Chief executive is stepping down effective Sept. 1 and will be succeeded by Porsche CEO Oliver Blume
With gas prices on a wild ride, many consumers are exploring whether buying an electric vehicle could save them money in the long run. WSJ’s George Downs breaks down four factors to consider when buying a new car. Photo composite: George Downs
Key shareholders in Volkswagen joined forces with labor leaders to oust Chief Executive Officer Herbert Diess, who was in the midst of a push to turn the German auto company into a top maker of electric vehicles.
Mr. Diess will be succeeded by Oliver Blume, CEO of VW’s sports-car maker Porsche AG and long an ally of the Porsche-Piëch family that controls a majority of VW voting rights. Mr. Blume will retain his job running Porsche, which is slated for an initial public offering this autumn.