VW is under huge pressure to get to grips with a crisis that has wiped more than a third off its market value. AFP PHOTO / PATRIK STOLLARZ.
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Volkswagen has imposed a hiring freeze at its financing business and cut a shift at a German engine factory as it braces for a hit to business from cheating in diesel emissions tests.Germany's transport minister says it also manipulated tests in Europe, where Volkswagen sells about 40 percent of its vehicles.Volkswagen said Tuesday it would refit up to 11 million diesel vehicles installed with the "cheat" software in one of the biggest such recalls by a single automaker.In a sign of the potential impact of the scandal, a car valuation tracking guide Wednesday said the value of used Volkswagen diesel cars sold in Britain trailed the wider market in September.Industry publication Green Car Journal also said Tuesday it was rescinding "Green Car of the Year" awards given to Volkswagen's 2009 VW Jetta TDI and 2010 Audi A3 TDI models. However, Skoda said it had not seen any impact on sales or orders from the crisis, and analysts said a halving in sales tax on small cars in China could provide a boost to Volkswagen.Car manufacturers fear the crisis could lead to more costly regulations and hit sales of diesel cars.
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