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VW’s Controlling Family Calls for Calm, Vows to Shield Jobs Amid Diesel Scandal
The Porsche-Piech family that controls Volkswagen AG advised the company’s workers yesterday not to “panic” and suggested their jobs would be protected as VW struggles with its array of emission test cheating scandals.
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The Porsche-Piech family that controls Volkswagen AG advised the company’s workers yesterday not to “panic” and suggested their jobs would be protected as VW struggles with its array of emission test cheating scandals.
The family hasn’t commented until now about the scandals, which involve more than 11 million vehicles with unrealistically high efficiency ratings, software designed to cheat emission tests, or both.
Wolfgang Porsche, who chairs Porsche Automobil Holding SE, told workers that all employees must “act decisively” to correct the company’s mistakes and help it recover. Porsche SE owns a controlling stake in VW.
The company’s efforts to define the scope of its problems and produce specific remedies continue. In the meantime, VW’s market capitalization has plummeted by some €11 billion ($11.7 billion) since the first of the scandals surfaced in mid-September.
On Tuesday Standard & Poor’s Ratings Service downgraded VW’s credit rating for the second time during the same period. S&P says the company’s woes “continue to expand and deepen.”
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