Volkswagen AG lost almost a quarter of its market value after it admitted to cheating on U.S. air pollution tests for years, putting pressure on Chief Executive Officer Martin Winterkorn to repair the reputation of the world’s biggest carmaker.
Top supervisory board members will convene on Wednesday, according to two people with knowledge of the plans, who asked not to be named because the meeting is private. Volkswagen plunged as much as 23 percent to 125.40 euros in Frankfurt, wiping out about 15.6 billion euros ($17.6 billion) in market value. The stock closed at 132.2 euros, its lowest in more than three years.
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Bloomberg by Naomi Kresge Richard Weiss
- Volkswagen’s appalling clean diesel scandal, explained –Vox
- Volkswagen’s appalling clean diesel scandal, explained, Wall Street Journal
- Your Guide To Dieselgate: Volkswagen’s Diesel Cheating Catastrophe– jalopnik- Opinion–Detroit Free Press
- Volkswagen admits emissions test cheating –International–Boing Boing
- Volkswagen Shares Tumble as Emissions Test Scandal Spreads to … In-Depth–Wall Street Journal
