• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Volkswagen

The Volkswagen Emissions Scandal Just Got A Lot Bigger

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
November 3, 2015, 4:56 PM ET
The logo of German car maker Volkswagen can be seen as dark clouds hang in the sky over a Volkswagen trader in Hanover, central Germany, on September 22, 2015.
The logo of German car maker Volkswagen can be seen as dark clouds hang in the sky over a Volkswagen trader in Hanover, central Germany, on September 22, 2015.Photograph by Julian Stratenschulte—AFP/Getty Images
Add Fortune on Google for similar content.

Volkswagen said on Tuesday it found data “inconsistencies” on carbon dioxide emissions for 800,000 more cars, the latest sign of trouble for Europe’s biggest automaker, already reeling from an emissions scandal.

Volkswagen said it faces about 2 billion euros ($2.19 billion) in economic risks from the newly disclosed issue, which mostly affects small diesel engines and one gasoline one. They are unrelated to U.S. regulators’ allegations on Monday that larger diesel engines mostly used in Porsche and Audi sports utility vehicles were designed to cheat emissions tests.

The carmaker said it would immediately start talking to “responsible authorities” about what to do about the latest findings.

“From the very start I have pushed hard for the relentless and comprehensive clarification of events,” Volkswagen Chief Executive Matthias Mueller said in a statement. “We will stop at nothing and nobody. This is a painful process but it is our only alternative.”

Europe’s largest carmaker had previously admitted to installing cheat software on up to 11 million vehicles worldwide with 2.0 liter diesel engines. But the latest allegations from U.S. regulators and the automaker itself suggest that both larger and smaller motors and even non-diesel ones may have deceived regulators.

“VW is leaving us all speechless,” said Arndt Ellinghorst of banking advisory firm Evercore ISI after the disclosure about the smaller engines. “It seems to us that this is another issue triggered by VW’s internal investigation and potentially related to Europe.”

VW has so far denied allegations regarding the larger 3.0 liter diesel engines made by the U.S. Environmental Protection Authority (EPA), saying no software had been installed to “alter emissions’ characteristics in a forbidden manner” on the larger engines. It did not immediately respond to questions on Tuesday, saying it would only correspond in writing.

The biggest business crisis in VW’s 78-year history has wiped as much as a third off its stock market value, forced out long-time CEO Martin Winterkorn and rocked the auto industry – a key employer and source of export income in Germany.

“Volkswagen has done a disservice to German industry,” Ulrich Grillo, the head of the Federation of German industries, told a conference on Tuesday, adding the firm had an obligation to the whole industry to clear up the scandal quickly.

German Chancellor Angela Merkel and the European Commission, the European Union’s executive body, called for clarity and transparency to clean up the scandal.

VW’s supervisory board will hold a special meeting Monday to discuss the financial implications of the scandal, two sources with knowledge of the matter told Reuters.

The company took a 6.7 billion euro hit in third-quarter results to cover initial costs related to the scandal. Some analysts have said the final bill could reach as much as 35 billion euros in regulatory fines, lawsuits and vehicle refits.

VW shares fell 1.5 percent to close at 111 euros. The VW statement about the additional 800,000 cars with emissions issues came out after the Frankfurt market had closed.

MORE PRESSURE

VW is under huge pressure to identify those responsible for the cheating and fix affected vehicles, and it has come under fire from lawmakers, investors and analysts for a slow response.

Some analysts and investors criticized the appointment of Mueller as group CEO, questioning whether a company veteran was the right man to lead an overhaul of the business.

Top players on VW’s supervisory board, including the head of Lower Saxony, VW’s second-largest shareholder, are in close contact with the carmaker and seeking information from its top management on the latest accusations by EPA, two sources familiar with the matter said on Tuesday.

VW was the only brand of Germany’s top carmakers to post lower sales in a growing German market in October, the Federal Motor Transport Authority (KBA) said on Tuesday. New registrations of the VW brand fell 0.7 percent while BMW, Porsche, Opel and Mercedes all reported higher deliveries in a market that was up 1 percent to 278,000 cars.

Audi said on Tuesday it had not installed defeat devices in its 3 liter V6 diesel engines and is aiming to meet with California regulators in the next week to explain its position as well as how the software works. Seeking belated authorization of the software could be one option to try to solve the matter, the spokesman said.

“It would cause the biggest possible shock to VW if those accusations are true,” said Stefan Bratzel, head of the Center of Automotive Management think-tank near Cologne.

“VW keeps touting utmost transparency but they really should have put all the cards on the table. There is a lot of need for explanation, from Audi too.”

Rival German carmaker BMW reiterated on Tuesday it had not manipulated emissions tests, as it posted a surprise rise in third-quarter operating profit.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Trump’s 927-page disclosure is just a normal Tuesday for direct indexing and crypto wealth managers
InvestingDonald Trump
Trump’s 927-page disclosure is just a normal Tuesday for direct indexing and crypto wealth managers
By Catherina GioinoJuly 1, 2026
5 hours ago
US President Donald Trump sits in silence with his hands folded on top of each other.
CryptoDonald Trump
Inside Trump’s $1.4 billion crypto empire: Altcoins, Bitcoin—and a stake in Michael Saylor’s Strategy
By Camila Grigera NaónJuly 1, 2026
7 hours ago
The 6 Best Exercise Bikes of 2026: Fitness Expert Reviewed
HealthDietary Supplements
The 6 Best Exercise Bikes of 2026: Fitness Expert Reviewed
By Christina SnyderJuly 1, 2026
7 hours ago
Mark Zandi, Moody's chief economist.
EconomyU.S. economy
‘It’s fair to ask whether it was worth it’: The Iran war has cost Americans $1,000 per household—and that’s a conservative estimate, Mark Zandi says
By Tristan BoveJuly 1, 2026
10 hours ago
Melania Trump NFT earnings surge 28x in 2025 as the First Lady rakes in nearly $17 million in total earnings, filing shows
PoliticsDonald Trump
Melania Trump NFT earnings surge 28x in 2025 as the First Lady rakes in nearly $17 million in total earnings, filing shows
By Mia OsmonbekovJuly 1, 2026
10 hours ago
Donald Trump sits at his desk in the Oval Office, smiling and with his hands folded in front of him.
PoliticsDonald Trump
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
By Sasha RogelbergJuly 1, 2026
11 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
21 hours ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Newsletters
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
By Diane BradyJuly 1, 2026
19 hours ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
15 hours ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.