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    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Delayed Xetra  -  11:35 2022-12-02 am EST
139.02 EUR   -0.26%
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Volkswagen faces Israeli emissions class action suit after court ruling

09/29/2022 | 06:37am EST
FILE PHOTO: Trucks at the IAA Transportation fair in Hanover

JERUSALEM (Reuters) - Volkswagen faces a class action suit in Israel after a court ruled in favour of petitioners seeking compensation from the German carmaker over diesel emissions cheating.

A Tel Aviv district court ruled that the class action suit will represent the car owners as well as the general public who were exposed to higher pollution levels, according to a court spokesperson and court documents.

Volkswagen was found to have hidden excessive levels of toxic diesel emissions from its cars in 2015, a scandal that led to a management rout and a series of regulatory probes and lawsuits, many of which are taking years to settle.

The company has said about 11 million cars worldwide were fitted with software that cheated diesel emissions tests designed to limit nitrogen oxide (NOx) car fumes.

Volkswagen said it had no immediate comment on the ruling.

The Israeli court ruling did not include the damages being sought and Michael Bach, one of the lawyers who brought the suit, said they are still tallying the number of car owners affected in Israel and calculating the environmental cost.

Volkswagen has so far spent more than 32 billion euros in vehicle refits, fines and legal costs. It has reached legal settlements, including in the United States and Britain.

(Reporting by Ari Rabinovitch; Editing by Alexander Smith)


ę Reuters 2022
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Financials
Sales 2022 279 B 292 B 292 B
Net income 2022 16 858 M 17 677 M 17 677 M
Net cash 2022 37 783 M 39 617 M 39 617 M
P/E ratio 2022 4,19x
Yield 2022 6,33%
Capitalization 82 948 M 87 067 M 86 975 M
EV / Sales 2022 0,16x
EV / Sales 2023 0,15x
Nbr of Employees 645 868
Free-Float 56,8%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 139,02 €
Average target price 188,44 €
Spread / Average Target 35,5%
EPS Revisions
Managers and Directors
Oliver Ingo Blume Chairman-Management Board
Arno Antlitz Director-Controlling & Accounting
Hans Dieter P÷tsch Member-Management Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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