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Volkswagen Loses EU Research Loans

(Credit: Volkswagen )

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Volkswagen Loses EU Research Loans

Poor Volkswagen. It cheats on one little test (okay, a lot of emissions tests) and it keeps having just the worst luck. It’s endured its offices being raided, angry customers, government fines, vehicle buybacks, being accused of helping run an automotive cartel, and a tarnished public image. Just when you though the fallout from Dieselgate was over, the company now won’t get research money from the European Union.

The New York Times broke this story, and it could spell big trouble for VW. This happens right as it starts talking trash about Tesla and plans to do major research and development into EV tech. It has to make a certain number of electric cars to satisfy settlements in the United States. Plus, producing zero emissions vehicles will only help with the image thing.

It’s not because of Dieselgate that Volkswagen doesn’t get researching funding. The European Anti-Fraud Office uncovered some discrepancies with what the company did with $472 million in funding. Ironically, that money was supposed to help with diesel engine research. According to the New York Times, VW owes $830 million in research loans right now.

So there you go, right when it needs cash the most, VW gets cut off from it. Does this mean it’ll no longer teach Tesla a lesson?

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