Bloomberg reporting the reality of German car maker Volkswagen's less than honest behaviour on diesel/emissions testing
- provision is still liable to revision
- handling,consumption, emmissions not affected by software
- diesel discrepancy affects 11 mln cars globally
Says the VW statement
"Due to the on-going investigations the amounts estimated may be subject to revaluation.Earnings targets for the group for 2015 will be adjusted accordingly.
Volkswagen does not tolerate any kind of violation of laws whatsoever. It is and remains the top priority of the board of management to win back lost trust and to avert damage to our customers. The Group will inform the public on the further progress of the investigations constantly and transparently"
Volkswagen are "working at full speed to clarify irregularities concerning a particular software used in diesel engines"
The VW scandal has rocked their share price by over 33% undermining the DAX which today is now down 2.48% at 9693.20 and causing a significant knock-on effect in forex markets
EURUSD 1.1184 still unable to hold gains over 1.1200 as EURJPY falls again to test session lows
