No Reserve 1999 Volkswagen Jetta Wolfsburg Edition!! on 2040-cars

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VW's credit ratings could take a beating

In addition to a significant drop in its share price already, Volkswagen's diesel emissions scandal is continuing to have major financial repercussions on the German automaker. According to The Detroit News, credit rating agencies like Standard & Poor's and Moody's changed their forecasts on the company to negative, and Fitch has considered doing so, as well. Volkswagen appears to have the money to cover the costs of this ordeal, but the agencies question the effect that this has in the long term. "Moody's concern, however, is that Volkswagen's alleged breach of US environment rules and, especially, the process by which that breach occurred, will have an adverse effect on its reputation and credibility within the global passenger car markets," the company wrote in a note to investors, according to The Detroit News. VW has initially set aside $7.25 billion to fix things, but the potential shakeup of top executives has caused some investor uncertainty, too. The actual costs for VW to deal with this scandal are still unknown. In the US, the Department of Justice has begun a criminal investigation, and with other automakers the government has settled for $900 million against General Motors and $1.2 billion against Toyota. Attorneys general in 29 states have started looking deeper, according to The Detroit News, and regulators in Europe, South Korea, and Canada have commenced their own probes, as well. Related Video:

ACEEE strips away VW's green car scores

The American Council for an Energy-Efficient Economy (ACEEE) is confirming that the Volkswagen diesel-emissions scandal has put a black mark on its green ratings. As a result, the group is pulling VW diesel vehicles off of its "Green Scores" list because it was recently revealed that VW diesels might be emitting as much as 40 times the nitrogen oxide (NOx) emissions during normal driving as the official test results show. The ACEEE added that other German makers of diesel vehicles' "Green Scores" are safe, for now. Diesels from VW and the company's Audi division didn't exacatly top the ACEEE's list of greenest vehicles for 2015. That honor went to electric vehicles like the Smart ForTwo ED, Chevrolet Spark EV and Fiat 500E. The Toyota Prius C hybrid snuck in at number 4, while the Nissan Leaf battery-electric took the fifth spot. That said, the VW diesels did perform pretty well, according to the group. "These scores are no longer reasonable estimations of the environmental impact of the Volkswagen diesels. Volkswagen's diesel cars have performed well on ACEEE's annual rankings since 2009, hovering just below our list of the top twelve "Greenest" vehicles with Green Scores in the high 40s," wrote Shruti Vaidyanathan, senior transportation researcher at the ACEEE. "However, a 40-fold increase in on-road NOx would mean that these vehicles did not deserve those high Green Scores." For those curious, the Ram 2500 pickup topped the ACEEE's "Meanest" vehicle of 2015, followed by the Chevrolet G2500 Express/GMC Savana. No diesels showed up on that list of environmentally-damaging vehicles. You can read the ACEEE's statement on VW below. Why we are suspending Volkswagen diesel Green Scores on greenercars.org by Shruti Vaidyanathan, Senior Transportation Researcher On September 18th, the Environmental Protection Agency (EPA) slapped the Volkswagen Group with a notice of violation (link is external) of the Clean Air Act for circumventing EPA emission standards for nitrogen oxides (NOx). Volkswagen has now acknowledged using so-called "defeat devices" on its diesel cars that turn on full emissions control technologies while in testing mode but allow the vehicles to emit nitrogen oxide levels up to 40 times the certified level during normal operation.

European car sales up 8% in February

Three weeks ago an analyst increased projections for European car sales this year, expecting them to climb three percent compared to last year instead of 2.7 percent. That number is a postive sign after years of hard times but it turns out February was especially good, overall European sales climbing eight percent on a wave of southern European recovery and discounts - and this comes after five months of gains including January's 7.2-percent jump over the year before.
The only country of Europe's five largest markets to post a decline was France, just as it did in January, Germany, the UK and Italy posting solid double-digit numbers, Spain rocking the charts with an 18-percent increase because of a government program to encourage trade-ins.
The only brand to miss the wave was Volkswagen, dropping 0.8 percent as it watched the double-digit growth at sister brands Audi, Seat and Skoda lift the Volkswagen Group sales up by seven-percent. Peugeot overcame flat sales at Citroën to improve the group by 3.5 percent, BMW and the Mercedes-Benz/Smart combo rose by four percent, the Fiat group jumped 5.8 percent, Ford was up 11 percent, the Renault Group 11.5 percent, General Motors 12 percent and the Toyota clan by 14 percent.