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VW stock plummets as Euro markets open

The fallout from Volkswagen's installation of an emissions "defeat device" on nearly 500,000 diesel-fueled models in the US is already hitting the automaker hard on the German stock exchange. At one point, the share price plummeted 23 percent to erase the equivalent of $17.6 billion in value. Things eventually bounced back slightly to a still severe 19.23 percent loss, according to Bloomberg as of this writing. The scandal couldn't come at a worse time for chairman Martin Winterkorn. The VW supervisory board takes up the issue of renewing his contract on September 25, Bloomberg reports. If things get bad enough, the door could be open for a new boss to step in. Dealers in the US might start feeling the pain from this, as well. Affected 2015 VWs that are still at showrooms are now under a stop sale. Until the issue is straightened out, the Environmental Protection Agency isn't certifying the company's 2016 diesel models with the 2.0 TDI, either. The diesel emissions problem was first discovered by research from West Virginia University and the International Council on Clean Transportation. In some cases, the engines can produce 40 times more nitrogen oxides than allowed. The automaker could be on the hook for $18 billion in fines for the breach, but the actual figure is expected to be lower. In response, Winterkorn has issued a public apology and ordered an independent investigation into what happened. The EPA and California Air Resources Board have also been looking into the situation. This could become an international problem, though. According to The Detroit News, European authorities might begin similar inquires to check the automaker's diesel emissions there.

Daimler says straight up it doesn't cheat on emissions tests

Distancing itself from VW and its diesel emissions scandal, Daimler has put out a statement saying that it has never installed devices on their vehicles that would artificially reduce emissions during a testing process. The company added that it "actively" supports European regulators' efforts to improve emissions-testing methods to better measure emissions during "real" driving conditions. BMW put out a similar statement last week, saying that its diesels are programmed to be tested properly. While Mercedes-Benz diesels were a fixture on US roads in past decades, the company's diesel sales are now concentrated overseas. "We categorically deny the accusation of manipulating emission tests regarding our vehicles," Daimler said in Friday's statement. "A defeat device, a function which illegitimately reduces emissions during testing, has never been and will never be used at Daimler." There's a reason for that sort of straightforward statement. Namely, heads continue to roll at VW after the automaker admitted it manipulated software in its diesel vehicles to pass US emissions testing. VW followed up by saying that as may as 11 million vehicles worldwide may contain that software and has set aside $7.3 billion to address the issue. VW CEO Martin Winterkorn stepped down as well. Take a look at Daimler's press release below. Daimler AG categorically denies any and all allegations of manipulation Stuttgart, Sep 25, 2015 In light of the ongoing assertions from the Deutsche Umwelthilfe (DUH), a non-government organisation, and the related speculation, Daimler AG once again clearly states that: We categorically deny the accusation of manipulating emission tests regarding our vehicles. A defeat device, a function which illegitimately reduces emissions during testing, has never been and will never be used at Daimler. This holds true for both diesel and petrol engines. Our engines meet and adhere to every legal requirement. In light of the written request by the DUH, which was sent to us this morning with a deadline to respond by 3:00 pm (CET), and the seven questions they posed, we can confirm that none of the allegations apply to our vehicles. The technical programming of our engines adheres to all legal requirements. We have no knowledge of measurements that indicate our vehicles did not meet legally required standards.

VW chair says component cost decrease keeps him confident of EV success

Volkswagen AG is in the middle of implementing a comprehensive electric vehicle strategy, one that we've been documenting for a long time. The Group stands ready to offer dozens of plug-in vehicles in the coming years if it feels there is sufficient demand and believes that selling a million EVs in Germany by 2020 is reasonable. That would be a solid number, but remember that VW sold over 5,923,000 passenger cars around the world last year, and the group as a whole sold over 9.7 million. At the company's annual Media Conference and Investor Conference in Berlin recently, the chairman of the board of VW AG - surrounded by some decidedly non-green examples of the VW Group's vehicles (some absurd new Bugatti, for example) - took some time to put the company's EV plans into focus. The upshot is that Dr. Martin Winterkorn is still guiding his electromobility ship into new waters, saying that "many more [plug-in] models will follow." Winterkorn said there are three main reasons he is confident in the ability of VW (and Audi and Porsche, at the very least) to push EV sales upward. Batteries are getting better, he said, and if the ranges can be extended, then customers are happy. But the real secret lies in reducing component costs. He said (as translated): It is important to look at the cost of the components: the battery technology, the electric motor and the electric components. Whenever you go into volume production, you of course have economies of scale. In two to three years' time, if we are able to achieve the goals we are setting for ourselves with cost and reach sufficient volume, I do believe that we can achieve two to three percent [market share] within VW Group. So, hitting a million EVs by 2020 is reachable. With the e-Golf and the e-Up off to excellent sales starts, we're willing to be confident as well.