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VW sets aside $7.3B war chest for diesel scandal fallout

The crisis enveloping Volkswagen AG, the world's top-selling carmaker, escalated Tuesday as the company issued a profit warning following a stunning admission that some 11 million of its diesel vehicles worldwide were fitted with software at the center of a US emissions scandal. The German company said it was setting aside around 6.5 billion euros ($7.3 billion) to cover the fallout from the scandal that has tarnished VW's reputation, raised questions over the future of CEO Martin Winterkorn and battered its share price. The reputational damage to Volkswagen is implicit in the market's response. Volkswagen's share price slid a further 16.2 percent Tuesday to a near four-year low of 112 euros. The fall comes on top of Monday's 17 percent decline. The shockwaves from the scandal enveloping Volkswagen were being felt far and wide across the sector as traders wondered who else may get embroiled. Germany's Daimler AG, the maker of Mercedes-Benz cars, was down 6.5 percent, while BMW AG fell 5.4 percent. France's Renault SA was seven percent lower. The scandal is hugely damaging to a business that relies heavily on a hard-won reputation for quality and trustworthiness. "Brands are all about trust and it takes years and years to develop. But in the space of 24 hours, Volkswagen has gone from one people could trust to one people don't know what to think of," said Nigel Currie, an independent UK-based sponsorship and branding consultant. The trigger to the company's market woes was last Friday's revelation from the US's Environmental Protection Agency that VW rigged nearly half a million cars to defeat US smog tests. The company then admitted that it intentionally installed software programmed to switch engines to a cleaner mode during official emissions testing. The software then switches off again, enabling cars to drive more powerfully on the road while emitting as much as 40 times the legal pollution limit. "We have totally screwed up." - Michael Horn "In my German words: we have totally screwed up," the head of Volkswagen's US division, Michael Horn, told an audience in New York on Monday. In its statement Tuesday, Volkswagen gave more details, admitting that there were "discrepancies" related to vehicles with Type EA 189 engines and involving some 11 million vehicles worldwide. The number of vehicles involved is more than the 10 million or so cars it sold in 2014.

Adventures in lazy badge engineering | Autoblog Podcast #505

On this week's podcast, Mike Austin joins David Gluckman to look back at some of the less labor-intensive badge engineering the industry has seen over the years. They also recap what they've all been driving lately, and the episode wraps up with Spend My Money buying advice to help you, our dear listeners. Also, in honor of episode 505, here is a picture of a Peugeot 505. The rundown is below. Remember, if you have a car-related question you'd like us to answer or you want buying advice of your very own, send a message or a voice memo to podcast at autoblog dot com. (If you record audio of a question with your phone and get it to us, you could hear your very own voice on the podcast. Neat, right?) And if you have other questions or comments, please send those too. Autoblog Podcast #505 The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics and stories we mention Kia Sportage Kia Niro Volkswagen Golf Audi A4 Used cars! Rundown Intro - 00:00 What we're driving - 01:31 Badge-engineering fun - 20:54 Spend My Money - 33:41 Total Duration: 1:07:57 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Feedback Email – Podcast at Autoblog dot com Review the show on iTunes Podcasts Audi Kia Volkswagen Crossover Hatchback SUV Wagon Sedan kia sportage kia niro

2023 Cadillac Escalade-V and Honda HR-V | Autoblog Podcast #735

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore and Senior West Coast Editor James Riswick have been driving some interesting vehicles, including the Cadillac Escalade-V, VW Jetta, BMW X3 and the new Honda HR-V. They also compare the Duramax-powered Chevy Silverado High Country to the 6.2-liter GMC Sierra Denali Ultimate. Senior Editor, Green, John Beltz Snyder drops in with a dispatch from the first drive of the 2023 Cadillac Lyriq, previewing his upcoming review of the brand's first EV. Finally, they open the mailbag and help a reader pick a used car for under $20,000 in the Spend My Money segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #735 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 Cadillac Escalade-V 2022 Volkswagen Jetta 2022 BMW X3 M40i 2023 Honda HR-V 2022 Chevy Silverado High Country w/Duramax vs. GMC Sierra Denali Ultimate w/6.2-liter Dispatch: 2023 Cadillac Lyriq Spend My Money: Sub-$20k used car Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: