German Finance Minister Schäuble has said VW's scandal is about "greed" but does not fear for the German market. His comments come ahead of VW's executive meeting to examine the findings from an internal investigation.
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German Finance Minister Wolfgang Schäuble weighed in on the emissions-rigging scandal rocking German carmaker Volkswagen (VW) on Wednesday.
"It is greed for fame, for recognition. One looks at it in amazement and always sees how it ends up," Schäuble said in an interview with the news provider "RedaktionsNetzwerk." He said competition is "incredibly rough, if you want to be successful on the global market."
VW's scandal is a massive embarrassment for Germany, as well. For years, the country lobbied against stricter regulations for automakers and held up VW as an example of outstanding German engineering. "In the end, VW will no longer be what it has been. A lot will change from a structural perspective," said Schäuble.
10 things you (probably) didn't know about Volkswagen
'Diesel-gate' has everyone talking about the German carmaker. But what do you really know about the company that brought you Das Auto?
Image: picture-alliance/dpa/I. Wagner
The people's car
Did you know that Volkswagen - or the 'people's car' - was Adolf Hitler's brainchild, and that it was developed by Porsche founder Ferdinand Porsche? In 1938, Hitler even had built an entire city just to house the factory and its workers. First known as "City of the [Kraft durch Freude] Car at Fallersleben," it was renamed Wolfsburg on May 25, 1945. To this day, the city remains home to VW.
Image: DW/J. Dumalaon
The world's #1 love-bug
From Hitler's wet dream on wheels to the world's favorite love-bug: The original Beetle - known in Germany as 'Der Käfer' - ruled the list of the world's best-selling car for much of the 20th century. By the time production was discontinued in 2003, more than 21.5 million Beetles had been sold worldwide.
Image: DW/E. Schuhmann
Volkswagen's many faces
The company has come a long way since the 1930s. The Volkswagen Group's garage currently fits 12 brands under its roof. Audi, Bentley, Lamborghini, Porsche and Skoda are among its best-selling subsidiaries, accounting for 37 percent of 2014 sales.
Image: Audi AG
Market domination
Today, Volkswagen really has become the "People's Car": The Group accounts for more than every third car - 36 percent, to be exact - sold in Germany.
Image: picture-alliance/dpa
1 out of 10 cars worldwide
Globally, more than 1 out of every 10 cars sold in 2014 was a Volkswagen Group brand. The company sold more than 10.2 million vehicles in that year. 7 out of 10 were sold outside Germany.
Image: picture-alliance/dpa/Z. Junxiang
US market an uphill battle
The coveted US market has proven to be a real thorn in the eye for the German carmaker. Just 6 percent of its cars - or some 600,000 - were sold abroad. Despite huge investments, its market share there has been stuck at about 2 percent, trailing far behind competitors like GM, Ford and Toyota.
Image: picture-alliance/dpa
Pole position at stake?
In July, 2015 Volkswagen overtook Toyota as the world's top-selling carmaker. It's also the world's biggest automotive company by revenue. In 2014, it reported sales of 202.5 billion euros. Profit after tax came in at 11.1 billion euros. But after the emissions scandal, analysts warn VW's pole position could be at risk.
Image: picture-alliance/dpa
Global employer
As of December 31, 2014, the Group employed nearly 600,000 workers, making it one of the biggest employers worldwide. More than a third - some 270,000 - worked at one of its German locations.
Image: picture alliance/dpa
Germany's biggest industry
The auto industry is the largest sector in the Germany economy, fuelled by the so-called 'Big Three' - Daimler, BMW and VW. Combined, the industry employs nearly 800,000 people - or almost 2 percent of the German workforce.
Image: picture-alliance/dpa/B. Weißbrod
German cars drive exports
The German car industry's total revenue nearly topped 370 billion euros in 2014. It made up about one-fifth of the country's exports, and contributed around 3 percent to German GDP.
Image: picture-alliance/dpa/I. Wagner
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Many fear that the scandal will have a negative effect on the German economy as well since VW employs more than 600,000 people worldwide and is a major part of the country's exports. Schäuble rejected these claims saying: "We will emerge from the crisis stronger. We learn from crises."
Internal Investigation
The executive committee of VW is set to meet on Wednesday evening to review the initial results of its internal emissions-rigging investigation, according to Reuters news agency. They will gather at the company headquarters in the northern German city of Wolfsburg along with a representative of the US law firm Jones Day, who will most-likely lead the external investigation.
According to Reuter's anonymous source, an engineer interviewed for the internal probe allegedly warned of illegal practices back in 2011, but no action was taken.
The leadership of the company has also changed hands with Matthias Müller taking the company reins last Friday. German prosecutors are investigating ex-CEO Martin Winterkorn for fraud.
The company admitted to cheating on diesel emissions tests in the US and manipulating tests in Europe, as well. The crisis has wiped out more than one third of the company's market value.