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Article

2 Aug 2017

Author:
Bloomberg

Germany: BMW, Daimler & VW to upgrade 5 million diesel cars to reduce emissions & to support fund for sustainable city transport

"VW, Daimler and BMW to Upgrade 5 Million Diesels in Rescue Pact", 2 August 2017, Bloomberg

Volkswagen AG, Daimler AG and BMW AG agreed to upgrade more than 5 million diesel cars in Germany in a bid to salvage their beleaguered diesel technology and draw a line under an emissions scandal that shows no signs of abating after nearly two years. The deal, hashed out at an emergency summit in Berlin on Wednesday, also includes a fund to promote sustainable transport in cities. The upgrades to Euro 5 and some Euro 6 models will rely on software patches rather than costly component fixes, with the aim of cutting emissions of smog-inducing nitrogen oxides by 25 percent to 30 percent on average, the German auto industry lobby VDA said in a statement. VW, Daimler and BMW shares traded higher as the carmakers dodged expensive hardware recalls...