Volkswagen chief executive Martin Winterkorn resigns

[Wiz]

Volkswagen chief executive Martin Winterkorn resigns

Volkswagen chief executive Martin Winterkorn has resigned following the revelation that the firm manipulated US diesel car emissions tests.

Mr Winterkorn said he was "shocked" by recent events and that the firm needed a "fresh start".
He added that he was "not aware of any wrongdoing on my part" but was acting in the interest of the company.

VW has already said that it is setting aside €6.5bn (£4.7bn) to cover the costs of the scandal.
The world's biggest carmaker admitted last week that it deceived US regulators in exhaust emissions tests by installing a device to give more positive results.

The company said later that it affected 11 million vehicles worldwide.

more ........comments

Speaking to Radio 5 live Martin Leach, chairman of car industry consultancy Magma Group and former president and chief operating officer of Ford Europe, said this was "not the work of a rogue engineer... so there would have been a number of people who new of this device".
Mr Leach added: "Nobody knows just how bad this could get for Volkswagen."

In addition, VW faces fines of up to $18bn by the regulator, the Environmental Protection Agency (EPA).

READ MORE: http://www.bbc.co.uk/news/business-34340997

Who exposed the scandal ...... a Greek woman engineer in Michigan?

Anna Stefanopoulou: The Greek woman that "avenged" Germany's V.Soimble with a possible $18 Billion Dollars fines to VW

A Greek woman, Anna Stefanopoulou, engineering professor at the University of Michigan takes "revenge" for what the Greek people have suffered from the German Economic Minister V.Soimble and "his friends", since she is the one who "unmasked" the biggest scandal of all times in the car industry.

The EPA, the US environmental agency, announced that it discovered that a set of vehicles of the VW Group used deliberately software, which detects the exhaust emission measurement efforts of the vehicle and put it in a configuration of "low emission" to pass comfortably the measurements.

Known for its studies on in car engines, the Greek professor was instrumental in exposing the scandal, noting the difficulty to combine the performance engine with such low emissions.

"To achieve this, we should have an entire chemical plant in the exhaust " she said.

"Reading the analysis was obvious to me, at least, that something was wrong. It was contrary to the laws of physics with existing technology, the specific engines give so much power with so low emission of pollutants. So I had to look elsewhere for the cause of the emergence of low results. I put a program that "scans" all existing programs of the car and the results were positive. One program was activated only when there was the measuring values ​​of the pollutants and it should not be in the car, so I informed the authorities, "said the Greek professor of mechanical engineering who is well respected at the University of Michigan.

Source: http://www.defencenet.gr/defence/index.php

PS: Article is in Greek but can easily be translated to English.

[andrewfi]

That's the second person or group claiming responsibility for the reveal.

I am sure that there will be more in the coming days.

[WestCoast]

VW won't end up paying $18 billion US in fines. VW has set aside about $7.3 billion US to cover recall costs and other expenses. I haven't heard of any EU fines that may be levied but of course that's also a possibility. In the US these types of fines are sometimes tax deductible at some level and the US government will sometimes reduce fines if a company meets US government mandates. 

What will be interesting to see is if class action lawsuits will be allowed by the US courts. If so this could cost VW billions more. Also when will VW stock become a buying opportunity? This scandal won't end VW so at some time in the near future VW stock should switch to a buy from its current dump as quickly as possible status.

Still this was an amazingly stupid act by VW.

http://money.cnn.com/2015/09/22/news/vw-recall-diesel/

http://www.cnbc.com/2015/09/22/what-you-need-to-know-about-the-volkswagen-scandal.html

[Markje]

I hope the other big brands will also get exposed. Its a public secret that they all do it, like you also never get the mileage they promise.

[AKA Luke]

like you also never get the mileage they promise.

That's the thing they don't promise. It's marely a claim (based on test track conditions with 1 lightweight person with super smooth driving skills).
I've never found much difference from claimed mpg and what I've achieved, driving style dependant of course.

[Markje]

like you also never get the mileage they promise.

That's the thing they don't promise. It's marely a claim (based on test track conditions with 1 lightweight person with super smooth driving skills).
I've never found much difference from claimed mpg and what I've achieved, driving style dependant of course.

Without the outside-mirrors and specially fitted tires that wear like hell but have great milage.

[AKA Luke]

like you also never get the mileage they promise.

That's the thing they don't promise. It's marely a claim (based on test track conditions with 1 lightweight person with super smooth driving skills).
I've never found much difference from claimed mpg and what I've achieved, driving style dependant of course.

Without the outside-mirrors and specially fitted tires that wear like hell but have great milage.

I don't imagine the cars under test have different tyres than they are sold with. Except places of extreme climates.

It's those wooden shoes making you very heavy footed on the gas 

[Markje]

It's those wooden shoes making you very heavy footed on the gas 

Yes, that must be it. Those clogs do weigh a ton! 

Seriously though, car-makers do use 'tricks' to get better mileage for their sales-pitch.

[msmoby]

I just hope Winterkorn's exit means VW will not abandon plans to enter F1