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VW scandal: The chief executive refuses to quit

Wed, Sep 23, 2015, 11:33 AM
Berlin, Sep 23: The chief executive of Volkswagen (VW) has refused to resign despite an escalation of the emissions scandal following the VW's admission that 11 million of its vehicles have been fitted with a device designed to cheat emission tests.

Martin Winterkorn, chairman of board of director of the world's second largest car marker, said he was "endlessly sorry we betrayed the trust of customers".

"We are going to clarify the background unsparingly, and everything is being put on the table as quickly, thoroughly and transparently as possible," the Guardian quoted Winterkorn as saying.

VW on Tuesday denied that Winterkorn will leave as chief executive this Friday, to be replaced by Matthias Müller, the chairman of its sister company Porsche.

He spoke after the German company revealed the potential financial liabilities for the first time. VW is putting aside 4.7 billion euros to deal with the potential costs of the crisis, prompting a further 20 percent fall in its share price.

Shares of other car manufacturers have also fallen heavily, with Peugeot down seven percent, BMW down five percent and Daimler, the owner of Mercedes-Benz, also down five percent.

The VW financial update was issued on Tuesday after its US chief said the company had "totally screwed up" over the emissions scandal. Michael Horn admitted on Monday in New York that VW had been dishonest with regulators and the public.
Agency: IANS

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