This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-34340997
The article has changed 8 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Volkswagen chief executive Martin Winterkorn resigns | Volkswagen chief executive Martin Winterkorn resigns |
| (35 minutes later) | |
| Volkswagen chief executive Martin Winterkorn has resigned following the revelation that the firm manipulated US diesel car emissions tests. | Volkswagen chief executive Martin Winterkorn has resigned following the revelation that the firm manipulated US diesel car emissions tests. |
| Mr Winterkorn said he was "shocked" by recent events and that the firm needed a "fresh start". | Mr Winterkorn said he was "shocked" by recent events and that the firm needed a "fresh start". |
| He added that he was "not aware of any wrongdoing 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. | 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 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. | The company said later that it affected 11 million vehicles worldwide. |
| VW boss Winterkorn's highs and lows | |
| VW scandal explained | |
| 'Made in Germany' brand threatened | |
| Why diesel sputters in the US market | |
| VW emissions scandal: Your reaction | |
| 'Stunned' | |
| "I am clearing the way for a fresh start with my resignation," Mr Winterkorn said in his statement. | "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". | 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. | "The process of clarification and transparency must continue. This is the only way to win back trust," he continued. |
| In a separate statement, the supervisory board said they would announce Mr Winterkorn's successor at a board meeting on Friday, adding that it was "expecting further personnel consequences in the next days" as a result of its own investigations. | In a separate statement, the supervisory board said they would announce Mr Winterkorn's successor at a board meeting on Friday, adding that it was "expecting further personnel consequences in the next days" as a result of its own investigations. |
| "The internal group investigations are continuing at a high tempo," it said. | "The internal group investigations are continuing at a high tempo," it said. |
| "All participants in these proceedings that has resulted in unmeasurable harm for Volkswagen will be subject to the full consequences." | "All participants in these proceedings that has resulted in unmeasurable harm for Volkswagen will be subject to the full consequences." |
| The board also said that it would voluntarily submit a complaint to the state prosecutors. | |
| "In the view of the Executive Committee criminal proceedings may be relevant due to the irregularities," its statement said. | |
| German public prosecutors have already said they are considering an investigation, with US authorities also said to be planning criminal investigations. | |
| In addition, VW faces fines of up to $18bn by the regulator, the Environmental Protection Agency (EPA). | |
| Its shares have tumbled some 30% since the beginning of the week in response to the scandal. |