On Monday, Audi revealed that over 2.1 million (21 lakh) of their cars had this emission cheat software. The Audi cars which were fitted with this software are A1, A3, A4, A5, A6, TT, Q3 and Q5. Most of the affected cars are sold in Western Europe, which alone accounts for 1.42 million affected cars. Of all the Western European countries, Germany has the most number of affected Audi cars – 577,000. In the US only 13,000 Audi cars are affected.
Parent Volkswagen’s decline continued into the new week as their share prices further declined today by more than 7 percent. This is after their share prices declined by more than 30% last week, after Dieselgate came to light.
With no clear idea as to how Volkswagen will manage to resurrect from this, which is undoubtedly the brand’s worst fall in its 78 year history, investors too are looking perplexed, adding to the decline in share prices.
Apart from the Audi’s acceptance, the other news which has hit the brand today is that their former CEO, Martin Winterkorn is under criminal investigation.
Even though Volkswagen has publicly served an apology, suspended some of the top level employees (including senior R&D heads who were working across the VW Group), there seems very little the brand can do in order to emerge from Dieselgate.