VW under pressure for answers as emissions scandal deadlines loom

Tue Oct 6, 2015 2:01pm EDT
 
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By Andreas Cremer

WOLFSBURG, Germany (Reuters) - Hans Dieter Poetsch's first board meeting as chairman of Volkswagen on Wednesday could turn out to be his most important, coming just hours before a deadline set by German regulators and testimony by the company's top U.S. executive in Congress.

More than two weeks after the carmaker admitted to cheating U.S. emissions tests, Poetsch will be appointed to the helm of the 20-person supervisory board at a specially convened meeting at the German company's headquarters in Wolfsburg.

Sources close to the company say the meeting, due to start at 9 a.m local time (0700 GMT), is likely to last for hours, given the number and gravity of the issues to be discussed.

Europe's largest carmaker is under huge pressure to find those responsible for installing software in diesel engines to rig emissions tests, to say how affected vehicles will be fixed and to what extent it may also have cheated in Europe.

The biggest business crisis in Volkswagen's 78-year history has wiped more than a third off its share price, forced out its long-time chief executive and sent shockwaves through both the global car industry and the German establishment.

On Tuesday, more than 20,000 workers gathered at the company's sprawling Wolfsburg plant to hear new CEO Matthias Mueller address them for the first time since he replaced Martin Winterkorn two weeks ago.

"We will overcome the crisis," Mueller told staff, many of them wearing specially printed t-shirts with the slogan "one team, one family" to show their support for the company.

Mueller warned all projects and investments would be put under review and there would be "massive cuts".   Continued...

 
New Volkswagen CEO Matthias Mueller addresses a news conference at Volkswagen's headquarters in Wolfsburg, Germany September 25, 2015. REUTERS/Fabian Bimmer