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Besides warmer temperatures, they include melting glaciers, rising coastal sea levels, droughts, and changes in ecosystems that can diminish agricultural supplies. The devastating effects of climate change on the environment have been well-documented. One executive received a seven-year prison sentence in the United States. And as of March 2021, VW had already paid over $34 billion in fines, criminal penalties, and costs. Sales plummeted by 25 percent in the United States. The stock price fell by about a third immediately following news that regulators around the globe had launched investigations.
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The consequences suffered by Volkswagen were indeed staggering. Each car had been emitting roughly forty times the pollutants detected during lab testing.
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Volkswagen deployed this software in about 11 million cars worldwide. VW had intentionally programmed diesel engines with software that would only activate emission control systems during lab tests, but never during driving. Instead, Volkswagen’s scandal blew up primarily because of an environmental sustainability issue. Detailed in the infamous “Pinto memo,” that study ruthlessly concluded the $11 per-car repair cost would far exceed the $49.5 million borne by the automaker to pay for the estimated 360 wrongful death and personal injury verdicts and settlements each year. Nor was it anything like Ford’s shocking cost-benefit analysis arguing against the automaker’s recalling and repairing hundreds of thousands of fuel tanks. What triggered the collapses in Volkswagen’s sales and market capitalization in 2015 didn’t resemble all the injuries and lives lost due to fuel tanks mounted behind rear bumpers, as with the Pinto and the similar Mercury Bobcat. However, that’s a lesson the current generation of executives at Volkswagen never learned. Exploding Ford Pintos across America throughout the 1970s should have taught auto executives worldwide an unforgettable lesson: how swiftly social disapproval could destroy sales and stock prices.