US authorities agreed on the outlines of a solution in the exhaust gas scandal Thus the greatest risk for the Group in the United States for the time being averted. VW now has the opportunity, with negotiate authorities and class action plaintiffs comparisons.
the key elements of such agreements are reported to have already. But many questions – especially to the entire cost of the Group – have remained still open on Thursday. It continues to threaten billions of dollars.
SHARE PRICE SHALL BE STRONG
The preferred shares of Wolfsburg reacted already in the morning with a price jump of more than seven percent of the expected news. In the evening they went with an increase of even 5.09 percent to 127.05 euros from trading and thus held the top spot in Dax.
“I am very pleased to be able to announce that the parties have a have presented concrete plan “, the district judge Charles Breyer said at a court hearing in San Francisco. It shall first to the approximately 480 000 affected in the US by the affair manipulated emissions VW diesel with 2.0-liter engines. An agreement for all of the nearly 600 000. Diesel cars – to also include quite a few vehicles with larger 3.0-liter engines – is still pending
BUYBACK OR CONVERSION POSSIBLE
The solution. encompasses the option that VW would buy back a large part of the cars it or place by conversion into a valid state. Lessees would be granted the right to terminate their contracts and return their cars. In addition, will the manufacturer “substantial compensation” paid to the owner. Concrete figures on this were not initially known. According to yet unconfirmed report of “World” to the owners received $ 5,000 as compensation in the US.
Whether it will also benefit customers abroad, is uncertain. VW made it clear: “The now coming regulations in the US will be felt no legal effect in proceedings outside the United States.” For German owner of manipulated diesel cars from the VW Group that negotiated in the US compensation therefore not apply. In this country, however, increasing criticism both from politics and car clubs that require clarity for customers. Worldwide concerns the scandal over eleven million vehicles.
DETAILED AGREEMENT FOR PLANNED June
Breyer convened for 19 May a further court hearing and set a deadline until June 21 for a detailed agreement. In addition, there is also the question of penalties and fines for VW, said the judge. Criminal investigations of US Justice and process of US prosecutors are not affected by the agreement.
At least Breyer but appeared satisfied for now. He had VW and the authorities’ aggressive ultimatums “set:” In my view, these limits are met. “At Breyers Court in Northern California over 600 civil actions are mostly concentrated on the damaged car owners, but also from the US Justice Department and other US agencies. According to Volkswagen an agreement in principle was also with these applicants obtained.
VW WILL US CUSTOMERS ‘FULL EXTENT “INDEMNIFY
Breyer had for the event that VW no timely agreement with the US authorities will, threatened with a process opening already this summer. That would have been a nightmare scenario for the group, because the way out of court settlements by lost and thus the control would be slipped on the procedure might.
“Volkswagen is committed to the trust of customers, supervisors, dealers and of US citizens recover “, stated a spokesperson for the US subsidiary Volkswagen of America. The basic agreements are an important step on the road to redemption. The company would compensate its customers in full.
HIGH COST EXPECTED
The carmaker now face high costs due to the conversions, buybacks and possible other requirements of US regulators. The Group will therefore According to insiders significantly increase the provisions for dealing with the “Diesel Gate” -Skandals. So far, Volkswagen has it set aside 6.7 billion euros. The Wolfsburg had admitted in September 2015 in accordance with allegations of the US Environmental Agency EPA to have tricked a large scale in emission tests.
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