Volkswagen CEO Martin Winterkorn may face a leadership challenge after it was disclosed that the automaker cheated on U.S. air pollution tests for diesel cars, analysts said.VW faces fines of up to $18 billion and a backlash from consumers in the U.S. after the company admitted that software that it designed for VW brand and Audi diesel cars gave false emissions data.
Today, Volkswagen shares plunged as much as 23 percent to 125.40 euros in Frankfurt, extending the stock’s slump for the year to 31 percent. The drop wiped out about 15.4 billion euros ($17.4 billion) in value.
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