The largest and pushing itself to the No 1 position, Volkswagen being world’s best-selling automaker has put itself in a very unstable position in the market. Just one week ago Volkswagen was a company oozing confidence, a global brand that appealed to the public. Now from the company’s fortunes to its share price, everything has crashed amid a Volkswagen scandal over rigged emissions tests.
The German car giant has admitted cheating emissions tests in the US. According to the Environmental Protection Agency (EPA). Some cars being sold in America had devices in diesel engines that could detect when they were being tested. So it made the changes accordingly to improve the perforce on emission. This is what the whole Volkswagen scandal is about.
Which cars are affected?
The following cars, sold in the US, affected by this Volkswagen scandal are:
• Jetta (Model Years 2009 – 2015)
• Beetle (Model Years 2009 – 2015)
• Audi A3 (Model Years 2009 – 2015)
• Golf (Model Years 2009 – 2015)
• Passat (Model Years 2014-2015)
The EPA’s findings cover 482,000 cars in the US only. Including the VW-manufactured Audi A3, and the VW brands Jetta, Beetle, Golf and Passat. But VW has admitted that about 11 million cars worldwide are fitted with the so-called “defeat device”.
Due to this Volkswagen scandal, stock price has depreciated by a third over the past week. Wiping billions off its market value. This Volkswagen scandal has cost the company up to $18 billion in the United States alone. It has sold 11 million vehicles around the world which comes under this Volkswagen scandal. So we can accept more accusations or fines from other countries too. Consumer groups and shareholders have threaten to sue the company.
Volkswagen CEO Winterkorn said he was unaware of the wrongdoing but took responsibility for the scandal by stepping down. Matthias Müller took over as the CEO. Volkswagen did not say who the employees were or where they worked. Whoever is responsible for this Volkswagen scandal could face criminal charges in Germany.
Because of this Volkswagen scandal, the company now has to do quite some work for the coming time to regain its reputation and respect in the market. Stay tuned for more news about the company’s possible future.