VOLKSWAGEN STATEMENT ON IRREGULARITIES IN CO2 LEVELS / CLARIFICATION MOVING FORWARD

VOLKSWAGEN STATEMENT ON IRREGULARITIES IN CO2 LEVELS / CLARIFICATION MOVING FORWARD
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STATEMENT OF THE SUPERVISORY BOARD ON IRREGULARITIES IN CO2 LEVELS

The Supervisory Board is deeply concerned by the discovery of irregularities found when determining CO2 levels for the type approval of Volkswagen Group vehicles. These irregularities came to light during the clarification process which, as announced, is being relentlessly and comprehensively pursued. The Supervisory Board and the special committee set up for the purpose of clarification will meet in the very near future to consult on further measures and consequences. The Supervisory Board will continue to ensure swift and meticulous clarification. In this regard, the latest findings must be an incentive for the Supervisory Board and the Board of Management to do their utmost to resolve such irregularities and rebuild trust.

 

CLARIFICATION MOVING FORWARD: INTERNAL INVESTIGATIONS AT VOLKSWAGEN IDENTIFY IRREGULARITIES IN CO2 LEVELS

  • Matthias Müller: “Relentless and comprehensive clarification is our only alternative.”
  • Around 800,000 Group vehicles could be affected
  • Initial estimate puts economic risks at approximately 2 billion euros

Wolfsburg, November 3, 2015 – The Volkswagen Group is moving forward with the clarification of the diesel issue: during the course of internal investigations irregularities were found when determining type approval CO2 levels. Based on present knowledge around 800,000 vehicles from the Volkswagen Group could be affected. An initial estimate puts the economic risks at approximately two billion euros. The Board of Management of Volkswagen AG will immediately start a dialog with the responsible type approval agencies regarding the consequences of these findings. This should lead to a reliable assessment of the legal, and the subsequent economic consequences of this not yet fully explained issue.

Under the ongoing review of all processes and workflows in connection with diesel engines it was established that the CO2 levels and thus the fuel consumption figures for some models were set too low during the CO2 certification process. The majority of the vehicles concerned have diesel engines.

“From the very start I have pushed hard for the relentless and comprehensive clarification of events. We will stop at nothing and nobody. This is a painful process, but it is our only alternative. For us, the only thing that counts is the truth. That is the basis for the fundamental realignment that Volkswagen needs”, Matthias Müller, CEO of Volkswagen Aktiengesellschaft, said, and added. “The Board of Management of Volkswagen AG deeply regrets this situation and wishes to underscore its determination to systematically continue along the present path of clarification and transparency.”

In cooperation with the responsible authorities, Volkswagen will do everything in its power to clarify the further course of action as quickly as possible and ensure the correct CO2 classification for the vehicles affected.

The safety of the vehicles is in no way compromised. A reliable assessment of the scale of these irregularities is not yet possible. An initial estimate puts the economic risks at approximately two billion euros.



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