VW employees arriving for work at the company’s huge plant in the northern German town on Friday hoped that a new chief executive could start to stabilize the company.
VW’s executive board said yesterday it expected “further personnel consequences in the next days”, and that “all participants in these proceedings that has resulted in unmeasurable harm for Volkswagen, will be subject to the full consequences”.
Immediately after the company admitted that it has installed software created to cheat emission tests in a number of its diesel vehicles, it’s stock prices plummeted, losing a third of its value in an extremely short time.
VW admitted that 11 million of its diesel vehicles worldwide were fitted with defeat device software which conned testers into believing their vehicles met environmental standards.
It is not yet clear to what extent the scandal affects other brands in the Volkswagen Group, which has 12 brands in all, including Seat, Audi, Skoda and Porsche.