Volkswagen share price rises as US boss Michael Horn admits he knew about “emissions non-compliance” last year
Michael Horn, the head of Volkswagon in the US, has admitted he was made aware of “possible emissions non-compliance” by the company last year.
In a testimony due to be presented to a panel of investigators at the House of Representatives today, Horn said the possibility was highlighted to him in a West Virginia University study in spring 2014.
"I was informed that EPA regulations included various penalties for non-compliance with the emissions standards and that the agencies can conduct engineering tests which could include 'defeat device' testing or analysis,” he said.
I was also informed that the company engineers would work with the agencies to resolve the issue.
Later in 2014, I was informed that the technical teams had a specific plan for remedies to bring the vehicles into compliance and that they were engaged with specific agencies about the process.
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Last month, it was revealed that millions of the German company's diesel vehicles were fitted with technology that allowed them to cheat in emissions tests.
Share price went up this morning following this news, and is currently 1.73 per cent higher at €105.80.
An estimated 11m cars worldwide are affected by the scandal, including 1.2m in the UK. Volkswagen's share price has plummeted since, and is down nearly 30 per cent over the last month.
Horn said he “did not think something like this was possible at the Volkswagen Group”, adding that VW had “broken the trust of our customers, dealerships, and employees, as well as the public and regulators”.
We are determined to make things right. This includes accepting the consequences of our acts, providing a remedy, and beginning to restore the trust of our customers, dealerships, employees, the regulators, and the American public.