💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

EPA asks Volkswagen to make electric cars in U.S.: Welt am Sonntag

Published 02/21/2016, 07:28 AM
Updated 02/21/2016, 07:30 AM
© Reuters. The charging plug of an electric Volkswagen Passat car is pictured at charging station at a VW dealer in Berlin
VOWG_p
-

FRANKFURT (Reuters) - U.S. authorities have asked the German carmaker Volkswagen (DE:VOWG_p) to produce electric vehicles in the United States as a way of making up for its rigging of emission tests, the German newspaper Welt am Sonntag reported.

The U.S. Environmental Protection Agency is currently in talks with Volkswagen with the aim of agreeing on a fix for nearly 600,000 diesel vehicles that emit up to 40 times legal pollution limits.

The paper, which gave no source for its report, said the EPA was asking VW to produce electric vehicles at its plant in Chattanooga, Tennessee, and to help build a network of charging stations for electric vehicles in the United States.

Some of Volkswagen's cars already feature electric or hybrid motors. It was not clear from Welt am Sonntag's report whether the EPA was asking VW to produce new models or existing ones.

Five months after the emissions scandal broke in the United States, Europe's leading carmaker has yet to come up with a technical fix for almost 600,000 diesel cars, and is facing a growing number of legal claims.

"Talks with the EPA are ongoing and we are not commenting on the contents and state of the negotiations," a VW spokesman said. EPA declined to comment.

Meanwhile, weekly tabloid Bild am Sonntag said Hans Dieter Poetsch, the chairman of Volkswagen's supervisory board, was summoned by German transport minister Alexander Dobrindt on Feb. 16 to give an update on the carmaker's progress in tackling the crisis.

According to the article, Poetsch pledged Volkswagen would do everything to solve the crisis, regardless of how that might impact individuals and positions at the company.

A spokesman for Volkswagen confirmed that Poetsch and Thomas Steg, head of group government relations at VW, updated Dobrindt on Feb. 16 on the status quo of its internal investigation, but declined to give details about the nature of discussions.

© Reuters. The charging plug of an electric Volkswagen Passat car is pictured at charging station at a VW dealer in Berlin

VW will present its final report on the crisis to law firm Jones Day in April, Bild am Sonntag said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.