German Chancellor Angela Merkel will receive an update over the automaker’s internal probe into the emissions-cheating scandal from Volkswagen’s new CEO, Matthias Mueller, during a visit in China.
According to a source that have knowledge of the matter and talked to Reuters under condition of anonymity, chief executive officer Mueller would also have encounters with the leaders of the company’s two Chinese joint ventures during the trip to envision new strategies. Last month VW admitted it had cheated on US diesel emissions tests and also acknowledged up to 11 million vehicles worldwide had been equipped with illegal software. It is now aiming to uncover the responsible parties for the scandal that made the carmaker lose a quarter of its stock market value, fording out its long-time CEO Martin Winterkorn and sent shock waves throughout the worldwide automotive industry and the German business establishment. The sector received support from politicians including Merkel as one in seven jobs comes from the auto industry in Germany, the region’s largest economy.
But the Chancellor has also asked the company to come clear on the matter as quickly and openly possible. Volkswagen has so far confirmed chief executive officer Mueller would be involve din Merkel’s trip to China, starting Wednesday – which is also the day the automaker would reveal its third quarter financial results. China remains a major market for VW, and fortunately for them the market that accounts for over a third of its sales has been inclined towards petrol rather than diesel, limiting the diesel scandal’s fallout within the world’s largest auto market.