We wouldn’t like to be Volkswagen’s headquarters this week, it’s fair to say there will be an abundance of tough questions to be answered. As you may have seen on the news Volkswagen has been caught cheating on its emission tests. They have been caught by the US Environmental Protection Agency (EPA) for using cheat-code software. They have been using this software to cheat the strict American environmental tests. Volkswagen has admitted that approximately 11 million diesel engine cars worldwide are affected by this. They are setting aside €6.5 billion to deal with the issue. Commenting on this Volkswagen’s CEO Martin Winterkorn said, “I’m very sorry, I’m utterly sorry. The violations of these diesel motors by our company go against everything that Volkswagen stands for. I’m utterly sorry that we have damaged trust in this way. I apologise to all our clients and to the public authorities for all of the mistakes.” “At this point, I don’t have the answers to all the questions. But we’re in the process of ruthlessly investigating the issue, and to that end everything will be put on the table as fast, thoroughly and transparently as possible.” We will keep you updated as we hear more on this story.
