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Investors storm Volkswagen with $9 billion in lawsuits
Wed, Sep 21 2016Volkswagen's investors are latest group to take up pitchforks against the embattled automaker, and they're seeking $9 billion in damages, Reuters reports. The investor lawsuits were filed in a court in Braunschweig, Germany, near Volkswagen's Wolfsburg headquarters. On Monday, the first business day following the anniversary of the emissions revelations, the court received 750 lawsuits alone. All told, about 1,400 lawsuits have been filed. The largest single claim totals $3.7 billion and was filed more than six months ago. The lawsuits stem from complaints that Volkswagen didn't divulge information on the cheating software to investors quickly enough. Volkswagen has said that it hasn't broken any capital market laws. The $21.5 billion the company set aside to weather the storm may not be enough. The consumer fix is estimated to run the company $14.7 billion, either through buybacks or a fix that still seems unclear. In addition to the lawsuits, Volkswagen CEO Matthias Mueller confirmed that Audi boss Rupert Stadler is under investigation regarding the scandal. Mueller refused to give further details, but this shouldn't come as a surprise to anyone. Audi has admitted that its 3.0-liter V6 was equipped with the same emissions-cheating software as the 2.0-liter four-cylinder diesels. Stefan Knirsch, Audi's head of development, has been suspended as part of the overall investigation. Knirsch took over duties after his predecessor quit. Knisch was previously head of engine development at Audi. Related Video: News Source: Reuters Green Hirings/Firings/Layoffs Audi Volkswagen Emissions Diesel Vehicles vw diesel scandal
Witness the Prologue to Audi's design future [w/videos]
Wed, 19 Nov 2014Audi went Hollywood for its debut of the forward-looking Prologue concept car last night, pulling the silks back at a sprawling LA manse in the hills. The cost-no-object unveiling of the car, as well as its prominent positioning at this year's LA Auto Show, speaks to the importance with which the company views the styling you see here.
Prof. Dr. Ulrich Hackenberg, maharishi of development for the three-rings brand, made two important announcements at the presentation: reiterating publicly his endorsement of new styling chief Marc Lichte, and telling us that Prologue design will be found on upcoming production versions of the A6, A7 and A8.
Take a close look at that imposing face on the Prologue - an amped up revision of the single-frame shield grille that has appeared on new models like the TT already - and get used to it. Lichte called out the grille as the new face of the brand, so we fully expect its deployment across the range as the 2016 models roll out.
Get lost in Evo's sublime 2013 Car of the Year testing
Fri, 08 Nov 2013Every year Evo stages its Car of the Year test, bringing the best performance cars in the world to one location for an epic shootout. This year the magazine pitted eight CotY finalists against each other on Route Napoleon in Southern France - Evo claims it's the "best road in the world" - and then proceeded to nitpick the smallest of faults on each car until the winner could be named. You see, this year's lineup of machines was just so good that only one car obviously wasn't CotY material from the get-go. Can you guess which one judging from the list below?
- Aston Martin V12 Vantage S
- Audi R8 V10 Plus