VW brand chief says no plans to step down despite investigation
[FRANKFURT] Volkswagen's brand chief, Herbert Diess, is not planning to resign even though he is the subject of investigation by public prosecutors, he told a German newspaper.
The carmaker said late last month that prosecutors in Braunschweig were investigating Mr Diess as part of a probe into whether Europe's carmaker violated disclosure and market manipulation rules by taking too long to inform investors it had cheated emissions tests.
"It's not up for debate," Mr Diess told Sueddeutsche Zeitung in an interview published on Monday, when asked if he had thought about stepping down as a result of the probe.
He added the investigation had taken him by surprise and that he had first heard about it when asked by the media.
Volkswagen's reputation will take 12-18 months to recover from the crisis, although a strategic turnaround will take up to 14 years, Mr Diess added.
The company needed to shift its strategic focus to employ more information technology and battery experts, Mr Diess said.
The shift would take "two vehicle generations" to be implemented, he said. Modern cars have a lifecycle of around seven years.
"We must become more efficient, or else we won't be able to afford the transformation," he added.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
GM CEO Barra compensation fell 4% in 2023 to US$27.8 million
Boeing reports first revenue drop in 7 quarters as deliveries decline
Volkswagen to keep China market share stable as price war rages
COE quota for May-July up 2.7%; passenger car categories rise despite less cut-and-fill
Tesla profits tumble but shares rise on new vehicle plan
Volvo Cars see good demand this year after higher Q1 unit sales