
Volkswagen (VLKAY) Stock Gains, CEO Reveals Emissions Scandal Plan
NEW YORK (TheStreet) -- Volkswagen (VLKAY) stock is rising 3.08% to $24.08 in late morning trading on Tuesday, after CEO Matthias Müller promised to reduce investments to deal with the costs that may result from recalls and fines related to the company's diesel vehicles, which have software that allows the car to cheat emissions tests.
Müller spoke to employees at the Wolfsburg plant and assured them that the carmaker will seek to secure jobs, but will cancel or postpone planned investments, the company said in a statement.
"To be perfectly frank: this will not be a painless process," Müller said.
Volkswagen will begin notifying customers of the affected vehicles in the next few days of the needed upgrades, which will mostly be software updates, but others may need hardware changes.
German lawmakers also received a letter from Volkswagen confirming that 8 million diesel vehicles in the European Union are affected, Reuters reports.
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