• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 5 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 5 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 1 day Will Uncle Sam Step Up and Cut Production
  • 6 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 5 hours Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 13 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 3 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 2 days Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 6 hours US Petroleum Demand Strongest Since 2007
  • 22 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 3 days I think I might be wrong about a 2020 shakeout
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 52 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
Alt Text

The Biggest Hurdle In The Race To 100% Renewable Energy

Though tremendous progress has been…

Alt Text

A Turning Point For U.S. Power Generation

Renewable energy has reached a…

Alt Text

A Booming Niche In Energy’s Hottest Market

The battery recycling market is…

Tim Daiss

Tim Daiss

I'm an oil markets analyst, journalist and author that has been working out of the Asia-Pacific region for 12 years. I’ve covered oil, energy markets…

More Info

Premium Content

Volkswagen Eyes Electric Pivot Amid Growing Criticism

It’s not often that corporate executives make confessions that could jeopardize both its corporate standing and perhaps even their jobs. Yet, last week a top Volkswagen group executive said that the group alone is responsible for around 2 percent of global carbon emissions, about the same amount that Germany emits.

It's almost one percent for cars and one percent for trucks. Germany, in comparison, accounts for nearly 2.2 percent of C02 emissions, the equivalent of 800 million tonnes, and was ranked sixth globally, according to 2017 figures from the Global Carbon Project. Herbert Diess, head of the Volkswagen group, told employees two weeks ago that the figure is 1 percent for the million cars the group has produced which are in circulation. "This percentage, we want to reduce to zero by 2050," he said at company headquarters in Wolfsburg.

Trying to restore its image

This disclosure comes as Volkswagen battles on several fronts trying to restore its image since the so-called “diesel-gate scandal” in 2015  when the storied-auto brand admitted to fitting 11 million vehicles worldwide with a device aimed at cheating pollution tests. The German automaker used a “defeat device” or software intended to pass regulatory lab tests, but in real-world driving, the emissions were several times the permissible limits.

The scandal has thus far sent a senior executive on a seven-year prison term, cost former CEO Martin Winterkorn his job and led to suspensions of several top Volkswagen executives. Now, in the face of stringent limits for C02 emissions from 2020, Volkswagen has vowed to introduce 70 electric models by 2028. Volkswagen, however, still can’t seem to shake off its scandal tarnished reputation, even as it has cost the company more than $30 billion in fines, penalties, restitution and settlement of lawsuits since September 2015. Related: Building The World’s Largest Solar Storage System

The U.S. Securities and Exchange Commission two weeks ago said it was suing Volkswagen and its former chief executive, accusing them of defrauding investors by making “deceptive” claims about the environmental impact of its cars. The regulator said that from 2007 until 2015, Volkswagen carried out a “massive fraud” when selling securities and half a million cars it described as clean diesel when executives knew about the extent of the cheating, the SEC alleges. The cars emitted 40 times more harmful nitrogen oxides than allowed under U.S. rules.

“The investors did not know that Volkswagen was lying to consumers to fool them into buying its ‘clean diesel’ cars and lying to government authorities in order to sell cars in the U.S. that did not comply with U.S. emission standards,” the SEC claims. Volkswagen, countered, saying the SEC complaint is “legally and factually flawed” and the company will “contest it vigorously.” It accused the Commission of “piling on to try to extract more from the company” more than two years after settlements with the U.S. Justice Department.

“The SEC has brought an unprecedented complaint over securities sold only to sophisticated investors who were not harmed and received all payments of interest and principal in full and on time,” Volkswagen spokesman Christopher Hauss said in an emailed statement.

The German auto industry is late in shifting towards electric cars, the Wirtschaftswoche report added. The Volkswagen group, which includes 12 brands, plans to sell 22 million electric cars in the next 10 years to escape heavy European fines and drastically reduce the carbon footprint of its factories.

By Tim Daiss for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Keith Kempton on April 04 2019 said:
    This is shockingly bad journalism. Ludicrous.

    Does VW even sell 2% of all vehicles on the road? Is this some sort of green grovel from VW in the hopes of getting better future PR?

    Natural sources account for more than 98% of all global carbon emissions.

    Airplanes, electrical power plants, truck and rail transport (not produced by VW), wood fires for cooking, and other sources account for significant amounts of HUMAN global CO2 emissions.

    Are there any journalists left who are capable of even simple critical thought?

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play