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Volkswagen Bosses Charged with Market Manipulation

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Prosecutors in Braunschweig said Tuesday that the three CEO’s are accused of deliberately having informed markets too late about the costs to the company that would result from the scandal.

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BERLIN – German prosecutors say they have charged Volkswagen CEO Herbert Diess and chairman Hans Dieter Poetsch, along with former CEO Martin Winterkorn, with market manipulation in connection with the Dieselgate Scandal that erupted in 2015.

Prosecutors in Braunschweig said Tuesday that the three CEO’s are accused of deliberately having informed markets too late about the costs to the company that would result from the scandal.

That, they said in a statement, meant that they improperly influenced the company’s share price.

Winterkorn resigned shortly after the scandal became public, AP reported.

Meanwhile, Volkswagen has announced it will start to develop and produce lithium-ion battery cells to use in future vehicles. The company has currently staffed 300 employees to the preliminary battery project.

Volkswagen plans to invest 900 million euros into the development of vehicle batteries.

The German auto giant has stated that they have plans to open a 16 GWh factory alongside the Center of Excellence in Salzgitter in 2023 or 2024.

The new plant will create 700 new jobs for Volkswagen and they also plan to move “specially qualified” employees from the existing plant to the new lithium-ion production plant.

The German automaker will also open a recycling plant for its lithium-ion batteries that will dispense and reuse materials. They plan to open the battery recycling plant by 2020.

The company’s intentions to develop and produce its own batteries, it seems that they are looking to expedite the process. A move in the right direction, perhaps Volkswagen will begin to regain the respect of those who look at vehicle corporations to combat the global climate crisis.

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