Diesel scandal: Porsche will have to pay 610 million Swiss francs buses

The Volkswagen subsidiary Porsche have to pay a high sum because of the diesel scandal. The Stuttgart public Prosecutor has the sports car maker, a Fine in the amount of 535 million euros – around 610 million Swiss francs – a penalty. Reason, among other things, negligent supervision, breaches of duty, in the development Department with regard to the emissions of vehicles in the period from 2009, as the public Prosecutor's office announced on Tuesday.

just last summer, the Prosecutor's office in Braunschweig had imposed in the Wake of the Diesel-investigation, a Fine of one billion Euro from Volkswagen. In the autumn of the authority, followed by in München and growled Audi a Fine in the amount of 800 million euros. A procedure is also against the supplier Bosch. The Fines against VW and Audi went to the respective countries ' coffers. It is a dispute about the distribution ensued.

Volkswagen had to pay at the announcement of its quarter already provisions in the amount of 1 billion Euro announced, around 600 million euros, but not further explained. The Rest had been attributed to the brand Volkswagen.

No recourse

The height at Porsche consists of the punishment of the administrative offence in the amount of 4 million euros and a profit levy of 531 million euros. The profits from the sale of the affected vehicles have been taken into account. According to the Prosecutor's office it is with V6 and V8 engines, Audi equipped diesel vehicles from Porsche. Against a part of the vehicles – about 99, 000 items – were also notices issued by the force travel Federal office.

Porsche has not filed an appeal. The Fine is in effect. Is not completed the diesel scandal for Porsche: in July of 2017, triggered the investigation proceedings against individual employees of the Porsche AG.

BMW is threatening to buses due to the auto cartel

BMW is driving deeper into the crisis: The Munich wrote to the beginning of the year in the car business for the first time in ten years a loss of 310 million euros. In the first quarter of 2018, a more than six Times as high gain had stood to beech.

As the reason for the collapse of the success-drenched automaker on Tuesday called a provision of 1.4 billion euros because of a possible Bussgelds in EU antitrust proceedings. But also sustained high level of investment in electric mobility, the modernization of the works, as well as currency effects and higher raw material prices BMW.

The Outlook for the full year, the Board screwed within a few weeks, for the second Time. Thus, the pressure on the group's chief, Harald Kruger, whose contract in a year's time expires on the rise. Usually, the Supervisory Board decides a year in advance about an extension. But BMW makes that's why is currently a mystery.

Kruger was begun 2015 in the case of BMW, the of his predecessor, Norbert Reithofer initiated change to one of the leading mobility providers to advance – and the competition should go ahead. Instead, the Munich-based since 2016, the tail lights of the Stuttgart rival, Mercedes-Benz. Including the brands Mini and Rolls-Royce, the BMW group is more the tone, of the loss of reputation as the second-placed brand annoys BMW but huge.

a weakness?

In the group, the result is collapsed by 78 per cent to 589 million euros, which was still lower than analysts had feared. "BMW has entered a period of weakness," said Arndt Ellinghorst of the London investment adviser Evercore ISI with a view to the quarterly figures. "The question is, wiel long it takes." Because of the downturn in the auto industry remain uncertain. It is also unclear how the trade conflict between the United States and China, and the Brexit developed.

in Addition, the climate targets to be in the next year, a "huge hurdle". The optimism of the Kruger, the proceeds of a recovery in the second half of the year, does not share ellinghorst. He was skeptical, said the auto analyst.

His colleague Jürgen Pieper from Bankhaus Metzler pointed out that the mass manufacturer Volkswagen have done better than BMW. While the wolf Burger achieved to the beginning of the year, despite the weaker downturn in the auto industry, the operating rate of return of 6.4 percent, location BMW including. The the default-adjusted margin of 5.6 percent in the car business for a premium manufacturer weak. "This is not from a BMW point of view is actually acceptable," said Pieper.

Krueger countered that the group is operationally on track and expect to be in the next few months, with a tailwind through a number of new models. "For 2019, the following applies: We want to lead our three brands BMW, Mini and Rolls-Royce, the premium segment worldwide. We want to gain market share." In the first quarter delivered good 605.000 vehicles marked the ninth best value in a result in a start to the year. Thanks to the strong business in China, BMW was listed as the only one among the three obeklasse manufacturers with no decline.

"There are no taboos"

Because of the numerous burdens BMW screwed the beginning of April lowered forecast yet again. Accordingly, the group expects this year, with an operating margin of 4.5 to 6.5 percent from an original Target range of six to eight percent. Mainly due to the billions of dollars in return, the procedure is for a potential Fine in the cartel.

The EU Commission is suspicion of illegal agreements in the German automotive industry for exhaust gas cleaning. BMW, Daimler and Volkswagen are said to have, between 2006 and 2014 in the development of technologies discussed. The Bavarians see themselves, wrongly, in the pillory, and to, if need be, with all legal means against the allegations to the military.

Daimler is a slight advantage: According to his own admission, the Stuttgart does not assume that you will have to pay a penalty, because you have unpacked to the EU-Commission in a timely manner. Volkswagen could get away with a small penalty, because the group informed the competition authorities.

BMW share price lose

At investors prevailed on Tuesday disenchantment: The BMW-shares lost almost two percent and thus stronger than the overall market. BMW now wants to do everything to get back to the earnings power of earlier years. The Bavarians have also launched an austerity program, including staff reduction by the end of 2022 at least twelve billion euros. "There are no taboos. We are turning over every stone," said Kruger. BMW had reported in the third quarter of 2009, a loss of 76 million euros.

The Board had already announced in March that the margins will remain in the current year under pressure, because the investment in electric mobility, self driving cars and the further reduction of the fuel consumption of the combustion engine are high. Due to currency effects and higher raw material costs, the group expects loads of 600 to 650 million euros. The pre-tax profit to be significantly below the 9.8 billion Euro in the previous year. (anf/sda)

Created: 07.05.2019, 13:47 PM