattern of deception, both in developing and perfecting the defeat devices, as well as deliberately obstructing the subsequent investigation.
"This announcement does not mean that our investigation is complete ... We will continue to pursue the individuals responsible for orchestrating this damaging conspiracy,"
We will continue to examine Volkswagen's attempts to mislead consumers and deceive the government. We will continue to pursue the individuals responsible for orchestrating this damaging conspiracy.
Volkswagen's attempts to dodge emissions standards and import falsely certified vehicles into the country represent an egregious violation of our nation's environmental, consumer protection and financial laws. In the days ahead, we will continue to examine Volkswagen's attempts to mislead consumers and deceive the government. And we will continue to pursue the individuals responsible for orchestrating this damaging conspiracy.
This announcement does not mean that our investigation is complete... We will continue to pursue the individuals responsible for orchestrating this damaging conspiracy. But I will stress that we are looking at individuals who were involved and would have had knowledge of the same information that's currently being charged.
This is a company where lower-level people actually expressed concern along the way about the fact that these defeat devices were being used and questioned whether they should be used, and higher-up people decided to keep using them. We don't really see many major multinational corporations that decide at a very high level . . . to violate U.S. law in a systematic way for nearly a decade.
There are some structural changes that we are requiring so there is less ability for these types of things to happen. Markets like this don't manage or police themselves.
The bright side is that Volkswagen makes another crucial action to fix the dieselgate issue in the United States however the monetary effect appears higher than so far anticipated by capital markets.
This is a partial victory, but VW is by no means out of the woods yet. There are still considerable litigation risks. Facts need to be revealed now and, if necessary, further steps need to be taken regarding individuals to regain the trust of capital markets.
What's going to kill diesel is this continuous drain on capital and this continuous skepticism about its value to society.
These announcements send a strong message that diesel remains an important option for meeting the future vehicle needs of U.S. drivers.
I think we'd be very stupid to forego the benefits of diesel.
We're really good at it. It's not a bet the farm thing, it's an option.
China is the big equalizer. Diesel plays no role there, so your reputation can't suffer. China today is the center of the automotive world, for Volkswagen as well. And when you look more closely at the numbers, Volkswagen didn't lose so much in the end in Europe, because Audi and Skoda were able to buck the trend a little.
I'm here, at least.
Difference between street and test stand must be explained. (Intent equals penalty).
Today's data finally bring some evidence that the German economy gained momentum in the final quarter of the year. Even though industrial data is still not living up to the expectations created by buoyant soft indicators, the surge in exports and the gradual recovery of industrial production brings some relief for a battered industry.
Rather than advocate for disclosure of the defeat device to U.S. regulators, VW executive management authorized its continued concealment.
We intend to take that second chance.
They are children to me… because I haven't had any kids.
We want this court to determine that every affected German owner has the right to return their car to VW and be reimbursed the full purchase price. That's unless they want to keep their car in which case they'd have the right to receive compensation for the reduced value of the car, which is around 10 to 15 percent of the original price, depending on its age.
Every affected person has been cheated by Volkswagen and there is no reason why people should have to keep their cars.
Volkswagen wants to strengthen its presence in emerging markets. That is why Africa ranks high on our agenda.
I am optimistic the parties will resolve the remaining issues.
Car manufacturers should already start designing vehicles with lower particle emissions and introduce the necessary filters in (gasoline) cars that are already widely used for diesel.
Dieselgate would not have happened if our national governments and the European Commission had acted in line with their legal and administrative responsibilities.
Volkswagen's primary goal has always been to ensure our Canadian customers are treated fairly, and we believe that this proposed resolution achieves this aim. We are working hard to earn back the trust of our customers, dealers and regulators, and today is an important step in that effort. We appreciate the engagement of the other parties to these agreements and thank our Canadian customers for their continued patience.
We have set our sights on becoming a globally leading provider in the field of sustainable mobility. With our investment in Hubject we are supporting the digital transformation and making an important contribution to the transition to the era of e-mobility.
That way we can better expand our business in the future.
That way we can better expand our business in the future. Together with our new shareholder we will be working at top speed to push forward with interconnecting the charging infrastructure.
The differences between cold start and hot start are hard to explain.
A number of member-states have failed to put in place penalty systems to dissuade, discourage car manufacturers from breaking the law and a number of others have failed to apply them in the specific case of Volkswagen where a breach of law has occurred by using an illegal defeat device.
Abiding by the law is first and foremost the duty of car manufacturers. But national authorities across the EU must ensure that car manufacturers actually comply with the law. For the future, the Commission has tabled proposals to introduce greater European oversight and to make the type approval system more robust. We expect the European Parliament and Council to reach an agreement swiftly.
Mid- and long-term MOIA will create the kinds of services that will meet the needs of urban citizens.
We want to bring our services to the market at scale.
Even though not everyone will still own a car in future, MOIA can help make everyone a customer of our company in some way or another.
One can take a close look at every brand to see what are self-registrations and what aren't, and then one realises under what pressure the respective brand is.
The political and economic risks that may dampen peoples' and companies' readiness to make purchases are growing.
We have sold more diesel vehicles in Germany this year than a year earlier and at a higher price than a year ago.
Even in the challenging business year 2016 we have been able to continue our successful growth course of past years.
For me, this is more a feeling that I support this and I want it to continue now that it has just started.
The availability of high-power stations allows long-distance electric mobility for the first time and will convince more and more customers to opt for an electric vehicle.
We will have the ability to meet demand in Algeria. This project opens new doors for us.
For us, this is a sensible action toward increasing automobile sales in Algeria in the long term.
This shows that the investment climate has improved. Our main goal is to reduce imports.
This is pure speculation which lacks any kind of foundation and is something which we emphatically reject.
Some successful divisions like Audi need to be nurtured.
The Volkswagen Group opted for participation in SOVAC Production SPA as we have co-operated successfully with our sales partner SOVAC for many years.
It's underway and will be published. We'll have the first results in December.
We will be asking the consumer fraud investigators and prosecutors to communicate any findings that will enable us to establish whether it's necessary to withdraw sales authorisations.
The consumer fraud directorate has alerted the prosecutor. So clearly we have taken action over this observation.
That (Mertens's appointment) is a good decision. It's important to further push digitalization and electric mobility.
Once we hopefully get past everything, I see an opportunity for potentially, probably to offer it on one model, and that model would probably be the Q7 SUV.
Emissions standards in following years are getting tougher and tougher. Why don't you put the money and investments ... to comply with these standards, why don't you put the money on the spot where the future is?
They (Uber) saw us more in the role of a supplier. But we said: Okay guys, this is a contest which we are happy to take on. We will remain in command.
If more than a quarter of our cars are to be electronic vehicles in the in the foreseeable future then we are going to need approximately three million batteries a year. Then it makes sense to build our own factory.
The next generation of electric vehicles will be made here in Germany, not overseas.
The VW group will refine its focus. We are investing more selectively and are setting clear priorities.
We are expanding new capabilities in future-oriented areas and creating around 9,000 new jobs. For example, in software development. Our goal is to fill as many positions as possible internally. We will therefore intensively look after the further training of our employees.
This future pact is the largest reform programme in the history of the core brand of our group. It will make Volkswagen efficient, productive and competitive. At the same time, it will enable the brand to advance the technologies and trends that will shape the future of the automotive industry.
It was pretty clear that Volkswagen has been working on such a plan. Nonetheless, it was unclear if the company would be able to reach an agreement with the unions... which is clearly good news.
We are overhauling the entire VW brand and are getting it ready for the future.
Everyone at the VW brand has understood what is at stake: to create a strong, future-proof VW.
There is a question of what will happen with this purchase tax policy. If it really comes totally to an end, then maybe the first quarter will be a little bit more difficult.
There are fewer 1.6 liter and less engines in premium, so if that tax cut does go away, that could be an opportunity.
We have not forgotten promises we made… We will introduce more SUVs to the market. Here today you can see how we deliver on our promises.
The VW brand needs a real shake-up and that is exactly what the future pact has turned out to be.
The next generation of electric vehicles will be made here in Germany, not abroad.
The tax cut has been very successful, it's been a fabulous success. But there's going to be some pay back next year - a lot of payback.
We decided not to go back staying a niche player. We want to be a relevant player in this market. So Volkswagen definitely is in front of a great comeback story.
We decided not to be loud in expressing numbers, let's simply do it and deliver.
We are making good progress in our feasibility study with JAC. Normally the legal framework is you are only allowed to have two joint ventures. There is a special chance to have this additional joint venture just on pure battery cars.
We have to do more in the NEV area. The government is pushing, the general environment in China is pushing that.
Bentham is determined to bring the opportunity to recover the overcharges to the attention of as many truck purchasers as it can and enable these victims of the cartel collectively to seek redress. Claims against the truck cartel are expected to be one of the largest-ever compensation claims resulting from a cartel ruling.
The Golf represents the essence of the brand better than any other model. That's why we continuously invest in the technology and improvements of this core product.
Our brand is facing some pretty big challenges. A new Golf always stands for a new beginning, a new momentum.
In the past we have issued bonus shares. Our shareholders did very well with that.
In the past months we have worked on the cost side of MQB and made significant progress.
We are rising to that challenge. We will achieve more in the future with fewer investments to respond to competition.
In the past months we have worked on the cost side of MQB and made significant progress. The MQB has high technical substance, so we can use it for the next two vehicle generations without further major investments.
The conditions our company faces are currently very challenging.
We're going to sell it back as soon as humanly possible and try to put this behind us.
Final approval of the [settlement] is an important milestone in our journey to making things right in the United States. Volkswagen is committed to ensuring that the program is now carried out as seamlessly as possible for our affected customers and has devoted significant resources and personnel to making their experience a positive one.
Final approval of the 2.0L TDI settlement is an important milestone in our journey to making things right in the United States, and we appreciate the efforts of all parties involved in this process. Volkswagen is committed to ensuring that the program is now carried out as seamlessly as possible for our affected customers and has devoted significant resources and personnel to making their experience a positive one.
This is not enough to deter the kind of behavior they did.
Given the risks of prolonged litigation, the immediate settlement of this matter is far preferable.
Not all 34 will end up being supervisory board members, or have a say in discussions, and not all them want to. Exactly what is necessary is that the next generation of suitable family members have an interest in the matter and do not just wait for the dividend to show up.
Shiny, blingy showing-off is no longer the behaviour in the (larger) cities.
Constructive talks are still ongoing and will be continued tomorrow. The fact is: the pact may still fail. Especially if the company does not make concrete assurances for certain products, such as battery manufacturing.
In the past they sometimes bought four to five systems at once but now it's only about two at a time.
If your cost structure is plausible you will have no difficulties with VW. It's a give-and-take.
We got played the fool. This settlement does not go far enough.
This was a broken situation. It was broken for the environment. It was broken for consumers. I think we've all, including Volkswagen - on the 2 liters - put this back together again.
This settlement is something that I think is very good for consumers. It's good for the environment, and it's a way for Volkswagen to regain the trust of its customers, the American people, regulators and do right by the environment.
We welcome the fact that all parts of VW are looking to lower their excessively high costs.
Volkswagen's actions demonstrate a flagrant disregard for Missouri's environmental laws, as well as the health and welfare of Missourians.
The techniques we've used to reduce engine capacities will no longer allow us to meet emissions standards. We're reaching the limits of downsizing.
The increased deliveries make us optimistic we will be able to master the upcoming challenges. Reinforcing our customers' trust in our products remains our top priority.
You can't downsize beyond a certain point, so the focus is shifting to a combination of solutions.
It becomes apparent that a small engine is not an advantage. That's why we didn't jump on the three-cylinder engine trend.
They might be doing OK in the current European test cycle, but in the real world they are not performing. So there's actually a bit of 'upsizing' going on, particularly in diesel.
There is a limit to the research and development that a company can do individually. In addition to the R&D which each company is working on individually, it is very important now to have partners who share the same goal and passion. We would like to always keep our doors open for new partnership opportunities, which will contribute to the making of ever-better cars as well as to the development of the automotive industry.
The products that seem most likely are reflected in the arrangements made so far. From today's perspective, that is robust.
The Volkswagen group is financially solid and has many options for financing.
The Volkswagen Group is financially solid and has many options for financing, and that is without extraordinary measures such as a capital increase, that is not being considered at this time.
We scanned the market. There was no electric van available so we decided to build our own.
There is a clear trend to go to out-of-the-box systems. Five years ago the auto industry launched a code of conduct for product lifecycle management. We have a common understanding of an open architecture, interfaces, support of standards.
The German Audi factories must now stand in the center of the new era of mobility. We must now draw the right conclusion from this situation and take action.
There is resounding support for this consumer class settlement and the substantial benefits it provides.
The settlement that we have ... reached with the civil authorities isn't cheap. We have made provisions for everything that we believe we will have to face, including fines, environmental projects, compensation to the people ... We will have to see if that's enough or not.
It's going to make the car more costly, but this is a cost that can be borne by larger cars, more expensive cars. For smaller cars, it's a killer, so it means that we're going to have to go for different kinds of technology, more affordable.
China will probably be the lead market for electric cars.
From there, we will really grow volumes very steeply.
We really think that electric mobility will take off by the year 2020, that's our judgement of the future. China will probably be the lead market for electric cars.
We will solve the problems, repair our cars and then, probably by the year 2021, become fully electric with a new platform entirely designed for the future and also to challenge the Teslas and probably the Apples of the world.
Alternative energy will (hopefully) one day fulfill the needs of our cities and the environment but the reality is that the infrastructure is not yet in place for this to be the case.
Until (alternative energy fulfils our needs), classic cars and buying behavior will remain the same in most markets. This means that the big SUVs will still be attractive, especially when optimized hybrid versions like the new Q5 and potentially also the Discovery 5 with a much higher share of light-weight constructions are produced that are more environmentally friendly.
This year we spent a lot of work in clearing up the diesel issue. We worked with the authorities in Germany, in Europe and especially in the United States.
We have been in a constructive dialogue with authorities in Germany, in Europe and the U.S. for the past 12 months.
Additional efforts were also undertaken at the second tier level. This has led to the temporary suspension of purchases on some supply chains until the due diligence is completed and respective measures have been put in place.
To find sustainable solutions ... is not an easy task, and one that (will) also take some time.
It (the Volkswagen scandal) served to rip the lid off all these related issues about engines.
Volkswagen's chances are extremely slim.
This makes it almost inevitable that any union target will eventually be organized.
You can do that in skilled trades, you can do that in production, you can do that in technical, you can do that in engineering.
To the extent that you balkanize the workforce, you have the potential for more conflict. But that simply does not determine whether a unit is appropriate.
We have never heard of anybody else who carefully spent time examining what happens sexually to rats if you put pants on them.
The prizes are for something pretty unusual. Almost any other kind of award is for the best or worst. Best or worst is irrelevant to us.
This is very important for me.
There will be no leniency nor particular severity.
Volkswagen committed to an EU-wide action plan today, which is an important step toward a fair treatment of consumers.
It will be in the next several weeks, a few months from now because we have to complete the evidence.
We need a very good legal basis, but I definitely want to start infringements.
We have a lot of such examples, some of them are quite shocking.
It is not enough just to send your cold letters saying 'Please come on this day and we will replace these devices for a new one'. Compensation is the noisiest subject, present everywhere, and this is a really important topic.
VW is the single biggest turnaround opportunity among global carmakers.
We are facing a tough fitness programme. That also includes a reduction in personnel, for instance via early retirement.
To enable us to tackle the enormous challenges of the next decade, we need to expand our know-how in cyber security in order to systematically advance vehicle cyber security for our customers.
I am confident that we can bring the negotiations about the future pact to conclusion in the coming weeks. That includes targeted investments and decisions about new products.
Then and only then will we have clarity and be able to possibly draw further consequences.
The open question after today is whether they have the evidence to pursue anybody higher up the corporate chain of command.
As a general rule, extradition treaties are limited to crimes that can be charged in both countries.
Volkswagen is continuing to cooperate with the U.S. Department of Justice. We cannot comment on this indictment.
We're holding Volkswagen responsible for distorting the market for clean cars.
The new wage agreement gives us a platform on which we can plan further investment in the sector.
We believe that Kenya has got the potential to develop a very big fully-fledged automotive industry. The East African Community has got the potential, and today is the first step in this direction that we want to take with our passenger cars.
Volkswagen South Africa will now again establish an assembly plant to produce motor vehicles at the Kenya Motor Vehicle Manufacturers limited in Thika.
The typical customer for commercial vehicles has yet to be convinced.
If electric drives offer no distinct benefits to cost-oriented entrepreneurs, they will not join in.
They want to raise the technical capabilities of the sector and for that they want better-quality players to enter the sector.
Jianghuai already is quite a player in China.
This was a one-off occurrence, we normally have a very good relationship with our suppliers and that's why I think we've got it under control... We don't need to change (cooperation with our suppliers).
I can never rule that out.
All options are open.
A more global company with exposure to the profitable North American market will make for a better story should VW look to IPO its trucks business in the future.
Given Navistar's financial position, they need to team up with someone or exit the engine business.
The power of that consumer confidence boost should not be underestimated.
If your concern was that Navistar was not a company that can do that, that concern should go away.
Beyond 2025 there may be some manufacturers that completely drop diesel, because the cost of electrification will have come down significantly.
It might be one reason why Renault's earnings could be handicapped relative to Peugeot over the next few years.
But they're going to have to address the diesel issue and add more SCR content than others.
I recognize that we could have done this earlier.
Everybody is backtracking on diesel because after 2017-18 it becomes more and more expensive.
On our way to becoming a global champion all options are open.
Over the longer term, it is intended to expand the technology options we are able to offer our customers by leveraging the best of both companies.
You of course take an example like this to take precautions to minimize risks like this and ideally to rule them out. That is why we reviewed existing measures, and intensified them in some cases, to avoid such a situation from arising.
The ACCC alleges that Volkswagen engaged in multiple breaches of the Australian Consumer Law by concealing software in their vehicles to cheat emissions testing and misleading consumers about the vehicle's compliance with standards and emission levels during on-road conditions.
This unanimous decision makes it clear that the company has been operating in violation of federal law by refusing to come to the bargaining table.
The ACCC alleges that Volkswagen engaged in multiple breaches of the Australian Consumer Law by concealing software in its vehicles to cheat emissions testing and misleading consumers about the vehicle's compliance with standards and emission levels during on-road conditions.
(We're) in really good discussions with U.S. authorities.
One could discuss at length who's to blame for the fact that this situation went belly up.
We believe this agreement in principle with Volkswagen dealers is a very important step in our commitment to making things right for all our stakeholders in the United States. Our dealers are our partners and we value their ongoing loyalty and passion for the Volkswagen brand. This agreement, when finalized, will strengthen the foundation for our future together and further emphasize our commitment both to our partners and the U.S. market.
We believe this agreement in principle with Volkswagen dealers is a very important step in our commitment to making things right for all our stakeholders in the United States. Our dealers are our partners and we value their ongoing loyalty and passion for the Volkswagen brand.
Our clients recognized the best solution would be one that not only allows them to recoup lost franchise value and continue to employ thousands of American workers, but one that also charts a strong course for the recovery of the Volkswagen brand in the United States.
Given the slowdown of VW sales (excluding China), the brand certainly needs to slightly trim production levels.
The consequences for the entire supply chain are already considerable today.
We assume and also expect the companies to solve the sticking issues as soon as possible. It is about thousands of jobs, which could be affected by shorter work hours, and the responsibility to tackle these problems constructively is very high.
I expect the first such vehicles to hit the market in the next 3-5 years.
We have a massive need to now work with the same passion for detail and the same focus on software and services as on hardware (cars).
It is known that Volkswagen has negotiated even harder this year due to the pressure they are under themselves. And some of the suppliers have to accept conditions which surely will not make them jump up and down with joy. And that might have been the reason for one of the suppliers to draw a line.
I think it will end with both parties coming to an agreement in one or two weeks, because both companies will be publicly scrutinised from now on and the loss for both will increase.
This current vehicle generation is not afflicted by the problems described.
There are still some VW car models being sold that are not on the latest platform and which remain vulnerable to attack.
We are aware of this security gap and have incorporated this knowledge in the enhancements of existing and future systems. We no longer use the described system in any of our new cars.
Uncertainty about the economic outlook is making consumers cautious to purchase big-ticket discretionary items.
Of course we are talking with the government, with CAAM. Everybody does see this risk so this is what I'm saying that hopefully things will change.
If the federal government truly stays on the present decision that this will be greatly stopped at the end of this year, you can expect pre-sales this year, with a larger unfavorable effect the first quarter of next year.
We will work hard on our earnings power to manage the future investments needed to transform our core automotive business and build an innovative business unit for mobility services.
We have designed a settlement that places the consumers – the owners and lessees – in a central, decisive role.
The European Commission is one of the few authority which is actually trying to do something. This political signal is necessary. We know that the Commission has no enforcement power, but when they coordinate action from national consumer authorities it could help to get compensation for EU car drivers.
We continue to believe that the market is complacent with respect to the amount and speed of change that the VW new management team is currently implementing.
We are concerned that VW's fix was developed at the lowest possible cost which might lead to increased costs for motorists down the line. We have called upon the Vehicle Certification Agency to do everything in its power to ensure that does not happen.
It's not up for debate.
We take our commitment to make things right very seriously and believe these agreements are a significant step forward. We appreciate the constructive engagement of all the parties, and are very grateful to our customers for their continued patience as the settlement approval process moves ahead. We know that we still have a great deal of work to do to earn back the trust of the American people.
This was not an honest mistake.
Settlements of this magnitude are clearly a very significant burden for our business. We will now focus on implementing our Together-Strategy 2025 and improving operational excellence across the Volkswagen Group.
Using the power of the Clean Air Act, we're getting VW's polluting vehicles off the road and we're reducing harmful pollution in our air – pollution that never should have been emitted in the first place. It should send a very clear message that when you break the laws designed to protect public health in this country, there are serious consequences.
That is why we will now enforce a special investigation in court.
If the UAW wants to organize the American auto workers at our plant in Chattanooga it has to do so by itself, like the IG Metall does it in Germany. The VW management board or the IG Metall cannot handle this for the UAW.
We don't want to establish some kind of a branch union in Chattanooga and, with it, a split of the workforce.
A radical overhaul of corporate governance and culture is required before the company can sustainably create value for investors and other key stakeholders.
The breadth of the shareholder base that is represented by Quinn Emanuel should be a wake-up call to Volkswagen AG that it needs to engage with shareholders now, resolve matters and concentrate on regaining its market share.
Volkswagen never fulfilled its commitments to recognize the union as a representative of its members. The unfulfilled commitment is at the heart of the ongoing disagreement between the company and the union.
At the same time that Volkswagen was deceiving U.S. investors and regulators with its rigged emissions systems, it was raising billions of dollars from investors in the U.S. capital markets. Through this action, these bond investors will finally have recourse.
The agreement on the dividend shows that no significant changes are to be expected.
VW can only develop further if the conflict of interest between unions, Lower Saxony, the ruling families and independent shareholders is resolved.
The numbers are better than expected, people are taking profit on the positive news.
And now it's really the last chance for the Commission to come forward with such an instrument.
What is really lacking in Europe – and what we have in the US, and this one of the reasons why in the US consumers got compensated and very well so – is the fact that in Europe we don't have collective redress procedures, which means that consumers can join, form a group and go against the companies who infringe the law.
The good news is that the Volkswagen Group is robust enough to shoulder that financial burden. Just in 2015, the net liquidity for the company's automobile business rose by almost 40 percent to 24.5 billion euros.
The manufacturers will carry out a voluntary recall for these cars to be serviced, which will affect a total of about 630,000 vehicles produced all around Europe.
What is still uncertain is whether this also resolves (other) issues Volkswagen has.
The crisis in Wolfsburg is far from over yet. The agreement with U.S. regulators is nothing but an intermediate step in a marathon that should stretch out over the next 5-10 years.
We welcome the fact that VW appears to be pursuing a broad compensation program, as it further de-risks the equity story, allowing the company to focus on running the business, and turning the VW brands' uncompetitive cost ratios around.
We have discovered that improper tests were being used – designed to show fuel consumption better than it actually was. It was also found that the fuel economy testing methods used were not in line with Japanese regulations. We offer our profound apologies to our customers and all shareholders for this.
For years Volkswagen's ads touted the company's 'Clean Diesel' cars even though it now appears Volkswagen rigged the cars with devices designed to defeat emissions tests. Our lawsuit seeks compensation for the consumers who bought affected cars based on Volkswagen's deceptive and unfair practices.
This was one of the most egregious examples of a company deceiving the public. Hopefully, the court will provide adequate redress to consumers and send a strong message that this type of corporate behavior won't be tolerated.
Volkswagen has received the complaint and continues to cooperate with all relevant U.S. regulators, including the Federal Trade Commission. Our most important priority is to find a solution to the diesel emissions matter and earn back the trust of our customers and dealers as we build a better company.
It feels like a persistent stream of bad news. VW is anywhere but on solid ground.
The attitude among people here is that we'll get out of this crisis in two to three years.
Should the future viability of Volkswagen be endangered by an unprecedented financial penalty, this will have dramatic social consequences.
The emissions issue is likely to have a number of adverse effects on Volkswagen's future earnings and cash flows, which may only become visible over time.
Winterkorn was visibly dejected. He is haunted by the question of what will happen to his life's work and to the Volkswagen company.
We still don't know the size of the damage. The uncertainty is the worst of all.
I am not relaxed on this matter … but I think the implications will be more visible at sites other than in Wolfsburg.
I have had my fill of bad news already. There is an element of uncertainty. But there is also the feeling that things will get better afterwards.
There is absolutely nothing to the allegations.
We will check [the court ruling] and then decide with patience what we are going to do with it.
Due to the fact that -- according to our information and experience -- Volkswagen AG persistently denies any settlement negotiations and also refuses to waive the statute of limitation defense until now, it was necessary to file this first multi-billion euro lawsuit.
Hybridization is going to be an important part on this journey towards a much lower CO2 environment. If we go to the regulators in Europe or the United States – or China for that matter – when we get to 2020 or 2025 there has to be a lot more hybrid and zero emissions in the fleet to meet the targets that the industry is going to be set.
I think you're going to see a migration to petrols from diesel anyway. We're not talking a huge move, but a little bit maybe, and I think it might be more to do with just the overall market dynamics rather than what happened to VW last September.
Conditions were demanding, perhaps more demanding than we originally expected.
Time and cost discipline can be improved very considerably through this structure. Whether the time and cost advantage ultimately is 20 percent or 30 percent depends on the production series and the matureness of the organisation.
Are we content with the crisis management at VW? No, not at all. Volkswagen needs more independence on the supervisory board to win back trust with investors.
It usually takes three months for vehicle certification, but this may take longer for Volkswagen, as we will take thorough steps.
It is a purely business transaction, less emotional. I see that from emails I get from vehicle owners, who say things like: 'Mr. Feinberg, I know I haven't lost a relative, I just want to be treated fairly.' They are all quite reasonable.
We are fully cooperating with the U.S. authorities to make our V6 3.0L TDI engine compliant with regulations. After meetings between EPA/CARB and our technicians, we filed a recall plan within the time limit laid out in the regulations. Now the authorities will review the plan and determine whether it meets their requirements. We hope to receive a decision in the near future.
The Volkswagen revelations have highlighted that the system which allows cars to be placed on the market needs further improvement. To regain customers' trust in this important industry, we need to tighten the rules but also ensure they are effectively observed.
The USA is and will remain a key core market for the Volkswagen brand. That is why the North American Region must be steered in the interest of our customers and dealers there. With his international experience Mr. Woebcken will make an important contribution to the brand's positive development in the region.
Expectations of more ECB help were growing. But news like this is a cold shower for such expectations in a climate already (made nervous) by the China situation, geopolitical tensions in Korea and this morning's attacks in Jakarta.
There were searches at several Renault sites by fraud investigators. Management has not confirmed that it is about NOx emissions, but given the sectors that were inspected we think that it could be linked.
These allegations involve extraordinary conduct of a serious and deliberate nature by a global corporation.
We've been having a large amount of technical discussions back and forth with Volkswagen. At this point, we haven't identified a satisfactory way forward, but those discussions are going to continue. We are really anxious to find a way for that company to get into compliance, and we're not there yet.
It's a very constructive dialogue.
With the current investment programme, we obviously want to enhance the brand's strong position, but at the same time, we aim to achieve additional financial scope by means of further process and cost optimisation.
Many (people) expected the IFO index to drop, especially after the attacks in Paris. But our figures show that the responses were no different. That means the trends remained the same and the index increased. The market uncertainty apparently has no effect on the German economy: it appears to be unimpressed and wants to invest even more. And German consumption has been doing very well for months now.
Made in Germany' remains, thanks to innovation, a trademark and a seal of quality, and the events at Volkswagen changes nothing about that, I want to stress that again. But they also show that we must also insist here on transparency and a quick clean-up.
The (IFO) current figures indicate that the VW scandal seems to have had no decisive impact on the car industry. We see that the index even rose in the automobile sector. The index for October fell slightly, but it actually improved regarding the outlook for the future.
The German automobile industry appears to be unfazed by the VW scandal.
Air quality is a massive public health crisis in Europe and the EU has to get its act together and take this problem seriously. The Volkswagen scandal shows that more action is needed, so it's a very good opportunity for the EU to get things right.
We will also try to clarify which persons of the Volkswagen group may have been responsible.
We'd like to clearly state that Mr Winterkorn was not aware of the manipulation of emissions and that we have the greatest respect for his willingness to send a very clear signal and take responsibility in this difficult situation for Volkswagen.
All manufacturers deliberately engineer their cars to do well in tests.
The risk of manufacturers playing games to hit the standards has probably increased in recent years.
We were aware through our testing and other testing that light duty diesel, or passenger vehicles, their NOx emissions were very high in Europe. And so we thought, you know what? Let's test a couple of light duty diesel vehicles, passenger diesels, here in the United States and show that you can actually meet the standards, not only in the test, but also in real world driving conditions.
The EPA is accusing Volkswagen of essentially putting a cheat code into their engine management system for these diesel engines that would enable them to pass the emissions tests and also smog tests in states like California and other states, while emitting far more than the allowable amount of NOx during real-world driving.
Under real world operating conditions the emissions levels were much higher than the certification levels that the manufacturers had reported to the regulatory agencies. And we saw huge discrepancies – one vehicle 15 to 35 times the emissions levels, another vehicle 10 to 20 times the emissions levels.
I personally am deeply sorry that we have broken the trust of our customers and the public.
"Let's be clear about this. Our company was dishonest with the EPA and the California air resources board and with all of you, and, in my German words, we have totally screwed up,"
Let's be clear about this: our company was dishonest -- with the EPA and the California Air Resources Board -- and with all of you. And in my German words: We totally screwed up. We must fix those cars.
It's fair to say that we are quite concerned by some of the reports that we have seen about the conduct of this particular company but ultimately this is the responsibility of the EPA to take a look at it and that is exactly what they are doing.
Would be a huge step.
When we get to the 95 gram target, things (fines) could get more interesting.
In general when companies are already in great difficulties due to some crisis, European governments tend to be understanding and will not necessarily seek the imposition of all possible penalties.
We must handle the situation on world markets where trends remain mixed.
A sale (of truck divisions) is currently not at all an issue for us.
We trust that the company is leaving no stone unturned.
There is clearly a sign of some impact there.
As expected, demand has now begun to level off but the sector is in a strong position, as low interest rates, consumer confidence and exciting new products combine to attract new car buyers.
It's a disappointing vote. It's clear that the car lobby won. I mean we knew they need to have new tests. But they used this momentum to weaken the target.
So yes, we have better tests, but we are even doubling now the emission target. So more or less, we are legalising cars to pollute more, while it's a loss for democracy, air pollution and our citizens health.
The European Central Bank is obviously in a difficult position. For Germany's circumstances it would actually have to raise rates slightly right now, but for other countries it would have to do even more to make more liquidity available, and especially for liquidity to reach corporate financing.
Uncertainty continues particularly on the markets in western Europe.
VW in the last year in Germany has managed to reach a market share of 19.9%, and that's a new record. Every fifth car sold in Germany was a Volkswagen.
The cost cuts, the cutting of up to 20,000 jobs from the time of Pischetsrieder has brought positive results, but Winterkorn changed the mood: it is much more optimistic today.
We are here at this factory to highlight that there are 2,200 jobs under threat and we will try to find a solution for their future and for the future of this factory.
I'd assume Porsche, by now, has more than 31% of the shares. Porsche had to declare that 31% and I believe that currently, they have between 31% and 50%, and on top of that, have taken options so they could quickly go over 50%.
We still intend to increase our stake in Volkswagen to 75 per cent in 2009. But given the current economic climate, neither we nor our rivals are in a position to say exactly how long this game will play out.
In partnership with Suzuki, the VW Group can take a big step forward in the compact car segment, particularly in the emerging markets in Asia. In turn, Suzuki can benefit from our experience with efficient and environmentally friendly drivetrain and vehicle technologies.
The main charge certainly is embezzlement, which will result in penalties. The embezzlement involved the illegal bribing of works council members. The documents show that and we are convinced of it.
We have unanimously agreed to ask Volkswagen to accept the resignation of Peter Hartz. I am working to ensure that everything that was not okay in the past will end and that those responsible are held accountable and will be made liable so that we can once again concentrate on our core business, the production and sale of cars. Today's meeting is a first step in that direction.
Management is aware the union has a double strategy: to increase the pressure with these warning strikes and – at the same time – continue negotiating. We want the management to get things moving at Volkswagen. And we are somewhat optimistic that we may be able to come a step closer to each other in the negotiations and work on a result.
If the most important car VW produces, the Golf, is in the red, then there is something wrong. We have to put things right together. My impression is that on the workers side, the works committee and the union IG Metall, they do understand the difficult situation VW is facing.
VW wasted the previous session by aggressively rejecting IG Metall's suggestions which astonished us, so now we're expecting the management to move more towards our position and start some constructive negotiations.
Peugeot have got a big job to be done to persuade people that they are really rivals for Volkswagen and part of that is showing exciting, upmarket cars – which is what the Exalt certainly is. Whether we actually see something like that on sale, very doubtful, but it's a good intention to show where Peugeot is going in terms of its brand.
I believe a few brands will go. I believe that particularly those in the mass car markets have no alternative but to consolidate and of course the times when the Americans and the Europeans dominated this market are challenged.
The management's decision is that is the only condition to building the new model here at the Martorell plant.
We do not yet appear to have reached the bottom.
We kept our word in 2008. In terms of sales, turnover and profit, we achieved record results. Despite the path being slippery we didn't fall and we stayed on course. And now, we're focusing on what happens after the economic crisis.
People, with 25 euros, are going to have a real problem. They are not going to be able to manage, they won't know what to do. With pay like that, well, we all have to buy things and what can you do with 25 euros, 25 euros a day.
Well, it's clear that the job losses will be a real shock locally. Lots of people nearby work at the plant. So there will be more unemployment. And that could, of course, lead to a fall in sales. That could happen.
With this kind of vehicle, we actually created the mini-van segment back in 1947. And now we would like to revive that spirit of freedom and style.
Porsche is the world's best premium car story.
The car industry got back on track last year and enjoyed a brilliant comeback. Our company proved how robust it was during the crisis and we also led the field during the recovery.
We want to deliver more than 1.2 million Audi cars to customers worldwide during the current year.
Unfortunately, now we have to go to court because the German government has not changed its position; It is my duty to try to uphold the European law, and that is what I am doing. The fact that we are near the end of our mandate has nothing to do with it.
We have applied the European Court of Justice's verdict, we have taken into account their decisions, but we continue to consider that at a time of important decision making in the company, the blocking minority must continue.