When we hear about global automotive scandals, the sensational story of the fugitive former Nissan chairman Carlos Ghosn, which has inspired many books and feature films, always comes to mind.
But by almost any definition, the impact of Volkswagen’s 2015 diesel emissions-cheating scandal dwarfs Ghosn’s by a wide margin. It cost VW at least $38 billion, changed the way it monitors vehicle emissions, implicated several VW executives, and led to multiple legal settlements between suppliers.
And several other automakers, such as Mercedes-Benz and Fiat Chrysler Automobiles, have faced lawsuits for essentially the same thing. FCA, now known as Stellantis after its merger with PSA Group, pleaded guilty to a U.S. conspiracy charge in June 2022.
Some of the guilty VW employees, such as former engineer Oliver Schmidt, have already served prison sentences or paid fines.
But not former CEO Martin Winterkorn, who finally went on trial in Germany today for his alleged involvement in the fraud – almost exactly nine years after the scandal became public.
Will this be the final chapter in this sordid tale of systemic criminal fraud in the auto industry? Possibly, but don't count on it.
Meanwhile, the ongoing management shakeup at Stellantis continues. Today, the automaker named a new leader for Jeep in North America.
Another interesting story in our report today is about Toyota's revolutionary financial instrument for dealerships.
We also have plenty of other Future Product Pipeline content, including a story about how Honda is making money on its hybrids while Nissan doesn't have them in its U.S. lineup.
Tomorrow we will tell you more about Nissan's future plans.
That's all for now. Have a great rest of your day.