Volkswag Air Rule Violation Allegations 'stunning,' $18B Fine Unlikely

[solman]

http://www.autoblog.com/2015/09/18/vw-air-rule-violation-allegations-stunning-18b-fine-unlikely/

[solman]

Volkswagen's stock plunged 20% on Monday morning as investors grappled with the automaker's apology for cheating on emissions tests and a corresponding halt in diesel sales.

Shares of the German automaker — the world's largest vehicle manufacturer through the first six months of 2015 — had fallen to $129.50 as of 7:45 a.m. ET. The stock is listed in Europe.

[solman]

"I personally am deeply sorry that we have broken the trust of our customers and the public," Martin Winterkorn, Volkswagen's CEO, said Sunday in a statement. "We will cooperate fully with the responsible agencies, with transparency and urgency, to clearly, openly and completely establish all of the facts of this case."

Winterkorn pledged to regain the public's trust and ordered an external investigation.

The diesel cars are emitting nitrogen oxides, which can exacerbate respiratory conditions such as asthma, at up to 40 times the acceptable level.

The EPA has the authority to fine Volkswagen up to $37,500 per vehicle, which could technically add up to a fine of some $18 billion, though analysts don't expect the agency to levy a fine of that magnitude.

[solman]

The cars affected by the situation are the 4-cylinder diesel versions of the 2009-15Jetta, Beetle, Golf, the 2014-15 Passat and the 2009-15 Audi A3.

[solman]

http://www.usatoday.com/story/money/cars/2015/09/21/volkswagen-stock-epa-emissions-diesel-cars/72551936/