Mr Mueller’s mention of Volkswagen workers and their families may have reflected concern that the punishment the company faces could harm those who had nothing to do with any wrongdoing.
Advertisement
The company said its robust cash reserves of 24.5 billion euros at year end left it in a strong financial position.
The chief executive said a court had asked for “strict confidentiality” over details of the deal. “We have good chances of again recording solid growth in our operating business in 2016”.
Excess emissions of Volkswagen’s fleet will also directly contribute to 31 new cases of Chronic Bronchitis, and additional 30 plus hospital admissions due to cardiac and respiratory problems, the study’s estimates suggest.
The Volkswagen group sold 2.51 million vehicles worldwide in the January-March quarter, up 0.8% from a year earlier.
Poetsch waived 2.3 million of his variable remuneration.
German carmaker Volkswagen addressing a press conference on Thursday exclaimed that the company could be looking forward to jump into profit soon.
Volkswagen’s new CEO has sketched out a wide-ranging transformation of the company that will see it focus more on electric vehicles and services such as car-sharing as it seeks to get past its scandal over cheating on diesel emissions tests.
To pay the costs associated with the scandal, the automaker put aside $18.4 billion (€16.2 billion).
The scandal broke when the EPA took action against Volkswagen.
On Thursday the company said it expects $8.8 billion in repairs and buy backs. And it says there is no merit to claims by shareholders that management didn’t inform the market about the risks from the emissions crisis quickly enough.
Note: The full study about the Volkswagen cheating-linked deaths is now available online via the IOP.org website with the title “Impact of the Volkswagen emissions control defeat device on U.S. public health”.
Volkswagen’s biggest unit was hit by “market support measures linked to the emissions issue” as well as drops in the Russian and Brazilian demand, the company said in a statement on Thursday.
The CEO reiterating the company’s target for an operating margin of 5-6%, compared to 6% previous year, adjusted for special items. “Volkswagen is far more than crisis”, Mueller said.
Under a policy agreed with the company’s board of directors, a portion of executive bonuses is being withheld and will be paid out in 2019.
The scandal has already caused the company’s share prices to plummet.
The German auto manufacturer reported a €3.48bn (£2.5bn, $3.8bn) loss as a result of the emission scandal as it was found around 11 million cars had been impacted worldwide.
Advertisement
After trying to stall USA regulators for more than a year by saying things like the EPA’s equipment must be out of whack, company reps didn’t admit the subterfuge until the EPA refused to certify any 2016 cars.
