Christian Stranger, an outspoken Volkswagen critic and a former member of the commission who authored Germany’s corporate governance code, makes it less likely that the company’s overseers will expose themselves to more scrutiny. The supervisory board has only one member out of 20 that is not representative of the three main shareholders or Volkswagen employees.
“Nothing will change unless there is an old guard,” Mr. Stranger said.
The diesel scam remains a financial burden. The company revealed in its annual report this week that potential liabilities from lawsuits, such as a claim by shareholders that the company misled them, could cost as much as 4.2 billion euros, or $ 5 billion. This is in addition to the tens of euros Volkswagen has already paid in fines and settlements since 2017, after admitting that it has programmed diesel cars to produce less emissions in test conditions than in normal use.
This week investors were focusing on Volkswagen’s future rather than its past.
In presentations starting on Monday, Mr. Dias and other officials noted A. €35 billion plan to build six battery factories, establish a global network of charging stations, and employ 10,000 software engineers to work on autonomous driving and other new technologies. Volkswagen will become Europe’s largest software company after SAP, a German-based software manufacturer that manages functions such as logistics and finance by corporations.
Volkswagen’s voting shares ended the week in Frankfurt Trading by 20 percent and have risen 75 percent since December, with the company’s net profit for 2020 posting a 37 percent drop in net profit. Since 2015, the shares have more than tripled.
Volkswagen also benefited from a report released this month by analysts UBS, The Swiss bank, which rated it as a traditional carmaker, is best positioned to compete with Tesla because it already has the ability to produce economically electric cars.
Volkswagen’s profits went back on the decision made at that meeting in 2015, a few weeks after the emissions scandal went public.
Officials authorized the development of a collection of mix-and-match components that would serve as the basis for a range of electric models, including sedans, SUVs, and vans. Standardized platform, called Modular electrification toolbox, Can also be used by other company brands including Audi.