Published On: Mon, Sep 21st, 2015

SCANDAL UPDATE: Volkswagen Plunges 15% After U.S. Emissions Cheat Scandal

Top executives to convene this week to discuss crisis

Volkswagen-vw-jetta-clean-diesel

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.

 

Bloomberg by Naomi Kresge Richard Weiss

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