Volkswagen AG’s VLKAY UK managing director, Paul Willis, revealed that the company has been selling vehicles with emissions-rigging software in Britain since 2008. However, he denied having any role in the scandal, claiming that he found out about it only last month when the news broke out in the U.S. Willis said that he is involved in the selling, marketing, distribution and financial aspects of the business, and not in vehicle and engine development.
Recently, Volkswagen’s CEO Matthias Mueller also disclosed that only a few employees were aware of the emissions-rigging software, and the previous CEO, Martin Winterkorn, was not among them. Winterkorn had resigned from his post following the outbreak of the scandal. According to Mueller, four employees, including three senior managers, have been suspended for their involvement in the issue.
Last month, the EPA revealed that Volkswagen uses a software algorithm in its diesel vehicles which allowed them to deceive the U.S. emissions tests. The software switches on pollution controls during emission tests but turns them off while the vehicle is on road. Almost 11 million vehicles around the world – including Jetta, Beetle, Audi A3 and Golf from model years 2009–2015 and Passat of model years 2014 and 2015 – feature this software.
Volkswagen currently carries a Zacks Rank #2 (Buy). Other well-ranked automobile stocks include Cooper Tire & Rubber Co. CTB, The Goodyear Tire & Rubber Company GT and Fuji Heavy Industries Ltd. FUJHY. Fuji Heavy Industries sports a Zacks Rank #1 (Strong Buy), while both Cooper Tire and Goodyear carry the same Zacks Rank as Volkswagen.
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