Volkswagen AG (ADR) Expresses Remorse Over Its Emission Scandal

Speaking on the sidelines of Tokyo Motor Show, Herbett Diess, the newly appointed CEO said the company is reviewing the impact on India-made diesel cars.  "On behalf of our entire company I'd like to apologize", head of the company's passenger auto division Herbert Diess said at the 44th Tokyo Auto Show that kicked off on Wednesday.

The U.S. Environmental Protection Agency says Volkswagen installed software on 482,000 cars from model years 2009-2015 that disabled diesel engine emission controls when the vehicles were not being tested. The business is liable to pay significant amount of fines and recalls of around 11 million vehicles worldwide.

"We will do our utmost to regain lost trust", said VW Chief Executive Matthias Mueller, who took over the post after his predecessor, Martin Winterkorn, stood down to take responsibility for the scandal.

"After this crisis, we are on our way to create a new and even better Volkswagen - and one thing is for sure, is that this new Volkswagen will work with even more goal and dedication for the essential automotive challenges of the future", he said.

Mr Stein and Mr Diess then unveiled a plug-in hybrid sport utility vehicle, pulling back a cloth covering a vehicle on the stage.

Stein says the launch of diesel vehicles in Japan, planned for the first quarter of next year, will be delayed until the second half. But after the first three quarters, Toyota was again on top.

Stein acknowledged after the presentation that sales in Japan had plummeted, more than by a third, although other factors besides the scandal, such as the lack of new models, compared to previous year, may also be behind the plunge.