Volkwagen News Chusara.... Shocking

[paddhu]

Volkswagen is being engulfed by a growing crisis over its attempt to make millions of diesel cars appear cleaner than they are.

The scandal broke Friday, when U.S. regulators said the German company had programmed some 500,000 vehicles to emit lower levels of harmful emissions in official tests than on the roads.

Volkswagen stunned investors Tuesday by admitting that the problem was much bigger than that: internal investigations had found significant discrepancies in 11 million vehicles worldwide.

"Millions of people all over the world trust our brands, our cars and our technology. I am deeply sorry we have broken this trust," said CEO Martin Winterkorn. "I would like to make a formal apology to our customers, to the authorities, and to the general public for this misconduct."

The company set aside 6.5 billion euros ($7.3 billion) to cover the cost of recalls and other efforts to limit the damage, trashing its profit forecast for the year in the process.

Shares in Volkswagen (VLKAY) plunged 17% Tuesday, after suffering a similar crash Monday. About a third of the value of the group has been wiped out in two days, causing big losses for major shareholders such as Qatar.

A global problem

"Now it looks like it's becoming a very global issue. It really will be bad for the reputation of the company for a couple of years, it will take time to rebuild the trust of the customers," said Klaus Breitenbach, automotive analyst at Baader Bank. "It's really worrying for the company and also for the whole industry."

It's hard to overstate the significance of the crisis in Germany, where making quality cars is central to the country's reputation as a manufacturing and export powerhouse. The auto industry accounts for about 20% of exports, and employs 775,000 people directly.

Volkswagen, which also owns the Audi and Porsche brands, overtook Toyota (TM) earlier this year to become the world's biggest automaker by vehicle sales.

Related: Are you driving VW diesel? Here's what you need to know

German Chancellor Angela Merkel described the situation at Volkswagen as "difficult" and urged the company to show complete transparency and explain its actions in full. Britain and France have called for a Europe-wide investigation, and Italy wants to know whether it has been affected.

"It is premature to comment on whether any specific immediate surveillance measures are also necessary in Europe and [on] the implications for vehicles sold by Volkswagen in Europe," said a spokesperson for the European Commission.

"But let me be clear: We need to get to the bottom of this. For the sake of our consumers and the environment, we need certainty that the industry scrupulously respects emissions limits."

South Korea said it would investigate whether four VW and Audi models were meeting emissions standards.

[kiladi bullodu]

Gp

[saptagiri]

Androlla kutra

[Anta Assamey]

Huge Hit for the company .... 

 

Can customers sue them for selling other than what they promised about the emissions.... As they accepted they lied,,,  

[arshad]

:3D_Smiles:

[pandugadu999]

asal emindi?

[Spartan]

Huge Hit for the company .... 

 

Can customers sue them for selling other than what they promised about the emissions.... As they accepted they lied,,,  

 

already lawsuits ready avutunnai..

 

mainly in Calif.... 
 

[Spartan]

Volkswagon days are counted...

 

may be they will come up with some other low end model with different name..

 

Audi and Porsche will continue as side brands.. or seperate entitites

[Anta Assamey]

already lawsuits ready avutunnai..

 

mainly in Calif.... 
 

 

Papam sachinde company ... 

[paddhu]

VW CEO says he's 'endlessly sorry' for tarnishing brand

b2404c2d926044c8aa8df90898670938.jpg

 

 

[Spartan]

Papam sachinde company ... 

 

US is asking for 18B$ as fine and damages....

 

thats almost 1/3rd of company

 

 

Eu lo kuda investigation start chestunnaranta...

[sanbk]

ayithe Volkswagen unna vallaki kuda compensation  istara

[Spartan]

ayithe Volkswagen unna vallaki kuda compensation  istara

 

recall chesi fix chestar...

 

US is demanding a penalty of 37k$ per car... 

 

andulo customer ki enta vastundo telvad.. 

[k2s]

nice

[paddhu]

recall chesi fix chestar...

 

US is demanding a penalty of 37k$ per car... 

 

andulo customer ki enta vastundo telvad.. 

endhi anthaa.....  :3D_Smiles: .... car value kuda antha undavemo konni...