Herbert Diess, the CEO of the German automaker Volkswagen, is stepping down, the company announced Friday. The Wolfsburg, Germany-based company said Diess, who took over as CEO in 2018, will depart Sept. 1 “by mutual consent” with the board. His contract was set to expire in 2025. Diess presided over the automaker at a time of significant change in the industry, including a shift toward producing more electric vehicles. Hans Dieter Pötsch, chairman of Volkswagen’s supervisory board, thanked Diess in a statement and praised his role in “advancing the transformation of the company.” “Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy,” Pötsch said.   Oliver Blume, who is now CEO of Porsche, will succeed Diess. Volkswagen also said the company’s chief financial officer, Arno Antlitz, will become the new chief operating officer. Read: Volkswagen triples electric car sales ahead of climate rules

Europe's push into electric cars is gathering speed — despite the pandemic.

Automaker Volkswagen has offered 830 million euros as a settlement for owners of diesel vehicles that used software to mask excessive emissions.

Volkswagen is partnering with the University of Tennessee and the Oak Ridge National Laboratory to create the company's first innovation hub for developing new technology in North America, officials said Friday in a statement.

Volkswagen Group and the founding shareholders of digital specialist diconium agreed on the acquisition by Volkswagen of all remaining shares of diconium, Germany's largest carmaker announced on Friday.

Automaker Volkswagen is raising the bar for its plunge into battery powered cars, saying it will reach its goal of 1 million electric cars per year two years earlier than planned. The announcement Friday comes as European automakers are under pressure to meet lower emissions limits aimed at fighting global warming.

Worldwide group vehicle deliveries of Germany's largest car manufacturer Volkswagen rose by 5.1 percent in November year-on-year, it announced on Friday.

The Volkswagen brand delivered 586,400 vehicles worldwide in November, an increase by 3.9 percent year-on-year, the German carmaker announced on Wednesday.

German prosecutors say they have charged four current and former personnel managers at Volkswagen over the payment of allegedly excessive salaries and bonuses to members of the automaker's influential employee council.

German car manufacturer Volkswagen on Monday presented its new all-electric vehicle ID.3 at a modernized plant in the eastern city of Zwickau.