The diesel emissions testing scandal that broke in 2015 may well cripple the company for years to come. Revenue dropped 12% last year to $237 billion, and the automaker reported its biggest ever loss of $1.5 billion. In the aftermath, CEO Martin Winterkorn resigned and was replaced by Mattias Muller, who is navigating the road ahead for the beleageured manufacturer. In June 2016, the company agreed to pay U.S. regulators a record $15.3 billion settlement related to the scandal and to recall half a million emissions-cheating diesel cars. Also read Hoaxwagen: Inside Volkswagen’s Diesel Fraud.
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It's not just promising political support anymore.
The German automaker's CEO, reportedly says the company has already purchased 50 million batteries and "booked" production
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"We will stick with our beloved 12-cylinder as long as we can."
So far, none of the other German automakers have been willing to drop diesel altogether yet.
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Adding to the billions it’s already paid.
It was unveiled at the Geneva Auto Show.
The company has already paid a $10 billion settlement