Senior Volkswagen executives met yesterday evening to examine findings from an internal investigation into its rigging of vehicle emission tests and prepare for an external inquiry, a source familiar with the matter said.
The executive committee of the German carmaker’s supervisory board gathered at its Wolfsburg headquarters to assess the initial results of the internal inquiry into the biggest business-related scandal of its 78-year history, said the source, speaking on condition of anonymity.
A representative of US law firm Jones Day was expected to lead the external investigation.
Europe’s largest carmaker has admitted cheating in diesel emissions tests in the US. Germany’s Transport Minister says it also manipulated tests in Europe, where Volkswagen sells about 40 per cent of its vehicles.
It is under huge pressure to come to grips with a crisis that has wiped more than a third off its market value, sent shock waves through the global auto industry and could damage Germany’s economy.
New chief executive Matthias Mueller, who took over from Martin Winterkorn last Friday, has promised to punish those responsible and to create a new business culture.
Winterkorn, CEO for almost nine years, is being investigated by German prosecutors over allegations of fraud.
Investors view an external probe as particularly important, given the close links of Mueller and chairman-designate Hans Dieter Poetsch to the Piech-Porsche clan that controls the carmaker.
German newspaper Handelsblatt reported yesterday that some investors were calling for Poetsch to stand aside. However, a source close to the Piech and Porsche families told Reuters they strongly supported Poetsch becoming chairman.
Shareholder advisory firm Hermes EOS said on Monday it had “real doubts” about Volkswagen’s decision to appoint company insiders to top jobs to tackle the crisis.
Volkswagen said on Tuesday it would refit up to 11 million vehicles installed with the “cheat” software in one of the biggest such recalls by a single automaker.
It has promised to submit details to regulators next month, with customers anxious to know whether the mileage and efficiency of their vehicles will be affected.