Arab Today, arab today volkswagen places question mark over future of diesel technology
Last Updated : GMT 03:44:27
Arab Today, arab today
Arab Today, arab today

Volkswagen CEO Matthias Mueller

Volkswagen places question mark over future of diesel technology

Arab Today, arab today

Arab Today, arab today Volkswagen places question mark over future of diesel technology

Volkswagen places question mark over future of diesel technology
Frankfurt - Arab Today

Volkswagen CEO Matthias Mueller hinted in a newspaper interview that the car giant could abandon diesel engine technology in the wake of the massive emissions-cheating scandal it is currently engulfed in.
“Against this background, we have to ask ourselves whether... we want to spend more money on the further development of diesel,” Mueller told the business daily Handelsblatt, promising that VW would take a “fundamental” look at the issue.
Mueller pointed to tougher emissions legislation set to come into force in 2020.
“We have an inkling of what will follow in five or 10 years,” he said.
“It’s clear even today that treating exhaust gas fumes will become very costly and elaborate,” he said.
At the same time, electric powered transport will become cheaper, Mueller added, while conceding that diesel technology remained very popular in Europe and in Germany.
VW was plunged into its deepest-ever crisis last September when it was revealed that it had installed emissions-cheating software into 11 million diesel engines worldwide.
German prosecutors are meanwhile investigating former Volkswagen CEO Martin Winterkorn and another unnamed executive over allegations they didn’t inform investors soon enough about the company’s scandal over cars rigged to cheat on US diesel emissions tests.
The Braunschweig prosecutor’s spokesman, Matthias Diekman, said in a statement that the probe was opened at the behest of Germany’s Federal Financial Supervisory Authority, the country’s financial watchdog.
German stock market law requires publicly traded companies to alert investors as soon as they have unforeseen developments that could affect a decision to buy or sell the stock. 
Prosecutors said that Volkswagen only made that notification on Sept. 22, and that there was evidence that the disclosure obligation should have been fulfilled earlier.
Volkswagen said it had the issue reviewed by outside lawyers who found “no clear or serious violations of duty” and that the prosecutor’s statement contained “no new facts or findings over possible violations” by the two executives. The company had already said in response to an investor lawsuit that it met its disclosure obligation.
The company said the review showed no reason not to recommend that shareholders vote to approve management’s work for 2015 at the annual meeting on Wednesday.
Volkswagen has said Winterkorn was sent a memo on May 23, 2014, about emissions irregularities uncovered by an environmental group, but the company was not sure he saw it, and said that top officials discussed the matter on July 27, 2015.
The company said earlier that the issue was believed to be something that could be resolved through a settlement that would not impose heavy costs, and it still believed that to be the case in early September 2015.
On Sept. 18, the US Environmental Protection Agency issued a violation notice, leading Volkswagen to assess the risks as more serious and issue its investor advisory four days later.
The prosecutors’ news release said that the second employee is not the current board of directors’ chairman, Hans Dieter Poetsch. Poetsch was chief financial officer under Winterkorn but has since left that post.
Winterkorn stepped down as the scandal came to light, saying he was doing so “in the interests of the company even though I am not aware of any wrongdoing on my part.”
Volkswagen has admitted equipping cars with software that sensed when the car was on a test stand and turned off emission controls during everyday driving. 
The company has apologized and commissioned a law firm to investigate. It is negotiating a settlement with US authorities in federal court in San Francisco on how it would fix or buy back some 500,000 diesels sold in the United States. Some 11 million such cars were sold worldwide.
Volkswagen has set aside 16.2 billion euros ($18.3 billion) from last year’s earnings to deal with the costs of recalls and fixes.

Source: Arab News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today volkswagen places question mark over future of diesel technology Arab Today, arab today volkswagen places question mark over future of diesel technology

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 22:38 2017 Friday ,17 February

Investment promotion would be Sahar Nasr's main task

GMT 13:17 2017 Wednesday ,15 February

Yemeni accuses militias of challenging oil

GMT 09:12 2017 Saturday ,11 February

Algorithms: the managers of our digital lives

GMT 09:07 2017 Saturday ,11 February

The biggest players today on Wall Street? Algorithms

GMT 08:15 2017 Saturday ,11 February

Tesla chief in public feud with auto workers union

GMT 06:23 2017 Thursday ,09 February

Oil market can cope with higher shale output

GMT 14:10 2017 Friday ,03 February

Reasons of growth rate conflicting numbers
View News in Arabic - Business: حوارات وتقارير
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday