Published: Sun, April 15, 2018
Global | By Shelia Dennis

New VW boss vows reform, 'not revolution' to overcome diesel scandal

New VW boss vows reform, 'not revolution' to overcome diesel scandal

He takes over from Matthias Mueller, who was appointed in 2015 at the height of the diesel emissions scandal.

Chairman of the Supervisory Board Hans Dieter Pötsch, said: "We've already accomplished a great many things since Autumn 2015; we managed the greatest corporate crisis in its corporate history". This new structure will include the brand groups of volume, premium and super premium products, as well as a truck and bus division, and a still-unannounced fifth and sixth division as of Friday morning. The "premium" segment will hold Audi at its core, while the "super-premium" group includes sports auto brands Porsche, Bentley, Bugatti and very likely, Lamborghini.

The planned group overhaul is Volkswagen's biggest revamp since it became a multi-brand conglomerate under former CEO Ferdinand Piech, a grandson of VW Beetle designer Ferdinand Porsche.

With that announcement, the VW Group has also announced a major restricting of its brands, dividing them up into six new business areas.

The road ahead for Bengal after Calcutta HC suspends panchayat poll process
The Trinamool Congress now plans to move a division bench against the order of Justice Subrata Talukdar. He also imposed a fine of Rs5 lakh on the Bharatiya Janata Party (BJP) for concealment of facts.

The appointment of Diess comes as VW investors are demanding for increased profitability.

"We want to create a slimmed down company with strong brands", Diess said, explaining that Audi would form the group's core brand in the premium segment with a goal of overtaking Mercedes-Benz and BMW.

Mueller followed a course toward a new era of multibillion-dollar investments in electric cars and SUVs, which surprised industry observers who identified VW with its diesel roots and small cars.

The "dieselgate" scandal - in which VW admitted to installing software in 11 million diesel vehicles worldwide to cheat regulatory emissions test - has so far cost it more than 25 billion euros ($31 billion) in buybacks, fines and compensation.

IPL: AB de Villiers smashes 57 to help RCB beat Kings
RCB won the match by 4 wickets and Umesh Yadav was adjudged as the "Man of the Match" for his exceptional bowling performance. He has scored 222 runs off 219 balls against the slow bowlers, at a strike rate of 101.4 and a dot-ball percentage of 50.2.

Shares in Volkswagen were up 0.7 percent to 177.88 euros by 1415 GMT, against a similar rise for the STOXX 600 automotive index.

The carmaker remains mired in legal woes overseas and in its home market, where it also faces possible diesel bans in some smog-clogged inner cities, a prospect that has already depressed resale prices to the chagrin of millions of owners of diesel vehicles.

Having joined from BMW just a few months before the cheating became public knowledge, Diess has the advantage of being largely untainted by dieselgate - giving VW a chance at a fresh start. In addition to his job, he will directly oversee vehicle information technology as well as group development and research. He inherited the top role from Martin Winterkorn, who resigned when the scandal broke.

Vladimir Putin condemns US-led airstrikes on Syria
Russia, a key ally of the Assad government, is calling for an immediate UN Security Council meeting, he said. Mr Putin added that Russian military experts who inspected Douma found no trace of the attack.

Like this: