. 24/7 Space News .
CAR TECH
General Motors' Opel unit in hot seat over emissions
by Staff Writers
Berlin (AFP) May 13, 2016


Norway sovereign wealth fund to sue Volkswagen: report
London (AFP) May 15, 2016 - Norway's sovereign wealth fund, the world's largest, is to sue German carmaker Volkswagen over an emissions-cheating scandal that caused it huge losses, the Financial Times reported Sunday.

"We have been advised by our lawyers that the company's conduct gives rise to legal claims under German law. As an investor it is our responsibility to safeguard the fund's holding in Volkswagen," Peter Johnsen, the chief executive of the fund's manager Norges Bank Investment Management, told the newspaper.

The German automobile giant is already facing a slew of lawsuits from shareholders seeking damages after deep falls in its share price, as well as from angry car owners.

Volkswagen's admission that illegal software was installed on 11 million diesel engines to cheat emissions tests sparked a global scandal and forced it to recall vehicles from around the world.

The carmaker has set aside 16.2 billion euros ($19 billion) in provisions to cover potential fines, lawsuits and recall costs, resulting in its first annual loss since 1993.

Volkswagen did not immediately respond to a request for comment. A spokesperson for Norges Bank Investment Management could not be reached for comment.

German carmaker Opel, a subsidiary of General Motors, found itself in the spotlight Friday, with the transport ministry demanding explanations for media reports alleging irregularities in the emissions values of some of its cars.

According to both the weekly magazine Der Spiegel and the investigative news programme Monitor on ARD public television, tests on a number of Opel's diesel models had uncovered "hitherto unknown devices" that deactivate filtration systems in the engines of two of the best-selling models, Astra and Zafira.

That meant that the models' emissions systematically exceeded norms.

In response to the revelations, a special committee set up in the wake of the massive engine-rigging scandal that has engulfed Volkswagen, "has invited" Opel to offer an an explanation, a spokesman for the transport ministry said.

Opel issued a statement denying it used the same emissions-cheating software that is at the centre of the VW scandal.

"Our software was never programmed to deceive or defraud," insisted the carmaker, which is just emerging out of long years of crisis.

"Emission control systems are highly complex integrated systems," Opel said.

"The various parameters such as engine speed, load, temperature and altitude play an essential role and are interrelated. Such a complex system can not be broken down into individual parameters. Interactions must be understood holistically, in combination with the prevailing conditions and the various areas of the control system," it said.

The government committee, which has in recent months analysed all diesel models similar to those involved in the VW scandal, has concluded that no similar fraud has taken place.

Nevertheless, in a certain number of vehicles, the emission control systems were systematically de-activated when the outside temperature dropped below a certain level.

This is only allowed under European rules to prevent possible accidents or damage to the engine.

In April, German makers, Audi, Mercedes, Opel, Porsche and Volkswagen, decided to voluntarily recall around 630,000 cars in Europe to remedy this problem.

According to Der Spiegel and Monitor, the Astra's emission control systems were only programmed to function at outside temperatures above 17 degrees Celsius, effectively meaning they did not function for a large part of the year.

VW was plunged into its deepest-ever crisis last September when it emerged that it had installed emissions-cheating software, known as defeat devices, into 11 million diesel engines worldwide.

Scandal-hit VW gives staff 3,950-euro bonus
Berlin (AFP) May 13, 2016 - German auto giant Volkswagen announced Friday it is giving its staff a 3,950-euro bonus for 2015, despite suffering huge losses due to an emissions-cheating scandal which sent shockwaves through the industry.

The pre-tax premium -- less than the 5,900 euros handed out for 2014 -- comes after VW also revealed huge bonuses for top executives last month, sparking a storm of criticism.

Those bosses' bonuses generated widespread resentment among employees, especially at a time of salary negotiations.

"Volkswagen staff provided very good work as a team, despite the difficult situation," said VW human resources chief Karlheinz Blessing in a statement.

"Their strong commitment deserved to be recognised," he added.

After criticism about the bosses' bonuses the automaker's supervisory board decided at the end of April to freeze 30 percent of the annual payouts for nine director-level executives.

The frozen amount will be paid out in three years if the company meets stock market targets.

The executives' bonuses sparked intense criticism both from the public and politicians, including German Finance Minister Wolfgang Schaeuble.

Volkswagen was forced to recall vehicles around the world last year after admitting it had installed so-called "defeat devices" aimed at cheating emissions tests into 11 million diesel engines.

The carmaker unveiled a loss of 1.58 billion euros after setting aside 16.2 billion euros in provisions to cover the potential fines, lawsuits and recall costs it foresees from the scandal.

It was the auto giant's first loss since 1993.

VW employs 600,000 people globally.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
Car Technology at SpaceMart.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
CAR TECH
Chilean cabbies block traffic in protest against Uber
Santiago (AFP) May 12, 2016
Thousands of Chilean taxi drivers honked their horns and blocked traffic Thursday in a protest against ridesharing service Uber. Uber's service is not regulated in Chile, but the government considers it illegal. The government responded to the protest saying it is up to Congress to pass a law addressing Uber and another ridesharing app used in Chile, called Cabify. Long lines of black an ... read more


CAR TECH
NASA research gives new insights into how the Moon got inked

First rocket made ready for launch at Vostochny spaceport

Supernova iron found on the moon

Russia to shift all Lunar launches to Vostochny Cosmodrome

CAR TECH
Flying observatory detects atomic oxygen in Martian atmosphere

Beyond Ikea: Swedish Gadget to Harvest Water on Martian Surface

Clues about Volcanoes Under Ice on Ancient Mars

Second ExoMars mission moves to next launch opportunity in 2020

CAR TECH
No more space race for US, rivalry gives way to collaboration

NASA Awards Contract for Aeronautics, Exploration Modeling, Simulation

Michael Watkins Named Next JPL Director

US to move more assets into deep space over next 4 years

CAR TECH
Long March-7 rocket delivered to launch site

China's space technology extraordinary, impressive says Euro Space Center director

China can meet Chile's satellite needs: ambassador

China launches Kunpeng-1B sounding rocket

CAR TECH
NASA, Space Station partners announce future mission crew members

New landing date for ESA astronaut Tim Peake

Tim Peake goes roving

Russia delays space crew's return to Earth

CAR TECH
SpaceX successfully lands rockets first stage after space launch

SpaceX lands rocket's first stage after space launch

Agreement Signed for Airbus Safran Launchers

SpaceX to launch Japanese satellite early Friday

CAR TECH
Scientists discover potentially habitable planets

MIT compiles list of potential gases to guide search for life on exoplanets

Three potentially habitable worlds found around nearby ultracool dwarf star

Light Echoes Give Clues to Protoplanetary Disk

CAR TECH
Dartmouth announces new way to explore mathematical universe

Scientists take a major leap toward a 'perfect' quantum metamaterial

Design tool enables novices to create bendable input devices for computers

Molybdenum disulfide holds promise for light absorption









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.