Martin Winterkorn the CEO resigned after taking responsibilities of the company’s actions.
But his reaction is more of shocking one as even he was not aware of such massive scale misconduct possible in the company.
Since the news broke the company share fell more than 30% keeping investors biting their nails. A 5 member committee full of apex management grilled the CEO of the company on the spoilt image of the diesel crisis.
US authorities are planning to file criminal case and start investigation on same and they would be fining the company for whooping $18 Billion for cheating.
German Chancellor Angela Merkel urged Volkswagen to restore the confidence among investors as its bringing a bad name to the industry too.
The case is that the company concealed it’s true emissions of their diesel cars by programming the computers in the car when they are being tested by the authorities to check emissions.
The USP of company has been always the high fuel average and low carbon emissions as compared to other manufacturers. But they emit far more nitrogen dioxide a toxic gas which cause serious health problems
Some car experts say that this problem can uncover the blanket in which several industries have taken shield in and many other scams would emerge in future.
The situation is so grim that even people have stopped buying Volkswagen cars and the second hand car dealers finding difficulty in selling Volkswagen group cars.
US Justice department has formed a group of attorneys to investigate the #dieselgate case in US.