In August 2017, German auto executives met with senior political officials for a diesel summit to address ongoing concerns of collusion and malicious behavior across the German auto industry. Leveraging its Conferences & Live Events functionality, Dataminr for Finance notified clients four hours ahead of confirmation from major news of an agreement between automakers and politicians that would avoid the need for hardware updates to the millions of impacted vehicles. The news quickly became a critical trading signal across global markets.
The meeting was sparked by revelations in late 2016 of Volkswagen’s installation of fraudulent emissions software on millions of diesel cars in the U.S. designed to deceive emission tests and disregard regulations. Subsequent reports have implicated Daimler, BMW, and OPEL in a massive scandal known as “Dieselgate.”
Dataminr for Finance notified clients of an agreement 4 hours ahead of major news.
Dataminr for Finance alerted clients to the decision, which would avoid the need for hardware updates.
Translated from German
Draft final declaration to the diesel Summit: Federal Government wants to save auto industry
Several hours later major news confirmed that automakers would only be required to update software on impacted vehicles, saving German automakers from expensive hardware updates and recalls.
GERMAN AUTOMAKERS AGREE TO SOFTWARE FIXES ON 5M DIESEL VEHICLES: BBG