VW chief Martin Winterkorn quits as emissions test cheating scandal claims its first scalp

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Volkswagen chief executive Martin Winterkorn has resigned just days after it emerged that the company had cheated emissions tests in the US.

Winterkorn, who has run the company since 2007, said “Volkswagen needs a fresh start” following a crisis meeting with board members.

“I am shocked by events of the past few days. Above all, I am stunned that misconduct on such a scale was possible in Volkswagen Group,” he went on.

“I am clearing the way for a this fresh start with my resignation.

“I am not aware of any wrongdoing on my part.”

Volkswagen revealed yesterday that as many as 11 million vehicles worldwide could have been fitted with so-called “cheat switches” that mask the true level of emissions they emit when in a test environment.

The US Environmental Protection Agency found that the affected VW and Audi cars emit 10 times to 40 times the legal limit of harmful nitrogen emissions during normal driving.

Winterkorn had already issued a fulsome apology for the scandal, which has triggered calls for further investigations in the US, Europe and Asia.

Shares in the company have dunk 39% since Monday.

Volkswagen has put aside the €6.5 billion to cover the costs of the scandal, which could see hefty fines imposed.

It said it working “at full speed” to understand how the falsification efforts began.

Source Article from http://www.standard.co.uk/business/vw-chief-martin-winterkorn-quits-amid-emissions-test-cheating-scandal-a2954141.html

September 23, 2015 |
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