Volkswagen Group has decided to increase its planned investment in an announced joint venture with electric vehicle maker Rivian Automotive ahead of the operations launching Wednesday, according to a detailed report by CNBC.<o:p></o:p>

The companies in a joint press release on November 12, said the size of the deal is now up to $5.8 billion, an increase from an initial investment of up to $5 billion, with the first VW models to use Rivian’s software and electrical architecture arriving as early as 2027, the CNBC report detailed further.<o:p></o:p>

Shares of Rivian rallied by more than 6 per cent during after-hours trading. The increase in investment was a consequence of the companies pulling ahead some potential future capital from VW, as well as changes in the deal’s structure, including in equity investment, officials said Tuesday during an investor call.<o:p></o:p>

CEO of Volkswagen Oliver Blume during a press meeting, on November 12 stated that the German automaker expects to use Rivian’s technologies across a wide range of price points, international markets and brands.<o:p></o:p>

The integration of Rivian’s software is expected to start with the Volkswagen brand, followed by Audi as well as VW’s upcoming Scout brand, Blume stated. He also mentioned that “sports cars” could be included but did not specify any particular brand. VW’s brands also include Bentley, Porsche and Lamborghini, among others.<o:p></o:p>

“We’re thrilled to see our technology being integrated in vehicles outside of Rivian, and we’re excited for the future,” Rivian CEO RJ Scaringe said in a statement.

Further, both Scaringe and Blume said any other plans such as battery modules, joint production of vehicles or sharing other hardware components would need to be in addition to the announced joint venture deal.<o:p></o:p>&nbsp;The name of the joint venture, which was expected to close during the fourth quarter, is Rivian and VW Group Technology, the CNBC report explained further.

Volkswagen has already made an initial investment of $1 billion 

Volkswagen has already made an initial investment of $1 billion in the form of a convertible note, the companies said. At the closing of the joint venture, VW will invest about $1.3 billion “as consideration for background intellectual property licenses and a 50 per cent equity stake in the joint venture.”<o:p></o:p>

The remaining investment of up to $3.5 billion is expected to come by 2027 “in the form of equity, convertible notes, and debt at future dates and based on clearly defined milestones,” according to the companies.<o:p></o:p>&nbsp;The joint venture deal was initially announced in June and came as Rivian sought to raise additional capital as it launched&nbsp;its redesigned models and moved ahead with the production of new “R2” vehicles in early 2026, the CNBC report detailed further.

Scaringe earlier stated that the capital from Volkswagen is expected to carry the company through the production ramp-up of its smaller R2 SUVs at its plant in Normal, Illinois, starting in 2026, as well as production of a midsize EV platform at a plant in Georgia, where Rivian paused construction earlier this year.<o:p></o:p>&nbsp;The joint venture will be headed by Rivian Chief Software Officer Wassym Bensaid and VW Group Chief Technical Engineer Carsten Helbing.<o:p></o:p>

The companies said developers and software engineers from both companies will join the joint venture. Teams will be based initially in Palo Alto, California, and three other sites are in development in North America and Europe. Market participants and investors will carefully follow these developments as this will help them make better and more informed investment decisions.

Volkswagen Group has decided to increase its planned investment in an announced joint venture with electric vehicle maker Rivian Automotive ahead of the operations launching Wednesday, according to a detailed report by CNBC.

Volkswagen Group has decided to increase its planned investment in an announced joint venture with electric vehicle maker Rivian Automotive ahead of the operations launching Wednesday, according to a detailed report by CNBC. The companies in a joint press release on November 12, said the size of the deal is now up to $5.8 billion, an increase from an initial investment of up to $5 billion, with the first VW models to use Rivian’s software and electrical architecture arriving as early as 2027, the CNBC report detailed further. Shares of Rivian rallied by more than 6 per cent during after-hours trading. The increase in investment was a consequence of the companies pulling ahead some potential future capital from VW, as well as changes in the deal’s structure, including in equity investment, officials said Tuesday during an investor call. CEO of Volkswagen Oliver Blume during a press meeting, on November 12 stated that the German automaker expects to use Rivian’s technologies across a wide range of price points, international markets and brands. The integration of Rivian’s software is expected to start with the Volkswagen brand, followed by Audi as well as VW’s upcoming Scout brand, Blume stated. He also mentioned that “sports cars” could be included but did not specify any particular brand. VW’s brands also include Bentley, Porsche and Lamborghini, among others. “We’re thrilled to see our technology being integrated in vehicles outside of Rivian, and we’re excited for the future,” Rivian CEO RJ Scaringe said in a statement. Further, both Scaringe and Blume said any other plans such as battery modules, joint production of vehicles or sharing other hardware components would need to be in addition to the announced joint venture deal. The name of the joint venture, which was expected to close during the fourth quarter, is Rivian and VW Group Technology, the CNBC report explained further. Volkswagen has already made an initial investment of $1 billion Volkswagen has already made an initial investment of $1 billion in the form of a convertible note, the companies said. At the closing of the joint venture, VW will invest about $1.3 billion “as consideration for background intellectual property licenses and a 50 per cent equity stake in the joint venture.” The remaining investment of up to $3.5 billion is expected to come by 2027 “in the form of equity, convertible notes, and debt at future dates and based on clearly defined milestones,” according to the companies. The joint venture deal was initially announced in June and came as Rivian sought to raise additional capital as it launched its redesigned models and moved ahead with the production of new “R2” vehicles in early 2026, the CNBC report detailed further. Scaringe earlier stated that the capital from Volkswagen is expected to carry the company through the production ramp-up of its smaller R2 SUVs at its plant in Normal, Illinois, starting in 2026, as well as production of a midsize EV platform at a plant in Georgia, where Rivian paused construction earlier this year. The joint venture will be headed by Rivian Chief Software Officer Wassym Bensaid and VW Group Chief Technical Engineer Carsten Helbing. The companies said developers and software engineers from both companies will join the joint venture. Teams will be based initially in Palo Alto, California, and three other sites are in development in North America and Europe. Market participants and investors will carefully follow these developments as this will help them make better and more informed investment decisions.

Rivian-Volkswagen joint venture deal could reach $5.8 billion

According to a recent survey, business sentiment within the German automotive industry has deteriorated further into negative territory in August, setting a bleak stage for upcoming labour negotiations at Volkswagen, which are set to commence on Wednesday as the company embarks on an ambitious cost-cutting initiative.

&nbsp;

The Ifo business sentiment indicator for the automotive sector declined from -18.5 in July to -24.7 in August, as reported by the economic institute on Wednesday.

&nbsp;

"Sentiment in the automotive industry is experiencing a significant decline," stated Ifo sector specialist Anita Woelfl, highlighting the notably pessimistic outlook for the next six months.

&nbsp;

The expectations indicator also saw a drop, falling from -29.5 points in July to -40.5 in August, according to Ifo's monthly survey.

&nbsp;

"Companies within the German automotive industry are grappling with a shortage of new orders, particularly from international markets. This situation is now beginning to impact personnel planning," Woelfl explained.

On Monday, Volkswagen announced the premature termination of a job security program that had been in place since 1994, paving the way for potential plant closures in Germany.

As Europe's largest car manufacturer by revenue and a longstanding symbol of Germany's industrial strength, Volkswagen is set to engage in discussions between management and employees later on Wednesday. The lack of new orders, especially from abroad, indicates a broader trend of reduced demand that could have long-lasting implications for the industry.

Volkswagen said that it would be ending a job security program that had been in place since 1994. This decision signals a shift in the company's approach to workforce management and sets the stage for potential plant closures in Germany, raising concerns about job security for many employees.

As Europe's largest car manufacturer by revenue and a longstanding symbol of Germany's industrial prowess, Volkswagen's actions are closely watched both within the industry and by the broader public. The outcome of these negotiations could have far-reaching effects on the future of the company and the German automotive sector as a whole.

Volkswagen, officially known as Volkswagen AG, is a German automotive manufacturer headquartered in Wolfsburg, Germany. Founded in 1937, it has grown to become one of the world’s leading car manufacturers.

According to a recent survey, business sentiment within the German automotive industry has deteriorated further into negative territory in August, setting a bleak stage for upcoming labour negotiations at Volkswagen, which are set to commence on Wednesday as the company embarks on an ambitious cost-cutting initiative.

According to a recent survey, business sentiment within the German automotive industry has deteriorated further into negative territory in August, setting a bleak stage for upcoming labour negotiations at Volkswagen, which are set to commence on Wednesday as the company embarks on an ambitious cost-cutting initiative. The Ifo business sentiment indicator for the automotive sector declined from -18.5 in July to -24.7 in August, as reported by the economic institute on Wednesday. "Sentiment in the automotive industry is experiencing a significant decline," stated Ifo sector specialist Anita Woelfl, highlighting the notably pessimistic outlook for the next six months. The expectations indicator also saw a drop, falling from -29.5 points in July to -40.5 in August, according to Ifo's monthly survey. "Companies within the German automotive industry are grappling with a shortage of new orders, particularly from international markets. This situation is now beginning to impact personnel planning," Woelfl explained. On Monday, Volkswagen announced the premature termination of a job security program that had been in place since 1994, paving the way for potential plant closures in Germany. As Europe's largest car manufacturer by revenue and a longstanding symbol of Germany's industrial strength, Volkswagen is set to engage in discussions between management and employees later on Wednesday. The lack of new orders, especially from abroad, indicates a broader trend of reduced demand that could have long-lasting implications for the industry. Volkswagen said that it would be ending a job security program that had been in place since 1994. This decision signals a shift in the company's approach to workforce management and sets the stage for potential plant closures in Germany, raising concerns about job security for many employees. As Europe's largest car manufacturer by revenue and a longstanding symbol of Germany's industrial prowess, Volkswagen's actions are closely watched both within the industry and by the broader public. The outcome of these negotiations could have far-reaching effects on the future of the company and the German automotive sector as a whole. Volkswagen, officially known as Volkswagen AG, is a German automotive manufacturer headquartered in Wolfsburg, Germany. Founded in 1937, it has grown to become one of the world’s leading car manufacturers.

Bitter sentiment in the German automotive sector might affect VW’s labour negotiations

Volkswagen is set to cut working hours and wages in Brazil's Sao Bernardo do Campo factory as it grapples with a lack of auto parts and electronic components to assemble its vehicles.

Volkswagen to cut working hours, wages in Brazil as auto parts shortage deepens

Volkswagen will suspend production at two factories in eastern Germany that make electric vehicles because fighting has interrupted deliveries of critical parts from western Ukraine, the company said Friday.

The temporary shutdowns illustrate how war in Ukraine could have unpredictable effects on the global economy, adding to supply chain turmoil that has fueled inflation. Volkswagen and other automakers have been plagued for the last two years by shortages of semiconductors and other components caused by the pandemic and its economic side effects.

One of the factories, in Zwickau, is Volkswagen’s largest production site for electric vehicles, including the ID.4 sport utility vehicle exported to the United States.

Volkswagen has already had trouble meeting demand for its electric vehicles. The company sold 17,000 ID.4s in the United States last year, but could have sold four times that many, executives said. Volkswagen plans to begin producing the car in Chattanooga, Tennessee, this year.

Volkswagen said it would shut down assembly lines in Zwickau, which has a capacity of more than 300,000 vehicles a year, from Tuesday through Friday. The Dresden plant, a showcase factory in the city’s downtown, will stop production Wednesday through Friday.

A Volkswagen spokesman declined to say what parts had been affected by the conflict.

Volkswagen will suspend production at two factories in eastern Germany that make electric vehicles because fighting has interrupted deliveries of critical parts from western Ukraine, the company said Friday.

Volkswagen will suspend production at two factories in eastern Germany that make electric vehicles because fighting has interrupted deliveries of critical parts from western Ukraine, the company said Friday. The temporary shutdowns illustrate how war in Ukraine could have unpredictable effects on the global economy, adding to supply chain turmoil that has fueled inflation. Volkswagen and other automakers have been plagued for the last two years by shortages of semiconductors and other components caused by the pandemic and its economic side effects. One of the factories, in Zwickau, is Volkswagen’s largest production site for electric vehicles, including the ID.4 sport utility vehicle exported to the United States. Volkswagen has already had trouble meeting demand for its electric vehicles. The company sold 17,000 ID.4s in the United States last year, but could have sold four times that many, executives said. Volkswagen plans to begin producing the car in Chattanooga, Tennessee, this year. Volkswagen said it would shut down assembly lines in Zwickau, which has a capacity of more than 300,000 vehicles a year, from Tuesday through Friday. The Dresden plant, a showcase factory in the city’s downtown, will stop production Wednesday through Friday. A Volkswagen spokesman declined to say what parts had been affected by the conflict.

VW to halt production at two German plants for lack of parts made in Ukraine

The lawsuit marks the latest chapter in the "dieselgate" saga since Volkswagen admitted in September 2015 to using illegal software to rig diesel engine emissions tests.

Porsche faces US lawsuit over dieselgate scandal

Former Audi boss Rupert Stadler on Wednesday becomes the first to stand trial in Germany over the "dieselgate" emissions scandal, five years after parent company VW admitted responsibility.

Stadler, 57, faces charges of "fraud, falsifying certifications and false advertising" according to an indictment to be read out before the Munich district court.

He is in the dock alongside former Audi and Porsche manager Wolfgang Hatz and two Audi engineers.

Not a single senior executive has been convicted in Germany so far in connection with the scandal that erupted in September 2015 when the Volkswagen group acknowledged it had installed cheating software in 11 million diesel engines.

The so-called defeat devices made the cars appear to pollute less in lab tests than they did on the road.

Media interest in the opening hearing is expected to be high, prompting court officials to move proceedings to a justice building in a Munich suburb.

<a href="https://www.wionews.com/world/volkswagen-ceo-apologised-to-supervisory-board-for-inappropriate-remarks-304617">Also read:&nbsp;Volkswagen CEO apologised to supervisory board for 'inappropriate' remarks</a>

Because of coronavirus restrictions however, seating inside the hearing room will be limited, a court spokesman told AFP.

'No wrongdoing'

Stadler had been Audi's chief executive for 11 years when he was arrested in June 2018.

He spent four months in pretrial detention owing to concerns he could try to influence witnesses.

A career Audi man, he joined the luxury car maker in 1990 and was named CEO in 2007.

Prosecutors say Stadler knew about the emissions scam by the end of September 2015 "at the latest" but nevertheless allowed thousands more vehicles fitted with defeat devices to be sold.

His three fellow defendants stand accused of having developed diesel engines equipped with the manipulating software, which were installed in cars sold as far back as 2009.

The charges against the men cover a total of 434,420 Volkswagen, Audi and Porsche vehicles sold in Europe and the United States.

Stadler has consistently denied the accusations.

Co-accused Hatz, whose past roles at the VW group include research and development chief at its Porsche unit, also rejects any wrongdoing.

His lawyer said Hatz would respond to the charges "in detail".

The large, complex trial is expected to run until the end of December 2022.

The indictment alone, to be read out loud on Wednesday, is more than 90 pages long.

The defendants face up to 10 years in prison if convicted.

'Dieselgate' bill

Stadler is not the only top executive bracing for his day in court.

A regional tribunal in Brunswick, near VW's Wolfsburg headquarters, ruled earlier this month that Martin Winterkorn, former chief executive of the VW group, must stand trial on charges of fraud and stock market manipulation.

The group's current CEO Herbert Diess and supervisory board chair Hans Dieter Poetsch had faced similar accusations of failing to inform shareholders in a timely manner of the pollution scam.

But those proceedings were dropped after VW agreed to a settlement that cost it nine million euros ($10.5 million).

Five years after the crisis erupted, the German car giant is still one of the world's biggest automakers, but it remains engulfed in costly legal woes.

The group has already paid out more than 30 billion euros in fines, legal costs and compensation to car owners -- mainly in the United States.

In April, VW settled Germany's biggest lawsuit in an out-of-court settlement in which it agreed to pay around 750 million euros to 235,000 customers, or between 1,350 and 6,250 euros per car.

And the final "dieselgate" bill is far from settled after a top German court in May ordered VW to buy back a rigged diesel from its owner, setting the stage for similar transactions with thousands of other claimants.

Former Audi boss Rupert Stadler on Wednesday becomes the first to stand trial in Germany over the "dieselgate" emissions scandal, five years after parent company VW admitted responsibility.

Former Audi boss Rupert Stadler on Wednesday becomes the first to stand trial in Germany over the "dieselgate" emissions scandal, five years after parent company VW admitted responsibility. Stadler, 57, faces charges of "fraud, falsifying certifications and false advertising" according to an indictment to be read out before the Munich district court. He is in the dock alongside former Audi and Porsche manager Wolfgang Hatz and two Audi engineers. Not a single senior executive has been convicted in Germany so far in connection with the scandal that erupted in September 2015 when the Volkswagen group acknowledged it had installed cheating software in 11 million diesel engines. The so-called defeat devices made the cars appear to pollute less in lab tests than they did on the road. Media interest in the opening hearing is expected to be high, prompting court officials to move proceedings to a justice building in a Munich suburb. Also read: Volkswagen CEO apologised to supervisory board for 'inappropriate' remarks Because of coronavirus restrictions however, seating inside the hearing room will be limited, a court spokesman told AFP. 'No wrongdoing' Stadler had been Audi's chief executive for 11 years when he was arrested in June 2018. He spent four months in pretrial detention owing to concerns he could try to influence witnesses. A career Audi man, he joined the luxury car maker in 1990 and was named CEO in 2007. Prosecutors say Stadler knew about the emissions scam by the end of September 2015 "at the latest" but nevertheless allowed thousands more vehicles fitted with defeat devices to be sold. His three fellow defendants stand accused of having developed diesel engines equipped with the manipulating software, which were installed in cars sold as far back as 2009. The charges against the men cover a total of 434,420 Volkswagen, Audi and Porsche vehicles sold in Europe and the United States. Stadler has consistently denied the accusations. Co-accused Hatz, whose past roles at the VW group include research and development chief at its Porsche unit, also rejects any wrongdoing. His lawyer said Hatz would respond to the charges "in detail". The large, complex trial is expected to run until the end of December 2022. The indictment alone, to be read out loud on Wednesday, is more than 90 pages long. The defendants face up to 10 years in prison if convicted. 'Dieselgate' bill Stadler is not the only top executive bracing for his day in court. A regional tribunal in Brunswick, near VW's Wolfsburg headquarters, ruled earlier this month that Martin Winterkorn, former chief executive of the VW group, must stand trial on charges of fraud and stock market manipulation. The group's current CEO Herbert Diess and supervisory board chair Hans Dieter Poetsch had faced similar accusations of failing to inform shareholders in a timely manner of the pollution scam. But those proceedings were dropped after VW agreed to a settlement that cost it nine million euros ($10.5 million). Five years after the crisis erupted, the German car giant is still one of the world's biggest automakers, but it remains engulfed in costly legal woes. The group has already paid out more than 30 billion euros in fines, legal costs and compensation to car owners -- mainly in the United States. In April, VW settled Germany's biggest lawsuit in an out-of-court settlement in which it agreed to pay around 750 million euros to 235,000 customers, or between 1,350 and 6,250 euros per car. And the final "dieselgate" bill is far from settled after a top German court in May ordered VW to buy back a rigged diesel from its owner, setting the stage for similar transactions with thousands of other claimants.

Ex-Audi boss to stand trial for 'dieselgate'

Volkswagen AG, as part of a $4.3 billion settlement with US&nbsp;regulators, on Wednesday agreed to sweeping reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions cheating investigations.

Under the settlement of charges it installed secret software in US&nbsp;vehicles to allow them to emit up to 40 times legally allowable pollution, the German automaker agreed to change the way it operates in the United States and other countries.

VW will separate the jobs of product development and certification and testing and monitoring into different organisations.

The independent monitor will have access to Volkswagen documents and assess the efforts of VW&#39;s board of management and senior management to comply with environmental laws.

The monitor will file at least two follow-up reports with the Justice Department and conduct onsite interviews in Germany, the United States and potentially elsewhere with VW employees.

US&nbsp;regulators said the reforms, which come after President-elect Donald Trump criticised the Environmental Protection Agency (EPA) for over-regulating U.S. industries, were an example of why vigorous environmental enforcement was needed.

&quot;There are some structural changes that we are requiring so there is less ability for these types of things to happen,&quot; EPA Administrator Gina McCarthy told reporters on Wednesday.

VW will plead guilty to three felonies and be on probation for three years.

In addition to oversight by an independent monitor, the company will also face separate annual environmental management systems audits over the next three years.

VW said in a statement Wednesday that its emission tests are now evaluated externally and independently. Over the next three years, VW must test all of its US&nbsp;vehicles using portable emissions measurement system testing - a method designed to capture real-world emissions and deter cheating. It must also provide new protections for whistleblowers.

Many of the required reforms - including those for whistleblowers - have been adopted recently by VW globally.The company&#39;s Porsche unit will face separate audits and vehicle testing requirements.

McCarthy said the actions were needed to &quot;level the playing field for all the responsible companies who always do the right thing.&quot;

&quot;Markets like this don&#39;t manage or police themselves,&quot; she said.

VW must within three months create a group steering committee for monitoring and complying with US&nbsp;vehicle emissions laws and add new environmental protection provisions to its employee code of conduct.

VW faces fines of up to $50,000 a day if it fails to comply with some requirements - and up to a $1 million penalty if they make false statements to regulators.

(Reuters)

An independent monitor will file at least two follow-up reports with the Justice Department and conduct onsite interviews in Germany and US

Volkswagen AG, as part of a $4.3 billion settlement with US regulators, on Wednesday agreed to sweeping reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions cheating investigations. Under the settlement of charges it installed secret software in US vehicles to allow them to emit up to 40 times legally allowable pollution, the German automaker agreed to change the way it operates in the United States and other countries. VW will separate the jobs of product development and certification and testing and monitoring into different organisations. The independent monitor will have access to Volkswagen documents and assess the efforts of VW's board of management and senior management to comply with environmental laws. The monitor will file at least two follow-up reports with the Justice Department and conduct onsite interviews in Germany, the United States and potentially elsewhere with VW employees. US regulators said the reforms, which come after President-elect Donald Trump criticised the Environmental Protection Agency (EPA) for over-regulating U.S. industries, were an example of why vigorous environmental enforcement was needed. "There are some structural changes that we are requiring so there is less ability for these types of things to happen," EPA Administrator Gina McCarthy told reporters on Wednesday. VW will plead guilty to three felonies and be on probation for three years. In addition to oversight by an independent monitor, the company will also face separate annual environmental management systems audits over the next three years. VW said in a statement Wednesday that its emission tests are now evaluated externally and independently. Over the next three years, VW must test all of its US vehicles using portable emissions measurement system testing - a method designed to capture real-world emissions and deter cheating. It must also provide new protections for whistleblowers. Many of the required reforms - including those for whistleblowers - have been adopted recently by VW globally.The company's Porsche unit will face separate audits and vehicle testing requirements. McCarthy said the actions were needed to "level the playing field for all the responsible companies who always do the right thing." "Markets like this don't manage or police themselves," she said. VW must within three months create a group steering committee for monitoring and complying with US vehicle emissions laws and add new environmental protection provisions to its employee code of conduct. VW faces fines of up to $50,000 a day if it fails to comply with some requirements - and up to a $1 million penalty if they make false statements to regulators. (Reuters)

Volkswagen reaches $4.3 billion US settlement, agrees to sweeping reforms

Volkswagen has been slapped with a five-million-Euro ($5.5 million) fine in Italy over the massive engine-fixing scandal, the Italian competition authority said on Monday. 
 
The German carmaker was handed the fine for &quot;improper business practices&quot; after it installed emissions-cheating software in 11 million diesel engines worldwide in a scandal which broke last year, dubbed &quot;dieselgate&quot;. 
 
The antitrust watchdog said the fine related to the marketing in Italy since 2009 of vehicles that tricked pollution tests. 
 
Volkswagen, which owns 12 brands in all, from VW to Audi, Porsche, Seat, and Lamborghini, admitted in September that it had installed software in the vehicles that tricked US emissions tests into showing the cars met environmental standards. 
 
The device switched off after testing, enabling the vehicles to spew up to 40 times the permitted amounts of nitrogen oxides. The still incalculable costs of the affair, including regulatory fines and legal costs, pushed VW into the red for the first time in more than 20 years last year when it booked a loss of 1.6 billion Euros. 
 
In June it agreed to pay out $14.7 billion in a settlement with US authorities and car owners.&nbsp; 
 
(AFP) 
 
Keywords- VW scandal, VW engine-fixing scandal, Volkswagen emissions&nbsp;scandal, VW fined by Italy watchdog, VW fined $5.5 million, Italy watchdog fines VW with 5 million Euros

The fine was for the emissions-cheating software the German carmaker had installed in 11 million of its diesel cars worldwide

Volkswagen has been slapped with a five-million-Euro ($5.5 million) fine in Italy over the massive engine-fixing scandal, the Italian competition authority said on Monday. The German carmaker was handed the fine for "improper business practices" after it installed emissions-cheating software in 11 million diesel engines worldwide in a scandal which broke last year, dubbed "dieselgate". The antitrust watchdog said the fine related to the marketing in Italy since 2009 of vehicles that tricked pollution tests. Volkswagen, which owns 12 brands in all, from VW to Audi, Porsche, Seat, and Lamborghini, admitted in September that it had installed software in the vehicles that tricked US emissions tests into showing the cars met environmental standards. The device switched off after testing, enabling the vehicles to spew up to 40 times the permitted amounts of nitrogen oxides. The still incalculable costs of the affair, including regulatory fines and legal costs, pushed VW into the red for the first time in more than 20 years last year when it booked a loss of 1.6 billion Euros. In June it agreed to pay out $14.7 billion in a settlement with US authorities and car owners. (AFP) Keywords- VW scandal, VW engine-fixing scandal, Volkswagen emissions scandal, VW fined by Italy watchdog, VW fined $5.5 million, Italy watchdog fines VW with 5 million Euros

Volkswagen fined $5.5 million in Italy

Volkswagen&#39;s former boss Martin Winterkorn is under investigation for having allegedly manipulated the market by holding back information about emissions cheating at the automobile giant, German prosecutors said today. 
 
&quot;The initial suspicion of market manipulation is directed against two former board members of the VW Group. Among them is the former chief executive of the Volkswagen group, Professor Dr Martin Winterkorn,&quot; said prosecutors in a statement. 
 
Investigators in Brunswick, in Lower Saxony state where VW is based, did not name the second suspect but said the individual was not the group&#39;s current chairman. 
 
Listed companies are required to disclose information that could affect market prices immediately. 
 
But VW complied with its disclosure obligation only on September 22, 2015, prosecutors said, four days after US regulators went public that they were charging the company for fitting devices designed to skew emissions data in their vehicles. 
 
&quot;There are sufficient indications suggesting that the obligation to make a disclosure statement could have been met at an earlier date,&quot; prosecutors said. 
 
Shares in VW plunged 17.14 percent on Monday September 21, 2015 the first trading day after the US charge was made public. 
 
They sank another 19.82 percent on Tuesday, wiping out 25 billion euros in market capitalisation in two days.

Investigators in Brunswick, in Lower Saxony state where Volkswagen is based, did not name the second suspect

Volkswagen's former boss Martin Winterkorn is under investigation for having allegedly manipulated the market by holding back information about emissions cheating at the automobile giant, German prosecutors said today. "The initial suspicion of market manipulation is directed against two former board members of the VW Group. Among them is the former chief executive of the Volkswagen group, Professor Dr Martin Winterkorn," said prosecutors in a statement. Investigators in Brunswick, in Lower Saxony state where VW is based, did not name the second suspect but said the individual was not the group's current chairman. Listed companies are required to disclose information that could affect market prices immediately. But VW complied with its disclosure obligation only on September 22, 2015, prosecutors said, four days after US regulators went public that they were charging the company for fitting devices designed to skew emissions data in their vehicles. "There are sufficient indications suggesting that the obligation to make a disclosure statement could have been met at an earlier date," prosecutors said. Shares in VW plunged 17.14 percent on Monday September 21, 2015 the first trading day after the US charge was made public. They sank another 19.82 percent on Tuesday, wiping out 25 billion euros in market capitalisation in two days.

VW ex-boss probed for market manipulation: prosecutors

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