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| New VW boss Matthias Mueller says firm can shine again | |
| (about 4 hours later) | |
| The newly-installed boss of Volkswagen, Matthias Mueller, has said the company can shine again in two to three years. | |
| In a speech to managers he said the company needed to become leaner and take decisions more rapidly. | |
| The comments come as VW said it would recall 8.5 million cars in Europe as a result of the diesel emissions scandal. | |
| The move was prompted by Germany's automotive watchdog, which had earlier told VW to recall 2.4 million domestic cars. | |
| German media reports suggest the KBA had rejected VW's proposals that car owners could voluntarily bring their cars in for repair. | |
| VW gave no details of the recall and said it would contact individual customers directly. | VW gave no details of the recall and said it would contact individual customers directly. |
| It added that it was working on solutions to fix the recalled cars "at full speed". | It added that it was working on solutions to fix the recalled cars "at full speed". |
| Recovery plan | |
| Mr Mueller took over as chief executive last month when the previous head, Mr Winterkorn, stepped down as a result of the scandal. | |
| He told managers on Thursday: "We will significantly streamline structures, processes and (decision-making) bodies. We must become leaner and take decisions more rapidly." | |
| "Our competitors are only waiting for us to fall behind on technology matters because we are so preoccupied with ourselves. But we won't let that happen," he added. | |
| Italian raid | |
| Meanwhile, Italian police have raided VW offices in Verona and Lamborghini offices in Bologna. | |
| Reports suggest Italian prosecutors are investigating alleged commercial fraud. | |
| Last month, authorities in the US discovered some VW diesel cars had been fitted with a device to cheat emissions tests. The carmaker subsequently admitted that up to 11 million cars worldwide could have the device fitted. | Last month, authorities in the US discovered some VW diesel cars had been fitted with a device to cheat emissions tests. The carmaker subsequently admitted that up to 11 million cars worldwide could have the device fitted. |
| The company has launched a thorough investigation into the scandal, but new chairman Hans Dieter Poetsch has warned that answers would take "some time". | The company has launched a thorough investigation into the scandal, but new chairman Hans Dieter Poetsch has warned that answers would take "some time". |
| VW has set aside €6.5bn ($7.4bn; £4.8bn) to cover the costs of the scandal, but some experts believe the final bill could be much higher. | VW has set aside €6.5bn ($7.4bn; £4.8bn) to cover the costs of the scandal, but some experts believe the final bill could be much higher. |
| Shares in the company recovered slightly last week but are still down almost 20% since the scandal broke in the middle of September. | Shares in the company recovered slightly last week but are still down almost 20% since the scandal broke in the middle of September. |
| Separately, the man tipped to become VW's North America boss has resigned. | |
| The company said Winfried Vahland was leaving because of "differing views on the organisation of the new group region". |