Volkswagen shares are popping on its disaster-recovery plan
Volkswagen shares are popping in Frankfurt on Wednesday morning after the troubled carmaker spelled out how it was going to recover from the emissions-rigging scandal that has engulfed the company.
New Volkswagen CEO Matthias Müller said in an interview with a German newspaper that the company would launch a recall for cars affected by its diesel-emissions crisis in January and complete the fix by the end of next year.
VW shares are up over 6% at 10 a.m. BST (5 a.m. ET).
For those not up to speed, Volkswagen shares were crushed in recent weeks after it emerged that software in the company's diesel cars was artificially manipulating results of emissions tests to make emissions appear lower.
An estimated 11 million cars are affected, and Volkswagen is facing potential hefty fines worldwide.