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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Volkswagen chief executive Martin Winterkorn resigns.

Volkswagen chief executive Martin Winterkorn resigns.

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Mr. Belfort

Mr. Belfort
Manager - Equity Analytics
Manager - Equity Analytics
Volkswagen chief executive Martin Winterkorn has resigned following the revelation that the firm manipulated US diesel car emissions tests.
Martin Winterkorn said he was "shocked" by recent events and that the firm needed a "fresh start".
He added that he was "not not aware of any wrong doing on my part" but was acting in the interest of the company.
VW has already said that it is setting aside €6.5bn (£4.7bn) to cover the costs of the scandal.
The world's biggest carmaker admitted last week that it deceived US regulators in exhaust emissions tests by installing a device to give more positive results.
The company said later that it affected 11 million vehicles worldwide.
"I am clearing the way for a fresh start with my resignation," Mr Winterkorn said in his statement.
He said he was "stunned" at the scale of the misconduct in the group but that he was confident that VW would overcome this "grave crisis".
"The process of clarification and transparency must continue. This is the only way to win back trust," he continued.

vic19

vic19
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
also what I understood was they have installed a software in the vw diesel cars to give a clearner emission results.this has been found out by the US and the US government is claiming billions of US$ in damages.

VW has accepted the wrong doing

now this is only the start,

now all other countries are gathering details and then they will follow the US in claiming further billions..from vw..

the issue here is in western countries there is a annual MOT done on all cars.if the car is ego friendly then their roadtax charge  is lower than the normal average car.therefor the state has lost millions of tax by this vw wrongful act.

the other fact is the air pollution is understated by this vw wrongful act.  globle warming..etc...... 

will this development affect the proposed production assembly plant by the vw in Sri Lanka?........ or we don't care about this what ever happened to others?

Senior Citizen

Senior Citizen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Actually, the strategy was that if VW loses the case in US and its revealed then the next market is Sri Lanka. engines made in Germany and assembled in Sri Lanka.

good thinking by VW.

They may try other counties also!

vic19

vic19
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I think these multinational companies are miles ahead in their strategies and plan.

We only come to know when all are done and dusted.

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