VW to recall 8.5 mn vehicles in Europe as Italian police raid offices

[IDemo]

Source: Yahoo News

Frankfurt (AFP) - Volkswagen said Thursday it will recall a total of 8.5 million diesel vehicles Europe-wide as police raided the carmaker's office in Italy and those of its sports car unit Lamborghini over a global pollution-cheating scandal.

The massive recall in all 28 of the EU's member states would begin in January 2016 while for countries outside the bloc, the company is still examining which vehicles were affected, VW said in a statement.

The German auto giant was plunged into the biggest crisis in its history after revealing that it had fitted 11 million of its diesel vehicles with software designed to cheat official pollution tests.

The revelations have sparked probes in several countries, and Italian police Thursday raided the company's offices in the country and placed six executives under investigation.

Read more: http://news.yahoo.com/german-authorities-order-recall-2-4-mn-vw-080751971.html

[Cassiopeia]

1. I've mistakenly owned 3 VW's

Thankfully, I found a sucker to take them off my hands before they cost me too much money.

Stock investments in the company should be watched. It will surely rebound, those that buy in at the right time might make a bit of retirement money.

[rdking647]

2. at this point i'd say there's a 25% chance VW goes bankrupt

not out of business but the current stock may go to zero. every other day theres another problem exposed. they can't sell any of their diesels in the US plus who knows how many they can't sell in europe.
add in huge lawsuits and they may be on the hook for more than the company is worth,requiring bankruptcy and reorganization where current stockholders get nothing

[Cassiopeia]

3. There's not a single chance I would ever willingly buy another VW

and I've said that since 2013.

That was the third one and never again.

However, VW has a huge cult following. It will rebound.

Germany will never let VW fail. VW may get screwed with the bailout they get, but it will survive and at the right buy in point investors could create a nice nest egg.

[Chakab]

4. I was thinking of buying a used Audi A3 with a TDI engine from the husband of a co-worker.

I'm so lucky that I decided to wait a little bit longer before getting another car.

[MADem]

5. Police??? Or .... GUARDIA DI FINANZA!!!!!!!!!

Now those guys....they can be SCARY! If you've ever been in a restaurant they barge into and shut down, you know damn well they mean business! And you'd better be sure to have your 'fiscali' with you when you leave, too!!!!

[Spitfire of ATJ]

6. If this were an American firm the Republicans would haul the CEO in to congress,....

....to apologize for the EPA being mean to him.

Then to take turns giving him a rim job.

[wilt the stilt]

7. I have been a great supporter of VW and owned 8 of their cars

5 VW's and 3 Audi's. I have always liked them a lot. Good handling cars and i found them dependable. i still own a 2002 VW passat and it has never had a major repair and it has 160,000 miles on it. I recently cleaned the engine because the 1.8 turbo is known for sludge( many cars including some Toyota's have sludge issues). also redid the front end and did a transmission service. My mechanic said it is good to at least 225,000 and he is know as the best audi/VW mechanic in Atlanta. He get's overflow from the VW dealer.

I also own a 1994 Audi S4 and that is a rare and very desirable collectors car.. Mine has 193,000 miles and the engine(2.2 dohc turbocharged 227 hp stock and can be chipped to 400 hp) typically lasts 350,000 miles. One sold on ebay for $8,000 recently and Roberto Alomar's car sold for $18,000(35,000 original miles and totally tricked out)

I am sad that VW did this.