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Volkswagen Agrees To Plead Guilty In Diesel-Emissions Scandal.

Volkswagen has agreed to plead guilty to charges brought by the US Justice Department over its emissions conspiracy. VW admits relying on so-called "defeat device with algorithms that misrepresented emissions during testing. More than 11 million cars worldwide contained these devices, which allowed engines to cheat on carbon emissions tests. This conclusion to the 16-month investigation also includes charges against five managers in Germany. The pre-inauguration timing is purposeful, as both the Justice Department and Volkswagen wanted to settle before "many of the people who have been overseeing the case step down," Bloomberg reports. The $4.3 billion dollar penalty raises the cost of the scandal for the company in North America alone to $23 billion. Still, Volkswagen's sales have not significantly suffered. The company is "now selling more cars and trucks than ever, offsetting declines in the US with strong sales in China." Investigations continue into other car companies reliance on similar devices designed to manipulate readings on emissions. - YaleGlobal

US Justice Department investigation of Volkswagen for devices that limited emissions testing concludes with a $4.3 billion fine and multiple criminal charges

Tom Schoenberg, Christoph Rauwald and David McLaughlin

Bloomberg, 16 January 2017

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Source:Bloomberg

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Publication:YaleGlobal Online
Article Type:Brief article
Geographic Code:1USA
Date:Jan 16, 2017
Words:209
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