One of the preeminent figures within the European automotive industry is looking to get out of the family business. The former paterfamilias of Volkswagen AG, Ferdinand Piech, is looking to dump his stake of Porsche Automobil Holding SE and sever his remaining ties to VW. Piech’s shares would remain within the Porsche-Piech family — allowing them to keep control of Volkswagen Group — but Ferdinand would be out of the game as a majority stakeholder.
Piech has been at odds with his relatives after suggesting that Wolfgang Porsche and several other VW supervisory board members had been aware of Volkswagen’s emissions cheating much earlier than they claimed. Sources close to the family, whose members are apparently outraged, have stated that the Porsche-Piech gang sought to replace him at the table of Porsche Holdings ever since. (Read More…)
Ferdinand Piëch, former chairman of Volkswagen and grandson of Beetle creator Ferdinand Porsche, is in hot water with his former company.
The ex-chairman resigned in April 2015 — five months before the diesel emissions scandal broke — after the company’s steering committee put his future to a vote. Piëch lost after his rival, then-CEO Martin Winterkorn, saw VW management rally to his side.
A suspiciously hostile divide existed between both men at the time, and recent comments by Piëch may explain why the two doomed executives became such bitter enemies. To say that VW’s supervisory board isn’t happy with his comments would be an understatement. (Read More…)
German prosecutors say their investigation into Volkswagen’s dirty dealings now includes the company’s former CEO, Martin Winterkorn.
The long-running probe into the diesel emissions scandal recently expanded from 21 suspects to 37, Reuters reports, placing Winterkorn solidly under the microscope. Winterkorn stepped down just days after the scandal went public in September 2015.
The former top boss recently emerged from the shadows to tell a German committee he knew nothing of the decade-long conspiracy under his watch, though prosecutors suspect he may have known more than that. (Read More…)
As far as anyone knows, former Volkswagen CEO Martin Winterkorn spent the last 16 months on a desert island.
After resigning his post in the turbulent days after the diesel emissions scandal went public, Winterkorn stayed out of the spotlight, shying from any public appearances. That is, until now. As indictments land in executives’ laps and top brass grow wary of leaving the country, Winterkorn showed his face to a parliamentary committee in Berlin. (Read More…)
Volkswagen has negotiated a conclusive plan with the U.S. Department of Justice for a criminal and civil settlement worth $4.3 billion. While the company has confirmed the status of the settlement, it also stated that the full impact of the deal on its annual finances could not yet be established.
Germany’s largest carmaker said Tuesday that it anticipates a guilty plea in response to the criminal charges against it. It also expects to pay the full settlement over accusations that it intentionally modified over half of a million diesel vehicles with software designed to cheat U.S. emissions standards. (Read More…)
After German media reported his suspension last week, Audi announced today technical development boss Stefan Knirsch is stepping down and leaving the automaker.
The executive, who sat on Audi’s management board, found himself caught up in the investigation surrounding Volkswagen’s diesel emissions scandal. Meanwhile, a German newspaper claims that newly discovered documents show ex-Volkswagen CEO Martin Winterkorn mislead U.S. authorities before the scandal broke. (Read More…)
Former Volkswagen chairman Ferdinand Piëch resigned his position a month after questioning and failing to get answers from ex-CEO Martin Winterkorn about the company’s defeat devices, an internal probe revealed.
The finding from the investigation by U.S. law firm Jones Day was published in the German newspaper Bild am Sonntag, Bloomberg reports, shedding light on the power struggle that preceded the diesel emissions scandal. (Read More…)
The first suspect identified by German prosecutors in their probe of the Volkswagen diesel emissions scandal is none other than the company’s former CEO.
Martin Winterkorn is under investigation for his role in the “defeat device” deception after the country’s financial watchdog demanded it, according to the New York Times. (Read More…)
The first rumblings of an approaching crisis reached the highest levels of Volkswagen management in May 2014, but how much knowledge then-CEO Martin Winterkorn had of the looming diesel emissions scandal is still debatable.
It’s debatable because Winterkorn should have known about the initial study that raised red flags with environmental regulators — he was presented with a memo detailing the situation — but to this day Volkswagen can’t say if he even read it.
Later, the matter was discussed in the vicinity of Winterkorn … but Volkswagen doesn’t know if his ears picked up the dialogue.
Where do you end up if you’re the former CEO of a company guilty of cheating diesel emissions tests, the fallout of which wipes out billions of dollars of value from said company? Business Insider’s “The 15 biggest career crashes of 2015” list, of course.
That, and Nissan prices the new Sentra, oil is still on a well-lubricated downhill slide, Jeep is now online in India, and more … after the break!
German newspaper Bild Am Sonntag (via Reuters) reported Sunday that engineers within Volkswagen knew more than one year ago that its cars didn’t meet reported fuel consumption and even pulled a model from sale because of the deception.
Volkswagen admitted in October that 800,000 cars sold in Europe didn’t meet advertised fuel economy and that the company would pay more than $2.1 billion for the scandal.
According to Reuters, Volkswagen didn’t comment on the claim that executives knew about the cheating crisis before October, and said that the slow-selling Polo BlueMotion was pulled due to poor sales.
Former Volkswagen CEO Martin Winterkorn announced Wednesday that he would resign his position as chairman of Audi’s supervisory board following revelations two months ago that those cars may have been illegally polluting, which threw the automaker into a tailspin.
Winterkorn stepped down from his role as chairman from Volkswagen in September after the scandal broke and resigned his position at Porsche Automobil Holding SE, VW’s largest shareholder, in October. Winterkorn may have stepped down from his position at Audi because what took him so long? (Read More…)
On Friday, September 18, 2015, the Environmental Protection Agency notified Volkswagen that its cars violated clean air standards by incorporating a “defeat device” that used engine management controls to cheat emissions tests.
Since the EPA’s letter to VW, and subsequent order to recall nearly 482,000 Volkswagen cars, the scandal has deepened and developed with Volkswagen shedding billions in value in markets worldwide, halting sales of its cars in the U.S. and Canada, shuffling executives to other seats or out the door entirely, and other regulatory agencies jumping in to investigate.
Here’s a roundup of the stories so far.
German prosecutors on Thursday said they focused too quickly on former Volkswagen CEO Martin Winterkorn and removed a statement from earlier this week that they were investigating the former executive for the scandal that has engulfed the German carmaker.
In a statement by the Lower Saxony prosecutor’s office obtained by Automotive News Europe on Thursday, the office said there must be “concrete facts” before officially investigating Winterkorn. So far, no specific individuals have been named in the office’s investigation.
The stakes are high for whomever may be responsible for the 11 million cars that illegally cheated emissions tests. Volkswagen supervisory board member Olaf Lies told The Local in Germany that “those people who allowed this to happen, or who made the decision to install this software — they acted criminally. They must take personal responsibility.”
A criminal complaint in Germany (that could have been filed by anyone) has prompted an investigation into whether former Volkswagen CEO Martin Winterkorn knew the automaker was selling cars with an illegal “defeat device” to fool emissions test, Reuters reported.
Several complaints have been filed with German prosecutors, including one from within Volkswagen, according to the Chicago Tribune.
Winterkorn’s investigation may take months — or even years — as German authorities look into how widespread cheating and lying was at the automaker.