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Volkswagen: Regaining America's Trust Is Top Priority

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Volkswagen: Regaining America's Trust Is Top Priority

2015 was certainly a challenging year for Volkswagen AG (ADR) (OTC: VLKAY). Fighting back from that challenge is what the company was all about at this year's North American International Auto Show.

The 2016 edition of Detroit's world-renowned show kicked off on Monday, and Volkswagen sucked up a lot of the early buzz. With a crowd that appeared to be nearly twice the size as any of the other early presenters -- which included Fiat Chrysler Automobiles NV (NYSE: FCAU) and General Motors Company (NYSE: GM)'s Chevrolet brand -- Volkswagen vowed to win back U.S. consumers.

"America is absolutely vital to our future," brand chairman Herbert Diess said to the crowd. "We know we have let down our customers and our dealers."

Volkswagen hearkened back to the 1960s and 1970s, when with the help of the Beetle, the company was one that Americans loved.

Related Link: The Fall Of Volkswagen: How Analysts Reacted

Volkswagen was hit by a global emission scandal in September, with emissions polluting the air at up to 40 times the regulated rate. CEO Martin Winkerton soon resigned, as the company was faced with hundreds of thousands of recalls and currently faces fines that could reach $50 billion.

The company noted it has implemented solutions in Europe, but has yet to do anything in the United States. USA Today auto reporter Nathan Bomey tweeted that this feels like a "global apology tour... But still no fix for U.S. diesel owners."

Volkswagen's OTC shares plummeted amid the emissions scandal. Shares traded above the $40 level and near $50 for most of 2015, but crashed to the low $20 level in September.

The stock traded up about 3 percent at $28.16 early Monday morning.

Posted-In: Auto Show NAIASNews Legal Events Global Top Stories Movers Best of Benzinga

 

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