Timeline of Volkswagen’s woes
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2013
2001-2013: EU-based clean-air group ICCT* monitors carbon dioxide (CO2) emission levels of 540,000 diesel cars. Gap between actual CO2 levels and manufacturers’ claims rises to 38%

2013-14: Joint ICCT and West Virginia University project in U.S. compares real-world tests on VW cars with lab-tests by CARB†. Results show nitrogen oxides (NOx) emissions exceed lab tests by up to 35 times

2014 May 2014: U.S. Environment Protection Agency (EPA) opens investigation into Volkswagen

Dec 2014: VW installs software patch to Engine Control Module (ECM) which operates engine and pollution control technology

2015 
May 6 2015: CARB begins testing cars with software patch – NOx emissions remain higher than U.S. limits

Jul: Regulators refuse to certify VW’s 2016 models for sale in U.S. unless company explains anomalous emission levels

Sep 3: VW admits to CARB and EPA that it cheated on emissions tests
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Share price €250

100 150 200 250
Apr May Jun Jul Aug Sep

Apr 10: €244.80

Sep 18: €161.35 EPA alleges that VW circumvented NOx emissions standards. Share price plummets

Sep 22: 10:27GMT: Price drops to €106.05. Fall of 22% wipes €15.6bn off value of company
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*International Council on Clean Transportation †California Air Resources Board

Sources: ICCT, CARB, Bloomberg Business, Detroit News

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