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VW CEO under fire after emissions scandal, stock slide

Pressure piled on the head of Volkswagen on Monday in the wake of an emissions-testing scandal that's seen around 15 billion euros ($16.9 billion) wiped off the company's market value. Following revelations that the German carmaker had rigged US emissions tests for about 500,000 diesel cars, VW CEO Martin Winterkorn apologized Sunday for the fact that his company had "broken the trust of our customers and the public." But saying sorry wasn't enough for investors as they digested the financial and reputational implications of the scandal on the world's biggest carmaker by sales – in mid-afternoon trading in Frankfurt, Volkswagen's share price was down a stunning 17.8 percent at a near three-year low of 132.15 euros. Earlier it had tumbled by more than 20 percent. In the wake of Friday's revelations from the US's Environmental Protection Agency, VW has already halted sales of some vehicles in the US and pledged to cooperate with regulators in an investigation that could, in theory, see the company fined up to $18 billion. Industry analysts said the VW CEO faces difficult questions in the coming days, particularly when the company's board is scheduled to meet Friday. "At the moment, I'd be surprised if Winterkorn can ride this out." - Christian Stadler "At the moment, I'd be surprised if Winterkorn can ride this out, but in Germany there's often a slightly slower process in these matters," said Christian Stadler, a professor of strategic management at Warwick Business School who researches the car industry. Stadler said that if VW were a US company, then the CEO would have gone more or less immediately. In essence, Volkswagen stands accused of skirting the US's clean air rules. The EPA said VW used a device programmed to detect when the cars are undergoing official emissions testing. The software device then turns off the emissions controls during normal driving situations, allowing the cars to emit more than the legal limit of pollutants. Guido Reinking, a German auto expert, said that for a company to engage in such blatant trickery the company's top executives would have to be informed. Winterkorn, an engineer by training, led research and development across the VW group from 2007. He became chairman of the management board the same year. "It's almost impossible to imagine that he didn't know about this special way of programming the engine," Reinking told German television station n-tv.

CES Part 2: Honda/Sony Afeela, BMW i Vision Dee and more | Autoblog Podcast #763

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor James Riswick and Associate Editor Byron Hurd. This week, they pick up from last week and dig deeper into some of the reveals and news coming from this year's Consumer Electronics Show (CES) including the Ram 1500 Revolution, the Afeela EV collaboration from Sony and Honda, Peugeot Inception, BMW i Vision Dee and VW ID.7, among other highlights and musings from the show. They also discuss the cars they've been driving, including the BMW iX, Mercedes EQS SUV, two-door Bronco Badlands, Mazda CX-50 Meridian Edition and Toyota RAV4 Wilderness Edition. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #763 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown CES 2023 Ram 1500 Revolution Sony Honda Mobility Afeela EV prototype Peugeot Inception BMW i Vision Dee Volkswagen ID.7 Cars we're driving 2023 BMW iX 2023 Mercedes EQS 450 SUV 2022 Ford Bronco Badlands Two-Door 7MT 2023 Mazda CX-50 Meridian Edition 2023 Toyota RAV4 Woodland Edition Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts CES BMW Ford Honda Mazda Mercedes-Benz RAM Toyota Volkswagen Peugeot Truck Coupe Crossover SUV Concept Cars Electric Luxury Off-Road Vehicles Performance Sedan Afeela

Weekly Recap: 2016 CTS-V gives Cadillac new momentum for the new year

It's been a rough year for Cadillac. The historic luxury carmaker been in the news for all of the wrong reasons: Declining sales, ditching its advertising agency and the relocation of its headquarters from Detroit to New York. But in late December, Cadillac reminded everyone what it does best: Build some of the rawest and most compelling luxury sedans in the world, as evidenced by the 2016 CTS-V. This monster churns out 640 horsepower from a supercharged 6.2-liter V8. Sound familiar? That's the Corvette Z06 engine, and it makes this CTS the most powerful production Cadillac ever. It also puts the sporting divisions of the Germans on notice. The new CTS-V easily overpowers the Mercedes-Benz E63 AMG S 4Matic and its 5.5-liter biturbo V8 rated at 577 hp, and the BMW M5 (with the competition pack) and its 4.4-liter twin-turbo V8 that pushes out 575 hp. The rear-wheel drive Cadillac can sprint to 60 miles per hour in 3.7 seconds, which is close to the 3.5-second time turned in by the 4Matic-driven E63 S, and a bit quicker than the 4.1 seconds posted by the M5. With Magnetic Ride Control, General Motors' stout eight-speed automatic transmission (also used in the Corvette), Brembo brakes and a carbon-fiber option package that pretty much builds your car out of carbon fiber – it's clear this Cadillac means business. Truth be told, we expected this CTS-V to deliver. It's been a serious sports sedan for a decade, and the recent generation and its 556-hp arrogance have been particularly memorable. But notice what we're doing here? We're talking about product. Not who makes Cadillac's ads, or if the brand's headquarters has a mailing address in NYC. Like the 2016 ATS-V that's due in the spring, the debut of the 2016 CTS-V (on sale in late summer) is a shot in the arm for Cadillac, and its arrival comes during time of transition. The brand is trying to reinvent itself as a modern luxury maker. It wants new customers, a different image and obviously more sales. Those things are going to take time, but with a 640-hp sledgehammer of a sports sedan on tap for next year, Cadillac can still maintain some of its swagger through all of the change. Other News And Views 1984 Audi Sport Quattro heads for the auction block If you're into '80s rally cars, you're really a car person. But if you're into that stuff – and we are – this 1984 Audi Sport Quattro is sure to get your blood flowing.