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VW offers to buy back new diesels if bans introduced

By Maria Sheahan FRANKFURT, Germany — Volkswagen will buy back new diesel cars if German cities ban them, it said on Thursday, seeking to reassure potential buyers and stem a plunge in sales of diesel vehicles. Europe's biggest automaker also said it would extend incentives for buyers of new diesel cars. The moves come after a German court ruled last month that cities in the country could ban the most polluting diesel vehicles from their streets. Many German cities exceed European Union limits on atmospheric nitrogen oxide, known to cause respiratory diseases. Fears of bans have led to a plunge in demand for diesel vehicles, which are also key to carmakers' attempts to meet new EU rules on carbon dioxide (CO2) emissions. While diesel cars are heavily criticized for emitting nitrogen oxide, they spew out less CO2 than gasoline equivalents. Diesel car sales plunged 19 percent in Germany last month. At its core VW brand, Volkswagen said its buyback offer applied to new diesels bought between April 1 and the end of 2018 and would kick in if the city in which the buyer lived or worked banned diesels within three years of the purchase. It said its dealerships would buy back diesel vehicles affected by bans at their current value if their owners at the same time bought a new vehicle that was not affected by cities' driving restrictions. At Czech brand Skoda, the guarantee applies to cars bought between April 1 and the end of June, but will cover bans introduced within four years of the purchase date. At premium brand Audi, the offer only covers leased vehicles. Volkswagen also said it was extending to the end of June incentives for customers trading in older diesels for new ones. Fellow German carmaker BMW said earlier this month it would offer to take back leased vehicles if diesels were banned within 100 kilometers (62 miles) of the operator's home or place of work. There has been a global backlash against diesel-engine cars since Volkswagen admitted in 2015 to cheating U.S. exhaust tests. But Germany's government is seeking to avoid widespread bans on heavily polluting diesel vehicles, which companies say could cut the resale value of up to 15 million vehicles in Europe's biggest car market. In Germany, where motorists expect to drive powerful cars on motorways with no speed limits, any restrictions will be unpopular.

Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."

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: