Volkswagen (VLKAY) is set to cut 30,000 jobs in sweeping turnaround in an attempt to salvage the beleaguered company.
Once the world's biggest carmaker, the Wolfsburg-based icon of German industry was rocked by an emission-testing scandal which has seen it lose more than 22% of its value and give back market share to its rivals .
Here's a look at how Volkswagen got to the point of laying off 5% of its workforce.
The starting point for the diesel matter was 2005, Volkswagen said earlier this year, after a strategic decision to start a major diesel campaign in the U.S. The company's stock experience's a 30% increase throughout the year, to end the year at €44.61.
2014 - Scientists at the University of West Virginia discover software used to cheat emissions test. The software can detect when the engine is being tested and perform differently. Emissions can be 40 times higher. Stock loses 7% in the year, rounding off December at €180.15.
September 18, 2015 - U.S. Environmental Protection Agency says it has found VW has been manipulating emissions to score better on tests. Share price falls 5% to €160.20 from its close of €169.05.
September 20, 2015 (Sunday) - Volkswagen admits to rigging cars globally, effecting 11 million cars. CEO Martin Winterkorn publicly apologizes.
September 21, 2015 - The first trading day after the scandal breaks, shares fall more than 24% to close at €126.70.
September 22, 2015 - VW halts the sales of diesel cars in the U.S. and says it will spend $7.3 billion to cover costs of the scandal. Shares fall 17% to €105.