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Volkswagen's decision to use illegal software on their diesel vehicles has been costing them dearly. Reuters reports that Volkswagen is setting aside an additional 2.5 billion Euros (about $2.95 billion) due to difficulties with fixing the affected diesel models, particularly with the hardware. "The reason is an increase in provisions relating to the buyback/retrofit program for 2.0l TDI vehicles, which is part of the settlements in North America that is proving to be far more technically complex and time consuming," the company said in a statement. This pushes the total bill to $30 billion. The news comes a day after German prosecutors arrested Wolfgang Hatz, former r&d head of Porsche and head of powertrain development for Audi and Volkswagen. Hatz is being questioned by prosecutors for his involvement in the diesel emission scandal. “Investors will understandably worry what else may be next,” said BNP Paribas analyst Stuart Pearson. This news brought the share price of Volkswagen down three percent. Source: Reuters -
Volkswagen's decision to use illegal software on their diesel vehicles has been costing them dearly. Reuters reports that Volkswagen is setting aside an additional 2.5 billion Euros (about $2.95 billion) due to difficulties with fixing the affected diesel models, particularly with the hardware. "The reason is an increase in provisions relating to the buyback/retrofit program for 2.0l TDI vehicles, which is part of the settlements in North America that is proving to be far more technically complex and time consuming," the company said in a statement. This pushes the total bill to $30 billion. The news comes a day after German prosecutors arrested Wolfgang Hatz, former r&d head of Porsche and head of powertrain development for Audi and Volkswagen. Hatz is being questioned by prosecutors for his involvement in the diesel emission scandal. “Investors will understandably worry what else may be next,” said BNP Paribas analyst Stuart Pearson. This news brought the share price of Volkswagen down three percent. Source: Reuters View full article
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New Study Shows Zero-Car Families Are On The Rise
William Maley posted an article in Automotive Industry
William Maley Staff Writer - CheersandGears.com October 9, 2013 Don't own a vehicle? You are not alone. In fact, the number of people who don't own a vehicle is increasing. The American Association of State Highway and Transportation Officials released a brief that states the number of American households that don't own a vehicle has seen a uptick. Starting in 1960, the number of households that didn't own a vehicle declined steadily, reaching a low of 8.7 percent in 2007. But since that time, the share has been rising. In 2011, the latest year for which data is available, the share had risen to 9.3 percent. While the economic fallout from the recession plays a key role, authors of the brief say there are other factors in play. "Changes in alternatives to travel, such as communication substituting for travel and renewed interest in and availability of options such as transit, bike and walk, helped dampen interest in expanding auto ownership," the brief stated. This correlates to data released back in February by Federal Highway Administration which showed the number of vehicle miles traveled peaked in the U.S. in 2004. Since then, the number of vehicle miles traveled has declined steadily. Another factor in play is persistent narrative that Millennials don't own vehicles since they cannot afford one. Source: AASHTO, Aol Autos William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
William Maley Staff Writer - CheersandGears.com October 9, 2013 Don't own a vehicle? You are not alone. In fact, the number of people who don't own a vehicle is increasing. The American Association of State Highway and Transportation Officials released a brief that states the number of American households that don't own a vehicle has seen a uptick. Starting in 1960, the number of households that didn't own a vehicle declined steadily, reaching a low of 8.7 percent in 2007. But since that time, the share has been rising. In 2011, the latest year for which data is available, the share had risen to 9.3 percent. While the economic fallout from the recession plays a key role, authors of the brief say there are other factors in play. "Changes in alternatives to travel, such as communication substituting for travel and renewed interest in and availability of options such as transit, bike and walk, helped dampen interest in expanding auto ownership," the brief stated. This correlates to data released back in February by Federal Highway Administration which showed the number of vehicle miles traveled peaked in the U.S. in 2004. Since then, the number of vehicle miles traveled has declined steadily. Another factor in play is persistent narrative that Millennials don't own vehicles since they cannot afford one. Source: AASHTO, Aol Autos William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
