Sunday, August 28, 2016

Diesel Gate: What did Piëch and Winterkorn? – Handelsblatt

Manipulated emission levels

Ferdinand Piëch (l.) and Martin Winterkorn: It is controversial, who when being talked about

(Photo: dpa)

Dusseldorf, Frankfurt In the diesel affair at Volkswagen, the top executive Ferdinand Piech and Martin Winterkorn back again in the focus. As it became known during the weekend, the then chairman Piëch has the former CEO Winterkorn discussed in March last year at a meeting of the supervisory body of the Wolfsburg carmaker to excessive exhaust emissions when sold in the US diesel vehicles. About the call first had the “Bild am Sonntag” reported.

Neither Martin Winterkorn even Ferdinand Piech wanted on Sunday to comment on the report that Piëch made the investigators of the US law firm Jones Day to meeting Winterkorn attention should have.

Jones Day searches on behalf of the Supervisory Board of Volkswagen for the origins and the person in charge of the diesel scandal. The final report of the lawyers is expected to be published at the end. Determination results of Jones Day are automatically forwarded to the US Department of Justice.

Diesel gate is always more expensive

  • the Volkswagen Group continues to receive more clarity about what will cost him the scandal over manipulated diesel cars. In the United States, he made a billion-compared to the compensation of US customers, with the dealers in the US it reached agreement on compensation. Worldwide threaten Europe’s largest carmaker additional costs for recalls, shareholder lawsuits and penalties that could mount up to more than ten billion euros. Analysts estimate that the work-up of the scandal will cost to manipulated emission values ​​at the end of a total of between 20 and 35 billion euros the Group.

  • The agreement with hundreds class action plaintiffs, authorities and US states cost Volkswagen to 15.3 billion dollars (equivalent to about 13, EUR 6 billion). The majority is attributable to the repurchase of 475,000 diesel cars rigged with 2.0-liter engines, are reserved for the ten billion dollars. The actual cost will depend on how many same-seater return their car and whether the US authorities authorize a conversion.

  • His round 650 US dealers wants VW According to insiders, pay at least $ 1.2 billion compensation because they could no longer sell diesel cars in almost a year. A memorandum of understanding is taken for a final agreement gave a court the parties until September time.

  • “14″ run with the US Department of Justice currently negotiating a penalty because of the exhaust manipulation. The “Wall Street Journal” reported that the German carmaker would a sentence of more than 1.2 billion dollars aufgebrummt. Analysts expect a sum between one and three billion euros. Some US states also want civilly seek to enforce higher damages because they are not satisfied with the comparison. This involves hundreds of millions of dollars.

  • No agreement there previously for around 85,000 larger vehicles with three-liter diesel engine , VW is confident that a repair can be done. Until the end of October the Court gave in San Francisco Volkswagen in which to submit proposals for solutions. For November 3, sat Judge Charles Breyer at another hearing. If Volkswagen will be forced to repurchase these expensive cars that billions more would devour. Jürgen Pieper at Bankhaus Metzler estimates the cost at up to two billion euros.

  • A big chunk is also the conversion of approximately 8 , 5 million diesel cars in Europe. Estimates range from good one to three billion euros, which is expected to cost the. The auto analyst Arndt Ellinghorst of Evercore ISI also expects to shrinking market shares of Volkswagen and lower prices will be felt as a result.

  • compensation of the customers in Europe VW rejects still, although demands for a similar comparison as numerous as in the US. Should this nevertheless be payable, the Volkswagen could financially break the neck, experts fear. Analyst Pieper expects a loss of value in the order of EUR 500 per vehicle. “It is difficult to say whether VW is yet to pay a token amount at the end.” Industry expert Ellinghorst considers it likely that customers in Europe will see any money.

  • Worldwide, Volkswagen sees also with multibillion-dollar lawsuits filed by investors and small shareholders faced. The holders of shares and bonds throw Volkswagen claims to have informed too late about the extent of the gas scandal and want to enforce a compensation for losses. There is now before the Landgericht Braunschweig 170 damages claims of just under four billion euros.

  • the droves lawyers Volkswagen worldwide because of diesel scandal busy also devour money. The car expert Pieper goes up to one billion euros from his colleague Ellinghorst estimates the legal fees to several hundred million.

    Pieper expects the diesel Volkswagen scandal will cost a total of around 25 billion euros. Ellinghorst expects total costs of a similar amount. The experts believe the Group because of its reserves and the financial strength to be able to lift it. Only from 50 billion euros to Volkswagen takes part with investments, says Pieper.

    Source: Reuters

The Group also commented on Sunday not to the meeting of Piëch and Winterkorn. Speculation would not comment further on it, a spokesman said. In addition, further studies have to be awaited.
decisive for the investigating authorities should be the question of whether the leadership of Volkswagen early on the extent of exhaust affair in the US knew. If so, Volkswagen had informed too late about the diesel scandal. Details about had become made public only in September last year.

Had Piëch and Winterkorn actually already talked last spring about details, the criminal investigators a contact point would play into the hands. Investors who have Volkswagen sued for damages due to the price fall of the VW shares could enforce their claims easier. The VW group has not always argued the entire scope of the crisis became known only in September 2015.

Not otherwise should former CEO Martin Winterkorn who behave in spring 2015 compared to its then chairman Piëch. As reported from consolidated districts, was only spoken at the meeting in question about a recall of vehicles in the United States. That could play a huge billion penalty on the Group in the United States, which was not mentioned in the conversation between the managers were. Nor was discussed manipulated software. At VW, the view was at that time prevailed, that there would be a recall, as is usual with other technical problems.


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