The European currency has become weaker due to the political situation in Greece, as well as several other economic changes. Several exporting companies, including Volkswagen AG (ADR) (OTCMKTS:VLKAY), are looking to benefit from the situation; the German automaker is looking to boost its vehicle exports.
Nine months after the Environmental Protection Agency and California Air Resources Board Board revealed that Volkswagen had used so-called “defeat devices” in nearly 500,000 diesel-engine vehicles in the U.S.
A week after the Federal Trade Commission sued Volkswagen for deceptively advertising “clean diesel” cars equipped with “defeat device” software to cheat on emissions tests, the carmaker finds itself on the receiving end of another big lawsuit — this time from its own dealers, who accuse VW of intentionally
At the Geneva Motor Show on Tuesday, Volkswagen AG’s (ADR) (OTCMKTS:VLKAY) Passat won 2015 European Car of the Year award. This is the second award Volkswagen has received this year. At the Detroit Auto Show, the German company’s Golf GTI won North American Car of the Year 2015, ahead of Ford Motor Company’s (NYSE:F) pony car, Mustang.
Volkswagen is facing huge fines, its reputation in tatters, and a CEO on the edge.
The company cheated diesel emissions tests in the U.S. for seven years.
It did so through a clever piece of software that could identify when it was being tested and reduce harmful exhaust so it looked as if the cars met requirements, when in fact they didn’t.