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Volkswagen Group CEO Matthias Müller is preparing workers for massive cuts, which will be necessary due to the costs associated with vast emissions scandal. In an interview with the German newspaper F.A.Z., Müller singled out Bugatti by saying that every model and even brand would be reconsidered in the light of their contribution to the bottom line. His assessment of the Phaeton was more charitable; he said that he believes having a VW model bigger than the Passat is necessary for the brand, especially in Asia.
-The planned investments of over more than 100 billion euros would be scrutinized, Müller elaborated in F.A.Z., but slashing products would be the last resort, saying instead: “We can postpone investment in machines and infrastructure.” He is also expected to cut subsidies for the VW-sponsored football club VfL Wolfsburg.
-Slowing Down
-Müller has rather unwelcome news for drivers that like to drive at high speeds, which are legal in Germany: The CEO hinted that the fixes for the emissions-cheating diesel cars could lower their top speed. “2 or 3 mph in top speed seem to be less important than meeting emissions targets,” he offered.
-There were some good news as well: Müller said that likely less than 11 million cars are affected; 11 million is the number originally circulated.
-More Trouble in the U.S.
-While recalls will begin in January 2016 for the rest of the world, there is no timetable yet for the US market; VW aims to cooperate with the appropriate agencies before acting. Müller hopes to complete the vehicle fixes by the end of 2016.
-Meanwhile, VW has withdrawn the application for certification of the 2016 models powered by the 2.0-liter TDI engine. It’s unclear when or if the automaker will attempt to certify them.
-VW USA CEO Michael Horn is scheduled to testify before the House Committee on Energy and Commerce’s Subcommittee on Oversight and Investigations. And in the Senate, the Finance Committee is investigating “possible fraud and abuse related to federal tax credits,” as VW diesel buyers collected as much as $50 million in tax credits for purchasing fuel-efficient vehicles.
-The Invisible Hand
-In the F.A.Z. interview, Müller tried to dispel the notion that his predecessor Martin Winterkorn personally knew about the deceit: “Do you believe that a board member has the time to delve into engine software?” Only a few people were involved, Müller believes, but he cautioned that the actual extent wouldn’t be known for another few weeks. Winterkorn, it has been reported in Germany, is “embittered” and feels he is the victim of a small group of engineers.
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The supervisory board is now in the hands of former CFO Hans Dieter Pötsch. Pötsch is considered to be a Piech man, but the notion that the patriarch from Salzburg orchestrated the current reshuffle is roundly dismissed by Müller: “That’s completely constructed. This drama defies belief. No one can write a screenplay like this.”
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from Car and Driver Blog http://ift.tt/1VEKzMZ
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