FRANKFURT: The job of Volkswagen's chief executive appeared to be on the line Wednesday over a pollution cheating scandal that has sparked a US criminal investigation and worldwide legal action with unfathomable financial consequences for the auto giant.
Volkswagen's share market nightmare showed the first signs of lifting as its stock steadied a little in early trade in Frankfurt, following a two-day freefall that had axed 35 percent, or 25 billion euros, off the company's market value. By mid morning the shares were up 2.1 percent at 108.50 euros.
However, the world's largest auto manufacturer by sales in the first half of this year still faces a growing tangle of legal threats after it admitted that as many as 11 million of its diesel cars worldwide are equipped with software capable of fooling official pollution tests.
Chief executive Martin Winterkorn's job is now believed to be hanging in the balance, as senior supervisory board members were reportedly meeting to discuss his dismissal.
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