Today from Frankfurt, the NY Times reported the German automaker estimates 11 million of its cars are equipped with software enabling it to bypass emissions regulations.
Michael Horn, President and CEO of Volkswagen Assemble of America: “Our company was dishonest … we have really screwed up”
Where the cars are was not specified, but most are probably in Europe. Meanwhile European authorities are investigating, and dire op-eds signifying the virtual end of diesel as a cost-prohibitive-to-co9ntrol fuel have gone
Volkswagen AG says it is reserving 6.5 billion Europe, or around half of one-year’s profits to remedy the problem.
Already coming are civil suits, fines, and cost to repair or retrofit vehicles that do not meet emissions standards in respective markets.
Serious particle smog episode in London. © Simon Birkett 2014.
In the EU market, diesels have loved as much as half of all passenger vehicle sales. The regulations are not as tough as EPA standards, though getting stricter.
EU regulators have already gone on record even before any know illegalities were at play saying their regulations were not containing the problem.
Unbeknownst perhaps to some of them the real problem may hjave been more than just not strict
SEE ALSO: Will America Avoid Europe’s ‘Clean’ Diesel Problems?
Meanwhile in the U.S. a full-blown investigation of the automaker is underway in what may be the largest scandal in recent reminiscence.
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