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VW Faces Billions in Fines as U.S. Sues for Environmental Violations

The U.S. Justice Department has sued Volkswagen for up to $48 billion for allegedly violating environmental laws – a reminder of the carmaker’s problems nearly four months after its emissions scandal broke. Although such U.S. lawsuits are typically settled at a fraction of the theoretical maximum penalty, analysts said the size of the claim meant ... Read More »

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VW Will Cut Spending By $1 Billion, Launch All-Electric Phaeton in EV push

MUNICH — Volkswagen Group said it will reduce investment spending at the VW brand by 1 billion euros ($1.1 billion) a year, as well as switch to a different diesel emissions treatment technology and launch an all-electric Phaeton sedan as the flagship for a new focus on electrification, reports Automotive News. VW will increase its ... Read More »

Suzuki’s Divorce From VW to Cost It Up to $3.9 Billion

TOKYO – Suzuki says it will buy back the 19.9 percent stake held by top shareholder Volkswagen Group after an international arbitration court last month ordered the German automaker to sell its holding, reports Automotive News. The Japanese automaker said it would repurchase on Thursday as many as 122.77 million shares at today’s closing price ... Read More »

VW Spent Two Years Trying to Hide a Security Flaw

LONDON (Bloomberg) – Thousands of cars from a host of manufacturers have spent years at risk of electronic car-hacking, according to expert research that Volkswagen has spent two years trying to suppress in the courts, reports Automotive News. “Keyless” car theft, which sees hackers target vulnerabilities in electronic locks and immobilizers, now accounts for 42 ... Read More »

VW Does Not Need Chairman Until New Structure in Place – Labour Chief

WOLFSBURG, Germany – Volkswagen needs to come up with a new structure before thinking about appointing a permanent chairman, the powerful labour chief at Europe’s biggest carmaker said in an interview, reported Reuters. For the first time in more than two decades, Volkswagen no longer has Ferdinand Piech at the helm, a corporate scion who controlled ... Read More »

VW’s Audi Sales Up 2.5 Percent in April to 152,850 Cars

Volkswagen’s Audi luxury division said on Friday sales increased 2.5 percent in April to 152,850 cars and sport-utility vehicles, the highest-ever level recorded for any month in the carmaker’s history, reported Reuters. Sales in Europe edged up 0.9 percent as gains in Italy and Spain offset a 42 percent slump in deliveries in Russia to ... Read More »

VW Aims to Find New Chairman Quickly and Return Focus to Business

Volkswagen said it would try to find a new chairman quickly and announced a long-planned tie-up of its truck brands, seeking to return the focus to business following the carmaker’s shock ouster of former patriarch Ferdinand Piech, reported Reuters. Chief Executive Martin Winterkorn, who survived the public showdown that triggered Piech’s resignation last month, told ... Read More »

At Volkswagen, a Game of Thrones as Chairman Ferdinand Piech Quits

On April 16, the tables turned on Ferdinand Piech, the powerful patriarch of Volkswagen AG, reported The WSJ. For years, he had dominated the automotive giant his grandfather established. But in a meeting with other board members at his family estate in Salzburg, Austria, Mr. Piech didn’t simply fail to win support for his effort ... Read More »

Volkswagen’s CEO Gets Backing of Key Shareholders in Leadership Feud

Volkswagen AG Chairman Ferdinand Piech may have lost the battle to oust Chief Executive Martin Winterkorn, but the war isn’t over, reported The WSJ. Key members of VW’s supervisory board Friday proposed extending Mr. Winterkorn’s contract, one week after Mr. Piech expressed a lack of confidence in the CEO and threw his future into doubt. ... Read More »

VW in Full-Blown Crisis as CEO Vows to Fight

Volkswagen has plunged into a full-blown leadership crisis after Chief Executive Martin Winterkorn let it be known on Saturday he will fight for his job even though the carmaker’s chairman has reportedly withdrawn confidence in the CEO, reported Reuters. Ferdinand Piech, who has spent almost 22 years at the helm of VW, nine as CEO, ... Read More »