The announcement was made on Thursday as Volkswagen prepares to recall 8.5 million vehicles in Europe.
Volkswagen came under a lot of fire when it was discovered it was rigging diesel emission tests. The Volkswagen vehicles were found to contain banned software’s. The software reduced toxic emissions scales when tested.
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Since then Volkswagen has appointed a new CEO last month. The new CEO Matthias Mueller believes the company can bounce back from the scandal. According to Mueller VW can overcome the diesel emissions scandal in just 2 to 3 years.
"We have a good chance of shining again in two to three years," Mueller said in a speech to Volkswagen managers.
The announcement was made by the CEO on Thursday while giving a speech in Leipzig. Mueller expressly stated the company will shine again in a few years.
More than 11 million VW vehicles in the world contain the banned software. More than 8.5 million affected vehicles are present in the European Union. On Thursday the CEO also announced they will recall the 8.5 million vehicles in Europe.
The step comes after an order from the German KBA automotive watchdog. According to KBS more than 2.4 million vehicles are present in Germany alone that need to be recalled.
The recall will start from the beginning of the next year. The recall is mandatory so customers have to bring in their vehicles. The recall of 11 million cars will be the biggest recall of vehicles by a single automaker in history.
Analysts believe the scandal will cost Volkswagen a whopping sum of 35 billion Euros. Its been 4 weeks since Volkswagen admitted to cheating the emissions tests. The automaker is being pressurized into revealing those behind the move. Prosecutors in Italy have also started an investigation of Volkswagen.