German prosecutors have accused Volkswagen’s CEO of holding back market-moving information on rigged emissions tests four years ago. More here:
FRANKFURT - German prosecutors have accused Volkswagen’s CEO of holding back market-moving information on rigged emissions tests four years ago, raising the prospect of fresh upheaval at the carmaker just as it tries to reinvent itself as a champion of clean driving.
The charges show how the German company, which in September 2015 admitted using illegal software to cheat U.S. diesel engine tests, is struggling to move on from a scandal which has cost it more than $30 billion in vehicle refits, fines and provisions. Volkswagen this year bucked a trend of falling demand for passenger cars by launching a range of popular sport utility vehicles, and is investing billions to try to become a leader in electric and self-driving technologies.Diess’s lawyer said the indictment would not hinder him in his role as CEO, adding that as Diess did not join Volkswagen until July 2015 he could not have foreseen the scandal would have such a huge impact on the company.
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