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VW stock plummets as Euro markets open

The fallout from Volkswagen's installation of an emissions "defeat device" on nearly 500,000 diesel-fueled models in the US is already hitting the automaker hard on the German stock exchange. At one point, the share price plummeted 23 percent to erase the equivalent of $17.6 billion in value. Things eventually bounced back slightly to a still severe 19.23 percent loss, according to Bloomberg as of this writing. The scandal couldn't come at a worse time for chairman Martin Winterkorn. The VW supervisory board takes up the issue of renewing his contract on September 25, Bloomberg reports. If things get bad enough, the door could be open for a new boss to step in. Dealers in the US might start feeling the pain from this, as well. Affected 2015 VWs that are still at showrooms are now under a stop sale. Until the issue is straightened out, the Environmental Protection Agency isn't certifying the company's 2016 diesel models with the 2.0 TDI, either. The diesel emissions problem was first discovered by research from West Virginia University and the International Council on Clean Transportation. In some cases, the engines can produce 40 times more nitrogen oxides than allowed. The automaker could be on the hook for $18 billion in fines for the breach, but the actual figure is expected to be lower. In response, Winterkorn has issued a public apology and ordered an independent investigation into what happened. The EPA and California Air Resources Board have also been looking into the situation. This could become an international problem, though. According to The Detroit News, European authorities might begin similar inquires to check the automaker's diesel emissions there.

Italian investigators search Lambo headquarters in VW probe

Italian investigators searched Lamborghini headquarters on Oct. 15 to look for evidence of managers' involvement in Volkswagen's emissions cheating. VW's main office in Verona was also inspected, according to Reuters. Lamborghini is owned by Volkswagen, and Lambo in turn is listed as the owner of VW Group Italia. Authorities wanted to find out if employees were conscious that the vehicles were skirting emissions rules. "It is one thing if I sell water and pretend it's wine, but if I sell water believing it is wine it's different." Verona chief prosecutor Mario Giulio Schinaia said to Reuters. Italian newspaper Gazetta del Sud reported that several managers in Italy were under investigation for alleged fraud. Prosecutors in Germany have also been rigorously investigating VW, and they recently staged a similar raid on the company's headquarters in Wolfsburg, Germany. The automaker reportedly turned over documents and other data relating to the software defeat device. Meanwhile, VW's internal investigation has turned up little wrongdoing, though a recent leak suggested otherwise, and at least 30 managers could have known about the defeat device. The automaker has disputed that figure. Volkswagen of America CEO Michael Horn testified before Congress that he believed only a few individuals were involved. The situation hasn't been easy on VW in the US, either. The Department of Justice has also been pursuing an investigation into the automaker. Plus, state attorneys general are filing lawsuits against the company for defrauding customers. VW has until Nov. 20 to explain a repair for the problem to the California Air Resources Board. Related Video:

Volkswagen New Midsize Coupe Concept is an aspirational Jetta

Meet the Volkswagen baby CC. Okay, that's not really it's name (VW calls it the New Midsize Coupe Concept), but this sleek, four-door coupe draws more than a little inspiration from the CC while riding on VW's MQB platform.
It's a looker, we think, and is an eye-pleasing departure from the bland styling of the current Jetta. The sleeker front end is complemented by a wider body overall (it's wider than a Passat), while the more sporting roofline and the sharp rear fascia gives the New Midsize Coupe a decidedly sporting character. LED head- and taillights add a bit more personality to this already stylish design.
Thanks to its 2.0-liter, turbocharged four-cylinder, it should get along rather sportingly, as well. The run to 62 miles per hour takes just 6.5 seconds thanks to the 217 horsepower on offer. A seven-speed dual-clutch automatic is also fitted, and contributes to an estimated 37 miles per gallon.