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VW Says it Inflated Fuel Economy Ratings for 800,000 Vehicles
Volkswagen AG reports it has overestimated the fuel efficiency ratings of about 800,000 of its diesel- and gasoline-powered vehicles.
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Volkswagen AG reports it has overestimated the fuel efficiency ratings of about 800,000 of its diesel- and gasoline-powered vehicles.
VW says it found “irregularities” in carbon dioxide emission tests used to calculate fuel efficiency. The company did not specify the range of overstatement or indicate which models and markets are effected. But it estimates it could pay €2 billion ($2.2 billion) in fines and compensation to owners.
The disclosure comes as VW continues to investigate details about 11 million 4-cylinder diesels it rigged to cheat on nitrogen oxide emission tests. The company has already set aside €6.5 billion to fix the latter issue, although analysts predict legal settlements and regulatory fines could easily triple its exposure.
VW denies new charges by U.S. regulatory officials that it also rigged at least 10,000 V-6 diesels to skirt emission standards.
Beleaguered CEO Matthias Mueller declares the company will “stop at nothing and nobody” to clarify and correct its mistakes. “This is a painful process,” he says, “but it is our only alternative. For us, the only thing that counts is the truth.”
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