Porsche CEO expected to take over Volkswagen

On Wednesday, VW chief executive Martin Winterkorn resigned, saying he was “stunned that misconduct on such a scale was possible in the Volkswagen group”.

“When there is this kind of deception, we’ve got to get these agencies to be able to cut through it and catch it”, Nelson says.

They also called for more transparency, particularly in North America, where NordLB analyst Frank Schwope said Volkswagen had not published earnings figures since 2007.

Deputy parliamentary party leader Sören Bartol said VW had to restore trust in the company.

Mueller brings experience with several of Volkswagen’s 12 brands to his new job at the head of a sprawling automotive group with almost 600,000 employees worldwide.

Also, to no one’s surprise, the EPA announces plans to toughen diesel emissions tests.

The scandal has severely damaged Volkswagen’s reputation, led to the resignation of the automaker’s CEO and called into question the future of diesel cars.

The EPA has conducted on-road testing on heavy duty trucks, rather than passenger cars, “because that’s where the emissions are”, he said. An announcement of the changes could come on Friday. The agency would “look at all of the other models aggressively and do the testing we need” to foil any efforts to defeat the emissions system.

The ministry says it is in touch with counterparts in Germany and Britain, where Skoda cars received the necessary clearance for use in the European markets.

Volkswagen could face $18 billion in fines from the EPA after it admitted using software in diesel cars that evades emissions tests. Norway, France and Italy announced moves today to investigate VWs sold in their countries.

Environmentalists have long complained that carmakers game the vehicle testing regime to exaggerate the fuel-efficiency and emissions readings of their vehicles. Lab tests will also be refined to try to reduce the margin of error.

Olaf Lies, economy and transport minister of VW’s home state Lower Saxony, which holds a 20 percent stake in the company, said the investigation into the scandal was only just starting.

Dr. Winterkorn quitting as a result of the “Dieselgate” scandal, in which Volkswagen was found to be installing “defeat devices” which reduced the nitrogen oxide (NOx) emissions of 2.0-litre diesel engines when they were undergoing emissions testing.

The U.S. Environmental Protection Agency will make sweeping changes in the way it tests for diesel emissions after getting duped by clandestine software in Volkswagen cars for seven years.

The wider vehicle market has been rocked, with manufacturers fearing a drop in sales of diesel cars and tighter regulations, while customers and motor dealers are furious that Volkswagen has yet to say whether it will have to recall any cars. The German government has said that those included cars in Europe but it’s not yet clear how many. He didn’t give details.

Shares in the German company, which had started to steady after sharp falls earlier this week, were down 4.5 percent at 1335 GMT after Bloomberg also reported that executives in Germany controlled aspects of the manipulated USA tests, citing three people familiar with the US business. As many as 48,000 four-cylinder Volkswagen and Audi diesel vehicles produced between 2009 and 2015 could be recalled.

Chairman of the Board of Directors of Volkswagen AG Martin Winterkorn apologised for Volkswagen emissions scandal in a two and a half minute statement, in Wolfsburg on Tuesday.

The latest nations to launch probes include India, Brazil, Australia, South Africa and Norway, whose economic crime unit has opened an investigation.

“In the name of the supervisory board, I apologize in every way to our customers, the public, the authorities and investors”, he said.