Drive Wire: Volkswagen CEO Warns of Painful Recovery

Transcript:

Turning to a controversy that seemingly never ends: Volkswagen CEO Matthias Mueller said yesterday that massive cutbacks would happen at VW, citing the obvious financial costs of dealing with the Dieselgate crisis. Although VW has as of yet only discussed cutting back on expansion and future investments, the signs are ominous: Mueller told 20,000 concerned workers at VW’s iconic Wolfsburg plant that surviving this scandal would not happen without pain. Only time will tell how much pain will be brought on the company and its employees.