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Rumors of a dealer class action against Volkswagen have swirled for months, and we have already mentioned about this in one of our previous blogs. But now, a prominent dealer attorney, Leonard Bellavia of Mineola, N.Y., declared he is prepared to file a lawsuit against Volkswagen on behalf of U.S. dealers who supported financial damage after VW’s emissions scandal.The attorney declined to identify his clients, but he mentioned that whether the lawsuit is filed depends on whether the company can reach a settlement with dealers that compensates them fairly for the finan...
Last week, during a meeting concerning the company’s U.S. strategy, with the VW AG executives in Germany, Volkswagen’s U.S. dealers required reparations from the automaker for financial damages caused by the company's emissions violations.Though it is too early to discuss the size of any settlement so soon after pitching the proposal, it is evident that a special strategy for how Volkswagen is going to approach the dealer network on franchise damages, is needed. The prospect of reparations will be among the pressing topics to be addr...
Important job cuts are planned at Volkswagen in Germany. The automaker is to cut about 3,000 office jobs in Germany by the end of 2017. The company strives this way to offset the cost of its emissions test-rigging scandal.The Volkswagen brand has initiated an efficiency program that is affecting all areas, including personnel costs. Costs can be cut by reducing temporary work contracts, filling vacancies internally and making fewer hirings, the spokesman said, declining to be more specific. VW is cutting investment by 1 billion euros ($1.1 billion) in 2016 compared with last yea...
Volkswagen Group's representatives declared they are confident about the possibility to reach an agreement with U.S. regulators on a technical fix for diesel cars, vehicle buybacks and fines.For violating U.S. environmental laws, Vokswagen was sued by the U.S. Justice Department about five months ago. But there is still no fix for nearly 600,000 affected cars in the U.S. Though the U.S. authorities work to clear up the emissions scandal, VW is also progressing in its efforts to investigate the circumstances of the manipulations and will draw "the right conclusions&...
Takata Corp., Japanese manufacturer seeks buyers for its Irvin Automotive Products unit. They want to assume the responsabilities of those 10 deaths and more than 100 injuries, and to shore up the company’s balance. They plan to sell their automotive interiors division to raise money for paying for the cost of recalling about 50 million vehicles due to exploding air bags. Takata is working with Japanese bank SMBC Nikko Securities Inc. and U.S. bank Moelis & Co. on the potential sale. It isn’t clear whether Takata is seeking strategic or financial buyers for the busin...
