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VW

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VW to cut investment plan by £701million

Volkswagen said it has cut £701million from its investment plan for the next year following on from the emissions scandal it has been embroiled in. The company said it would cap spending on property, plant and equipment at around $12.8billion, which is around 8% less than its previous estimate.

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VW’s US chief exec apologises for emissions rigging scandal

Volkswagen’s top US executive has apologised as the emissions-rigging scandal engulfing the world’s largest carmaker deepened and members of Congress said the company violated the public’s trust. “On behalf of our company, my colleagues in Germany and myself, I would like to offer a sincere apology for Volkswagen’s use of a software program that served to defeat the regular emissions testing regime,” Volkswagen of America chief executive Michael Horn told a House subcommittee. Calling the company’s admission “deeply troubling”, Mr Horn said: “We have broken the trust of our customers, dealerships and employees, as well as the public and regulators.”

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Tighter pollution rules demanded in EU after VW diesel scandal

The pressure is mounting on the European Union to tighten rules on pollution from cars after Volkswagen AG admitted it built a system to undermine tests in the US. Members of the European Parliament’s environment committee urged the European Commission to propose more stringent checks amid the widening scandal over emissions controls on VW’s diesel engines. VW has cheated on US air pollution tests for years, the Environmental Protection Agency said Friday. “We must assume that there are many tricks going on in Europe without us realizing because the Americans check more than we do,” said Peter Liese, a German member of the parliamentary committee, said in parliament in Brussels on Wednesday. “We need more realistic, stringent procedures not only for NOx but also for carbon dioxide and fuel consumption. We all know that our cars use more fuel than in the test cycle and people are losing patience.”