Internal investigations at Volkswagen identify irregularities in CO2 levels
- Matthias Müller: "Relentless and comprehensive clarification is our only alternative."
- Around 800,000 Group vehicles could be affected
- Initial estimate puts economic risks at approximately 2 billion euros
The Volkswagen Group is moving forward with the clarification of the diesel issue: during the course of internal investigations irregularities were found when determining type approval CO2 levels. Based on present knowledge around 800,000 vehicles from the Volkswagen Group could be affected. An initial estimate puts the economic risks at approximately two billion euros. The Board of Management of Volkswagen AG will immediately start a dialog with the responsible type approval agencies regarding the consequences of these findings. This should lead to a reliable assessment of the legal, and the subsequent economic consequences of this not yet fully explained issue.
Under the ongoing review of all processes and workflows in connection with diesel engines it was established that the CO2 levels and thus the fuel consumption figures for some models were set too low during the CO2 certification process. The majority of the vehicles concerned have diesel engines.
"From the very start I have pushed hard for the relentless and comprehensive clarification of events. We will stop at nothing and nobody. This is a painful process, but it is our only alternative. For us, the only thing that counts is the truth. That is the basis for the fundamental realignment that Volkswagen needs", Matthias Müller, CEO of Volkswagen Aktiengesellschaft, said, and added. "The Board of Management of Volkswagen AG deeply regrets this situation and wishes to underscore its determination to systematically continue along the present path of clarification and transparency."
In cooperation with the responsible authorities, Volkswagen will do everything in its power to clarify the further course of action as quickly as possible and ensure the correct CO2 classification for the vehicles affected.
The safety of the vehicles is in no way compromised. A reliable assessment of the scale of these irregularities is not yet possible. An initial estimate puts the economic risks at approximately two billion euros.
RM-SYSTÉM, česká burza cenných papírů a.s.
- Volkswagen Group - Volkswagen Group strengthens market position in 2020 (13.01.2021 12:11)
- Volkswagen Group - positions and reorganisation of Group Board (16.12.2020 14:35)
- Volkswagen Group recovers from Covid-19 slump in third quarter and confirms outlook (03.11.2020 16:43)
- Volkswagen Group returns to profitability (30.10.2020 15:58)
- Volkswagen AG - Dividend for 2019 (05.10.2020 16:02)