Keyword: Volkswagen

How Volkswagen stashed billions of euros in Luxembourg scheme

By and Martin Hesse, Simon Hage (Der Spiegel) Et Blaz Zgaga
Volkswagen supervisory board chairman Hans Dieter Pötsch. © Reuters Volkswagen supervisory board chairman Hans Dieter Pötsch. © Reuters

Between 2014 and 2016, German carmaker Volkswagen placed 5.8 billion euros into a financial structure, run by a staff of five, it registered in Luxembourg, and which paid just 1.7 million euros in taxes on the sum. It is one example of an elaborate system of ‘tax optimisation’ created by the giant group in 2012, despite assurances by its supervisory board chairman, Hans Dieter Pötsch, when he was financial director, that “we have never played such games”. Yann Philippin, Martin Hesse, Simon Hage and Blaz Zgaga report.

Renault CEO Ghosn under spotlight over alleged emmissions cheating

A French consumer fraud watchdog has said the managerial responsibilty of Renault boss Carlos Ghosn is engaged in an alleged emissions-cheating scam to disguise true pollution levels of the French carmaker's diesel engines, following an investigation prompted by Volkswagen's exposure in 2015 for US diesel test-cheating.

France investigates Renault for suspected emissions fraud

French car firm denies any suggestion it cheated on tests for diesel engines making the vehicles dangerous for human or animal health.

French police raid Volkswagen offices

The Paris prosecutor’s office said computer hardware was seized in raids prompted by US revelations of defeat devices to cheat emissions tests.

France opens inquiry into Volkswagen for ‘aggravated fraud’

Paris prosecutor’s office launched probe into Volkswagen after news of the faked pollution tests broke last month, says judicial source.

Nearly 1 million vehicles in France fitted with cheating device, says VW

Total of 984,064 cars in France are involved in the emissions-rigging scandal, mostly Volkswagen models, but also Skoda and Seat cars.

French minister calls for Europe-wide probe after VW pollution revelations

 Michel Sapin said tests are also needed on French-made cars though he says he has no 'particular reason' to suspect wrongdoing.

Volkswagen's financial clout outpaces French carmakers on loan deals

As sales by carmakers PSA and Renault stall on home turf, the financially-solid VW group is finding space in France with cheaper loan deals.