Volkswagen’s most recent annual report outlines how Winterkorn, its leader since 2007, could theoretically collect two significant payouts.
Volkswagen has been reeling since the US Environmental Protection Agency revealed last Friday that the group had rigged its diesel cars to pass emissions tests, potentially laying itself open to criminal charges and substantial fines. The accusation applies to 482,000 diesel-powered, four-cylinder cars sold since 2008 in the US. Volkswagen had advertised the affected models as being better for the environment.
Following the Volkswagen news, US regulators said they would expand their investigation to include diesel cars from other automakers.
But it isn’t known how numerous 11 million affected VW cars and trucks were in Europe, he said, adding that other automakers’ vehicles would be checked as well.
The European Commission is calling on all member states to carry out investigations.
“Using a defeat device in cars to evade clean air standards is illegal and a threat to public health”, said Cynthia Giles, Assistant Administrator for the Office of Enforcement and Compliance Assurance. But he said he had no reason to suspect French carmakers of wrongdoing.
Although it all started in the US, Volkswagen’s emissions scandal has very quickly escalated into an global matter.
The company has set aside .3 billion against earnings to cover the costs of the scandal.
“This is the only way to win back trust”.
Authorities will continue working with Volkswagen to determine what cars exactly are involved.
The Volkswagen Group is based in Wolfsburg, Germany.
The supervisory panel also will dismiss Michael Horn, the head of the company’s US operations, and top research and development officials at its Audi and Porsche brands, Ulrich Hackenberg and Wolfgang Hatz, respectively, on Friday, a senior source told Reuters.
Earlier this year, Volkswagen surpassed Toyota as the world’s biggest carmaker.
Sasser’s not the only one disappointed in the company, evidenced by a dip in the company’s stock.
VW is under pressure to act decisively, with its shares plunging since the crisis broke and German Chancellor Angela Merkel urging it to quickly restore confidence in a company held up for generations as a paragon of German engineering prowess.