WASHINGTON (Sputnik) — Volkswagen has admitted its diesel vehicles were rigged with software designed to lower emission levels when being tested.
Volkswagen has admitted its diesel vehicles were rigged with software designed to lower emission levels when being tested.
Volkswagen executives have announced a plan to limit 2016 capital expenditures to about $13.6 billion, below its average of about $16 billion.
On Wednesday, Volkswagen executives asked shareholders to ratify managerial actions at the company’s annual meeting next month, stressing that the vote would not rule out future compensation.
However, Moody’s noted that the lack of meaningful reforms to Volkswagen’s "internal culture and governance" negatively impacts the automaker’s credibility.
The automaker still faces an ongoing investigation by the US Justice Department, and must also deal with millions of European customers whose vehicles contain the same software.
