Volkswagen promises Consideration: German automotive industry as a whole under pressure

Posted on 9/25/2015 10:44:17 AM

Credibility is the lifeblood of the modern enterprise, is the pursuit of long-term benefit of capital. German companies and made in Germany, has been in good faith known. However, Germany's largest commercial bank to the largest automobile manufacturers, to profit from the manipulation of LIBOR manipulation of diesel engine exhaust emissions to avoid regulation, Deutsche Bank AG and Volkswagen AG to German integrity has struck a slap in the face.
Right now, the huge Feng Shi Deutsche Bank to carry a heavy financial burden, repair corporate reputation is long way to go, and the public is likely to take the same path.
In April this year, Deutsche Bank because LIBOR scandal recognized fine $ 2.5 billion, equivalent to 70% of its 2014 fiscal year, profit before tax. By contrast, the public is much greater pressure to bear Bong. According to the information of the present disclosure, the public "discharge door" someone's car about 11 million, the highest in the United States face a $ 18 billion instructions. Even in the best performance in 2014, Volkswagen made an operating profit of 12.7 billion euros, but (US $ 14.2 billion).
Moreover, from the US Environmental Protection Agency's only the beginning. Germany 23 local prosecutors announced to the public "discharge door" to start a preliminary investigation, a commission of inquiry the German Federal Ministry of Transport has arrived Volkswagen headquarters in Wolfsburg, will someone vehicle Meets German and EU regulations for evaluation. In addition, South Korea, Italy and other countries have begun to investigate whether at the local Volkswagen violations.
In addition to fraud and illegal discharge facing multiple penalties, someone is likely to be massive vehicle recall, the public will face greater economic losses. Germany's Green Party parliamentary group Chairman Anton Hoff Wright requirements Volkswagen will install emissions control software for all vehicle recall and modification. He said that if the public is not willing to recall aspects of the German government to apply pressure.
And can still recall the penalties and loss calculations, and severely damaged the credibility of the Volkswagen Group, for themselves, for the German car prices, for Germany, and the impact on the global automotive industry is difficult to estimate.
After the Bureau of the Volkswagen Group held an emergency meeting of the Supervisory Board 23, said in a statement, the crisis of confidence has occurred, to overcome the crisis of confidence is a long-term task of the public, we must persevere, to the general public to regain customer confidence in all respects.
By the public "discharge door" effect, Daimler, BMW and other German car firms share price fell, the German automotive industry as a whole under pressure. Deutsche Bank's latest forecast released on the 23rd of that due to the public "emission" incident, the German DAX Index is expected to end the year at around 10300 points lower than the previous forecast of 1,000 points; DAX index end of next year is projected at 11,200 points, compared with the previous forecast lower 900 points.
Automobile machinery manufacturing as the representative of Germany's main export products, the German machinery and equipment manufacturing Federation worried wrongdoing VW Group will produce the overall impact of the German export industry, so that made Germany into disrepute, which dragged down exports.
Meanwhile, the German car prices pushing the "clean diesel vehicles" may be due to public policy "discharge door" provoke more questions. Compared to gasoline engines, diesel engines with better fuel economy. In order to take into account the fuel economy and environmental protection, Volkswagen, Daimler, BMW and other German car companies vigorously develop clean diesel technology, and in the North American market as a magic weapon to compete with the Japanese car prices, the German brand diesel vehicles in Western Europe share of 53%.
From the 66th Frankfurt International Motor Show being held, although the highly anticipated electric car, but fossil fuels still play an important role in the next period of time, it has become a multi-party consensus. German Automotive Industry Federation of 席马蒂亚斯 Weissman on several occasions expressed its clean diesel technology respected. For public "discharge door," Weisman said, the illegal use of the engine software is completely wrong, but we can not deny diesel technology, nor it was suspected that hundreds of vehicle manufacturers and parts suppliers. However, consumers do not necessarily buy this.
23, Martin Winterkorn, CEO of Volkswagen Group announced his resignation. Although VW Supervisory Committee considered Winterkorn prior knowledge, I also think they Winterkorn right, but for the company's interests require, as Chairman of the Board of the Volkswagen Group, he was responsible for public disclosure of illegal diesel engine emission events, thus He submitted his resignation to the board of supervisors. Winterkorn said: "The public needs a new start, including in terms of personnel."
To be sure, no matter how "discharge door," the survey results, the angel who is scandal and participants, with nearly 80-year history of the Volkswagen were dishonest behavior will pay a heavy price.

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