As if the slowing-down German economy wasn’t enough to depress the company’s share prices all by itself, now Volkswagen AG is recalling more than 1.68 million cars and trucks worldwide to head-off potential electrical problems. The Wolfsburg-based auto manufacturer recalled some 800,000 Tiguan SUVs and 239,000 Amorak pickdrive-system and electronic flaws. This recall comes on the heels of a similar recall of vehicles in China. But a Volkswagen official was quick to say these two recalls were not indicative of a VW-specific deficiency, “This isn’t a VW-specific problem, it’s one of the things that happen at mass-market carmakers.” While it may not be a VW-specific problem, it’s certainly a VW-investor-specific one.
Even though U.S. stock-index futures continued to top all-time highs, incoming Federal Reserve Chairman, Janet Yellen, thinks the economy needs to show more strength before she’ll begin tapering its stimulus program.
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