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Projects funded with the settlement money were meant to reduce the amount of NOx emissions, because that was the pollutant on which Volkswagen was charged with trying to fool regulators.
The Volkswagen emissions scandal, sometimes known as Dieselgate [24] [25] or Emissionsgate, [26] [25] began in September 2015, when the United States Environmental Protection Agency (EPA) issued a notice of violation of the Clean Air Act to German automaker Volkswagen Group. [27]
Volkswagen AG briefly became the world's most valuable company, as the stock price rose to over €1,000 per share as short sellers tried to cover their positions. [122] The substantial investment in Volkswagen left Porsche with huge financial burden with its debts accumulating up to 13 billion euros by 2009. [123]
It is a subsidiary of Volkswagen Group of America, established in late 2016 by the automaker as part of its efforts to offset emissions in the wake of the Volkswagen emissions scandal. Volkswagen , as part of its settlement following the "Dieselgate" emissions scandal, invested $2 billion in creating Electrify America.
Ulrich Baumgarten/Getty ImagesVolkswagen CEO Martin Winterkorn By Andreas Cremer BERLIN -- Volkswagen (VLKAY) said a scandal over falsified U.S. vehicle emission tests could affect 11 million of ...
Ferdinand Ostrop/AP By Andreas Cremer and Bernie Woodall BERLIN -- Volkswagen is recalling about 461,300 cars in the United States and Canada to fix a fault that could prevent air bags from deploying.
In January 2017, VW pleaded guilty to the emissions scandal and agreed to pay US$4.3 billion in penalties. As of January 2019, 13 VW employees have been indicted, including former CEO Martin Winterkorn. In addition, two former executives (Oliver Schmidt and James Robert Liang) have pleaded guilty in US court and sentenced to prison terms. [10] [11]
Volkswagen plans to change its brand name in the United States to “Voltswagen” as its shifts its production increasingly toward electric vehicles and tries to distance itself from an emissions ...