One newspaper summed things up this way: “How much more bad news is there going to be” regarding Volkswagen.
An automotive researcher told the BBC that if the situation gets much worse VW may have to start selling parts of its business to fund the recovery.
In capsule form here is the latest:
VW has ordered U.S. dealers to stop selling vehicles with the larger 3.0-liter diesel engine that the EPA charged also contains the pollution test cheating software. VW denies that. The stop sale order covers various Porsche, Audi and VW models.
VW said it may have misstated fuel economy and CO2 emissions on another 800,000 cars, most of them sold in Europe. It said fixing them may cost an additional $2.2 billion. The European Commission is talking about a possible fine.
European regulators are pressuring VW for answers as to how all this could happen as it conducts an internal investigation. VW shares are off 23 percent since this whole thing started.
Moody’s has cut its rating on VW’s debt. That would increase the cost of borrowing for the company, and Moody’s left open the possibility of future reductions.
And VW is recalling 91,867 vehicles to repair a potential braking problem.
Talk about there ain’t no joy in Mudville.
Operating profit rose 26 percent at Toyota in the latest quarter thanks to cost cutting. Subaru, which reports sales gains every month, said its profit rose 41 percent in its latest quarter thanks in part to those strong U.S. sales.
Honda reported a higher net profit and raised its revenue forecast for the year as sales here in the U.S. and China offset declines in its home market.
Alfa Romeo will delay release of a sport utility vehicle and a midsize sedan, sources told Automotive News. The sedan will be setback six months to the middle of next year and the SUV for nine months to early 2017.
The well-to-do who attend the Naples Winter Wine Festival in Florida will have the opportunity to bid on the first Rolls-Royce Dawn convertible to be delivered in North America. Proceeds will benefit a child education foundation. The festival will be held in late January at the Ritz-Carlton in Naples. Rolls said the Dawn is valued at more than $400,000 and will be built next February with all the usual luxury touches such as interior trim of “handcrafted … open pore Indian Rosewood.” Your get away would be a quick one with the twin-turbo 6.6-liter V12 rated at 563 horsepower and “Satellite Aided Transmission.”