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VW's credit ratings could take a beating

In addition to a significant drop in its share price already, Volkswagen's diesel emissions scandal is continuing to have major financial repercussions on the German automaker. According to The Detroit News, credit rating agencies like Standard & Poor's and Moody's changed their forecasts on the company to negative, and Fitch has considered doing so, as well. Volkswagen appears to have the money to cover the costs of this ordeal, but the agencies question the effect that this has in the long term. "Moody's concern, however, is that Volkswagen's alleged breach of US environment rules and, especially, the process by which that breach occurred, will have an adverse effect on its reputation and credibility within the global passenger car markets," the company wrote in a note to investors, according to The Detroit News. VW has initially set aside $7.25 billion to fix things, but the potential shakeup of top executives has caused some investor uncertainty, too. The actual costs for VW to deal with this scandal are still unknown. In the US, the Department of Justice has begun a criminal investigation, and with other automakers the government has settled for $900 million against General Motors and $1.2 billion against Toyota. Attorneys general in 29 states have started looking deeper, according to The Detroit News, and regulators in Europe, South Korea, and Canada have commenced their own probes, as well. Related Video:

VW of America boss Horn was aware of diesel cheat 18 months ago

We're just going to make a prediction: Volkswagen of America boss Michael Horn's congressional testimony, slated to begin today, is not going to go well. Based on a written testimony submitted by Horn, the exec is expected to tell Congress he knew his company was violating emissions regulations at least 18 months before it actually came clean. "In the spring of 2014... I was told that there was a possible emissions non-compliance that could be remedied," Horn wrote, in testimony published on the US House of Representatives' website (PDF warning). "I was informed that EPA regulations included various penalties for non-compliance with the emissions standards and that the agencies can conduct engineering tests which could include 'defeat device' testing or analysis. I was also informed that the company engineers would work with the agencies to resolve the issue." Horn's written testimony went on to outline how the company will "develop a remedy for our customers." It includes five points, ranging from the "world-wide investigation" being conducted by the company to reassurances that VW's engineers are "working tirelessly" on fixes to the four-cylinder diesel problems. Horn went on to confirm that each generation of the affected diesel – there are three – will require its own distinct fix. Finally, Horn went on to say that the company will "examine our compliance, processes, and standards" to prevent a repeat of the diesel catastrophe, while promising "open communication with our customers, dealers, employees, and the public as we move forward." We've included Horn's complete, three-page written testimony below. Have a look. Testimony of Michael Horn, President and CEO of Volkswagen Group of America, Inc. Before the House Committee on Energy and Commerce Subcommittee on Oversight and Investigations October 8, 2015 Chairman Upton, Chairman Murphy, Ranking Member Pallone, Ranking Member DeGette, other Members of the Committee, thank you for inviting me to testify before the Committee today. My name is Michael Horn, and I am the President and CEO of Volkswagen Group of America, a subsidiary of Volkswagen AG, headquartered in Wolfsburg, Germany. I have volunteered to come before this Committee at the very outset of these inquiries in an effort to show our commitment to cooperation. We have not had the opportunity to review all aspects of this matter, indeed the investigation is just beginning.

2020 Virtual Geneva Motor Show Editors' Picks

There may not have been an actual Geneva Motor Show this year, but there were still loads of car reveals that happened the week that the show would have happened. So we still wanted to highlight what our favorites of the would-be show. Our list of cars seemed to match the theme of the reveals, too, highlighting over-the-top supercars and forward thinking electric vehicles. Scroll down to see our favorites. Fifth Place: Aston Martin V12 Speedster - 21 points Managing Editor, Greg Rasa: Astons are works of art, and this one's ready for the Louvre. The design nods to Aston history are nifty. It looks like a jet fighter, except those have canopies. Not sure what 186 mph would be like in this, but don't try it in summer when there are bugs. Contributing Editor, Joe Lorio: Admittedly, this one is a little silly. A $950,000 sports car with no roof? A 700-hp two-seater with no windshield? But the offerings at the Geneva auto show have always tilted toward absurdity, and Aston’s V12 Speedster is endearingly outrageous as a fighter plane for the street. Third Place (Tie): Volkswagen ID.4 - 26 points Senior Producer, Chris McGraw: I don't have much to say about this other than I am a huge fan of more EVs coming to the market, which is why two-thirds of my picks are electric, including the ID.4. Producer, Alex Malberg: Any new fully-electric crossover is a vote for me. The fact it doesn't look terrible and VW will be including AWD later are bonuses.  Third Place (Tie): Alfa Romeo Giulia Quadrifoglio GTA - 26 points Road Test Editor, Zac Palmer: Hard to argue with the logic of this one. The Giulia Quadrifoglio is already the best driver in this class of hot sedans, so why not extend the lead with a special model. That wing is Type R levels of high, and I completely approve. Associate Editor, Byron Hurd: Love this car. Love it, love it, love it. It's beautiful, aggressive and fast. I'd take it over an M3 or C63 any day. As cool as the GTAm is, though, I'd rather stick to the four-seat GTA. Something about a four-door car with two seats just doesn't really work for me. I haven't alienated ALL of my friends quite yet. Second Place: Hyundai Prophecy - 35 points Senior Editor, Green, John Snyder: I get whiffs of the Genesis Coupe from this sleek concept. I like the focus on form, with interesting details to discover if you look for them. West Coast Editor, James Riswick: Does it look like a Porsche? Sure, but Porsches look neat.