VW CEO warns staff: 'Prepare for pain'

Matthias Müller, the new CEO of Volkswagen AG (VW), has told employees that the recovery of the company’s emissions-rigging scandal will “not happen without pain.”

During a speech on Tuesday, Müller vowed that they “will overcome this crisis” but also warned that VW would have to be very careful of costs. He also explained that the company would have to scrutinise all expenses, all future investments, vehicles and technology in order to spend only what is necessary.