Jump to content
Create New...
  • William Maley
    William Maley

    As the Diesel Emits: Volkswagen Agrees To Terms For $21 Billion In Bridge Loans

      $21 Billion In Loans Are Coming To Volkswagen To Weather The Diesel Scandal

    To shoulder the massive costs that will come from the diesel emission scandal, Volkswagen has agreed to terms to take out a 20 billion euro (about $21 billion) bridging loan with a number of banks. Sources tell Reuters the decision to go with a number of banks allows Volkswagen to spread the debt out and that the company hopes to start paying back the loans next year by issuing bonds in the company.

     

    A few weeks ago, we heard rumors that Volkswagen was planning to take out 20 billion Euros in short-term loans to act as a buffer for upcoming fines. But since that report, the news has only gotten worse. Volkswagen has admitted that 430,000 vehicles in Europe have "implausible" CO2 figures and prosecutors have opened an investigation into possible tax evasion in connection with the problem (CO2 emissions are taxed in Europe). Then Volkswagen admitted that the 3.0L TDI V6 used in a number of vehicles in U.S. had illegal software that wasn't revealed to the EPA. Finally this week, the German Transport Authority deemed the software Volkswagen uses in their diesel vehicles is illegal.

     

    Along with the loans, Volkswagen is considering all options of raising funds internally. Such items include cutting back on their development budget and possibly closing the Dresden factory where the Phaeton. But there is also the possibility of Volkswagen selling off some its assets to bring in more money.

     

    Source: Reuters, 2

    User Feedback

    Recommended Comments



    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.


  • google-news-icon.png



  • google-news-icon.png

  • Subscribe to Cheers & Gears

    Cheers and Gears Logo

    Since 2001 we've brought you real content and honest opinions, not AI-generated stuff with no feeling or opinions influenced by the manufacturers.

    Please consider subscribing. Subscriptions can be as little as $1.75 a month, and a paid subscription drops most ads.*
     

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Similar Content

  • Posts

    • Seems GM has surpassed Tesla in battery cell production according to Bloomberg story and interview with Mary. GM Produces More Battery Cells In The US Than Tesla
    • If all they import is the tech but build it here, it could happen.  GM is putting a lot of money into building battery plants in the US.  They're going to overtake Tesla soon in battery build capacity.
    • I guess I wonder where this leaves Buick in the US... I like their products although not a huge fan of the new exterior design language, but I guess for now Buick here will be ICE only? I know they wanted to be all electric by 2030, but I don't see that happening here.
    • At the 2025 Shanghai Mobility Show, Buick unveiled the Buick Electra GS Concept, a large EV sedan that showcases the brand's new Xaio Yao "super architecture".  This concept leads the way for Buick's all-new sub-brand ELECTRA.  Xaio Yao will underpin six new Buick models released over the next two years.  While Buick says the platform is tailor made for the Chinese market, the technical specs are such that we can't help but hope that it comes to the U.S. as well.   The key features of the platform are its ability to support multiple body styles, sizes, drive configurations, and propulsion systems. The platform can be configured as a pure electric (BEV), a plug-in hybrid electric vehicle (PHEV), or an extended range electric vehicle (EREV).  Depending on the propulsion plant chosen, it can be configured in front-, rear-, and all-wheel drive formats. Partnered with CATL, new Lithium Iron Phosphate (LFP) batteries allow ultra-fast peak charging at 640kW enabling approximately 217 miles of range added in 10 minutes. LFP batteries are compelling because they use neither nickle nor cobalt and instead rely solely on common elements Iron and Phosphate in their construction. LFP batteries also offer around double the number of charge cycles that traditional lithium-ion batteries offer and do not suffer capacity loss to the degree traditional lithium ion-batteries do. Currently, the only EVs available in the United States with LFP batteries are certain base model Tesla Model-3 and Model-Y. Buick Electra GS The Buick Electra GS Concept is an imposing vehicle, clocking in at 208.7 inches long with a 126-inch wheelbase. For reference, that's longer than a Mercedes-Benz S-Class and Lucid Air. Buick calls the design Kinetic Sculpture with a wide stance and flowing surfaces. The dashboard is especially low, giving occupants exceptional views out the front of the vehicle. The driver gets an augmented reality heads-up display while a 16.3-inch widescreen display caters to the infotainment needs of passengers. Little is said about the likelihood of the Electra GS making it into production, however, Buick did release images of three EVs destine for the market leading off with a new flagship MPV called Encasa.  The Encasa will be offered in both PHEV and EV configurations.       View full article
    • Excuses for the guy about having PTSD. He is a bully, an idiot and deserves in Jail.
  • Who's Online (See full list)

  • My Clubs

×
×
  • Create New...

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

Write what you are looking for and press enter or click the search icon to begin your search