A scandal over what the New York Times describes as a “diesel deception” has caused car manufacturer Volkswagen to lose a third of its value already this week.
Volkswagen is accused of using special software to cheat on emissions tests on its diesel vehicles, making them appear to be far more environmentally friendly than they really are.
The story has grown so large that The Telegraph is live blogging the scandal at the time of writing. The loss of value at Volkswagen has hit the global stock and currency markets, with the scandal expected to rapidly spread to VW’s sister brands Skoda, Seat and Audi.
As if this weren’t proof enough of how serious this revelation is for Volkswagen, it’s also emerged that the car firm has hired the same lawyers used to defend BP in the wake of their 2010 oil spill disaster.
It’s thought that up to 11 Million VW vehicles could be affected.
If you own a diesel Volkswagen, there’s every chance it could be included in a forthcoming recall to resolve a high emissions problem. Your dealership should contact you if this is the case. Do not ignore any recall as it could result in you driving an unsafe vehicle and affect your car’s resale value.
Sadly, if you do drive a Volkswagen, that resale value has probably already taken a dive. The firm’s credibility has taken a serious knock this week, which will take major work (if not a miracle) to recover from.