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Volkswagen CEO Martin Winterkorn resigns amid diesel scandal

Volkswagen CEO Martin Winterkorn is stepping down amid charges the company manipulated its diesel-powered cars to meet emissions regulations around the world, the automaker announced Wednesday. No successor was immediately announced, though recommendations will be made at VW's board meeting Friday. Winterkorn, 68, has led VW since 2007 and oversaw the German automaker's staggering growth around the world. His departure comes less than a week after the EPA alleged the company has been cheating on diesel emissions testing for years, and that its cars might emit 40 times more pollution than legally allowed. The EPA says about 482,000 vehicles are affected in the United States, and VW estimates at least 11 million vehicles globally might have the software that allows the vehicles to cheat emissions regulations. "As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group," Winterkorn said in a statement. "I am doing this in the interests of the company even though I am not aware of any wrongdoing on my part. "Volkswagen needs a fresh start – also in terms of personnel. I am clearing the way for this fresh start with my resignation." Winterkorn stepped down after an executive committee meeting of the VW Supervisory Board Wednesday. The committee agreed Winterkorn had no knowledge of wrongdoing. "The executive committee has tremendous respect for his willingness to nevertheless assume responsibility and, in so doing, to send a strong signal both internally and externally," VW said in a statement. Volkswagen is conducting an internal review and expects more "personnel consequences" in the coming days. It also will voluntarily submit a complaint to the state prosecutor's office in Brunswick, Germany, and cooperate with the expected criminal investigation. Winterkorn's departure is the latest development in VW's burgeoning diesel emissions scandal. It came to light last week after the work of researchers at West Virginia University detailed the software manipulation designed to skirt EPA tests, and it has resounded as governments around the world examine Volkswagen's diesel vehicles. The company set aside $7.3 billion to deal with the fallout and has retained the law firm that defended BP during its oil spill.

Autoblog Podcast #406

Episode #406 of the Autoblog Podcast is here, and this week, Dan Roth, Brandon Turkus, and Chris Bruce talk about the Mustang Shelby GT 350, the Los Angeles Auto Show, and the Volkswagen Golf winning Motor Trend Car of the Year honors. We start with what's in the Autoblog Garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #406: The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics: Ford Shelby GT350 LA Auto Show Volkswagen Golf wins Motor Trend COTY In The Autoblog Garage: 2015 Ford Fiesta SFE 2015 Honda CR-V 2015 Audi Q3 Hosts: Dan Roth, Brandon Turkus, Chris Bruce Runtime: 01:26:07 Rundown: Intro and Garage - 00:00 Ford Mustang Shelby GT350 - 29:21 LA Auto Show - 40:36 Golf is Motor Trend COTY - 53:50 Q&A - 01:00:42 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes

How should Volkswagen deal with its diesel problems?

The hounds of hell are bearing down on Volkswagen in the wake of allegations of cheating on diesel emissions testing. In just a single day, Volkswagen's stock has dropped 23 percent and the German government has announced that it is going to investigate a far larger number of vehicles over emissions violations. The American storm is quickly becoming a global one. Volkswagen sells over a million diesel vehicles a year and also has more than 13 percent of the automotive market overall – it was the number one automaker in the world up until the scandal. Yet in a matter of hours, Volkswagen has also become a pariah with potential fines and recalls that may be dwarfed by how the alleged lies and deceit change how governments and consumers view the company. Consumers are really going to be the key to the company's survival. It's those consumers who are really going to be the key to the company's survival. Every single one of them now finds themselves with a product that was sold illegally and may not be registered until recall work is done. What's worse is that Volkswagen doesn't yet have a solution for the emissions issue to offer these customers. It should also be noted that this is not the first time Volkswagen has found itself in violation of EPA emission regulations. Volkswagen is in a world of trouble, so what now? As a car dealer and former financial analyst who took several companies public, I believe Volkswagen can and should consider three points of action that would make an enduring difference in the times to come. 1. Offer affected TDI owners a compelling reason to stay with the brand. Recall work and a cup of coffee at the dealership are not going to be enough to placate current owners. Volkswagen should provide compensation for customers at the earliest opportunity and offer some type of inducement that keeps them within the fold. This shouldn't be the industry's version of a Chuck E. Cheese coupon - a small discount on a new vehicle. Volkswagen needs to offer something along the lines of a strong warranty extension of the entire powertrain (not just the emissions system) or some type of valuable feature upgrade for these vehicles so that owners feel that they have been treated fairly. Perhaps a combination of a brand new navigation system, software upgrades for the infotainment components, or some type of basic free WiFi service would be a healthy act of generosity.