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Volkswagen CEO Martin Winterkorn resigns amid diesel scandal

Volkswagen CEO Martin Winterkorn is stepping down amid charges the company manipulated its diesel-powered cars to meet emissions regulations around the world, the automaker announced Wednesday. No successor was immediately announced, though recommendations will be made at VW's board meeting Friday. Winterkorn, 68, has led VW since 2007 and oversaw the German automaker's staggering growth around the world. His departure comes less than a week after the EPA alleged the company has been cheating on diesel emissions testing for years, and that its cars might emit 40 times more pollution than legally allowed. The EPA says about 482,000 vehicles are affected in the United States, and VW estimates at least 11 million vehicles globally might have the software that allows the vehicles to cheat emissions regulations. "As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group," Winterkorn said in a statement. "I am doing this in the interests of the company even though I am not aware of any wrongdoing on my part. "Volkswagen needs a fresh start – also in terms of personnel. I am clearing the way for this fresh start with my resignation." Winterkorn stepped down after an executive committee meeting of the VW Supervisory Board Wednesday. The committee agreed Winterkorn had no knowledge of wrongdoing. "The executive committee has tremendous respect for his willingness to nevertheless assume responsibility and, in so doing, to send a strong signal both internally and externally," VW said in a statement. Volkswagen is conducting an internal review and expects more "personnel consequences" in the coming days. It also will voluntarily submit a complaint to the state prosecutor's office in Brunswick, Germany, and cooperate with the expected criminal investigation. Winterkorn's departure is the latest development in VW's burgeoning diesel emissions scandal. It came to light last week after the work of researchers at West Virginia University detailed the software manipulation designed to skirt EPA tests, and it has resounded as governments around the world examine Volkswagen's diesel vehicles. The company set aside $7.3 billion to deal with the fallout and has retained the law firm that defended BP during its oil spill.

FCA to pay buyers $1,700 to swap out of scandal-mired VWs

FCA is trying to gain some sales from arch-rival VW in the competitive European market by offering potential buyers in Italy up to $1,700 to swap into an FCA group car. While the promotion isn't specifically targeted at TDI owners affected by the emissions scandal, it is clearly intended to turn dissatisfaction with VW's defeat device cheat into additional sales, Bloomberg reports. The 500-1,500 euro incentive (roughly $560-1,700, depending on vehicle) stacks on top of any other rebates or deals applicable, and applies if a buyer brings in any of Volkswagen Group's cars – including Audi, Skoda, and SEAT, among (many) others. As Bloomberg notes, it's normal for automakers to offer "conquest" deals – giving a buyer cash for trading in a competitor's vehicle. Those deals aren't usually limited to one company's products, however; FCA's program looks specifically to take advantage of VW's legal and public relations nightmare. FCA isn't the only automaker trying this trick in Italy. Automotive News Europe also reported that Ford is offering approximately $840 in incentives across its entire range to owners of VW vehicles seeking to trade in for a Ford. No word of yet as to whether these incentives will spread beyond Italy or to other automakers.Related Video:

Recharge Wrap-up: VW CEO mulls battery factory, voters approve $201B in transportation funding

Volkswagen Group CEO Matthias Muller says that it would "make sense" for the automaker to begin producing its own batteries. As the company moves toward electrification, Muller says it would be a smart move to build a battery factory. "If more than a quarter of our cars are to be electronic vehicles in the foreseeable future then we are going to need approximately 3 million batteries a year," he says. Volkswagen has agreed to cut 30,000 jobs in its restructuring, while committing to creating 9,000 jobs in Germany through battery manufacturing and mobility services. Read more at Automotive News Europe. Election results show a desire for transportation funding. Earlier this month, voters in 22 states approved ballot measures adding up to $201 billion in funding for transportation projects, according to the American Road & Transportation Builders Association. California passed 15 transportation measures, including one in Los Angeles worth $120 billion for roads, bridges, and transit. The state of Washington secured $54 billion for light rail and buses. Atlanta approved about $4 billion for road and transit projects. Illinois and New Jersey passed measures to prevent the diversion of transportation user fee revenue to other industries. Read more from ITS International. The US Department of Energy (DOE) must hand over confidential documents about Fisker's bankruptcy. A Delaware federal judge ordered the DOE to give the documents – which concern a presentation by Fisker to the DOE in which it falsely claimed to meet milestones set forth in a government loan – to lawyers in a case in which investors claim Fisker lied to them about financial troubles. While the DOE has given over documents already, they were incomplete and heavily redacted. "I understand that such disclosures may have a negative impact on future DOE analyses," says US District Judge Sue Robinson. "but conclude nonetheless that under the circumstances at bar – the public money at stake, the Congressional hearings, and the fact that Fisker Automotive is now a defunct company – the balance of interests favors plaintiffs." Read more at Law360. Related Gallery Volkswagen I.D.