Don’t trade VW binary options until you’ve read this
The diesel scandal that started next week is about to get bigger this week. Piece by piece, the whole scandal, dubbed Diesel Gate by many car blogs, is unraveling and showing its ugly teeth. Last week, due to Diesel Gate, Volkswagen shares plunged. We don’t expect this week to be any better for VW. Read all about the diesel scandal.
VW: 5 million cars affected
Volkswagen finally opened up about the real size of the diesel scandal yesterday. CEO Herbert Diess admitted that 5 million VWs have had the malicious software installed. For those of you that remember the 11 million cars we’ve mentioned last week: these 5 million are only Volkswagen’s own cars. When the other brands (Audi, Skoda, and Seat) are taken into account, the number will be much higher. The 4-cylinder diesels were already identified as the culprits, but now the 3-cylinder diesel – which is popular in many European countries – may also be rigged. German authorities have given VW until 7 October to make a plan to set this diesel scandal straight. Otherwise the carmaker will lose its license.
More manipulated Audis
If you can recall our report from last week, you remember that the Audi A3 was the only Audi involved in the diesel scandal. Today we’ve found out that that’s not true. Also the A1, A4, A5, A6, TT, Q3 and Q5 have had the software installed. In total, 2.1 million Audis are driving around with this manipulated software. We have also learned that it was Bosch who had designed the software. However, the company had already written VW a letter back in 2007, saying the software could only be used internally and was not supposed to be used on cars for the consumer market. But why have this software then? It could very well be the case that Bosch knew what the software was for, but only agreed on making it if Volkswagen allowed the company to write this letter, claiming Bosch’s innocence in the diesel scandal.
Top Execs suspended
In this new chapter of the diesel scandal, more top executives will be affected. As former VW CEO Martin Winterkorn is being investigated for counts of fraud, many other executives at Volkswagen, Audi, and Porsche have been suspended.
Other manufacturers involved in diesel scandal?
While VW will most likely earn the title ‘most mentioned car manufacturer of 2015’, other manufacturers are still being let off the hook in this diesel scandal. Last week, for a brief moment, Diesel Gate caused BMW shares to drop, but the company seemed to recover. This week, we’re learning that environmental campaign group Transport & Environment (T&E) has published a report in which BMW, Mercedes and Peugeot allegedly have done similar things to their cars, causing them to use up to 50 percent less fuel in laboratory tests. Dutch investigator TNO had already claimed back in 2013 that multiple car manufacturers have adjusted their software in a way that they use less fuel during official tests. Chances are, many names will be added soon to this diesel scandal.
VW binary options
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