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.
September 23 2015 -Winterkorn resigns and is replaced by current CEO Matthias Muller. Shares gain 6% on the news.
October 8, 2015 - VW U.S. CEO Michael Horn testifies to lawmakers in the U.S., says senior management was not involved.
October 15, 2015 - Plans are announced to be recalling 8.5 million calls across Europe. Volkswagen falls to No.2 carmaker, bumping Toyota up to No.1.
October 18, 2015 - Police raid the company's head office as German prosecutors investigate. Shares gain 20% throughout October.
November 9, 2015 - Volkswagen pays out $250 million to owners of affected cars.
December 10, 2015 - Nine managers suspected to be involved in the scandal are suspended by the company. Volkswagen stock ends 2015 21% down on its January opening price.
January 2016 - Market share in Europe falls for the first time since 2007. Volkswagen accounted for 24.8 percent of new cars sold in the region in 2015 compared with 25.5 percent in 2014, the Brussels-based European Automobile Manufacturers' Association.
February 11, 2016 - Shares hit 2016 low of €108.95.
March 9, 2016 -Horn resigns on mutual understanding with the company. Stock loses 4%.
April 21, 2016 - Volkswagen reaches a deal to buyback cars in the U.S. Sets aside $18 billion to deal with the cost of the scandal. Share lose 1.7%, as investors deal with the price tag.
June 16, 2016 - Unveils "TOGETHER - Strategy 2025", which is deemed the "biggest change process" in the group's history. The company says it will introduce more than 30 new e-vehicles by 2025, and battery technology, digitization and autonomous driving will be developed into new group competencies.
June 28, 2016 - Agrees to pay $14.7 billion to pay for the scandal - $10 billion to go to affected owners, $2.7 billion for environmental clean-up and $2 billion to promote zero-emissions vehicles. Stock falls 2.52% to € 120.10.
November 17, 2018 - Volkswagen lost market share in Europe for the 14th straight month since the scandal erupted. Volkswagen accounted for 24.9 percent of the region's car sales in October, compared with 25.3 percent a year earlier, according to the ACEA.
November 18, 2016 - Volkswagen announces it will cut 30,000 jobs of its 600,000 worldwide, including 23,000 in Germany, by 2021 to save €3.7 billion a year and invest in electric cars. Cuts will be made through natural attrition and not compulsory redundancies.
The deal involves restructuring "the entire brand to prepare it for fundamental changes in the car industry." Shares were recently up 1.32% at €129.50, down more than 8% on the year.