VW has delayed the release of a report all about the diesel scandal. The report was supposed to come out at either the Annual Press Conference (which VW had previously scheduled for March 10, 2016) or the Annual General Meeting of shareholders (now not happening on April 21, 2016). The delay is, "due to remaining open questions and the resulting valuation calculations relating to the diesel emissions issue." Read more in the press release below or at Bloomberg.
New Jersey has joined the ranks of groups suing VW. The local attorney general said that VW, Porsche, and Audi committed massive fraud against consumers as they violated state clean air laws. The state joins New Mexico, an environmental group in China, and TDI owners, among others, in suing VW. Read more at Reuters.
Next month, Audi will recall 580,000 diesel vehicles in Germany that use the defeat device. The VW brand will also recall vehicles in other European countries, but has not said when or how many. Read more at Automotive News (sub. req).
Volkswagen delays the reporting of the Annual Results and the Annual General Meeting
Wolfsburg, 05 February 2016
Timing of report clarifying background of diesel emissions issue not affected
Before special items Volkswagen anticipates the Operating Result for the Group at the level of the prior year
Volkswagen Aktiengesellschaft will set a new date for the publication of the annual accounts for fiscal year 2015 due to remaining open questions and the resulting valuation calculations relating to the diesel emissions issue. Consequently, new dates for the Annual Press Conference (previously planned for March 10, 2016) as well as the Annual General Meeting of shareholders, (previously planned for April 21, 2016) will be announced as soon as possible.
In this regard, Volkswagen will achieve the best possible transparent and reliable outcome for its shareholders and stakeholders.
Before special items Volkswagen anticipates the Operating Result for the Group at the level of the prior year within the expected range for fiscal year 2015.
The timing of the report clarifying the background and responsibilities connected to the diesel emission issue is not affected by this decision. Volkswagen is sticking to the timing and plans to publish the findings in the second half of April.