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VW: Diesel Scandal a Threat to Company’s Existence
Hans Dieter Poetsch, expected to be named Volkswagen Group's new chairman on Wednesday, tells VW's leadership the worldwide scandal surrounding diesel engines the company rigged to evade emission standards is an "existence-threatening crisis," Welt am Sonntag reports.
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Hans Dieter Poetsch, expected to be named Volkswagen Group's new chairman on Wednesday, tells VW's leadership the worldwide scandal surrounding diesel engines the company rigged to evade emission standards is an "existence-threatening crisis," Welt am Sonntag reports.
The disaster erased about one-third of VW's market value in two weeks. The company has allocated €6.4 billion to deal with the scandal after admitting it sold 11 million diesel-powered vehicles containing special test-cheating software.
Media reports say VW is looking for ways to cut costs and perhaps reduce its investment plans over the next three years to defend its credit rating.
Separately, the Frankfurter Allgemeine cites an opinion poll by Lucerne, Switzerrland-based amPuls Market Research AG that indicates two in five consumers polled believe the scandal has inflicted long-term damage on the VW brand. The study adds that one in 10 respondents say they won't buy a VW vehicle.
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