Published on November 23rd, 2016 | by Daniel Sherman Fernandez0
Volkswagen Group Still In The Game & Growing
A year ago, Volkswagen Group plunged into the worst business crisis in its history after revelations it flouted environmental regulations by rigging millions of diesel cars to cheat on emissions tests.
The allegations cast the company as putting profit before public health, and the fallout was harsh and swift. After days of turmoil, including an awkward video apology, CEO Martin Winterkorn stepped down. VW’s value dropped by as much as 29 billion euros (USD32.6 billion), as criminal and regulatory investigations were opened around the globe.
While the recovery efforts led by new CEO Matthias Mueller haven’t always been smooth, the automaker has shown surprising resilience. The stock price has climbed 40% since its low in October, consumers still buy VW cars, finances are intact, and the company is investing in the future even as it absorbs nearly 18 billion euros in fines and clean-up costs.