Volkswagen (XETRA:VOWG) is under increasing pressure for answers as emissions scandal deadlines approach. Hans Dieter Poetsch will hold his first board meeting as chairman on Wednesday just hours before the car marker’s top executive gives testimony in Congress and the deadline set by German regulators.
It has been more than two weeks since Volkswagen admitted to cheating emissions tests in the U.S., and Poetsch will now take the helm of the company’s 20-person board at a special meeting in Wolfsburg, Germany.Sources say that the meeting will likely last for hours.
The German car maker is under a tremendous amount of pressure to find those responsible for the emissions scandal and come up with a solution to fix affected vehicles. Regulators also want to know the extent of VW’s cheating in Europe. The transport ministry in Germany has stated that VW cheated emissions tests, but has not revealed any details on the matter.
Volkswagen’s emissions scandal is the biggest crisis the company has faced in its 78-year history, and has wiped out more than one third of the car maker’s share price.
Owners of affected cars and vans have been told that their vehicles will be refitted, but it’s still unknown if this will affect performance or fuel economy.