Volkswagen CEO Martin Winterkorn Resigns Amid Diesel Emissions Scandal

Volkswagen's CEO, Martin Winterkorn, has stepped down following the company's admission to installing a defeat device in 11 million diesel cars, which reduced emissions under test conditions. Winterkorn's resignation comes as the company faces potential fines of up to £12 billion and multiple investigations. In a statement, Winterkorn took full responsibility for the scandal, but denied any personal wrongdoing.

Key Takeaways:

• Volkswagen's CEO, Martin Winterkorn, resigned on Wednesday, citing the need for a "fresh start" and taking full responsibility for the diesel emissions scandal.
• The company admitted to installing a defeat device in 11 million diesel cars, which reduced emissions under test conditions.
• The scandal has led to a dramatic fall in the company's stock market value, with shares wiping out over a third of their value.
• Winterkorn has been under pressure to step down, with his resignation coming just before the German stock market was due to close.
• The company faces up to £12 billion in fines and is the subject of multiple investigations, including one by the US Environmental Protection Agency.
• Volkswagen's diesel engine irregularities have been found to have caused nearly 1m tonnes of extra pollution, according to analysis.
• Winterkorn has expressed his desire to serve the company and its customers, and has called for a process of clarification and transparency to win back trust.

Statistics:

• 11 million: the number of diesel cars installed with a defeat device.
• £12 billion: the potential fines Volkswagen may face.
• 8%: the increase in Volkswagen's share price following Winterkorn's resignation.
• 18 September: the date on which the US Environmental Protection Agency accused Volkswagen of manipulating emissions tests.
• £4.4 billion (€5 billion): the value wiped off Volkswagen's share price for the past five trading sessions.

Sources:

• The Guardian.
• BBC News.
• Bloomberg.