{"id":1201,"date":"2019-04-11T11:08:39","date_gmt":"2019-04-11T09:08:39","guid":{"rendered":"http:\/\/alpha-credo.com\/cum-va-expune-dieselgate-la-riscul-de-credit\/"},"modified":"2021-07-20T18:13:18","modified_gmt":"2021-07-20T16:13:18","slug":"cum-va-expune-dieselgate-la-riscul-de-credit","status":"publish","type":"post","link":"https:\/\/alpha-credo.com\/ro\/cum-va-expune-dieselgate-la-riscul-de-credit\/","title":{"rendered":"Cum v\u0103 expune Dieselgate la riscul de credit?"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p>\u00cen septembrie 2015, autorit\u0103\u021bile americane au descoperit o \u00een\u0219el\u0103ciune la Volkswagen cu privire la amprenta de emisie a acestor ma\u0219ini. Era doar v\u00e2rful aisbergului. Mai exact, cercet\u0103rile au dezv\u0103luit natura concuren\u021bei printre actorii respectabili germani din industria automobilelor. Nu doar Volkswagen a instalat un software, care ajusta citirea gazelor de e\u0219apament, atunci c\u00e2nd ma\u0219ina era testat\u0103, ci \u0219i Daimler, BMW \u0219i filialele Audi \u0219i Porsche ale VW f\u0103ceau acela\u0219i lucru.<\/p>\n<p>Totul a \u00eenceput cu o ac\u021biune coordonat\u0103 \u00een ceea ce prive\u0219te dimensiunea rezervorului de AdBlue, un amestec de uree folosit pentru a descompune oxidul nitric \u00een componentele sale inofensive, apa \u0219i nitrogenul. Rezervoarele mari ar fi fost costisitoare \u0219i ar ocupa mult spa\u021biu, a\u0219a c\u0103 Daimler, BMW, Audi \u0219i Volkswagen au convenit \u00een cadrul reuniunii grupului de lucru s\u0103 utilizeze rezervoare mici. Cu toate acestea, la un moment dat, cantitatea de AdBlue nu mai era suficient\u0103 pentru cur\u0103\u021barea adecvat\u0103 a gazelor de e\u0219apament. Introducerea normei Euro6 a dus la o cre\u0219tere de p\u00e2n\u0103 la 50% a consumului de AdBlue. Aceasta \u00eensemna c\u0103 rezervoarele erau prea mici. Astfel, clien\u021bii erau nevoi\u021bi s\u0103 re\u00eencarce amestecul de uree la fiecare 2.000 &#8211; 3.000 de kilometri. Niciunul dintre ace\u0219tia nu s-a g\u00e2ndit la ideea evident\u0103 de a instala rezervoare mai mari, ob\u021bin\u00e2nd astfel avantajul competitiv de a comercializa ma\u0219ini mai \u201everzi\u201d. Ziarul german Der Spiegel relateaz\u0103 c\u0103, printr-un e-mail din mai 2014, compania Audi avertiza \u00eempotriva oric\u0103ror demersuri unilaterale din partea vreunui produc\u0103tor auto. Nevoia de a injecta cantit\u0103\u021bi din ce \u00een ce mai mari de AdBlue \u00een sistemul de gaze de e\u0219apament, explic\u0103 compania Audi, ar putea \u201es\u0103 se dezvolte \u00eentr-o adev\u0103rat\u0103 curs\u0103 de \u00eenarmare cu privire la dimensiunile rezervoarelor, ceea ce trebuie evitat cu orice pre\u021b\u201d. \u00centruc\u00e2t rezervoarele AdBlue nu mai erau destul de mari pentru a cur\u0103\u021ba \u00een mod adecvat gazele de e\u0219apament, companiile de automobile au \u00eenceput s\u0103 \u00een\u0219ele autorit\u0103\u021bile de emitere a licen\u021belor \u0219i chiar pe consumatori cu privire la emisiile reale de gaze ale autovehiculelor lor diesel. Acestea au creat un software care detecta c\u00e2nd se afla autovehiculul la o unitate de testare, astfel \u00eenc\u00e2t o cantitate suficient\u0103 de AdBlue era injectat\u0103 pentru o perioad\u0103 scurt\u0103 de timp. Era vorba de un acord care a suspendat at\u00e2t concuren\u021ba, c\u00e2t \u0219i economia de pia\u021b\u0103. Pe l\u00e2ng\u0103 grupul de lucru AdBlue, existau numeroase alte grupuri de lucru, la care participau cele cinci companii germane, inclusiv grupuri de lucru pentru sistemele de fr\u00e2nare, sistemele de scaune, suspensiile pneumatice, ambreiajele, motoarele pe benzin\u0103, motoarele diesel \u0219i chiar pentru determinarea vitezei cu care se poate \u00eenchide \u0219i deschide capota ma\u0219inii. \u00cen cadrul acestor grupuri, erau discutate \u0219i \u201earanjate\u201d probleme majore.<\/p>\n<p>Astfel de acorduri secrete nu numai c\u0103 \u00eenc\u0103lcau \u00een mod flagrant principiile economiei de pia\u021b\u0103 \u0219i regulile sale de concuren\u021b\u0103, ci erau \u0219i \u00een detrimentul clien\u021bilor care cump\u0103rau vehicule germane deoarece, printre altele, se a\u0219teptau ca acestea s\u0103 fie cele mai bune din punct de vedere tehnic. \u00cen plus, clien\u021bii riscau s\u0103 nu li se mai permit\u0103 s\u0103 conduc\u0103 autovehiculele lor \u00een mediul urban \u0219i, \u00een cele din urm\u0103, s\u0103 sufere pierderi financiare majore atunci c\u00e2nd \u00ee\u0219i vindeau autovehiculele dup\u0103 sc\u0103derea drastic\u0103 a pre\u021bului acestora.<\/p>\n<p>Mai mult, ac\u021bionarii pot pierde o valoare \u00eensemnat\u0103 a ac\u021biunilor lor. Efectul direct va fi cauzat de a\u0219teptarea juc\u0103torilor pe pia\u021b\u0103 ca autorit\u0103\u021bile s\u0103 impun\u0103 amenzi, care ar putea dep\u0103\u0219i o treime a capitaliz\u0103rii pie\u021bei pentru fiecare dintre cele trei corpora\u021bii (fiecare av\u00e2nd o capitalizare de pia\u021b\u0103 cuprins\u0103 \u00eentre 55 \u0219i 70 de miliarde), reduc\u00e2nd semnificativ pre\u021bul ac\u021biunilor \u0219i rating-urile de credit. Recent, Comisia European\u0103 a impus amenzi \u00een cazuri mari asem\u0103n\u0103toare, de exemplu, \u00eempotriva tuburilor catodice \u00een 2012, precum \u0219i \u00eempotriva produc\u0103torilor de camioane \u00een 2015. Volkswagen a creat rezerve de p\u00e2n\u0103 la 20 de miliarde EUR pentru amenzi, \u00eembun\u0103t\u0103\u021birea vehiculelor \u0219i compensa\u021bii pentru clien\u021bii din Statele Unite. Chiar mai importante sunt efectele indirecte, care se vor reflecta asupra reputa\u021biei \u0219i, ulterior, asupra deciziilor viitoare de achizi\u021bionare a ma\u0219inilor. M\u0103rcile germane de top ar putea s\u0103 nu fie percepute ca fiind la fel de puternice ca \u00eenainte. Iar acest lucru se \u00eent\u00e2mpl\u0103 chiar \u00een momentul \u00een care toate eforturile produc\u0103torilor de automobile din Germania ar trebui s\u0103 fie \u00eendreptate spre trecerea la ma\u0219ini electrice, conducerea autonom\u0103 \u0219i transformarea lor \u00een furnizori de servicii de mobilitate. Pe acest front, ele se confrunt\u0103 cu concuren\u021bi noi din Silicon Valley \u0219i China.<\/p>\n<p>\u00cen plus, unii gestionari mari de active care respect\u0103 principiile durabilit\u0103\u021bii au interzis investi\u021biile \u00een fabricile de germane automobile, dup\u0103 ce a fost anun\u021bat\u0103 o cercetare privind presupusele practici conspirative ale industriei. Av\u00e2nd \u00een vedere capitaliz\u0103rile de pia\u021b\u0103 ale celor trei companii, ace\u0219ti investitori institu\u021bionali pot reduce semnificativ cererea relativ\u0103 de ac\u021biuni ale fabrican\u021bilor de automobile, reduc\u00e2nd astfel pre\u021burile \u0219i, \u00eempreun\u0103 cu acestea \u2013 din nou ratingurile lor de credit.<\/p>\n<p>\u0218i nu \u00een ultimul r\u00e2nd, la fel ca \u00een aproape toate acordurile de cartel, furnizorii sunt afecta\u021bi negativ. \u0218i acest lucru poate avea un impact nea\u0219teptat asupra lan\u021bului de aprovizionare. \u00centruc\u00e2t ancheta va avea un ritm care va schimba practicile conspirative, tendin\u021bele privind ma\u0219inile electrice \u0219i conducerea automat\u0103 vor evolua, iar peisajul lan\u021bului de aprovizionare se va schimba \u0219i el. Pentru unii este mai bine, iar pentru al\u021bii este mai r\u0103u. Vor fi afecta\u021bi nu doar unii dintre furnizorii de OEM (produc\u0103tori de echipamente originale), ci to\u021bi furnizorii care coopereaz\u0103 \u00een lan\u021bul de aprovizionare. Toat\u0103 lumea ar trebui s\u0103 fie con\u0219tient\u0103 de impactul pe care \u00eel pot avea riscurile de credit \u00een cadrul unui portofoliu de cump\u0103r\u0103tori, ceea ce nu este evident la prima vedere.<\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":3308,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cum v\u0103 expune Dieselgate la riscul de credit? - Alpha Credo<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alpha-credo.com\/dieselgate\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cum v\u0103 expune Dieselgate la riscul de credit? 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