NEW YORK (TheStreet) -- Volkswagen (VLKAY) stock closed higher by 3.34% to $24.10 on Wednesday, after the company announced measures to tackle the emissions scandal that broke earlier this month, Reuters reports.

The German carmaker halted hiring in its financial unit and dropped a shift at an engine plant in Germany as it faces billions of dollars in fines for rigging emissions controls in diesel cars.

Volkswagen senior officials are set to review an initial report on an internal investigation of software in diesel passenger vehicles that allowed them to cheat emissions tests, sources told Reuters.

The supervisory board is also considering hiring Jones Day, an international law firm, to conduct an external investigation to find the source of the rigging.

"Those people who allowed this to happen, or who made the decision to install this software — they acted criminally. They must take personal responsibility," board member Olaf Lies said, Reuters added.

Additionally, the head of communications, Stephan Grühsem, stepped down today and will be replaced with Hans-Gerd Bode, who was previously head of public relations at Porsche.

The emissions cheating scandal led to the resignation of CEO Martin Winterkorn, who was replaced by Porsche CEO Matthias Müller.

Image placeholder title


data by