Mexican Media Brands
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.
#economics #regulations
Share
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.”
RELATED CONTENT
-
Global Car Market to Shrink for 2-3 Years
Global sales of light vehicles will decline year on year through at least 2021, predicts LMC Automotive at its annual outlook conference outside Detroit, Mich.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
