VOLKSWAGEN EMISSIONS SCANDAL: NEW CHIEF WARNS OF *EXISTENCE THREATENING CRISIS FOR THE
COMPANY*
COMPANY*
@ Volkswagen AG*s new chairman Hans Dieter Poetsch warned that the company could face an **existence threatening crisis** over the massive emissions scandal, media reports said,© citing Welt am Sonntag newspaper.//
@ The German carmaker has time until Wednesday to fix some 2.//8 million diesel vehicles equipped with software to cheat on emissions tests, in its home market.// Poetsch*s © comments come after he told managers last week he was certain that Volkswagen will overcome the crisis, Bloomberg reported, citing Welt am Sonntag.//
@ The German automaker was found to© have installed so called **defeat devises** on its cars that would reduce emission levels during tests.//
@ Two top Volkswagen engineers who found they couldn*t deliver as promised a clean diesel engine that could meet pollution standards in the United States and other countries © are at the center of the probe into the installation of the software, which was designed to fool regulators, the Wall Street Journal reported, citing people familiar with the matter.//
@ **Our company was dishonest with the EPA, and the California Air Resources Board, and with all of you,** Michael Horn, head of Volkswagen America, told dealers last month in New York City.// **We*ve totally screwed up.//**