VW Afternoon Update 9/25

I told you when we found out more, I’d let you know. Well, I’m back with a little bit more news. Less than I’d have preferred, but enough for now, I guess. Looks like this whole debacle is inescapable for the foreseeable future.

Turns out Volkswagen knew, and issued letters in April 2015, to 2.0 diesel owners in California stating they needed to go to dealers for an engine management software update. Volkswagen tried to cover up their pollution and effectively failed. The US Justice Department has started a criminal probe and at least 25 class actions on behalf of owners have already been filed in several states.
Source reports to Reuters Thursday afternoon that the 20-member Volkswagen supervisory board is poised to approve Porsche boss Matthias Müller as the new CEO to help them navigate their messy situation.
It has been confirmed in a statement that Matthias Müller is now Volkswagen CEO. He will also oversee Porsche AG until a replacement is found.

As usual, when I’ve got more to share, I will.

Have a great rest of your day and weekend!