BERLIN/FRANKFURT: Volkswagen was facing fresh questions on Tuesday after US regulators widened their accusations of emissions- test cheating against the German carmaker to include the luxury Porsche brand previously run by its new CEO. The US Environmental Protection Authority (EPA) said late on Monday VW used devices to rig air-pollution tests in 3.0-litre diesel engines mostly found in Audis and Porsches -- the company's biggest sources of profit.
Volkswagen AG, Europe’s largest automaker, will maintain a high level of spending on developing new vehicles and upgrading factories over the coming five years to underpin its bid to become the world’s largest automaker.
VW plans to invest 84.2 billion euros (US$114 billion) through 2018, the Wolfsburg, Germany-based company said today in a statement. The plan calls for a reduction in average annual spending on property, plants and equipment of about 500 million euros a year, compared with its previous budget.
Volkswagen surpassed Toyota Motor to become the biggest automaker by deliveries in the first half, putting the company on track to capture the worldwide sales crown three years ahead of its target. Toyota on Tuesday said it sold 5.02 million vehicles in the six months through June, trailing the 5.04 million that Volkswagen reported earlier this month. Deliveries declined 1.5 per cent for Toyota and 0.5 per cent for Volkswagen. The German carmaker boosted sales in its domestic market and in broader western Europe by more than 6 per cent.
The rumor mill was in full swing today after a report in German business publication “Manager Magazin” said that the family controlling Fiat SpA (FIATY) was engaged in talks with Volkswagen AG (VLKAY) to discuss a possible merger deal.