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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.

8 car technologies designed to keep you safe

Technologies are always advancing forward, especially in your vehicle. As more safety technologies are being introduced into the market, it can be hard to keep track of everything. So here are 8 technologies designed to keep you safe on the road. Want more coverage? Head over to http://bit.ly/2CcOngW Ford Kia Mercedes-Benz Subaru Toyota Volkswagen Volvo Autoblog Minute Videos Original Video FCA automatic emergency braking

How the VW diesels perform in cheat mode

Are you tired of the Volkswagen diesel emissions scandal? Yeah? We are, too. But here's a story that, at the very least, gives us something resembling answers about one of the most important questions surrounding the firestorm – how will the affected cars perform when they're in their emissions-cheating test mode? Consumer Reports was able to find out, tapping into what it believes is the cheat mode. By turning the car to accessory mode, flipping on the hazards, and tapping the gas pedal five times, CR was able to defeat the auto-engaged traction and stability controls, which it believes activates cheat mode. The safeties will reengage if it detects the rear wheels spinning, so the next step was what CR called "a hack." The team unplugged the rear wheel sensors, so the car's computers couldn't tell whether the wheels were spinning. By the way, don't try this at home. With that done, CR hit the road, testing both a 2011 Jetta Sportwagen TDI and a 2015 Jetta TDI sedan in their normal and cheat modes. Why both cars? Well, the 2011 uses the EA188 diesel, which represents the bulk of the affected cars, while the newer Jetta uses the latest EA288, which just arrived for model year 2015. The results are, in a word, interesting. The EA188 engine lost 0.6 seconds on the way to 60 miles per hour while in emissions-compliant cheat mode, and fuel economy fell from 50 miles per gallon to 46. For the newer EA288, the 0-60 difference was negligible – just a tenth of a second – while the fuel economy dipped from 53 to 50 mpg. There are a few takeaways here. First of all, and as suspected, running in cheat mode did hurt both performance and fuel economy. But perhaps more importantly, even in emissions-compliant mode, both vehicles easily beat their EPA fuel economy estimates. According to FuelEconomy.gov, the highest rated 2011 TDI Sportwagen, the manual-trans model, was rated at 30 mpg city and 42 mpg highway, with a combined rating of 34 (the auto drops the city and combined ratings by one mpg, while the highway falls by three). The best a 2015 Jetta TDI sedan can do according to Uncle Sam, meanwhile, is 31 city, 46 highway, and 36 combined with the manual (again, the auto is worse, but only by a single highway mpg). Related Video: