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Volkswagen announces new CEO and restructure

Volkswagen announces new CEO and restructure

Business
Volkswagen has announced that Herbert Diess will take over from Matthias Mueller as chief executive. Diess is a former BMW executive who has overseen the core Volkswagen brand since 2015.He will head up the management board that reports to the group's board of directors and take charge of vehicle development and research as well as vehicle-related information technology.Several other executives were replaced as VW revealed a new management structure it says will enable faster decision making at a time when autonomous and electric cars are starting to transform the industry.The changes come as Volkswagen and other conventional car manufacturers compete with industry newcomers such as Waymo and Uber for the burgeoning autonomous taxis and car-sharing services market, where vehicle owner...
Ex Volkswagen executive jailed in US amid diesel scandal

Ex Volkswagen executive jailed in US amid diesel scandal

Business
A former Volkswagen executive has been sentenced to seven years in prison and a $ 400,000 (£298,778) fine, after admitting he helped the firm evade clean-air laws.Oliver Schmidt, 48, is the second person to receive jail time in the US over the diesel emissions scandal.Volkswagen first admitted in September 2015 that it had used illegal software to cheat US emissions tests. It has spent as much as $ 30bn to address US claims.US prosecutors say Volkswagen installed special software in certain diesel vehicles that allowed them to perform better during emissions tests than they did under normal driving conditions. VW emissions cheat bill hits $ 30bnVolkswagen: The scandal explainedVW papers shed light on emissions scandalDiesel cars: What's all the fuss about?The emissions were sometimes 30 ti