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| 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. | 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 boss Winterkorn's highs and lows |
| VW scandal explained | VW scandal explained |
| 'Made in Germany' brand threatened | 'Made in Germany' brand threatened |
| Why diesel sputters in the US market | Why diesel sputters in the US market |
| VW emissions scandal: Your reaction | VW emissions scandal: Your reaction |
| 'Stunned' | '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." |
| There has been speculation in German newspapers that Matthias Mueller would be named as the next chief executive. He is head of Porsche, which is part of the Volkswagen group of companies. | |
| The board also said that it would voluntarily submit a complaint to the state prosecutors. | 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. | "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. | 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). | In addition, VW faces fines of up to $18bn by the regulator, the Environmental Protection Agency (EPA). |
| 'A real shock' | |
| Its shares have tumbled some 30% since the beginning of the week in response to the scandal, which has stunned investors. | |
| "It has been a real shock. We are a long-term shareholder and we put a lot of emphasis on management credibility," said Gilles Guibout, a fund manager at AXA Investment Managers, which is the ninth biggest shareholder in VW. | |
| He said that the departure of Mr Winterkorn "is an attempt to keep the fire under control", but added that it is not clear if "this will be enough". | |
| While VW has set aside €6.5bn to cover potential costs of the scandal Mr Guibout thinks the bill is more likely to be €10bn. |