#VWGate - Sales of 4,000 UK Vehicles Suspended

Volkswagen is suspending the sale of 4,000 vehicles in the UK in the wake of the emissions scandal.

It seems that the vehicles may be equipped with the device that cheated emissions tests in the US. This will affect vehicles across the VW group including the VW, Audi, Skoda and Seat brands.

In theory this is a temporary measure, until a technical fix is found.

#VWGate - 1.18 Million UK Cars To Be Recalled

As the clusterfuck of #VWGate grinds on, it is now apparent that almost one in 10 diesel cars (ie 1.18 million) on the UK's roads may need to be recalled.

The Telegraph states that they are mostly passenger cars, including; 508,276 VWs, 393,450 Audis, 76,733 Seats and 131,569 Skodas, as well as 79,838 vans.

VW said it would contact owners over the next few days to correct the problem, and has set up an online portal where customers can check to see if their vehicles contain the emissions-rigging software.

The group said that it would present "technical solutions and measures to the relevant authorities" in October.

That's all very well and good. However, the sharp eyed amongst you may be pondering, if there really is a viable technical solution why was this not employed at the time thereby avoiding the need for wholesale global fraud?

There is a strong possibility that if there is no viable solution, then the next best alternative for the consumer is to be given a replacement car that does actually meet emissions standards.

We shall see what the outcome really is. However, whatever the outcome, one thing is clear this is going to cost Volkswagen an arm and a leg!

#VWGate - Volkswagen Warned Not To Fix Test Results

Winterkorn

Despite Volkswagen's Board ongoing claims that they knew nothing about the company's emission test fraud, Reuters reports that Volkswagen's own staff and one of its suppliers warned years ago about software designed to thwart emissions tests.

VW technicians had warned about illegal emissions practices in 2011. No explanation was given as to why the matter was not addressed then.

Separately, Bild am Sonntag newspaper said VW's internal probe had turned up a letter from parts supplier Bosch written in 2007 that also warned against the possible illegal use of Bosch-supplied software technology.

Cynics might ponder that the denials by board may have something to do with the fact the Winterkorn, and his soon to depart cronies all want to leave with their pensions and annual company car allowances intact.

#VWGate - Ignorance Is Bliss for Winterkorn

Martin Winterkorn

Those of you who worry about the future of Martin Winterkorn, now that he has been forced to quite as CEO of Volkswagen, should not fret.

Thanks to the fact that he "knew nothing" about Volkswagen's global emissions fraud, he will be entitled to walk away with a pension pot of around $32M. Also, and remember German's don't do irony, he will be entitled to a new company car every year!

Ignorance truly is bliss, for if he had known about the fraud (or the Board had admitted that he had known about the fraud) he would have been entitled opt none of the above.

Do remember that some/all of those board members who have allowed him the bliss of ignorance, will themselves soon be leaving with fat exit packages.

There's irony for you!

#VWGate - Winterkorn Knew Nothing?

In the ongoing clusterfuck known as #VWGate, Volkswagen's chief executive Martin Winterkorn quit on Wednesday saying he accepted responsibility for "irregularities found in diesel engines". However, he claimed that he had not been aware of any wrongdoing.

As per Sky News, he said:

"I am shocked by the events of the past few days. 

Above all, I am stunned that misconduct on such a scale was possible in the Volkswagen Group."

In the event that he really did not know anything about this, serious questions arise about the corporate governance within Volkswagen.

Software was purchased/developed that was designed to be used to fraudulently pass emission tests. The software had to be installed in cars in various countries. Both these actions/processes would have required executive approval and sign off.

Who signed off on this, and where are the records?

Volkswagen then spent a considerable time fencing with US authorities, when the data was first questioned by the US, trying to avoid admitting that it had committed fraud on a global level.

Were senior executives unaware that the US authorities were questioning the validity of the data? Somewhat unlikely surely?

I find it very hard to believe that the board knew nothing about this, if it genuinely did not know then VW's corporate governance sucks!

Volkswagon Is Fucked!

Volkswagon continues to implode, having admitted that 11 million vehicles worldwide could have been fitted with software which misled regulators. The United Nations said that the scandal was ‘deeply troubling’.

As various countries launch investigations into the Volkswagon fraud, shares in the company are now down 41% since news of the scandal broke.

Whilst the media are suggesting that this could be the end of the diesel car, there are suggestions that the fraud also relates to petrol cars.

At some stage the shares will represent a good trading opportunity (albeit for a dead cat bounce). However, the question is when will they hit bottom? 

Volkswagon Implodes

US CEO of @Volkswagen "Our company was dishonest. We have totally screwed up." pic.twitter.com/lNHt0LQw69

— Russian Market (@russian_market) September 22, 2015

Volkswagon continues to implode, as now ROK will be investigating possible emission rigging results.