Daily Trends Now
Daily Trends Now


VW's diesel woes reach $30 billion after surprise US hit

VW's diesel woes reach $30 billion after surprise US hit

German media claim the person is Wolfgang Hatz, who stepped down from his post on Porsche's management board past year after being suspended over the "dieselgate" investigation.

Wolfgang Hatz had been head of engine development at Audi between 2001 and 2007, a period that spans the dates when engineers across the group had started to use illegal software to mask the true level of harmful emissions generated by their cars. Hatz, by the way, resigned from Porsche past year after being suspended in the wake of the diesel scandal.

According to Bloomberg, Hatz was close to former VW chief executive Martin Winterkorn, who has denied any knowledge of the "defeat devices" which allowed vehicles to artificially reduce emissions during tests before their existence was exposed publicly.

It's understood prosecutors have confirmed an arrest, although refraining from confirming the identify of the person. As Reuters reports, VW shares fell as much as 3% on Friday, as traders and analysts expressed dismay that the company was still booking charges for the scandal.

Since the scandal first broke two years ago, Dieselgate has cost Volkswagen over $30 billion dollars and has led to the arrest of several mid and high-level VW employees, with some already prosecuted and sentenced to years behind bars.




In the United States, where the diesel test-cheating scandal originated, the carmaker must also provide hardware fixes and in some cases buy back cars.

The VW penalty is the largest criminal fine ever negotiated by the U.S. government for any vehicle maker, more than the fines levied in recent years against Toyota, General Motors, and Japanese airbag supplier Takata.

"Here in Europe, it's all going smoothly", he added.

A report Friday from Volkswagen AG referred to the loss as "third quarter negative items" impacting the company's bottom line.

VW first admitted in September 2015 that it had used illegal software to cheat U.S. emissions tests. It also lands as Volkswagen and its rivals face billions of dollars in new costs, as they and a handful of upstart entrants race to develop new technology to mass-produce electric and self-driving cars.

follow

editors' picks

September 29, 2017
Pakistan vs Sri Lanka trophy unveiled at Sheikh Zayed Cricket Stadium
Sri Lanka won the toss and chose to bat first in the Abu Dhabi test match against Pakistan on Thursday, Samaa reported. Dickwella made the most of his reprieve and went on to hit the day's sole six as he ended unbeaten on 42.

September 29, 2017
North korea: The body of Otto Warmbier does "no traces of torture"
North Korea had blamed botulism and the ingestion of a sleeping pill for Otto Warmbier's problems and dismissed torture claims . In an interview with " Fox & Friends" on Tuesday morning, they shared disturbing details from their reunion with their son.

September 27, 2017
London underground station evacuated amid fire reports
Later, a post on London's Fire Brigade said: "We've dealt with a small explosion on a train at Tower Hill station". Reports from the incident state that a black bag caught fire after what appeared to be a low-intensity explosion.

September 26, 2017
Domestic Flights Grounded at Sydney Airport
The airport's digital flight display includes a message reading "delayed to ATC radar failure", according to a Twitter image. Air traffic control's systems went down at 5.20am, grounding thousands of passengers at the start of school holidays.

September 25, 2017
2 police officers shot in incident on Elm Street in New Haven
Hartman said it's too soon to tell for sure, but police believe the incident began as "some sort of domestic dispute". Police said the shooter has barricaded himself inside the home, and a SWAT team is on the scene responding.

September 25, 2017
Small Earthquake Rattles North Korea, and the World's Nerves
Ri Il Ung, a 24-year-old university student who attended the rally, said: "Trump is a warmonger and a backstreet gangster". The USGS also said it occurred in the nuclear test area but said its seismologists assessed it as having a depth of 5km.

September 24, 2017
No clear victor as New Zealand election ends in stalemate
Peters, who is of mixed Maori and Scottish descent, entered parliament in 1978 as a member of the National Party. At stake for both candidates was how to capitalize on New Zealand's growing economy.

September 21, 2017
Kenya Tightens Security Around Supreme Court Before Key Ruling
The justices said the Independent Electoral and Boundaries Commission had not verified the results before announcing them. While reading the detailed judgment, Maraga said, "When the rule of law ends, tyranny begins".

September 21, 2017
Mumbai rains halt operations at airport, many flights affected
Three weeks after rains returned to haunt Mumbai with the maximum city receiving between 40mm and 130mm of rainfall on Tuesday. The dabbawallas pride themselves on the "deliver on time" motto, irrespective of Mumbai's heat or heavy rains.

September 20, 2017
Jackie Hoffman's "Feud" Emmy loss was an iconic mess
Hoffman was also up against her Feud castmate Judy Davis , as well as Shailene Woodley, Regina King and Michelle Pfeiffer . The Feud: Bette and Joan actress then took her act to Twitter, where she jokingly blamed Dern's win on nepotism .