Hit by its emission-scandal, Volkswagen is lagging behind in the global automobile market, while auto sales are encouraging picking up mostly in the US. The German auto giant is facing adverse conditions in the automobile market globally after the emission norms scandal broke. The company is struggling to get back angry dealers to business mode to prevent further loss.
German automobile giant Volkswagen is changing gears to lead the organization on damage control path to appease its angry customers. The image of Volkswagen has severely been damaged on the fallout of its attempt to cheat customers and the US government over emission standards.
Taking positive cues from encouraging gains on Wall Street, Asian stocks with an exception to China moved up on Tuesday. Chinese stock market dropped following the jitters emerging from adverse developments in forms of corruption and illegal trading that dampened the market sentiment.
The Mercedes-Benz cars manufacturer Daimler had released its third quarter report for record sales and revenues. The car cited strong progress in Western Europe which is its biggest market, but its feat was surpassed by the sales it made in China.
Hyundai Motor Co's net profit for the third quarter ending September fell 23 percent. The steep fall in China sales coupled with aggressive global incentives impacted the South Korean automobile major's performance in a more negative way.
Numerous possible class-action proceeding have been filed in Michigan against the German automaker Volkswagen due to emission scandals. US regulators are coming up with more questions of the car behemoth.
The labor market in Brazil, one of the BRICS (Brazil, Russia, India, China and South Africa) nations, is fast worsening owing to intensifying recession in the domestic economy. The unemployment rate rose to 7.6 percent from the record low of 4.3 percent at the end of 2014. Many industrial estates in Brazil are running down signaling next big crisis for the economy.
Volkswagen recently faced a devastating dilemma with its scandal emission and the resignation of its CEO Martin Winterkorn. Now, VW has announced a recall of its affected vehicles as it aims to complete the repair by end of 2016.
Volkswagen board of directors will conduct an 'extraordinary' meeting. Reports say CFO Hans Dieter Poetsch will be appointed as the new head while plans for adjustments will also be discussed.
The leading global auto major Volkswagen, which is reeling under pressure owing to emission tests rigging scandal, has assured that it would replace the deceptive engine software that manipulates results from emission tests. It's estimated that about 11million vehicles sold across the world have been fitted with manipulative engine software. The German automobile company will start informing the owners of 11mn vehicles. It's found that these vehicles emit harmful pollutants 40 times higher than the US environment standards. However, Volkswagen didn't elaborate on the exact time of completion of the process or any compensation to vehicle owners. Volkswagen will submit a plan on technical solutions to regulators and environmental authorities for approval in October.
The recent scandal that Germany faces has revealed the loose sanctions that its government has for the German automobile industry, what with the latter being the nation's poster child with its combined contribution of 413 billion euros revenue from the three biggest carmakers: Volkswagen, BMW, and Daimler in 2014 alone. Whether it is justifiable or not has raised a moral issue argued upon these days with "just how many lives have perished because of this?" as the primary argument.
The new Chief Executive Officer of Volkswagen Matthias Müller, former head of Porsche, has assured investors and customers of thorough probe into the emission cheating scandal, which is creating tremors for the German's leading automaker.
Volkswagen's manipulation in emission norms is rocking Germany following the latest resignation of CEO Martin Winterkorn. Analysts forecast that the recent developments at Volkswagen will have an impact on business and politics in Europe's largest economy.
EPA called the software "defeat device" that conceals the true emissions only during testing and therefore when the cars are on the road they emit as much as 40 times the level of pollutants allowed under clean air rules making sure public health is protected, Giles said.
German car manufacturer Volkswagen placed thousands of car owners at risk of being electronically hacked by blocking the results of a white hat study about the security of their vehicles' electronic systems in European courts.
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